Archive for April, 2016

Income Tax Rates & Allowances and NIC’s Rate for 2016/17 from today

Income Tax Rates; 20% Basic Rate: £0 – £32,000 40% Higher Rate: £32,001 – £150,000 45% Additional Rate: £150,000+ Income Tax Allowances Personal Allowance £11,000, Income Limit for Personal Allowance £100,000, Income Limit for Married couples Allowance £27,700, Marriage Allowance £1,100Max Married couples Allowance £8,355, Minimum Married Couples Allowance £3,220, Blind Persons Allowance £2,290, dividend Allowance £5,000, Personal Savings Allowance for basic raters £1,000 and higher raters £500 National Insurance Rates Class 1: Lower Earnings Limit (LEL) £112, Primary Earnings Threshold (PET) £155, Secondary Earnings Threshold (SET) £156, Upper Secondary Threshold (apprenctices under 25) (AUST) £827, Upper Earnings Limit (UEL)…

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Employee Vehicles: Mileage Rates for Business Travel for 2015-16

The rates per business miles stay the same as last year; Car: 45p for the first 10,000 business miles in a tax year, then 25p for each subsequent mile, for Tax purposes.  45p for all business miles for NIC’s. Motorcycle: 24p for all business miles, for both Tax and NIC’s Cycle: 20p for all business miles, for both Tax and NIC’s You can pay your employees an ‘approved amount’ of Mileage Allowance Payments (MAPs) each year without having to report them to HMRC. To work out the ‘approved amount’, multiply your employee’s business travel miles for the year by the…

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