Tax Facts Spring 2018

 

 

 

    Income Tax Allowances 2018/2019 £   National Insurance Contributions  
    Personal allowance 11,850   Class 1 (earnings related)    
    Married couple's allowance (relief @ 10%)     Employees NI (weekly earnings)    
    Either partner born before 6.4.1935 8,695   First £162   Nil
    Blind person's allowance 2,390   £162.01 - £892   12%
    Taxable Income £ Rate %   Over £892.01   2%
    0-34,500 (above threshold) 20   Employers NI (weekly earnings)    
    34,501 - 150,000 (above threshold) 40   First £162   Nil
    Over £150,001 45   Over £162.01   13.8%
    Dividends taxed at 0% up to £2000 thereafter 7.5% in the basic rate band     Employment NI allowance(per year)   £3,000
    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   £2.95
          Small profits threshold per yr   £6,205
    Inheritance Tax - Death Rates     Class 3 (Voluntary contributions) per wk   £14.65
    Up to £325,000 0%   Class 4 (Self-employed) - 9% of profits    
    Over £325,000 40%   between £8,424 and £46350 per yr.    
    Chargeable lifetime transfers are initially      2% of profits above £46350 per yr.    
    charged at 20%.  Annual gifts of up to £3,000     Car Benefit    
    per donor are exempt     CO2 emissions % of list price
    Capital Gains Tax     grams per km Petrol Diesel
    Annual exempt amounts 2018/19:     0-50 13 17
    Individuals, disabled trusts, personal reps     51-75 16 20
    for year of death and two years thereafter £11,700   76-94 19 23
    Trusts generally £   5650   95-99 20 24
    Basic rate 18% Higher rate 28%     100-104 21 25
   

    

    105-109 22 26
     Non residential other gains 10% or 20%   110-114 23 27
    Gains to which entrepreneurs' relief applies 10%   115-119 24 28
    Corporation Tax      120-124 25 29
    Financial year to 31.3.19 19%   125-129 26 30
    Financial year to 31.3.18 19%   130-134 27 31
    Stamp Taxes     135-139 28 32
    Transfer of land & buildings (Residential) £     140-144 29 33
    0 - 125,000 0%   145-149 30 34
    125,001 - 250,000 2%   150-154 31 35
    250,001 - 925,000 5%   155-159 32 36
    925,001 - 1,500,000 10%   160-164 33 36
    Over £1,500,000 12%   165-169 34 36
    Individual Savings Accounts (ISAs) £   170-174 35 37
    Annual limit 20,000   175-179 36 37
    Junior ISA annual limit 4,260   180-184 37 37
    Lifetime ISA annual limit 4,000   185-189 37 37
    Help to buy ISA monthly limit 200   190 or more 37 37
    Value Added Tax     A 5% charge applies to cars incapable of producing CO2
    Standard rate 20%   Car Fuel Benefit    
    Reduced rate 5%   Calculated by applying the above car benefit percentage to
    Registration threshold from 1.4.17 £85,000   a figure of £23,400.    
    Tax Credits     Tax-Free Mileage Allowances    
    Child Tax Credit £   Employee's own vehicle    
    Family element 545   Motorcars and vans 2018/2019  
    Child element (for each child) 2,780   Up to 10,000 business miles per yr 45p  
    Disabled child element 3,275   Over 10,000 business miles 25p  
    Severely disabled child element 1325   Each passenger making same trip 5p  
    Working Tax Credit     Motorcycles 24p  
    Basic element 1,960   Cycles 20p  
    Lone parent and couple element 2,010  

Advisory Fuel Rates for Company Car from 1.3.18

    30 hour element 810   Cylinder capacity Petrol Diesel
    Disability element 3,090   0 - 1,400 cc 11p -
    Severe disability element 1,330   0 - 1,600 cc - 9p
    Childcare element (up to 70% of costs) Weekly   1,401 cc- 2,000 cc 14p -
           maximum eligible cost (1child) 175   1,601 cc - 2,000 cc - 11p
           maximum eligible cost (2 or more) 300   Over 2,000 cc 22p 13p