Tax Facts Spring 2019

 

 

 

    Income Tax Allowances 2020/2021 £   National Insurance Contributions  
    Personal allowance 12500   Class 1 (earnings related)    
    Married couple's allowance (relief @ 10%) can be transferred to partner     Employees NI (weekly earnings)    
    Either partner born before 6.4.1935     First £183   Nil
    Blind person's allowance 2,500   £184 - £962   12%
    Taxable Income £ Rate %   Over £962   2%
    0-37500 (above threshold) 20   Employers NI (weekly earnings)    
    37,501 - 150,000 (above threshold) 40   First £169   Nil
    Over £150,001 45   Over £169   13.8%
    Dividends taxed at 0% up to £2000 thereafter 7.5% in the basic rate band     Employment NI allowance(per year)   £4,000
    at 32.5% in the higher rate band and     Class 1a and Class 1b   13.8%
    at 38.1% in the upper rate band     Class 2 (self-employed) flat rate per wk   £3.05
          Small profits threshold per yr   £6,475
    Inheritance Tax - Death Rates Rate %   Class 3 (Voluntary contributions) per wk   £15.30
    Up to £325,000/or£650000 a couple 0   Class 4 (Self-employed) - 9% of profits (see below)    
    Over £325,000 40   between £9501 and £50000 per yr.   9%
    Chargeable lifetime transfers are initially charged at 20%     2% of profits above £50000 per yr.   2%
    Annual gifts of up to £3,000 per donor are exempt     Car Benefit    
          CO2 emissions % of list price
    Capital Gains Tax £   grams per km    
    Annual exempt amounts 2020/21:     0-50 130  
    Individuals, disabled trusts, personal reps for year of death and two     51-54 15  
    years thereafter 12,300   55-59 16  
    Trusts generally   6150   60-64 17  
    Basic rate 18% Higher rate 28%     65-69 18  
   

    

    70-74 19  
    Non residential other gains 10% or 20%   75-79 20  
    Gains to which entrepreneurs' relief applies 10%   80-84 21  
    Corporation Tax  Rate %   85-89 22  
    Financial year to 31.3.21 19   90-94 23  
    Financial year to 31.3.20 19   95-99 24  
    Stamp Taxes Rate %   100-104 25  
    Transfer of land & buildings (Residential) £     105-109 26  
    0 - 125,000 0%   110-114 27  
    125,001 - 250,000 2%   115-119 28  
    250,001 - 925,000 5%   120-124 29  
    925,001 - 1,500,000 10%   125-129 30  
    Over £1,500,000 12%   130-134 31  
    Individual Savings Accounts (ISAs) £   135-139 32  
    Annual limit 20,000   140-144 33  
    Junior ISA annual limit 4,368   145-149 34  
    Lifetime ISA annual limit 4,000   150-154 35  
    Help to buy ISA monthly limit 200   155 - 159 36  
    Value Added Tax Rate %   160 or more                                 37
    Standard rate 20   A 3% charge applies to cars incapable of producing CO2    
    Reduced rate 5   Car Fuel Benefit
    Registration threshold from 1.4.20 £85,000   Calculated by applying the above car benefit percentage to a figure of £24500    
    Tax Credits:     Tax-Free Mileage Allowances    
    (Child Tax Credit) £   Employee's own vehicle    
    Family element 545   Motorcars and vans 2020/2021  
    Child element (for each child) 2,780   Up to 10,000 business miles per yr 45p  
    Disabled child element 3355   Over 10,000 business miles 25p  
    Severely disabled child element 1360   Each passenger making same trip 5p  
    (Working Tax Credit)     Motorcycles 24p  
    Basic element 3040   Cycles 20p  
    Lone parent and couple element 2,045  

Advisory Fuel Rates for Company Car from 1.3.19

    30 hour element 825   Cylinder capacity        LPG Petrol Diesel
    Disability element 3,220   0 - 1,400 cc                    8p 12p -
    Severe disability element 1,390   0 - 1,600 cc - 9p
    Childcare element (up to 70% of costs) Weekly   1,401 cc- 2,000 cc         10p 14p -
           maximum eligible cost (1child) 175   1,601 cc - 2,000 cc - 11p
           maximum eligible cost (2 or               more) 300   Over 2,000 cc                14p 20p 13p