The new tax rate bandwidths are as follows:
- Basic Rate (currently 20%) on all taxable income from £1 to £37400
- Higher rate (currently 40%) on all taxable income over £37400
- The income tax personal allowance has increased from £6035 to £6475 for 2009/2010.
Please note employee & employer national insurance is payable on income over £5715.
If you’re worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, you can call the Business Payment Support Line below seven days a week. They will review your circumstances and discuss temporary options tailored to your business needs, such as arranging for you to make payments over a longer period.
Tel 0845 302 1435
http://www.hmrc.gov.uk/pbr2008/business-payment.htm