Tax rates and allowances

This area of our site includes all the rates announced for the tax year 2011/12

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Key dates and deadlines

This is a summary of the key filing and payment dates.

Corporation tax

Details of corporation tax rates and bands.

National insurance contributions & rates

Residential property letting

Residential property letting tax rates and allowances.

Main capital allowances

For limited companies subject to corporation tax expenditure is on or after 1 April 2009, for unincorporated businesses expenditure is on or after 6 April 2009.

In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.

Penalties for late returns

The 2009 Budget introduced wide ranging proposals to reform the penalties regime. This document reviews the reforms.

Trusts and settlements

Trusts and settlements - Tax rates and allowances.

Non domiciled individuals

Non domiciled individuals tax rates and allowances

Qualification for a small or medium sized company

Qualification to be a small or medium sized company applies if two or more of the following criteria are met in the current and preceding year.

'Green' travel arrangements

There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial methods.

Mileage allowances

The budget and mileage allowances.

Vehicle benefits

Vehicle benefits.

Vehicle duties 2011 - 2012

Pension premiums

There is no limit on the amount that may be contributed to a registered pension scheme. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.