VAT

Registration level from 1 April 2014                       £81,000
(note this is based upon taxable turnover for the last 12 months)     
Standard VAT rate since 4 January 2011 20%
Reduced Rate (e.g domestic fuel) 5%
Flat Rate Scheme Turnover Limit (pa) £150,000
Cash & Annual Accounting Schemes Turnover Limits (pa) £1,500,000

Please contact us if you would like to learn more about any of the schemes detailed above. 


Inheritance Tax

  2013-14 2014-15
Nil-Rate Band                                                             £325,000 £325,000
Rate of Tax on Excess 40% 40%
Lifetime transfers to and from certain trusts 20% 20%
Additional Reliefs:    
Businesses, certain farmland & farm buildings 100% 100%
Certain other business assets 50% 50%
Annual Gift exemption £3,000 £3,000
Small Gift exemption £250 £250
     

 

Stamp Duty

Residential Commercial Rate 
£125,000 or less  £150,000 or less Nil
£125,001 - £250,000  £150,001 - £250,000 1%
£250,001 - £500,000 £250,001 - £500,000 3%
£500,001 - £1,000,000 £500,001 + 4%
£1,000,000 - £2,000,000   5%
£2,000,000 +   7%

Stocks & Marketable Securities                                                          

0.5% (no charge unless the duty exceeds £5)