UK Tax
The UK tax year runs from 6th April – 5th April.
For those working for the first time in the UK through the PAYE (Pay as You Earn) system you will need to complete a P46 form. If you have worked in the UK before, you need to provide our Payroll team with your P45 issued from your previous employer. If you do not have this, then you must complete a P46.
We recommend that you keep copies of your P45’s (leaving certificates) and P60’s (end of year tax certificates) in a safe place as you will need these to complete your annual tax return and / or final UK tax return.
Income Tax Rate 2009/2010 (Relevant to those working under the PAYE system)
Income Tax band Annual Salaries
|
|
Income Tax Rate |
£0-£6,475
(Tax Free Threshold) |
|
0% |
£6,475-£43,875
(Basic Rate) |
|
20% |
£43,875 +
(Higher Rate) |
|
40% |
Corporation Tax Rate 2009 (Relevant to those working under and Director based Ltd Company)
| Annual Profit |
Corporate Tax Rate |
| Up to £300,000 |
21% |
Anyone who has lived and worked in the UK may be eligible to claim for a tax refund. Certain criteria do apply, however 97% of people are able to make a claim - even after they've left the UK! If you have earnt less than the 'tax free allowance' you will be able to claim back all of the tax you have paid (as an example the tex free allowance for 2008/2009 tax year is £6035). If your earnings exceed the 'tax free allowance', you are more than likely due a tax refund. To calculate your tax refund use our online Tax Refund Calculator or contact one of our professional Tax Refund Advisors for a free quote on 0800 856 2471. Or click here to receive your discounted rate.
Property of Martin Ward Anderson 2009
Martin Ward Anderson accepts no liability for the accuracy of information contained in the document. We recommend you consult expert financial professionals. Further info can be obtained at http://www.hmrc.gov.uk/rates/it.htm