Our accountants will assist you in all your personal and business tax related matters.

Please see all the information below related to tax and tax rates in the United Kingdom. Please note the tax rates are subject to change and may vary.

Taxation in the UK 2009/2010 Individual Income Tax - is a tax levied on the total income of individual. Show information #xob1
 

Type of rate	Band	Rate
Personal allowance	Up to 6,475 GBP (under age of 65)	0 %
Basic rate	Up to 37,400 GBP	20 % (savings up to 2,440GBP are taxable at 10%)
High rate	Over 37,400 GBP	40%

Corporation Tax - refers to a tax levied by various jurisdictions on the profits made by companies or associations. It is a tax on the value of the corporation’s profits. Show information #xob2
 

Amount of profit	Rate
1 to 300,000 GBP	21%
300,001 to 1,500,000 GBP	21% to 28%
Over 1,500,001 GBP	28%

Capital Gain Tax - is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Show information #xob3
 

Type	Rate
Individual annual exemption	5,050 GBP
Standard rate for individuals	18%
Company exemption for holdings of 10% or more of share of another company	Subject to Taxation of Chargeable Gains Act 1992
Trusts annual exemption	5,050 GBP

VAT (Value Added Tax) - is a consumption tax levied on value added. Show information #xob4
 

Type	Rate
Standard rate	15%
Registration required	Sales on taxable supplies exceed 68,000 GBP
Deregistration possible	Sales on taxable supplies decrease to 66,000 GBP

National Insurance Contributions - obligatory contributions paid by employees and employers on earnings, and by employers on certain benefits-in-kind provided to employees. The self-employed contributions are based on net earnings. Show information #xob5
 

Employee rates
Weekly earnings	Not contracted out	Contracted out
Up to 105.00GBP	Nil	Nil
106.00 to 770.00GBP	11%	9.4%
Over 770.00GBP	1%	1%
Employer rates
Up to 105.00GBP	Nil	Nil
106.00 to 770.00GBP	12.8%	9.1% - 12.4%
Over 770.00GBP	12.8%	12.8%

National Minimum Wage - is a minimum wage across the United Kingdom. Show information #xob6
 

Age of a worker	Rate per hour
16 - 17 years old	3.53 GBP
18-21 years	4.77 GBP
22 years and older	5.73 GBP

Stamp Duty - is a form of tax that is levied on documents. Show information #xob7
 

Employee rates
Type	Rate
Intellectual property	Nil
Goodwill	Nil
Chattels	Nil/td>
Land, lease premiums	3.40GBP
Property
175,000 GBP or less	Nil
175,001 GBP to 250,000 GBP	1%
250,001 GBP to 500,00 GBP	3%
Over 500,000 GBP	4%