Personal Tax
Income tax | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Personal Allowance | 12,500 | 12,500 | 11,850 | 11,500 |
Transferable marriage allowance | 1,250 | 1,250 | 1,185 | 1,150 |
Savings rate band | 5,000 | 5,000 | 5,000 | 5,000 |
Savings rate (from 6 April 2016 0% PSA*) | 0% | 0% | 0% | 0% |
Basic rate band (20%) | 37,500 | 37,500 | 34,500 | 33,500 |
Start to lose child benefit (from 7/1/13) | 50,000 | 50,000 | 50,000 | 50,000 |
Lose all child benefit above | 60,000 | 60,000 | 60,000 | 60,000 |
Lose personal allowance at | 100,000 | 100,000 | 100,000 | 100,000 |
Additional rate on earnings over (45%) | 150,000 | 150,000 | 150,000 | 150,000 |
Rent a room limit | 7,500 | 7,500 | 7,500 | 7,500 |
Trading allowance | 1,000 | 1,000 | 1,000 | 1,000 |
Property allowance | 1,000 | 1,000 | 1,000 | 1,000 |
Salary and Dividends
Salary and dividends | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Employers NI threshold (per month) | 732 | 719 | 702 | 680 |
Optimum annual salary [A] | 8,784 | 8,628 | 8,424 | 8,160 |
Personal allowance + basic rate | 50,000 | 50,000 | 46,350 | 45,000 |
Remaining after deducting [A] | 41,216 | 41,372 | 37,926 | 36,840 |
Net dividends (within basic rate) | 41,216 | 41,372 | 37,926 | 36,840 |
Dividend Tax Allowance | 2,000 | 2,000 | 2,000 | 5,000 |
Dividend tax rate basic rate taxpayers | 7.5% | 7.5% | 7.5% | 7.5% |
Dividend tax rate higher rate taxpayers | 32.5% | 32.5% | 32.5% | 32.5% |
Dividend tax rate additional rate taxpayers | 38.1% | 38.1% | 38.1% | 38.1% |
National Insurance
National Insurance | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Employees NI rate | 12% | 12% | 12% | 12% |
Employers NI rate | 13.8% | 13.8% | 13.8% | 13.8% |
Lower earnings limit | 6,240 | 6,136 | 6,032 | 5,876 |
Upper earnings limit | 50,000 | 50,000 | 46,384 | 45,000 |
Primary threshold | 9,500 | 8,632 | 8,424 | 8,164 |
Secondary threshold | 8,788 | 8,632 | 8,424 | 8,164 |
Self employed NI rate | 9% | 9% | 9% | 9% |
Self employed NI lower limit | 9,500 | 8,632 | 8,424 | 8,164 |
Self employed NI upper limit (2% NI above this) | 50,000 | 50,000 | 46,350 | 45,000 |
Small earnings exemption | 6,475 | 6,365 | 6,205 | 6,025 |
Class 2 (per week) | 3.05 | 3.00 | 2.95 | 2.85 |
Student loan threshold (pre-2012) Plan 1 | 19,390 | 18,935 | 18,330 | 17,775 |
Student loan threshold (post-2012, England and Wales only) Plan 2 | 26,575 | 25,725 | 25,000 | 21,000 |
Student loan rate (pre-2012) | 9% | 9% | 9% | 9% |
Employment Allowance (deduction from Employers NI) | 4,000 | 3,000 | 3,000 | 3,000 |
Capital Gains Tax
Capital Gains Tax | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Capital gains tax annual exemption | 12,300 | 12,000 | 11,700 | 11,300 |
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: | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Registration | 85,000 | 85,000 | 85,000 | 85,000 |
Deregistration | 83,000 | 83,000 | 83,000 | 83,000 |
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 rates | 2020/21 | 2019/20 | 2018/19 | 2017/18 |
---|---|---|---|---|
Main rate (17% from 1/4/20) | 19% | 19% | 19% | 19% |
Capital Allowances | 2020/21 | 2018/19 | 2018/19 | 2017/18 |
AIA limit (£200,000 from 1 January 2021) | 1,000,000 | 1,000,000 | 200,000 | 200,000 |
Standard main pool rate | 18% | 18% | 18% | 18% |
Special rate (integral features and long term) | 6% | 8% | 8% | 8% |
Small pool write off | 1,000 | 1,000 | 1,000 | 1,000 |