2013/2014 Rates and Allowances

Income tax allowances                                                2013/2014

Personal allowance for people after 5 April 1948               £9,440

Income limit for personal allowance                               £100,000

Budget March 2013

Corporation tax (CT)

The small profits rate of CT will remain at 20% from April 2013.

From April 2015 the main rate and small profits rate of CT will be unified at 20%. The main rate will fall from 24% to 23% in April 2013 and to 21% in April 2014.

Second Homes

Second homes

Those who have sold a property that is not their main home and have failed to declare a capital gain have been invited to sign up to HMRC’s new ‘property sales campaign’.

By using this campaign to come forward voluntarily, any penalty they pay by coming forward voluntarily will be lower than if HMRC comes to them first.

 ©Lindsey Sherman and Associates Ltd.  2010: Registered Office Copthorne Farmhouse, Main Street, Great Ouseburn, York. YO26 9RE