2008/09 Rates and Allowances

You can look up various rates and allowances in the tables listed above, but sometimes it can be difficult to work out how the changes announced in the Budget impact on your financial situation. Please do not hesitate to contact us if you require further clarification.

We also produce laminated tax cards which are sent to clients and contacts soon after the Budget.

To request a tax card please complete the Contact us form, ensuring that you insert your full postal address. You should receive your tax card within 3 working days of us receiving your request.

This tax year there are the following key changes in the tax rates and tax system:

13 May 2008 Mini Budget

Personal allowance increased by £600 to £6,035. Higher rate taxable band reduced to £34,800 (£36,000 as announced in the March 2008 Budget).

Starting rate band

From 6 April 2008 there is no 10% starting rate band.

Income tax

• Income tax now 20%

Corporation tax

• Main rate: 28%
• Small companies' rate: 21%

Capital gains tax

• Standard rate: 18%
• Entrepreneurs' relief on £1 million - effective rate: 10%

Capital allowances

• New annual investment allowance for first £50,000: 100%

While there is comprehensive information on our site, as our terms and conditions indicate, this information does not cover all situations or provide advice. Do please contact us for advice.