Tax Rates & Allowances

Tax Rates and Allowances

Below are various tables to help you work out your tax rates and allowances.

Tax Rates 2018/19 and 2019/20

Income Tax   2018/19 2019/20
Starting savings rate 0% £0 -£5,000 £0 – £5,000
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
Dividends Received 2018/19 2019/20
Dividend Allowance £2,000  £2,000
Basic Rate 7.5%  7.5%
Higher Rate 32.5% 32.5%
Additional Rate 38.1% 38.1%
Main Personal Allowanced 2018/19 2019/20
Personal Saving Allowance
Basic Rate Taxpayers £1,000  £1,000
Higher Rate Taxpayers £500  £500
Personal Allowance £11,850 £12,500
Income limit for Personal All. £100,000 £100,000
Transferable Married Allowance £1,185 £1,250
Rent a Room Relief £7,500 £7,500
CGT Allowance £11,700 £12,000
CGT Allowance Trusts & Estates £5,850 £6,000
Capital Gains Tax Residential Other 2019/20
Up to Basic Rate 18% 10% 10%
Over Basic Rate 28% 20% 20%
Trusts & Estates 28% 20% 20%
Entrepreneurs £10m 10% 10%
Corporation Tax 2018/19 2019/20
Corporation Tax Rate 19% 19%
VAT 2018/19 2019/20
Threshold £85,000 £85,000
Deregistration £83,000 £83,000
National Insurance   2018/19 2019/20
Class 1
Lower Earnings limit £116 £116
Primary threshold £162 £166
Employee 12% £162.01 – £892 £166.01 – £962
Employee higher rate 2% Over £892 Over £962
Employer & Class 1A 13.8% Over £162 Over £166
Under 21 0% 0%
Class 2 – Self Employed
Flat rate per week £2.95 £3.00
Annual Profit Threshold £6,205 £6,365
Class 3 – Voluntary
Flat rate per week £14.65 £15.00
Class 4 – Self Employed
Profits 9% £8,424 – £46,350 £8,632 – £50,000
Profits 2% Over £46,350 Over £50,000
Minimum Wages  April 2018 April 2019
Workers 25 and over  £7.83 £8.21
Workers 21 to 24  £7.38 £7.70
Workers 18 to 20  £5.90 £6.15
Workers 16 to 17  £4.20 £4.35
Apprentices 16 to 18  £3.70 £3.90
Inheritance Tax 2018/19 2019/20
Nil rate band £325,000 £325,000
Rate on excess 40% 40%
Capital Allowances excl Cars 2018/19 2019/20
Annual Investment Allowance £200,000 £1,000,000
P&M 18% 18%
Long-life assets 8% 8%
Official Interest Rate 2.5% 2.5%
Pension Schemes 2018/19 2019/20
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000
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Disclaimer:

The information contained in this website is for general information purposes only. The information is provided by ADM Accountancy Services Ltd and while we endeavour to keep the information up to date and correct...
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Company Info:

ADM Accountancy Services Ltd
Registered in England and Wales.
Registration Number: 06912489

Contact Info:

Phone: 01242 679 767
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unit 5, Tarlings Yard, Church Road
Bishops Cleeve, Cheltenham
Gloucestershire, GL52 8RN
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