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Income Tax

Income
Tax Rates
2017-2018
%
2016-2017
%
2015-2016
%
2014-2015
%
Starting rate for savings
0
0
0
10
Basic tax rate
20
20
20
20
Higher tax rate
40
40
40
40
Additional tax rate
45
45
45
45
Tax Rate on first £5K of dividends
0
0
Tax on dividends at Basic Effective Rate
7.5
7.5
10
10
Tax on dividends at Higher Effective Rate
32.5
32.5
32.5
32.5
Tax on dividends at Additional Effective Rate
38.1
38.1
37.5
37.5
Starting rate band for savings
£0 –
£5,000
£0 –
£5,000
£0 –
£5,000
£0 –
£2,880
Basic rate band 20%
£0 –
£32,000
£0 –
£32,000
£0 –
£31,765
£0 –
£31,865
Higher rate band 40%
£32,001 to £150,000
£32,001 to £150,000
£31,786 to £150,000
£31,866 to £150,000
Additional rate band 45%
Over £150,001
Over £150,001
Over £150,001
Over £150,001

Personal Allowances

Personal
allowances
2017-2018
2016-2017
2015-2016
2014-2015
Standard payroll tax code
1150L
1100L
1060L
1000L
Personal allowance (1)
£11,500
£11,000
£10,600
£10,000
– Born between 6-4-38 & 5-04-48 (1) (2)
£11,500
£11,000
£10,600
£10,500
– Born before 6-4-38 (1) (2)
£11,500
£11,000
£10,660
£10,660
Income limit for Personal Allowance
£100,0000
£100,0000
£100,0000
£100,0000
Max Married Couples Allowance
£8,445
£8,355
£8,355
£8,165
Min Married Couples Allowance
£3,260
£3,220
£3,220
£3,140
Income limit for Married Couples Allowance
£28,000
£27,700
£27,700
£27,000
Blind person’s allowance
£2,320
£2,290
£2,290
£2,230
Dividend allowance (3)
£5,000
£5,000
Personal Savings Allowance (4)
£1,000
£1,000
Personal Savings Allowance (4)
£500
£500
Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth.
Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%
Note 3: From April 2016, the dividend tax credit system no longer applies. Instead, individuals will now not pay any tax on the first £5,000 of dividend income they receive.
Note 4: From April 2016, the new Personal Savings Allowance will mean basic rate taxpayers will not pay tax on the first £1,000 of savings income they receive (higher rate taxpayers £500).

Key Dates

Key dates in 2018 for personal Self Assessment tax payers
31 January 2018 Deadline for submitting online your 2016/2017 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2016/2017 balancing payment and make the first payment on account in respect of 2017/2018.

Capital Gains Tax

Capital
Gains Tax
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Annual exempt amount:
 – Individuals etc
£11,300
£11,100
£11,100
£11,000
 – Other Trustee
£5,650
£5,550
£5,550
£5,500
 – Taxed at Standard Rate
10%
10%
18%
18%
 – Taxed at Higher Rate
20%
20%
28%
28%

From 5 April 2016

Certain residential properties may attract a higher rate of capital gains tax.

Entrepreneur’s Relief available at 10%.


Inheritance Tax

Inheritance
Tax
2017-18
£
2016-17
£
2015-16
£
2014-15
£
 No tax charge arises up to:
£325,000
£325,000
£325,000
£325,000
 Balance taxed at 40% above:
£325,000
£325,000
£325,000
£325,000

Tapering relief is given in respect of gifts made between three and seven years
before death.
Where tax is payable on lifetime gifts (other than those taxable
only because they are made within seven years of death), tax
is charged at 20%.

Stamp Duty

Stamp Duty
Residential*
Non-residential**
Band
Rate
Band
Rate
£0 – £125,000
0%
£0 – £150,000
0%
£125,001 – £250,000
2%
£150,001 – £250,000
2%
£250,000 – £925,000
5%
Over £250,000
5%
£925,001 – £150,000
10%
£150,001 and over
12%

* Residential: Payable on consideration which falls in each bracket.
** Non-residential:Payable on total consideration once limit is breached.

National Insurance Contributions

National Insurance
Class 1
2017-2018
£
2016-2017
£
2015-2016
£
Class 1
Men over 65, Women
over 60, and children under 16 do not pay Class 1
contributions.
Employee’s Earnings Limits
Weekly – Monthly – Yearly
Weekly – Monthly – Yearly
Weekly – Monthly – Yearly
– Lower earnings limit (LEL)
The minimum level of earnings employees
need to qualify for benefit including State Pension.
£113 – £490 – £5,876
£112 – £486 – £5,824
£112 – £486 – £5,824
– Primary threshold (PT)
The level of earnings above which
employees Class 1 contributions become payable.
£157 – £680 – £8,164
£155 – £672 – £8,060
£155 – £672 – £8,060
– Secondary threshold (ST)
The level of earnings above which
employers Class 1 contributions become payable.
£157 – £680 – £8,164
£156 – £676 – £8,112
£156 – £676 – £8,112
– Upper earnings limit (UEL)
Employees do not pay Class 1 contributions
above this level.
£866 – £3,750 – £45,000
£827 – £3,583 – £43,000
£815 – £3,488 – £41,860
Employer’s
Allowance
£3,000
£3,000
 £2,000
Employee’s
Class 1 NI rates
– Primary rate from PT to UEL
12%
12%
12%
– Above UEL
2%
2%
2%
Employer’s
Class 1 NI rates
– Primary rate above ST
13.8%
13.8%
13.8%
Employer’s
Class 1A NI rates on B-I-K
13.8%
13.8%
13.8%

 

National
Insurance Class 2
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Self-employed National Insurance
– on annual earnings over
£5,876
£5,824
£5,965
£5,885
– weekly contribution
£2.80
£2.80
£2.80
£2.75
– annual contribution
£145.60
£145.60
£145.60
£143.00

 

National
Insurance Class 3
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Voluntary contributions:
– weekly contribution
£14.10
£14.10
£14.10
£13.90
– annual contribution
£733.20
£733.20
£733.20
£722.80

 

National
Insurance Class 4
2017-2018
£
2016 -2017
£
2015-2016
£
2014-2015
£
Self-employed National Insurance on
taxable profits between:
– Lower limit (LL)
£8,164
£8,060
£8,050
£7,956
– Upper limit (UL)
£45,000
£43,000
£42,385
£41,865
– Rate applied to earnings above LL to UL
9%
9%
9%
9%
– Rate applied to earnings above UL
2%
2%
2%
2%
– Maximum payable
£3,290.86 + 2%
£3,144.60+ 2%
£3,089.25 + 2%
£3,051.81 + 2%

The Authorised Mileage Rates

Mileage
Rates to be used for privately owned vehicles from 6th April 2011
First 10,000 miles
Above 10,000 miles
  Cars and vans
45p
25p
  Motorcycles
24p
24p
  Cycles
20p
20p
Mileage
Rates to be used for privately owned vehicles before 5th April 2011
First 10,000 miles
Above 10,000 miles
  Cars and vans
40p
25p
  Motorcycles
24p
24p
  Cycles
20p
20p

Compulsory registration for VAT

VAT
thresholds and limits
Registration
threshold
Deregistration
limit
 from 1 April 2017
£85,000
£83,000
 01.04.16 to 31.03.17
£83,000
£81,000
 01.04.15 to 31.03.16
£82,000
£80,000
 01.04.14 to 31.03.15
£81,000
£79,000
 01.04.13 to 31.03.14
£79,000
£77,000
 01.04.12 to 31.03.13
£77,000
£75,000
 01.04.11 to 31.03.12
£73,000
£71,000

VAT Road Fuel Scale Charges

Quarterly Road Fuel Scale charges for periods after 1 May 2009
VAT fuel scale charge
VAT at 17.5%
VAT exclusive charge
CO2 Band
£(Qtr)
£(Qtr)
£(Qtr)
 120 or less
£126
£18.77
£107.23
 125
£189
£28.15
£160.85
 130
£189
£28.15
£160.85
 135
£189
£28.15
£160.85
140
£201
£29.94
£171.06
145
£214
£31.87
£182.13
150
£226
£33.66
£192.34
155
£239
£35.60
£203.40
160
£251
£37.38
£213.62
165
£264
£39.32
£224.68
170
£276
£41.11
£234.89
175
£289
£43.04
£245.96
180
£302
£44.98
£257.02
185
£314
£46.77
£267.23
190
£327
£48.70
£278.30
195
£339
£50.49
£288.51
200
£352
£52.43
£299.57
205
£365
£54.36
£310.64
210
£378
£56.30
£321.70
215
£390
£58.09
£331.91
220
£403
£60.02
£342.98
225
£416
£61.96
£354.04
230
£428
£63.74
£364.26
235 or above
£441
£65.68
£375.32

 

Monthly Road Fuel Scale charges for periods after 1 May 2009
VAT fuel scale charge
VAT at 17.5%
VAT exclusive charge
CO2 Band
£(Mnth)
£(Mnth)
£(Mnth)
 120 or less
£42
£6.26
£35.74
 125
£63
£9.38
£53.62
 130
£63
£9.38
£53.62
 135
£63
£9.38
£53.62
140
£67
£9.98
£57.02
145
£71
£10.57
£60.43
150
£75
£11.17
£63.83
155
£79
£11.77
£67.23
160
£83
£12.36
£70.64
165
£88
£13.11
£74.89
170
£92
£13.70
£78.30
175
£96
£14.30
£81.70
180
£100
£14.89
£85.11
185
£104
£15.49
£88.51
190
£109
£16.23
£92.77
195
£113
£16.83
£96.17
200
£117
£17.43
£99.57
205
£121
£18.02
£102.98
210
£126
£18.77
£107.23
215
£130
£19.36
£110.64
220
£134
£19.96
£114.04
225
£138
£20.55
£117.45
230
£142
£21.15
£120.85
235 or above
£147
£21.89
£125.11

Van Benefits

Van Benefits
2017-2018
2016-2017
2015-2016
2014-2015
Van Benefit
£3,350
£3,170
£3,150
£3,090
Fuel Benefit
£633
£598
£594
£581

Corporation Tax

Corporation Tax
YE 31.03.17 (2016)
YE 31.03.16 (2015)
YE 31.03.15 (2014)
YE 31.03.14 (2013)
Profits Band
%
Profits Band
%
Profits Band
%
Profits Band
%
 Small Profits Rate
£0 – 300K
20%
£0 – 300K
20%
£0 – 300K
20%
 Marginal Relief Limits
£300K – 1.5M
£300K – 1.5M
£300K – 1.5M
 Main Rate
All Profits
19%
Above £1.5M
20%
Above £1.5M
21%
Above £1.5M
23%
 Small companies fraction
1/80
1/80
1/80
1/80