Rates Allowances 2013-14

Capital Allowances 2013-14 2012-13
     
Plant and machinery    
-       Main writing down allowance 18% 18%
-       Long life assets, integral fixtures 8% 8%
-       First year allowances (certain environmentally efficient products) 100% 100%
-       R&D tax credits SME scheme 225% 225%
-       R&D tax credits Large Companies Scheme* 130% 130%
-       Annual Investment Allowance** £250,000 £25,000
Cars    
-       CO2 emissions up to 95g/km 100% 100%
-       CO2 emissions 96g/km - 130g/km 18% 18%
-       CO2 emissions over 130g/km 8% 8%
     
* Alternatively a new Above The Line (ATL) tax credit of 10% will be available by election from 1 April 2013.  
** The AIA increased from £25,000 to £250,000 for a two year period with effect from 1 Jan 2013.    
     
     
Mileage Allowance Payment  
Rate per mile  
Cars & vans    
- up to 10,000 miles 45p  
- over 10,000 miles 25p  
Motorcycles 24p  
Bicycles 20p  
These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.  
     
     
Tax Favoured Investments
Individual Savings Account (ISA) 2013-14 2012-13
-       ISA investment limit £11,520 £11,280
-       Cash ISA maximum £5,760 £5,640
     
Venture Capital Trusts
Income tax relief of up to 30% on investments up to £200,000.
 
Enterprise Investment Scheme
Income tax relief of up to 30% on qualifying share subscriptions between £500 and £1,000,000.
 
Seed Enterprise Investment Scheme
Income Tax relief of up 50% on maximum £100,000 investment plus Capital Gains Tax relief for reinvested gains accruing to individuals in 2013-14 that are reinvested in 2013-14 or 2014-15.
     
     
Key Dates and Deadlines    
Payment Dates 2013-14 2012-13
Income Tax and Class 4 NIC’s:
-       First interim Income Tax payment 31 Jan 2014  31 Jan 2013 
-       Second interim Income Tax payment 31 July 2014  31 July 2013 
-       Final balancing Income Tax payment 31 Jan 2015  31 Jan 2014 
Capital Gains Tax payment 31 Jan 2015  31 Jan 2014 
Class 1A NICs (22nd if paid electronically) 19 July 2014 19 July 2013
Corporation Tax is due 9 months and one day after the end of accounting period (or by quarterly instalments if large company). (2012-13 Return filling deadline)
 
File end of year PAYE forms Issue P60s to employees 19 May 2013
Issue P60s to employees 31 May 2013
Forms P9D, P11D and P11D(b) – and appropriate copies to employees 06 July 2013
Self Assessment Tax Return (SATR) – paper version 31 October 2013
SATR Online to have unpaid tax of up to £3,000 collected through the 2014-15 PAYE code 30 December 2013
SATR Online 31 Jan 2014