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Rate of Income Tax 2015-16

 1.Bands of taxable income and corresponding tax rates

2014-15

2015-16

 

Per cent of income / £ a year

 

Basic rate

20%

20%

Higher rate

40%

40%

Additional rate

45%

45%

Starting rate for savings income (*)

10%

0%

Dividend ordinary rate

10%

10%

Dividend upper rate

32.5%

32.5%

Dividend additional rate

37.5%

37.5%

Trust rate

45%

45%

Starting rate limit (savings income)

£2,880

£5,000

Basic rate band

£0 - 31,865

£0 - 31,785

Higher rate band

£31,866 - 150,000

£31,786 - 150,000

Additional rate band

Over £150,000

Over £150,000

 

 

 2.Income tax allowances

2014-15

2015-16

Change

 

£ a year

 

 

Personal Allowance

 

 

 

those born after 5 April 1948

10,000

10,600

600

those born between 6 April 1938 and 5 April 1948

10,500

10,600

100

those born before 6 April 1938

10,660

10,660

-

Income limit for personal allowance (*1)

100,000

100,000

-

Income limit for personal allowances (born before 6 April 1948) (*2)

27,000

27,700

700

Married couple’s allowance (*3)

 

 

 

maximum amount (*4)

8,165

8,355

190

minimum amount (*5)

3,140

3,220

80

Blind person’s allowance

2,230

2,290

60

Transferable Tax Allowance for married couples and civil partners (*6)

-

1,060

-

 

 3.National Insurance contribution thresholds

2014-15

2015-16

 

£ per week

£ per week

Weekly Lower Earnings Limit (LEL) (*1)

111

112

Weekly Primary Threshold (PT) (*1)

153

155

Weekly Secondary Threshold (ST) (*2)

153

156

Upper Earnings (UEL)

805

815

Upper Profits Limit (UPL)

41,865 per year

42,385 per year

Upper Secondary Threshold for U21’s (*3)

N/A

815

Small Earnings Exception (SEE)/Small Profits Threshold (SPT) (*1, *4)

5,885

5,965

Lower Profits Limit (LPL) (*1)

7,956 (per year)

8,060 (per year)

Employment Allowance

2,000 (per year, per employer)

2,000 (per year, per employer)

4.Class 1 National Insurance contribution rates 2015-16

Employee (primary)

 

Employer (secondary)

 

Earnings (*1)

NIC rate (*2)

Earnings (*1)

NIC rate (*3 )

£ a week

per cent

£ a week

per cent

Below £112 (LEL)

0

Below £156 (ST)

0

£112 – £155 (PT) (*4)

0

Above £156 (ST)

13.8

£155 - £815 (UEL)

12

 

 

Above £815

2

 

 

5.Self-employed National Insurance contribution rates 2015-16

Annual profits (*1) (£ a year)

Class 2 (*2) (£ a week)

Class 4 (per cent)

Below £5,965 (SPT) (*3)

0.00

0

£5,965 to £8,060 (LPL)

2.80

0

£8,060 to £42,385 (UPL)

2.80

9

Above £42,385

2.80

2


10-04-2015
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