Personal Tax

Income tax2021/222020/212019/202018/19
Personal Allowance12,57012,50012,50011,850
Transferable marriage allowance1,2571,2501,2501,185
Savings rate band5,000 5,000 5,0005,000
Savings rate (from 6 April 2016 0% PSA*)0%0%0%0%
Basic rate band (20%)
37,70037,50037,50034,500
Start to lose child benefit (from 7/1/13)50,000 50,000 50,00050,000
Lose all child benefit above60,000 60,000 60,00060,000
Lose personal allowance at100,000 100,000 100,000100,000
Additional rate on earnings over (45%)150,000 150,000 150,000150,000
Rent a room limit 7,500 7,500 7,5007,500
Trading allowance1,0001,0001,0001,000
Property allowance1,0001,0001,0001,000

Salary and Dividends

Salary and dividends2021/222020/212019/202018/19
Employers NI threshold (per month)736732719702
Optimum annual salary [A]88328,7848,6288,424
Personal allowance + basic rate50,27050,00050,00046,350
Remaining after deducting [A]41,43841,21641,37237,926
Net dividends (within basic rate)41,43841,21641,37237,926
Dividend Tax Allowance2,0002,0002,0002,000
Dividend tax rate basic rate taxpayers7.5%7.5%7.5%7.5%
Dividend tax rate higher rate taxpayers32.5%32.5%32.5%32.5%
Dividend tax rate additional rate taxpayers38.1%38.1%38.1%38.1%

National Insurance

National Insurance2021/222020/212019/202018/19
Employees NI rate12%12%12%12%
Employers NI rate13.8%13.8%13.8%13.8%
Lower earnings limit6,2406,2406,1366,032
Upper earnings limit50,27050,00050,00046,384
Primary threshold9,5689,5008,6328,424
Secondary threshold8,8408,7888,6328,424
Self employed NI rate9%9%9%9%
Self employed NI lower limit9,5689,5008,6328,424
Self employed NI upper limit (2% NI above this)50,27050,000 50,00046,350
Small earnings exemption6,5156,4756,3656,205
Class 2 (per week)3.053.053.002.95
Student loan threshold (pre-2012) Plan 119,88419,39018,93518,330
Student loan threshold (post-2012, England and Wales only) Plan 227,28826,57525,72525,000
Student loan rate (pre-2012)9%9%9%9%
Employment Allowance (deduction from Employers NI)4,0004,000 3,0003,000

Capital Gains Tax

Capital Gains Tax2021/222020/212019/202018/19
Capital gains tax annual exemption12,30012,30012,00011,700
Capital gains tax rates (Residential property)18%/28%18%/28%18%/28%18%/28%
Capital gains tax rates (Other)10%/20%10%/20%10%/20%10%/20%

VAT

VAT thresholds:2021/222020/212019/202018/19
Registration85,00085,00085,00085,000
Deregistration83,00083,00083,00083,000
Flat rate scheme: Joining (excluding VAT) 150,000 150,000 150,000 150,000
Flat rate scheme: Leaving (including VAT) 230,000 230,000 230,000 230,000
Cash accounting: Joining 1,350,000 1,350,000 1,350,000 1,350,000
Cash accounting: Leaving 1,600,000 1,600,000 1,600,000 1,600,000
VAT rate: 20%20%20%20%

Company Tax

Corporation tax rates2021/222020/212019/202018/19
Main rate19%19%19%19%
Capital Allowances2021/222020/212018/192018/19
AIA limit (£200,000 from 1 January 2022)1,000,0001,000,0001,000,000200,000
Standard main pool rate18%18%18%18%
Special rate (integral features and long term)8%6%8%8%
Small pool write off1,0001,0001,0001,000
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