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Corporate Tax Rates & Allowances

Information on the following categories of Corporate tax rates and Allowances can be found below.

You can scroll through all the information or click on one of the categories to the right to jump straight to the information.
Corporation Tax
VAT
National Insurance
Corporation Tax Year to 31/03/2008 Year to 31/03/2007
Taxable Profits
First £300,000 20.00% 19.00%
Next £1,200,000 32.50% 32.75%
Over £1,500,000 30.00% 30.00%
VAT from 1/4/2007 from 1/4/2006
Standard Rate 17.5% 17.5%
VAT Fraction 7/47 7/47
Taxable Turnover Limits
Registration last 12 months or next 30 days over: £64,000 £61,000
De-Registration next year under £62,000 £59,000
Cash Accounting Scheme - upto £1,350,000 £660,000
Flat Rate Schemes - upto £150,000 £150,000
National Insurance 2007-8 2007-8
Class 1 (not contracted out) Employer Employee
Payable on weekly earnings of £100 - £670 12.8% 11%
Payable on weekly earnings of over £670 12.8% 1%
over state retirment age as above Nil
Class 1A On relevant benefits 12.8% Nil
Class 2 Self Employed £2.20 per week
Limit of earnings for exemption £4,635 p.a.
Class 3 Voluntary £7.80 per week
Class 4*

Self Employed on profits

  
  £5,225-£34,840 8%
  excess over £34,840 1%
  *exemption applies if state retirement age was reached by 6 April 2007.
Please Note: The figures in this tax guide are for guidance only. Professional advice should be obtained before acting on the information and no responsibility can be accepted for any loss however caused resulting from actions taken or not-taken as a result of the information on this page.
 


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