Rates & Allowances | |||||
2016/2017 | 2017/2018 | 2018/2019 | 2019/2020 | 2020/2021 | |
Income Tax | |||||
Personal Allowances | |||||
Annual allowance | 11,000 | 11,500 | 11,850 | 12,500 | 12,500 |
Age-related income limit | 27,700 | 28,000 | 28,900 | 29,600 | 29,600 |
*Age allowance reduced by £1 for every £2 over the above income limit |
|||||
Married couples - age 75+ | 8,355 | 8,445 | 8,695 | 8,915 | 8,915 |
Transferable marriage allowance | 1,100 | 1,150 | 1,190 | 1,250 | 1,250 |
Income limit for personal allowance | 100,000 | 100,000 | 100,000 | 100,000 | 100,000 |
Income Tax Bands | |||||
20% Basic rate up to | 32,000 | 33,500 | 34,500 | 37,500 | 37,500 |
40% higher rate up to | 32,001 - 150,000 |
33,501 - 150,000 |
34,501 - 150,000 | 37,501 - 150,000 | 37,501 - 150,000 |
Income limit on married couples allowance |
27,700
|
28,000 | 28,900 | 29,600 |
29,600 |
Dividends | |||||
Basic rate / over ( 5,000 / 2,000 ) | ( 7.5% ) | ( 7.5% ) | ( 7.5% ) | ( 7.5% ) | ( 7.5% ) |
Higher rate | 32.5% | 32.5% | 32.5% | 32.5% | 32.5% |
Tax free dividend | 5,000 | 5,000 | 2,000 | 2,000 | 2,000 |
National Insurance | |||||
Class 1 - Employee | |||||
No NIC's on the first | £156 pw | £157 pw | £162 pw | £166 pw | £183 pw |
Percentage payable | 12% | 12% | 12% | 12% | 12% |
Upper earnings limit | £827 pw | £866 pw | £892 pw | £962 pw | £962 pw |
Percentage payable | 2% | 2% | 2% | 2% | 2% |
Class 2 - Self Employed | |||||
Flat rate per week | £2.80 | £2.85 | £2.95 | £3.00 | £3.05 |
Small earnings exemption |
5,965 |
6,025 | 6,205 | 6,365 | 6,475 |
Class 3 - Voluntary | |||||
Flat rate per week | £14.10 | £14.25 | £14.65 | £15.00 | £15.30 |
Class 4 - Self Employed | |||||
Lower Limit | 8,060 | 8,164 | 8,424 | 8,632 | 9,500 |
Percentage payable | 9% | 9% | 9% | 9% | 9% |
Upper Profits Limit | 43,000 | 45,000 | 46,350 | 50,000 | 50,000 |
Percentage payable | 2% | 2% | 2% | 2% | 2% |
Capital Gains Tax | |||||
Annual exempt amount | 11,100 | 11,300 | 11,700 | 12,000 | 12,300 |
Basic rate taxed at | 18% | 18% | 18% | 18% | 18% |
Higher rate taxed at | 28% | 28% | 28% | 28% | 28% |
Entrepreneurs Relief | 10% | 10% | 10% | 10% | 10% |
Corporation Tax | |||||
Small companies rate | 20% | 19% | 19% | 19% | 19% |
Capital Allowances | |||||
Written down allowance | 8 / 18% | 8 / 18% | 8 / 18% | 6 / 18% | 6 / 18% |
Annual investment allow. | 100% | 100% | 100% | 100% | 100% |
Mileage Allowances | |||||
Up to 10,000 miles | 45p | 45p | 45p | 45p | 45p |
Over 10,000 miles | 25p | 25p | 25p | 25p | 25p |
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