Useful Information


Income Tax Allowance and Rates

2018-19 2019-20
Personal allowance
£11,850 £12,500
Income limit for personal allowance £100,000 £100,000
Income tax Personal Rates and taxable bands


Starting rate for savings: 10%

(restricted circumstances only)

£0-£2.790 £0-£2,880
Income tax rates and taxable bands
Savings allowance (0% on first part of savings income:

Basic rate taxpayers

Higher rate taxpayers


£1,000

£500


£1,000

£500

Basic rate: 20%

£0-£34,500 £0-£37,500
Higher rate: 40% £34,501-£150,000 £37,500-£150,000
Additional rate: 45% Over £150,000 Over £150,000
Dividend nil rate band £2,000 £2,000
Dividend rate up to basic rate limit 7.5% 7.5%
Dividend rate up to higher rate limit 32.5% 32.5%
Dividend rate above higher rate limit 38.1% 38.1%

There are additional age related allowances with income limits which can be found at hmrc.gov.uk or contact us for more detail in respect of any of the data included here.


National Insurance Contributions

2018/19 2019/20
Employees’ primary Class 1 between
primary and upper earnings limit Above upper earnings
limit
12%
£162-£892
2%
12%

£166-£962
2%

per week

Employers’ secondary Class 1
above secondary threshold
13.8%
£162

13.8%

£166

per week

Class 2 small earnings exception

£6,205 £6,365

per year

Class 4 between lower and upper

profits limit Above upper profits limit

9%
£8,424-£46,350
2%

9%

£8,632-£50,000

2%

per year


Inheritance Tax

2018 - 2019

2019 - 2020

Threshold £325,000

£325,000


Capital Gains Tax - Annual Exempt Amounts

2018 - 2019

2019 - 2020

Individuals £11,700

£12,000

General rates

10%/20%

10%/20%

Residential property

(not qualifying for
private residence relief)

18%/28% 18%/28%


Corporation Tax to 31 March

2019

2020

Small profits rate 20%

20%

Profits not exceeding

£300,000

£300,000

Main rate

19%

19%


VAT - Annual threshold and limits

2018 - 2019

Registration threshold

£85,000

Flat rate scheme

£150,000

Cash accounting

£1,350,000

Annual accounting

£1,350,000

Useful contacts

Useful contacts
www.hmrc.gov.uk
HMRC employer helpline | 0300 200 3200 | 8.00 am to 8.00 pm Monday to Friday
HMRC self assessment helpline | 0300 200 3310 | 8.00 am to 4.00pm Saturday
www.companieshouse.co.uk

This information has been produced for general information and it is therefore essential to take advice on specific issues. We are unable to take responsibility for any outcome resulting from acting upon, or refraining to act upon, this information.
For further information, contact us today.

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