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Tax & NIC Rates… 11/12


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(All figure post budget 2011)





National Minimum Wage :




1st October 10

1st October 11

Age Group

(£ / per hour)

(£ / per hour)

16 to 17 years old

3.64

3.68

18 to 20 years old

4.92

4.98

21 years old +

5.93

6.08




Under 19 years old - Apprentices

2.50

2.60

Over 19 years old - 1st Year Apprentices

2.50

2.60

Income Tax Rates :


11 / 12

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 2011

Rate :

Rate %

Small Profits Rate

20.00

Main Rate

26

VAT Rates :

Rate :

Rate %

Standard Rate

20 % (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 :

2011 / 2012

£ 73,000


Personal Tax Allowances :


11 / 12

Age Banding :

£

Aged Under 65

7,745

Aged 65-74

9,940

Aged 74 +

10,090

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)

45p

25p

Bicycle

20p

20p

Motorcycle

24p

24p

Passenger

5p

5p

Fuel Rates (HMRC Advisory) :

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


01/03/11

Up to 1400 cc


- Petrol

14p

- Diesel

13p

- LPG

10p

1401 to 2000 cc


- Petrol

16p

- Diesel

13p

- LPG

12p

Over 2000 cc


- Petrol

23p

- Diesel

16p

- LPG

17p

Statutory Payments :

Qualifying Earning Level

(AWE - Average Weekly Earnings)

£ 102.00



Statutory Sick Pay

£ 81.60

Statutory Maternity Pay


- First 6 Weeks

90% of AWE

- Next 33 Weeks

Lesser of 90% AWE or £ 128.73

Statutory Adoption Pay


- 39 Weeks

Lesser of 90% AWE or £ 128.73

Statutory Paternity Pay


- 2 Weeks

Lesser of 90% AWE or £ 128.73

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


11/12

Weekly

Employee %

Employer %

Below £ 102 (LEL)

nil

nil

£102.00 to £136.00 (ST)

nil

nil

£136.01 to £139.00 (PT)

nil

13.8

£139.01 to £770.00 (UAP)

12

13.8

£770.01 to £817.00 (UEL)

12

13.8

Over £817.00

2

13.8

Contracted Out - (Salary Related Schemes)


11/12

Weekly

Employee %

Employer %

Below £ 102 (LEL)

nil

nil

£102.00 to £136.00 (ST)

nil

nil

£136.01 to £139.00 (PT)

nil

10.1

£139.01 to £770.00 (UAP)

10.4

10.1

£770.01 to £817.00 (UEL)

12

13.8

Over £817.00

2

13.8

Rebate - LEL to ST

1.6

3.7

Rebate - ST to PT

1.6

nil

Contracted Out - (Money Purchase Schemes)


11/12

Weekly

Employee %

Employer %

Below £ 102 (LEL)

nil

nil

£102.00 to £136.00 (ST)

nil

nil

£136.01 to £139.00 (PT)

nil

12.4

£139.01 to £770.00 (UAP)

10.4

12.4

£770.01 to £817.00 (UEL)

12

13.8

Over £817.00

2

13.8

Rebate - LEL to ST

1.6

1.4

Rebate - ST to PT

1.6

nil

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