Income Tax Rates
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20% basic rate 40%higher rate 45% additional higher rate |
The equivalent rates applicable to cash dividends received are a 7.5% ordinary basic rate, a 32.5% upper rate and a 38.1% additional rate. These special rates apply from 2016-17 other than to the first £5,000 of dividends which are taxed at 0%. Dividends from shares in an ISA are ignored.
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0%* (up to £5,000) |
*Not available where taxable non-savings income exceeds the £5,000
Tax Allowances
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£11,500 |
Note the Personal Allowance reduces by £1 for every £2 of income above £100,000 until a zero PA is reached.
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£1,150 |
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£1,000* (max savings income exempt) |
*For higher rate taxpayers the allowance is £500.
Child benefit Charge
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National Insurance Contributions
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12% (on income between £8,164pa and £45,000pa, then 2% above) 13.8% (on income above £8,164pa ~ no ceiling) 13.8% (on taxable amount of employee benefits) 9% (on profits between £8,164 and £45,000pa, then 2% above) £2.85 per week (small earnings exception £6,025pa) |
Employment Allowance
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Per business |
£3,000 offset against employer’s Class 1 NIC |
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Note not available to companies where the director is the sole employee. |
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Car Benefits
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9% of list price (12% diesels) 13% of list price (16% diesels) 17% of list price (20% diesels) 18% of list price (21% diesels) 19% of list price (22% diesels) increasing by 1% for every additional 5gms until 189 g/km reached 37% of list price (37% diesels) |
Fuel Benefits
Relevant car fuel % multiplied by £22,600
Private Use of Vans
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£3,230 £610 |
No charge where personal use incidental.
Tax-Free Mileage Allowance ~ Own Vehicle
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45p per mile 25p per mile |
Corporation Tax
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19% (applicable to all profit levels) |
Capital Allowances
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100% on first £200,000 pa on ‘plant’ 18% writing down allowance 8% writing down allowance 100% where CO2 of 75gms/km or less 18% where CO2 not exceeding 130gms/km 8% where CO2 131gms/km or more |
Research & Development
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100% allowance 230% (small and medium sized companies) |
ISA Limits
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£20,000 £4,128 £4,000 £200 |
Capital Gains Tax
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First £11,300 of gains (per individual) £6,000 (per item) |
Inheritance Tax
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£325,000 per individual (note 1) 40% on excess over nil rate band (note 3) £3,000 (per donor per year) |
(1) Up to 100% of unused proportion of nil rate band can be claimed by surviving spouse or civil partner
(2) Increasing to £175,000 by 6 April 2020
(3) Reduced rate of 36% applies where deceased leaves 10% or more of net estate to charity
Value Added Tax
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Standard Rate
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20% £85,000 annual taxable turnover £150,000 turnover limit |
Stamp Duties ~Land & Buildings (rate applies to each band for all categories)
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0%2% 5% 10% 12% |
Note a 15% rate applies to properties over £500,000 purchased by companies and certain other ‘non-natural entities’
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0% 3% 5% 8% 13% 15% |
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0% 2% 5% |
Previous Years Rates
For a list of rates & allowances for earlier tax years visit the following link at HM Revenue & Customs website: http://www.hmrc.gov.uk/rates/index.htm
Marsh Vision App
The enhanced App can be downloaded free onto your iPhone, iPad or Android device/phone.
It’s packed full of really useful tax tables, calculator, important dates and other key financial information all of which you will be able to access for free, anywhere you have an internet connection on your device.
It has a simple ‘arrange to meet’ page along with all our contact information as well as links to our latest tax articles and social media pages. Click on the following link to access to the App:
http://www.marshvision.com/marsh-vision-app.asp
