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Tax & NIC Rates… 10/11


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(All figure post budget 2010)





National Minimum Wage :


1st October 10

Age Group

(£ / per hour)

16 to 17 years old

3.64

18 to 20 years old

4.92

21 years old +

5.93



Under 19 years old - Apprentices

2.50

Over 19 years old - 1st Year Apprentices

2.50

Income Tax Rates :


10 / 11

Rate :

Taxable Income £

Rate %

Starting

Abolished

Basic

0 - 35,000

20

Higher

35,001 - 150,000

40

Higher

Over 150,000

50

Corporation Tax Rates :


1st April 2010

Rate :

Rate %

Small Companies Rate

21.00

Main Rate

28

VAT Rates :

Rate :

Rate %

Standard Rate

17.5 % (see table below)

Reduced Rate

5 %

Zero Rate

0 %

Historical Changes to Standard VAT Rate :

Standard Rate

Effective From :

Effective To :

20 %

04/01/2011

Until further notice

17.5 %

01/01/2010

03/01/2011

15 %

01/12/2008

31/12/2009

17.5 %

30/11/2008

VAT Registration Threshold :

Year :

Threshold :

2010 / 2011

£ 70,000


Personal Tax Allowances :


10 / 11

Age Banding :

£

Aged Under 65

6,475

Aged 65-74

9,490

Aged 74 +

9,640

Mileage Rates :

(Where own car is used - excludes company vehicles)

Vehicle :

Up to 10,000 miles

Over 10,000 miles

Privately owned cars (all engine sizes)

40p

25p

Bicycle

20p

20p

Motorcycle

24p

24p

Passenger

5p

5p

Fuel Rates (HMRC Advisory) :

(Where company car is used - employee pays for fuel)


01/01/10

Up to 1400 cc


- Petrol

11p

- Diesel

11p

- LPG

7p

1401 to 2000 cc


- Petrol

14p

- Diesel

11p

- LPG

8p

Over 2000 cc


- Petrol

20p

- Diesel

14p

- LPG

12p

Statutory Payments :

10/11

Qualifying Earning Level

(AWE - Average Weekly Earnings)

£ 97.00



Statutory Sick Pay

£ 79.15

Statutory Maternity Pay


- First 6 Weeks

90% of AWE

- Next 33 Weeks

Lesser of 90% AWE or £ 124.88

Statutory Adoption Pay


- 39 Weeks

Lesser of 90% AWE or £ 124.88

Statutory Paternity Pay


- 2 Weeks

Lesser of 90% AWE or £ 124.88

Redundancy Pay Entitlement :

Weeks Due :

Service / Age :



0.5

For each full year of services whilst under 22 years of age

1.0

For each full year of service whilst over 22 to 41 years of age

1.5

For each full year of service whilst over 41+ years of age

National Insurance : Class 1

(Payable on earnings within employment - Ees & Ers)

Not Contracted Out


10/11

Weekly

Employee %

Employer %

Below £ 97.00

nil

nil

£97.00 to £110.00

0

0

£110.01 to £770.00

11

12.8

£770.01 to £884.00

11

12.8

Over £884.00

1

12.8

Contracted Out - (Salary Related Schemes)


10/1

Weekly

Employee %

Employer %

Below £ 97 (LEL)

nil

nil

£97.00 to £110.00 (ST)

0

0

£110.01 to £770.00 (PT)

9.4

9.1

£770.01 to £884.00 (UAP)

11

12.8

Over £884.00

1

12.8

Rebate

2

3.7

Contracted Out - (Money Purchase Schemes)


10/11

Weekly

Employee %

Employer %

Below £ 97

nil

nil

£97.00 to £110.00

0

0

£110.01 to £770.00

9.4

11.4

£770.01 to £884.00

11

12.8

Over £884.00

1

12.8

Rebate

2

1.4

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