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2010/11 Tax rates & allowances
With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients' tax liabilities are planned to be at a minimum.Our tax rates and allowances are now updated for 2010/11 and take into account the announcements made in both the 2010 Budget and the 2010 emergency Budget.
The key changes for 2010/11 include:
- A new 50 percent tax rate
- Entrepreneurs' relief of £2 million to 22 June and £5 million from 23 June 2010
- Changes to stamp duty land tax for first time buyers
- Standard rate of VAT: increase from 17.5% to 20% on 4 January 2011
- New mileage allowances from 1 June 2011
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals