Griffiths Preston

GRIFFITHS PRESTON
CHARTERED ACCOUNTANTS

BUDGET 16 MARCH 2005

Introduction

Budget Highlights

Business Tax & Investment Incentives

Capital Taxes

Duties

Income Tax & Personal Savings

Value Added Tax

Company Cars

National Insurance

Other Measures Announced

2005/06 Tax Calendar

National Insurance

2005/06 National Insurance Contributions (NICs)
		Employer	Employee
Class 1 - not contracted out
Weekly earnings bands payable on earnings
Up to £94		Nil	Nil
£94.01 - £630		12.8%	11%
Over £630		12.8%	1%
Men 65 and over and women 60 and over		as above	Nil
Class 1A	On relevant benefits	12.8%	Nil
Class 2	Self employed	£2.10 per week
	Limit of net earnings for exception	£4,345 p.a.
Class 3	Voluntary	£7.35 per week
Class 4*	Self employed on profits
	£4,895 - £32,760	8%
	Excess over £32,760	1%
*Exemption applies if state retirement age was reached by 6 April 2005

Clive Preston BA FCA, Griffiths Preston, Botolph Farmhouse, Botolph Claydon, Buckingham MK18 2LR
Phone 01296 714075 or 079 47 032569 Fax 01296 704806 Email clive@g-paccounts.co.uk