Not sure on something?
Got any questions? No problem, give us a call and we can assist you.
|Band £||Rate %||Band £||Rate %|
|0 – 5,000||0*||0 – 5,000||0*|
|0- 37,500†||20**||0- 34,500||20**|
|37,501† – 150,000||40^||34,501 – 150,000||40^|
|Over 150,000||45^^||Over 150,000||45^^|
†Income tax rates in Scotland and Wales on income other than savings and dividend income have been devolved.
*Only applicable to savings income. The rate is not available if taxable non-savings income exceeds £5,000. £1,000 of savings income for basic rate taxpayers (£500 for higher rate) may be tax free.
**Except dividends 7.5%. ^Except dividends 32.5%. ^^Except dividends 38.1%.
Other income taxed first, then savings income and finally dividends. The first £2,000 of dividends are tax free.
|(Reduce personal allowance by £1 for every £2 of adjusted net income over £100,000).|
|Married Couple’s Allowance (Relief at 10%)*||£8,915||£8,695|
|(Either partner 75 or over and born before 6 April 1935)|
|*Age allowance income limit||£29,600||£28,900|
|(Reduce age allowance by £1 for every £2 of adjusted net income over £28,000 (£27,700)).|
|Blind person’s allowance||£2,450||£2,390|
**£1,250 (£1,190) may be transferable between certain spouses where neither pay tax above the basic rate.
Higher rates (18%/28%) may apply to the disposal of certain residential property and carried interest.
|Overall Investment Limit||£20,000||£20,000|
|Junior Account Limit||£4,368||£4,260|
|2019/20 Class 1 (employed) rates|
|Earnings per week||%||Earnings per week||%|
|Up to £166||Nil*||Up to £166||Nil|
|£166.01 – £962||12||Over £166||13.8**|
*Entitlement to contribution-based benefits for employees retained for earnings between £118 and £166 per week.
**The rate is 0% for employees under 21 and apprentices under 25 on earnings up to £962 per week.
|Class 1A (Employers)||13.8% on employee taxable benefits|
|Class 1B (Employers)||13.8% on PAYE Settlement Agreements|
|Class 2 (Self-Employed)||Flat rate per week £3.00 small profits threshold £6,365 p.a.|
|Class 3 (Voluntary)||Flat rate per week £15.00|
|Class 4 (Self-Employed)||9% on profits between £8,632 and £50,000 plus 2% on profits over £50,000|
|Death rate||Lifetime rate||Chargeable transfers 2019/20 and 2018/19|
|Nil||Nil||0 – £325,000 (nil rate band)|
For 2019/20, a further nil rate band of £150,000 (£125,000 for 2018/19) may be available in relation to current or former residences. Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased spouses/civil partners.
|Years before death||0-3||3-4||4-5||5-6||6-7|
|5 of death charge||100||80||60||40||20|
|O2 emissions (gm/km) (round down to nearest 5gm/km)||% of car’s list price taxed|
|165 and above||37|
For diesel cars that are not certified to the Real Driving Emissions 2 standard add a 4% supplement but maximum still 37%. For cars registered before 1 January 1998 the charge is based on engine size. The list price includes accessories and is not subject to an upper limit. The list price is reduced for capital contributions made by the employee up to £5,000. Special rules may apply to cars provided for disabled employees.
*Rounding down to the nearest 5gm/km does not apply.
|Car fuel benefit 2019/20|
|£24,100 x ‘appropriate percentage’|
|*Percentage used to calculate the taxable benefit of the car for which the fuel is provided.|
|The charge does not apply to certain environmentally friendly cars.|
|The charge is proportionately reduced if provision of private fuel ceases part way through the year. The fuel benefit is reduced to nil only if the employee pays for all private fuel.|
|Van benefit per vehicle 2019/20|
|Van benefit £3,430||Fuel benefit £655|
|The charges do not apply to vans if a ‘restricted private use condition’ is met throughout the year.|
|A reduced charge may be due if the van cannot in any circumstances emit CO2 by being driven.|
|Cars and vans||Rate per mile|
|Up to 10,000 miles||45p|
|Over 10,000 miles||25p|
These rates represent the maximum tax free mileage allowances for employees using their own vehicles for business. Any excess is taxable. If the employee receives less than the statutory rate, tax relief can be claimed on the difference.
|Annual Registration Limit-from 1.4.19 (1.4.18 – 31.3.19 £85,000)||£85,000|
|Annual Deregistration Limit-from 1.4.19 (1.4.18 – 31.3.19 £83,000)||£83,000|
The AIA gives a 100% write-off on most types of plant and machinery costs, including integral features and long life assets but not cars, of up to £1,000,000 p.a. from 1 January 2019 (previously £200,000).
Any costs over the AIA fall into the normal capital allowance pools below. The AIA may need to be shared between certain businesses under common ownership.
The annual rate of allowance is 18%. An 6% rate applies to expenditure incurred on integral features and on long life assets.
A 100% first year allowance may be available on certain energy efficient plant and cars up to 50g/km.
For expenditure incurred on cars, costs are generally allocated to one of the two plant and machinery pools. Cars with CO2 emissions not exceeding 110gm/km receive an 18% allowance p.a. Cars with CO2 emissions over 110gm/km receive an 6% allowance p.a.
|Basic Retirement pension||Single Person||£129.30||£125.95|
|New State Pension||£168.60||£164.35|
|Statutory Pay Rates||Average Weekly Earnings||£118 (£116) or over|
|Statutory Sick Pay||£94.25||£92.05|
|Statutory Maternity Pay||First Six Weeks||90% of weekly earnings|
|Adoption Pay||Next 33 Weeks||£148.68*||£145.18*|
|Statutory Paternity Pay||Two Weeks||£148.68*||£145.18*|
*Or 90% of weekly earnings if lower
|Year to 31.3.20||Year to 31.3.19|
|Profits band £||Rate %||Profits band £||Rate %|
|All profits||19||All profits||19|
|Different rates apply for ring-fenced (broadly oil industry) profit.|
Tax relief available for personal contributions: higher of £4,000 (gross) or 100% of relevant earnings (max. £40,000). Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the individual. The £40,000 limit may be reduced where ‘adjusted income’ exceeds £150,000.
The limit may be reduced to £4,000 once money purchase pensions are accessed. Where the £40,000 limit is not fully used it may be possible to carry the unused amount forward for three years.
Employers will obtain tax relief on employer contributions if they are paid and made ‘wholly and exclusively’.
|Rate ^||Residential ^||Non-residential||Rate|
|0||0 – 125,000||0 – 150,000||0|
|2||125,001 – 250,000||150,001 – 250,000||2|
|5||250,001 – 925,000||Over 250,000||5|
|10||925,001 – 1,500,000||10|
The rates apply to the portion of the total value which falls within each band.
^ Rates may be increased by 3% where further residential properties costing £40,000 or over are acquired.
SDLT is charged at 15% on interests in residential dwellings costing more than £500,000 purchased by certain non-natural persons.
|Disclaimer: Rates are for guidance only. No responsibility for loss occasioned by any person acting/refraining from action as a result of this information can be accepted by the authors or firm.|