Ballymena,
Co. Antrim,
N. Ireland,
BT43 7BT
Tel:+44(0)28 25 650384/386
Email:info@parkmckillop.com
Services
Personal Tax
| Income Tax allowances | 2010-11 | 2011-12 | 2012-13 | 2013-14 |
| Personal Allowance | £6,475 | £7,475 | £8,105 | £9,440 |
| Income limit for Personal Allowance | £100,000 | £100,000 | £100,000 | £100,000 |
| Personal Allowance for people aged 65 - 74 | £9,490 | £9,940 | £10,500 | £10,500 |
| Personal Allowance for people aged 75 and over | £9,640 | £10,090 | £10,660 | £10,660 |
| Married Couples Allowance (born before 6th April 1935 and aged 75 and over)* | £6,965 | £7,295 | £7,705 | £7,915 |
| Income limit for age-related allowances | £22,900 | £24,000 | £25,400 | £26,100 |
| Minimum amount of Married Couples Allowance* | £2,670 | £2,800 | £2,960 | £3,040 |
| Blind Person's Allowance | £1,890 | £1,980 | £2,100 | £2,160 |
*Tax relief for the Married Couple's Allowance is given at the rate of 10%.
Note: Ages are as at the end of the tax year.
National insurance rates and bands
The main and additional rates of national insurance contributions (NIC's) for employee's will remain at 12% and 2% respectively from 6 April 2012.
The primary threshold for employees will increase to £146 a week (£634 a month) and the secondary threshold for employers will increase to £144 a week (£624 per month).
Income Tax rates and taxable bands
| 2010-11 | 2011-12 | 2012-13 | 2013-14 | |
| Starting rate for savings: 10%* | £0-£2,440 | £0-£2,560 | £0-£2,710 | £0-£2,790 |
| Basic rate: 20% | £0-£37,400 | £0-£35,000 | £0-£34,370 | £0-£32,010 |
| Higher rate: 40% | £37,401-£150,000 | £35,001-£150,000 | £34,371-£150,000 | £32,010-£150,000 |
| Additional rate: 50% | Over £150,000 | Over £150,000 | Over £150,000 | Over £150,000 |
| 50% | 50% | 50% | 45% | |
| Dividends for: | ||||
| Basic rate tax payers | 10% | 10% | 10% | 10% |
| Higher rate tax payers | 32.5% | 32.5% | 32.5% | 32.5% |
| Additional rate tax payers | 42.5% | 42.5% | 42.5% | 42.5% |
*The 10% starting rate applies to savings income only. If your non-savings income is above this limit then the 10% starting rate for savings will not apply.
| Tax shelters | 2012/13 | 2013/14 |
| Venture Capital Trust (VCT) up to | £200,000 | £200,000 |
| Enterprise Investment Scheme (EIS) up to | £1,000,000 | £1,000,000 |
| Seed Enterprise Investment Scheme up to | £100,000 | £100,000 |
| Golden Handshake maximum | £30,000 | £30,000 |
| Rent a room - exempt on gross annual rent up to | £4,250 | £4,250 |
| Construction Industry Scheme deduction rate: | ||
| Standard (registered) | 20% | 20% |
| Higher (not registered) | 30% | 30% |
Chartered Accountants Registered Auditors
Registered as auditors by the Association of Chartered Certified Accountants and regulated
for a range of investment business activities by the Institute of Chartered Accountants in Ireland
