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TAX RATES

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TAX RATES

  • Income Tax Reliefs

    2017/18

    2016/17

    Personal Allowance

    - born after 6 April 1935

    £11,500**

    £11,000**

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

    ** £1,150 (£1,100) may be transferable between certain spouses where neither pay tax above the basic rate.

    Married Couples Allowance (relief at 10%)*

    £8,445

    £8,355

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

    - min. amount

    £3,260

    £28,000

    £3,220

    £27,700

    *Age Allowance Income Limit

    (Reduce age allowance by £1 for every £2 of adjusted net income over £28,000 (£27,700).)

    Blind Persons Allowance

    £2,320

    £2,290

  • Income Tax Rates

    2017/18

    2016/17

    Band £

    Rate %

    Band £

    Rate %

    0 - 5,000

    0 - 33,500

    33,501 - 150,000

    Over 150,000

    0* 20** 40s 45Ÿ

    0 - 5,000

    0 - 32,000

    32,001 - 150,000

    Over 150,000

    0* 20** 40s 45Ÿ
    Notes: ┼ For Scottish tax payers only the limit is £31,500. * Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. For 2016/17, £1,000 of savings for basic rate taxpayers (£500 for higher rate) may be tax free. ** Except dividends 7.5%. s Except dividends 32.5%. Ÿ Except dividends 38.1%. Other income taxed first, then savings income and finally dividends. The first £5,000 of dividends are tax free.
  • Corporation Tax

    Year to 31.3.18

    Year to 31.3.17

    Profits Band £

    Rate %

    Profits Band £

    Rate %

    All profits

    19

    All profits

    20

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

  • Value Added Tax

    Standard Rate

    Reduced Rate

    Annual Registration Limit - From 1.4.17 (1.4.16 - 31.3.17 £83,000)

    Annual Deregistration Limit - From 1.4.17 (1.4.16 - 31.3.17 £81,000)

    20%

    5%

    £85,000

     

    £83,000

<

 

 

  • -

  • 0 - 33,500

    33,501 - 150,000

    0* 20** 40s 45Ÿ0* 20** 40s 45Ÿ
    Notes: ┼ For Scottish tax payers only the limit is £31,500. * Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. For 2016/17, £1,000 of savings for basic rate taxpayers (£500 for higher rate) may be tax free. ** Except dividends 7.5%. s Except dividends 32.5%. Ÿ Except dividends 38.1%. Other income taxed first, then savings income and finally dividends. The first £5,000 of dividends are tax free.
  • 0* 20** 40s 45Ÿ0* 20** 40s 45Ÿ
    Notes: ┼ For Scottish tax payers only the limit is £31,500. * Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. For 2016/17, £1,000 of savings for basic rate taxpayers (£500 for higher rate) may be tax free. ** Except dividends 7.5%. s Except dividends 32.5%. Ÿ Except dividends 38.1%. Other income taxed first, then savings income and finally dividends. The first £5,000 of dividends are tax free.

 

  • 0* 20** 40s 45Ÿ0* 20** 40s 45Ÿ
    Notes: ┼ For Scottish tax payers only the limit is £31,500. * Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. For 2016/17, £1,000 of savings for basic rate taxpayers (£500 for higher rate) may be tax free. ** Except dividends 7.5%. s Except dividends 32.5%. Ÿ Except dividends 38.1%. Other income taxed first, then savings income and finally dividends. The first £5,000 of dividends are tax free.
  • 0* 20** 40s 45Ÿ0* 20** 40s 45Ÿ
    Notes: ┼ For Scottish tax payers only the limit is £31,500. * Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. For 2016/17, £1,000 of savings for basic rate taxpayers (£500 for higher rate) may be tax free. ** Except dividends 7.5%. s Except dividends 32.5%. Ÿ Except dividends 38.1%. Other income taxed first, then savings income and finally dividends. The first £5,000 of dividends are tax free.