BALES, Chartered Accountants, Nailsea

Business accounting, taxation, computing and planning. Personal taxation.

Specialising in providing a full and friendly service for small to medium sized businesses and a personal tax service tailored to the needs of individuals. Serving clients both local and distant

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Budget 2003 page

Tax tables 2003/2004 (also 2002/2003, 2001/2002, 2000/2001 and 1999/2000)

Changes for 2003 / 2004 are highlighted in emboldened red

Income Tax - Personal Allowances

 

 

Tax Fiscal Year

2003/2004

2002/2003

2001/2002

2000/2001

1999/2000

 

Personal Allowance

4,615

4,615

4,535

4,385

4,335

 

Married Couples allowance

n/a

n/a

n/a

n/a

1,970

 

Additional Personal Allowance

n/a

n/a

n/a

n/a

1,970

 

Widow's Bereavement Allowance (ceased for deaths after 5 April 2000)

n/a

n/a

n/a

2,000

1,970

 

 

Blind Person's Allowance

1,510

1,480

1,450

1,400

1,380

 

Age Allowance Income Limit

18,300

17,900

17,600

17,000

16,800

 

Age Allowances - 65 to 74

 

 

 

 

 

 

Personal Allowance

6,610

6,100

5,990

5,790

5,720

 

 

Married Couples Allowance

5,565

5,465

5,365

5,185

5,125

 

Age Allowances - 75 and over

 

 

 

 

 

 

 

Personal Allowance

6,720

6,370

6,260

6,050

5,980

 

 

Married Couples Allowance

5,635

5,535

5,435

5,255

5,195

Income Tax - Rates

2003/2004

2002/2003

2001/2002

2000/2001

1999/2000

 

Starting / Lower rate

10%

10%

10%

10%

10%

 

 

On income up to

1,960

1,920

1,880

1,520

1,500

 

Basic rate

22%

22%

22%

22%

23%

 

 

On taxable income from Starting / Lower rate limit up to -

30,500

29,900

29,400

28,400

28,000

 

Higher rate

40%

40%

40%

40%

40%

 

 

On taxable income over

30,500

29,900

29,400

28,400

28,000

Capital Gains Tax

 

 

 

 

 

 

Tax Fiscal Year

2003/2004

2002/2003

2001/2002

2000/2001

1999/2000

 

General Exemption limit

7,900

7,700

7,500

7,200

7,100

 

 

General rate of tax, as applicable (taxed as top slice of income)

10% / 20% / 40%

10% / 20% / 40%

10% / 20% / 40%

10% / 20% / 40%

20% / 40%

 

Settlements Exemption limit

3,950

3,850

3,750

3,600

3,550

 

 

Trustees and Personal Representatives rate of tax (subject to taper relief if applicable)

34%

34%

34%

34%

34%

Inheritance Tax

 

 

 

 

 

 

Tax Fiscal Year

2003/2004

2002/2003

2001/2002

2000/2001

1999/2000

 

Threshold

255,000

247,000

242,000

234,000

231,000

 

 

Death rate

40%

40%

40%

40%

40%

Corporation Tax

 

 

 

 

 

 

Year commencing

1 April 2003

1 April 2002

1 April 2001

1 April 2000

1 April 1999

 

Starting rate (0 - 10,000)

0%

0%

10%

10%

20%

 

Lower marginal rate (10,001 - 50,000)

23.75%

23.75%

22.5%

22.5%

20%

 

Small Companies rate (50,001 - 300,000)

19%

19%

20%

20%

20%

 

Upper marginal rate (300,001 - 1,500,000)

32.75%

32.75%

32.5%

32.5%

32.5%

 

Standard rate (over 1,500,000)

30%

30%

30%

30%

30%

VAT

 

 

 

 

 

 

From

1 April 2003

1 April 2002

1 April 2001

1 April 2000

1 April 1999

 

Standard rate

17.5%

17.5%

17.5%

17.5%

17.5%

 

 

Fraction of VAT inclusive total

7 / 47 ths (14.893617%)

7 / 47 ths (14.893617%)

7 / 47 ths (14.893617%)

7 / 47 ths (14.893617%)

7 / 47 ths (14.893617%)

 

Registration threshold (last 12 months or coming 30 days over)

56,000 (from 9 April 2003)

55,000 (from 25 April 2002)

54,000

52,000

51,000

 

Deregistration threshold (coming year under)

55,000 (from 9 April 2003)

54,000 (from 25 April 2002)

52,000

50,000

49,000

 

Cash accounting scheme (coming year up to)

600,000

600,000

600,000

350,000

350,000

Main Capital Allowances, from 1 April 1999

 

 

 

Related to basis periods for taxation purposes

- Plant and machinery with expected life of less than 25 years

 

 

Motor cars (maximum 3,000 p.a. per car other than for some specifically defined categories) -

25% of reducing balance.

 

Plant & Machinery: Writing Down Allowances -

25% of reducing balance.

 

Plant & Machinery: First Year Allowances on information and communication technology equipment for small sized businesses (computer hardware, computer software and Internet-enabled telephones) -

100% on expenditure on or after 1 April 2000 until 31 March 2004. (40% on expenditure between 2 July 1998 and 31 March 2000).

 

Plant & Machinery: First Year Allowances on other qualifying expenditure for small / medium firms -

40% on expenditure since 2 July 1998.

 

- Plant and machinery with expected life of 25 years or more

 

 

Where expenditure exceeds 100,000, Writing Down Allowance restricted

6% of reducing balance

 

- Industrial and Agricultural Buildings, Hotels -

 

 

Writing Down Allowance

4% of cost

Please contact Chris Bales for further information.

Telephone: 01275 854237, Facsimile: 01275 855058, E-mail: c.bales@bales.uk.com

15 Cheddar Close, Nailsea, Bristol BS48 4YA (UK)


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