TAX RATES

We are committed to helping your business

Request a FREE CONSULTATION

TAX RATES

  • Income Tax Reliefs

    2018/19

    2017/18

    Personal Allowance

     

    £11,850**

    £11,500**

    (Reduce personal allowance by £1 for every £2 of adjusted net income over £100,000.)

    ** £1,190 (£1,150) may be transferable between certain spouses where neither pay tax above the basic rate.

    Married Couples Allowance (relief at 10%)*

    £8,695

    £8,445

    (Either partner 75 or over and born before 6 April 1935.)

    - min. amount

    £3,360

    £28,900

    £3,260

    £28,000

    *Age Allowance Income Limit

    (Reduce age allowance by £1 for every £2 of adjusted net income over £28,900 (£28,000).)

    Blind Persons Allowance

    £2,390

    £2,320

  • Income Tax Rates

    Income Tax Rates (other than savings and dividend income)

    2018/19

    2017/18

    Band £

    Rate %

    Band £

    Rate %

    0 - 34,500

    34,501 - 150,000

    Over 150,000

    20

    40

    45

    0 - 33,500

    33,501 - 150,000

    Over 150,000

    20

    40

    45

    Savings Income

    2018/19 and 2017/18

    Starting rate for savings

    Starting rate limit for savings

    0%

    £5,000

    £1,000 of savings income for basic rate taxpayers  (£500 for higher rate)  may be tax free.

    Dividend Income

    2018/19 and 2017/18

    7.5%

    32.5%

    38.1%

    Dividend ordinary rate

    Dividend upper rate

    Dividend additional rate

    The first £2,000 (£5,000) of dividends are tax free.

  • Corporation Tax

    Year to 31.3.19

    Year to 31.3.18

    Profits Band £

    Rate %

    Profits Band £

    Rate %

    All profits

    19

    All profits

    19

    Different rates apply for ring-fenced  (broadly oil industry) profit.

  • Value Added Tax

    Standard Rate

    Reduced Rate

    Annual Registration Limit - From 1.4.18 (1.4.17 - 31.3.18 £85,000)

    Annual Deregistration Limit - From 1.4.18 (1.4.17 - 31.3.18 £83,000)

    20%

    5%

    £85,000

    £83,000

<

 

 

  • 34,501 - 150,000

    Income Tax Rates