2004/05 Tax Guide

Income tax		Capital gains tax

Corporation tax		Main capital allowances

Value added tax		Inheritance tax

Vehicle benefits		Mileage allowances

NI contributions		Key dates and deadlines

Pension premiums		Profit related pay

Charitable giving		Savings and investment

Some useful rates		Stamp taxes

Corporation Tax

Corporation tax rates and bands are as follows:

Financial Year Commencing	1 April 2004	1 April 2003
Taxable profits
First £10,000	0%	0%
Next £40,000	23.75%	23.75%
Next £250,000	19%	19%
Next £1,200,000	32.75%	32.75%
On profits over £1,500,000	30%	30%

From 1 April 2004, a minimum tax rate of 19% is charged when profits are distributed to individual shareholders by a company or group. Lower tax rates will continue to apply where profits are retained or distributed to other companies.

Did you know?

That the Government expects receipts from Corporation Tax to increase by more than 21% from £28.7 billion last year to £34.8 billion this year.



Business:	Business Start-Up \| Business General \| Limited Companies Partnerships \| IR35 \| Business Management \| PAYE & NI \| VAT

Personal:	Introduction to the Tax System \| Planning Aspects \| Home Aspects Pensions \| Aspects of Investments and Investing \| VCT & EIS

Tax:	Budget Report \| Tax Guide \| Financial Planning Guide Tax Calendar \| IR35 \| PAYE & NI \| VAT \| Year End Tax Planning