Tax Card 2019/2020
Income Tax
Income
Tax Rates
|
2018-2019
% |
2017-2018
% |
2016-2017
% |
2015-2016
% |
| Starting rate for savings | 0 |
0 |
0 |
0 |
| Basic tax rate | 20 |
20 |
20 |
20 |
| Higher tax rate | 40 |
40 |
40 |
40 |
| Additional tax rate | 45 |
45 |
45 |
45 |
| Allowance for tax-free dividends | £2,000 |
£5,000 |
£5,000 |
- |
| Tax on dividends at Basic Effective Rate | 7.5 |
7.5 |
7.5 |
10 |
| Tax on dividends at Higher Effective Rate | 32.5 |
32.5 |
32.5 |
32.5 |
| Tax on dividends at Additional Effective Rate | 38.1 |
38.1 |
38.1 |
37.5 |
| Starting rate band for savings | £0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
| Basic rate band 20% | £0 - £34,500 |
£0 - £33,500 |
£0 - £32,000 |
£0 - £31,785 |
| Higher rate band 40% | £34,501 to £150,000 |
£33,501 to £150,000 |
£32,001 to £150,000 |
£31,786 to £150,000 |
| Additional rate band 45% | Over £150,001 |
Over £150,001 |
Over £150,001 |
Over £150,001 |
Personal Allowances
Personal
allowances
|
2018-2019
|
2017-2018
|
2016-2017
|
2015-2016
|
| Standard payroll tax code | 1185L |
1150L |
1100L |
1060L |
| Personal allowance (1) | £11,850 |
£11,500 |
£11,000 |
£10,600 |
| Income limit for Personal Allowance | £100,0000 |
£100,0000 |
£100,0000 |
£100,0000 |
| Max Married Couples Allowance | £8,445 |
£8,445 |
£8,355 |
£8,355 |
| Min Married Couples Allowance | £3,260 |
£3,260 |
£3,220 |
£3,220 |
| Income limit for Married Couples Allowance | £28,800 |
£28,000 |
£27,700 |
£27,700 |
| Blind person's allowance | £2,390 |
£2,320 |
£2,290 |
£2,290 |
| Dividend allowance (3) | £2,000 |
£5,000 |
£5,000 |
– |
| Personal Savings Allowance (Basic Rate Taxpayer) | £1,000 |
£1,000 |
£1,000 |
– |
| Personal Savings Allowance (Higher Rat Taxpayer) | £500 |
£500 |
£500 |
– |
| Individual Saving Account (ISA) - Overall annual limit | £20,00 |
£20,000 |
£15,240 |
£15,240 |
| Individual Saving Account (ISA) - Junior account limit | £4,260 |
£4,128 |
£4,080 |
£4,080 |
Personal Annual Pension Allowance 100% of salary up to: | £40,000 |
£40,000 |
£40,000 |
£40,000 |
| Permitted pension contributions (irrespective of salary) | £3,600 |
£3,600 |
£3,600 |
£3,6000 |
| Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth. | ||||
| Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10% | ||||
| Note 3: From April 2016, the dividend tax credit system was withdrawn. Instead, individuals will be given an annual tax-free allowance. | ||||
State Pension
|
2018-2019
|
2017-2018
|
2016-2017
|
2015-2016
|
| Old State Pension - Single allowance | £125.95 |
£122.30 |
£119.30 |
£115.95 |
| Old State Pension - Married couple | £201.45 |
£195.60 |
£190.80 |
£185.45 |
| New State Pension (applies to those reaching retirement age after 5 April 2016) | £164.35 |
£159.55 |
£155.65 |
– |
Key Dates
Key dates in 2018/19 for personal Self Assessment tax payers |
|
| 31 January 2018 | Deadline for submitting online your 2016/2017 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2016/2017 balancing payment and make the first payment on account in respect of 2017/2018. |
| 31 July 2018 | The date by which the second payment on account in respect of 2017/2018 must be paid. Consider reducing POA's if last year's income has dropped. |
| 31 October 2018 | Deadline for submission to HMRC of a paper tax return for 2017/2018. |
| 5 October 2018 | Deadline for notifying HMRC of new sources of income unless a 2017/2018 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
| 30 December 2018 | Deadline for e-filing the tax return where the tax payer requires the 2017/2018 balancing payment to be collected through next year’s tax code (less than £2,000). |
| 31 January 2019 | Deadline for submitting online your 2017/2018 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2017/2018 balancing payment and make the first payment on account in respect of 2018/2018. |
Capital Gains Tax
Capital
Gains Tax |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
2015-2016
£ |
| Annual exempt amount: | ||||
| - Individuals etc | £11,700 |
£11,300 |
£11,100 |
£11,100 |
| - Other Trustee | £5,850 |
£5,650 |
£5,550 |
£5,550 |
| - Taxed at Standard Rate | 10% |
10% |
10% |
18% |
| - Taxed at Higher Rate | 20% |
20% |
20% |
28% |
|
||||
Inheritance Tax
Inheritance
Tax |
2018-19
£ |
2017-18
£ |
2016-17
£ |
2015-16
£ |
| No tax charge arises up to: | £325,000 |
£325,000 |
£325,000 |
£325,000 |
| Taxed above £325,000 at: | 40% |
40% |
40% |
40% |
| Lifetime transfers to most trusts: | 20% |
20% |
20% |
20% |
| Main exempt lifetime gifts | Small gifts (per recipient): | £250 |
£250 |
£250 |
£250 |
| Parent's gift on marriage: | £5,000 |
£5,000 |
£5,000 |
£5,000 |
| Grandparent's gift on marriage: | £2,500 |
£2,500 |
£2,500 |
£2,5000 |
| Gifts (per donor): | £3,000 |
£3,000 |
£3,000 |
£3,000 |
|
||||
Stamp Duty
Stamp Duty |
Residential* |
Non-residential** |
||
Band |
Rate |
Band |
Rate |
|
£0 - £125,000 |
0% |
£0 - £150,000 |
0% |
|
£125,001 - £250,000 |
2% |
£150,001 - £250,000 |
2% |
|
£250,000 - £925,000 |
5% |
Over £250,000 |
5% |
|
£925,001 - £150,000 |
10% |
– |
– |
|
£150,001 and over |
12% |
– |
– |
|
|
||||
National Insurance Contributions
National Insurance Class 1 |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
| Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions. |
|||
| Employee's Earnings Limits | Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
| - Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. |
£116 - £503 - £6,032 |
£113 - £490 - £5,876 |
£112 - £486 - £5,824 |
| - Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. |
£162 - £702 - £8,424 |
£157 - £680 - £8,164 |
£155 - £672 - £8,060 |
| - Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. |
£162 - £702 - £8,424 |
£157 - £680 - £8,164 |
£156 - £676 - £8,112 |
| - Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. |
£892 - £3,863 - £46,350 |
£866 - £3,753 - £45,032 |
£827 - £3,583 - £43,000 |
| Employer's Allowance | £3,000 |
£3,000 |
£3,000 |
| Employee's Class 1 NI rates | |||
| - Primary rate from PT to UEL | 12% |
12% |
12% |
| - Above UEL | 2% |
2% |
2% |
| Employer's Class 1 NI rates | |||
| - Primary rate above ST | 13.8% |
13.8% |
13.8% |
| Employer's Class 1A NI rates on B-I-K | 13.8% |
13.8% |
13.8% |
National
Insurance Class 2 |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
2015-2016
£ |
| Self-employed National Insurance | ||||
| - on annual earnings over | n/a |
£6,025 |
£5,965 |
£5,965 |
| - weekly contribution | n/a |
£2.85 |
£2.80 |
£2.80 |
| - annual contribution | n/a |
£148.20 |
£145.60 |
£145.60 |
National
Insurance Class 3 |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
2015-2016
£ |
| Voluntary contributions: | ||||
| - weekly contribution | £14.65 |
£14.65 |
£14.10 |
£14.10 |
| - annual contribution | £761.80 |
£761.80 |
£733.20 |
£733.20 |
National
Insurance Class 4 |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
2015-2016
£ |
| Self-employed National Insurance on taxable profits between: | ||||
| - Lower limit (LL) | £8,424 |
£8,164 |
£8,060 |
£8,060 |
| - Upper limit (UL) | £46,350 |
£45,000 |
£43,000 |
£42,385 |
| - Rate applied to earnings above LL to UL | 9% |
9% |
9% |
9% |
| - Rate applied to earnings above UL | 2% |
2% |
2% |
2% |
| - Maximum payable | £3,413.34 + 2% |
£3,315.24 + 2% |
£3,144.60 + 2% |
£3,089.25 + 2% |
The Authorised Mileage Rates
Mileage
Rates to be used for privately owned vehicles from 6th April 2011 |
First 10,000 miles
|
Above 10,000 miles
|
| Cars and vans | 45p |
25p |
| Motorcycles | 24p |
24p |
| Cycles | 20p |
20p |
Mileage
Rates to be used for privately owned vehicles before 5th April 2011 |
First 10,000 miles
|
Above 10,000 miles
|
| Cars and vans | 40p |
25p |
| Motorcycles | 24p |
24p |
| Cycles | 20p |
20p |
Compulsory registration for VAT
VAT
thresholds and limits |
Registration
threshold |
Deregistration limit |
| from 1 April 2018 | £85,000 |
£83,000 |
| 01.04.17 to 31.03.18 | £85,000 |
£83,000 |
| 01.04.16 to 31.03.17 | £83,000 |
£81,000 |
| 01.04.15 to 31.03.16 | £82,000 |
£80,000 |
| 01.04.14 to 31.03.15 | £81,000 |
£79,000 |
| 01.04.13 to 31.03.14 | £79,000 |
£77,000 |
| 01.04.12 to 31.03.13 | £77,000 |
£75,000 |
| 01.04.11 to 31.03.12 | £73,000 |
£71,000 |
Van Benefits
Van Benefits |
2018-2019 |
2017-2018 |
2016-2017 |
2015-2016 |
| Van Benefit | £3,350 |
£3,230 |
£3,170 |
£3,150 |
| Fuel Benefit | £633 |
£610 |
£598 |
£594 |
Corporation Tax
Corporation Tax |
2018-2019
£ |
2017-2018
£ |
2016-2017
£ |
2015-2016
£ |
| Main rate: | 19% |
19% |
20% |
20% |
| Loans to participators | 32.5% |
32.5% |
32.5% |
25.0% |
Client Case Studies
It is important to match your needs with an accounting firm that has experience of dealing professionally with your sector.
Match one of the client profiles below, and you will know we can deliver the service you need at the fee level stated.
Call 01202 482121 for a free consultation.
£95 pm: A family retail business
£70 pm: Professional Trade (CIS)
£85 pm: Consultant Engineer (IR35)
MAAP Accountants
Sigma House, 44 Willow Way
Christchurch, Dorset, BH23 1LA
Tel: 01202 482121
info@maap.co.uk
