Tax Rates
| 2018/19 | 2017/18 | ||
| Income Tax | |||
| Personal Allowances (Tax Free Amounts) | £11,850 | £11,500 | |
| Tax on Taxable Income | |||
| (In Excess of Tax Free Amounts) | |||
| Up to £34,500 | 20% | ||
| Up to £33,500 | 20% | ||
| £34,501 to £150,000 | 40% | ||
| £33,501 to £150,000 | 40% | ||
| Over £150,000 | 45% | 45% | |
| National Insurance | |||
| Class 1 Contributions (Employee Contributions) | |||
| Lower earnings limit | £6,205 (£119 pw) | 0% | 0% |
| Primary threshold | £8,424 (£162 pw) | 12% | 12% |
| Upper earnings limit | £46,384 (£892 pw) | 2% | 2% |
| Employers Contributions | £0 to £8,424 | 0% | 0% |
| Over £8,424 (£162 pw) | 13.8% | 13.8% | |
| Class 2 Contributions (Self Employed) | |||
| Weekly flat rate | £2.95 | £2.80 | |
| Weekly flat rate if earnings over £6,205 per year | |||
| Class 4 Contributions (Self Employed) | |||
| On annual profits between £8,424 & £46,350 | 9% | 9% | |
| On annual profits in excess of £46,350 | 2% | 2% | |
|
Capital Gains Tax |
|||
| Rate for indivduals up to basic rate tax band | 18% | 18% | |
| For chargeable gains in excess of:- | £11,700 | £11,700 | |
| Inheritance Tax | |||
| Nil rate tax band | £325,000 | £325,000 | |
| Rate of tax on the excess value of the estate | 40% | 40% | |
| Corporation Tax (Effective Rates on Companies) | |||
| Tax rate per financial year | 19% | 19% | |
| Value Added Tax | |||
| Registration level (based on 12 months turnover) | £85,000 | £83,000 | |
| Standard rate | 20% | 20% | |
Address details
69 Ingleside Drive
Stevenage
Herts
SG1 4RY
Contact details
If you would like to arrange a free, no obligation meeting at your home or office please contact us:
Telephone: 01438 741274
Mobile: 07789 431799
Email: tony@careaccounts.co.uk
Business links
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