R S Bookkeeping & Accounts
R S Bookkeeping & Accounts

 Tax Facts Spring 2017

 

 

 

    Income Tax Allowances 2017/18 £   National Insurance Contributions  
    Personal allowance 11,500   Class 1 (earnings related)    
    Married couple's allowance (relief @ 10%)     Employees NI (weekly earnings)    
    Either partner born before 6.4.1935 8,445   First £157   Nil
    Blind person's allowance 2,320   £157.01 - £866   12%
    Taxable Income £ Rate %   Over £866   2%
    0-33,500 20   Employers NI (weekly earnings)    
    33,501 - 150,000 40   First £157   Nil
    Over £150,000 45   Over £157   13.8%
    Dividends taxed at 0% within the starting      Employment NI allowance(per year)   £3,000
    rate band, at 7.5% in the basic rate band,      Class 1a and Class 1b   13.8%
    at 32.5% in the higher rate band and 38.1%     Class 2 (self-employed)-flat rate per wk   £2.85
    in the upper rate band     Small profits threshold per yr   £6,025
    Inheritance Tax - Death Rates     Class 3 (Voluntary contributions) per wk   £14.25
    Up to £325,000 Nil   Class 4 (Self-employed) - 9% of profits    
    Over £325,000 40%   between £8,164 and £45,000 per yr.    
    Chargeable lifetime transfers are initially      2% of profits above £45,000 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 2017/18: £   0-50 9 12
    Individuals, disabled trusts, personal reps     51-75 13 16
    for year of death and two years thereafter 11,300   76-94 17 20
    Trusts generally 5,650   95-99 18 21
    Individuals: Standard rate 10%   100-104 19 22
                                Higher rate 20%   105-109 20 23
    Trustees and personal representatives 20%   110-114 21 24
    Gains to which entrepreneurs' relief applies 10%   115-119 22 25
    Corporation Tax      120-124 23 26
    Financial year to 31.3.18 19%   125-129 24 27
    Financial year to 31.3.17 20%   130-134 25 28
    Stamp Taxes     135-139 26 29
    Transfer of land & buildings (Residential) £     140-144 27 30
    0 - 125,000 0%   145-149 28 31
    125,001 - 250,000 2%   150-154 29 32
    250,001 - 925,000 5%   155-159 30 33
    925,001 - 1,500,000 10%   160-164 31 34
    Over £1,500,000 12%   165-169 32 35
    Individual Savings Accounts (ISAs) £   170-174 33 36
    Annual limit 20,000   175-179 34 37
    Junior ISA annual limit 4,128   180-184 35 37
    Lifetime ISA annual limit 4,000   185-189 36 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 £22,600.    
    Tax Credits     Tax-Free Mileage Allowances    
    Child Tax Credit £   Employee's own vehicle    
    Family element 545   Motorcars and vans 2017/2018  
    Child element (for each child) 2,780   Up to 10,000 business miles per yr 45p  
    Disabled child element 3,175   Over 10,000 business miles 25p  
    Severely disabled child element 1,290   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 1.3.17

    30 hour element 810   Cylinder capacity Petrol Diesel
    Disability element 3,000   0 - 1,400 cc 11p -
    Severe disability element 1,290   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