TG&Co

Chartered Accountants

Principals:
Patricia Grant Bcom CA
Stephen Grant Bcom CA
Marita Scott BA(Hons) CA

Phone: 01786 430830

Business tax


Technical Reference

Capital allowances
Equipment & fixtures 100% allowance on first £200,000pa
WDA 18% (8% on integral fixtures)
Motor cars FYA 100% (<=75g/km) WDA 8 / 18% (<=130gm/km)
Cars and Fuel
Car benefit Petrol Diesel
CO2 emission:- up to 50g/km 7% 10%
51-75g/km 11% 14%
76-94g/km 15% 18%
For every additional 5 grams +1% +1%
Maximum 37% 37%
Vans (inc pickups) £3,170 £3,170
Car fuel benefit
Car benefit percentage times £22,200 £22,200
Class 1a NIC 13.8% 13.8%
Vans £598 £598

VAT scale charges
VAT scale charges are based on the CO2 emissions of the vehicle.

Inland Revenue Authorised Mileage Rates
10,000 miles Additional
Cars 45p 25p
Motor cycles 24 24
Bicycles 20 20
Car fuel only Petrol Diesel LPG
<=1400cc (1600cc) 10 8 7
1401(1600)-2000cc 12 10 8
>2001cc 19 11 13
Value Added Tax
Rates Annual limits £
Standard 20% Registration 83,000
Reduced 5% Flat-rate schemes 150,000
Sick Pay/Maternity Pay(SSP/SMP)
15 / 16 16 / 17
SSP Standard rate 88.45 88.45
SMP/SPP Std rate 139.58 139.58
Higher rate (SMP) 90% 90%
Small employers pa £45,000 £45,000
SMP compensation 3% 3%
Corporation Tax
Profits:- 15 / 16 16 / 17
0-300,000 20% 20%
300,001-1,500,000 20% 20%
>1,500,000 20% 20%

HMRC

“The difference between tax avoidance and tax evasion is the thickness of a prison wall.” - Denis Healey