The tax man
Paying tax and filling returns even if tax isn’t due is an important part of running a successful business. Here are some useful facts you need to know;
The financial year - The financial year runs from 1st April - 31st March. If you are a company you can elect a different financial year.
Self-assessment paper filing deadline - 31st October 2009
Self-assessment e-filling deadline - 31st January 2010
|
Personal income tax allowance |
2009-10 |
2010-11 |
|
Personal tax allowance |
£6,475 |
£6,475 |
|
Starting rate for savings: 10% |
£0-£2,440 |
£0-£2,440 |
|
Basic rate: 20% |
£0-£37,400 |
£0-£37,400 |
|
Higher rate: 40% |
Over £37,400 |
£37,401-£150,000 |
|
Additional rate: 50% |
Not applicable |
Over £150,000 |
|
|
|
|
|
Corporation (company) tax rates |
2009-10 |
2010-11 |
|
Small companies rate |
21% |
21% |
|
Small companies band |
£300,000 |
£300,000 |
|
Marginal small company relief (MSCR) fraction |
7/400 |
7/400 |
|
Main rate of corporation tax |
28% |
28% |
|
Main rate band |
£1,500,000 |
£1,500,000 |
No one likes paying tax, but its important that you do and on time. It’s much easier to do if you stay on top of it than if you let it linger.
