Tax Tables 2014 - page 6

© Copyright 19 March 2014.
Subject to Finance Act 2014.
For information only.
Always seek professional advice before acting.
SOCIAL SECURITY AND OTHER USEFUL RATES
Weekly rates unless stated otherwise. Certain benefits will be affected by
the phasing in of Universal Credit. These are marked with an asterisk.
Attendance Allowance
Higher rate £81.30
Lower rate
£54.45
Carer’s Allowance
£61.35
Employment and Support Allowance*
13 week assessment phase
Aged under 25 up to £57.35
Aged 25 or over up to
£72.40
From week 14 after Work Capability Assessment if eligible
In Work Related Activity Group
up to £101.15
In Support Group
up to £108.15
Statutory Pay Rates
Average weekly pay £111 or over
Statutory Sick Pay (SSP)
– rate
£87.55
Statutory Maternity Pay (SMP)
First 6 weeks – 90% of average weekly pay
Next 33 weeks – 90% of average weekly pay subject
to a maximum of
£138.18
Ordinary and Additional Statutory Paternity Pay (OSPP) and (ASPP)
90% of average weekly pay subject to a maximum of
£138.18
Statutory Adoption Pay (SAP)
– 39 weeks
90% of average weekly pay subject to a maximum of
£138.18
Redundancy pay
Maximum
£450
Jobseeker’s Allowance*
Aged under 25 £57.35
Aged 25 or over
£72.40
National minimum wage (hourly)
To 30/9/14
From 1/10/14
Age 21 & over
£6.31
£6.50
Age 18–20
£5.03
£5.13
MAIN DUE DATES FOR TAX PAYMENTS
Income Tax and Capital Gains Tax – Self-Assessment
31 Jan in tax year
• Normally 50% of previous year’s
Following 31 July
income tax, less tax deducted at source
Following 31 Jan
• Balance of income tax and all CGT
Inheritance Tax
On death:
normally 6 months after month of death
Lifetime transfer 6 April–30 September:
30 April in following year
Lifetime transfer 1 October–5 April: 6 months after month of transfer
Corporation Tax
Self-assessment: 9 months and one day after end of
accounting period
• Payable by instalments where profits are £1.5m or over.
Normally payable in 7th, 10th, 13th and 16th months after
start of accounting period.
• Growing companies: no instalments where profits are £10m or less
and the company was not a large company for the previous year.
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