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BirchCooper

Accounting Services Ltd

 

 

2001/2002 

 

 

RATES AND ALLOWANCES 2001-2002

Income Tax

Income tax allowances 2001-02 (£)
Personal allowance 4 535
Personal allowance for people aged 65-74 5 990
Personal allowance for people aged 75 and over 6 260
Income limit for age-related allowances 17 600
Married couple’s allowance for people born before 6 April 1935 5 365
Married couple’s allowance - aged 75 or more 5 435
Minimum amount of married couple’s allowance 2 070
Children’s tax credit 5 200
Blind person’s allowance 1 450
   
Taxable bands
Starting rate 10% 0 - 1 880
Basic rate 22% 1 881 - 29 400
Higher rate 40% Over 29 400
   

National Insurance
Item  
Lower Earnings Limit £72
Upper Earnings Limit £575
Primary Threshold £87
Secondary Threshold £87
Employee's contributions 10% of £87.01 to £575
Employee's Contracted-out Rebate 1. 6%
Married Women Reduced Rate 3.85%
Employer's Contribution Rates 11.9% on earnings above £87
Employers’ contracted-out rebate, salary-related schemes 3%
Employers’ contracted-out rebate, money-purchase schemes 0.60%
Class 2 Self employed Contribution £2.00
Class 2 Small Earnings Exception £3,955 per year
Special Class 2 rate for share fishermen £2.65
Special Class 2 rate for volunteer development workers £3.60
Small Earnings Exception £3,955 per year
Class 3 (voluntary) Contribution £6.75
Class 4 Contributions - Upper Profits Limit £29,900 per year
Class 4 Contributions - Lower Profits Limit £4,535 per year
Class 4 - Contribution Rate 7%

Capital gains tax annual exempt amount

 
Individuals etc 7 500
Other trustees 3 750

Inheritance tax threshold

 242 000
 

Pension schemes earnings cap

 95 400
 

Corporation Tax
 
Starting rate 10% 0 - 10 000
Marginal relief 10 001 - 50 000
Small companies’ rate 20% 50 001 - 300 000
Marginal relief 300 001 - 1 500 000
Main rate 30% 1 500 001 or more

Value Added Tax
Standard rate 17.50%
Annual Registration limit £54,000
De-registration limit £52,000

 

Contact Information

Address: Suite 6b, Newman House, 4 High Street, Buckingham.  MK18 1NT   England   

Telephone:  +44(0)1280 817799

Fax:  +44(0)1280 817796

Electronic mail: info@birchcooper.com

 
  Company Registered in England - Registration Number 04275048 - Registered Address As Above
VAT Registration Number GB 775 7438 80

 

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Last modified: August 12, 2009