Established in 1983

Address:

Unit G, Hove Technology Centre, St.Josephs Close, Hove, East Sussex, BN3 7ES

Key Tax Rates

J.B. Wood Accountancy Services LtdKey Tax Rates
Rates & Allowances
2018/2019 2019/2020 2020/2021 2021/2022
Income Tax
Personal Allowances
Those born after 05.04.1948 11,850 12,500 12,500 12,570
Age-related income limit 28,900 29,600 30,200 30,400
*Age allowance   reduced by £1 for every £2 over the above income limit
Married couples - age 75+ 8,695 8,915 9,075 9,125
Transferable married   Allowance 1,190 1,250 1,250 1,260
Income limit for personal   allowance 100,000 100,000 100,000 100,000
Income Tax Bands
20% Basic rate up to 34,500 37,500 37,500 37,700
40% higher rate up to 34,501 - 150,000 37,501 - 150,000 37,501 - 150,000 37,701 - 150,000
Income limit married couples   allowance 28,900 29,600 29,600 30,400
Dividends
Basic rate/(over 5,00) ( 7.5% ) ( 7.5% ) ( 7.5% ) ( 7.5% )
Higher rate 32.5% 32.5% 32.5% 32.5%
Dividend allowance 2,000 2,000 2,000 2,000
National Insurance
Class 1 - Employee
No NIC's on the first £162 pw £166 pw £183 pw £184 pw
Percentage payable 12% 12% 12% 12%
Upper earnings limit £892 pw £962 pw £962 pw £967 pw
Percentage payable 2% 2% 2% 2%
Class 2 - Self Employed
Flat rate per week £2.95 £3.00 £3.05 £3.05
Small earnings exemption 6,205 6,365 6,475 6,515
Class 3 - Voluntary
Flat rate per week £14.65 £15.00 £15.30 £15.40
Class 4 - Self Employed
Lower Limit 8,424 8,632 9,500 9,568
Percentage payable 9% 9% 9% 9%
Upper Profits Limit 46,350 50,000 50,000 50,270
Percentage payable 2% 2% 2% 2%
Employer Rate
No NIC's on the first £162 pw £166 pw £169 pw £170 pw
Annual allowance £3,000 £3,000 £4,000 £4,000
Percentage payable 13.80% 13.80% 13.80% 13.80%
Capital Gains Tax
Annual exempt amount 11,700 12,000 12,300 12,300
Basic rate taxed at 18% 18% 18% 18%
Higher rate taxed at 28% 28% 28% 28%
Entrepreneurs Relief 10% 10% 10% 10%
Corporation Tax
Small companies rate 19% 19% 19% 19%
Capital Allowances
Written down allowance 8% / 18% 6% / 18% 6% / 18% 6% / 18%
Annual investment allow. 100% 100% 100% 100%
Mileage Allowances
Up to 10,000 miles 45p 45p 45p 45p
Over 10,000 miles 25p 25p 25p 25p
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