Tax Rates and Allowances
Below are various tables to help you work out your tax rates and allowances.
Tax Rates 2018/19 and 2019/20
| Income Tax | 2018/19 | 2019/20 | |
| Starting savings rate | 0% | £0 -£5,000 | £0 – £5,000 |
| Basic Rate | 20% | £0 -£34,500 | £0 – £37,500 |
| Higher Rate | 40% | £34,501 – £150,000 | £37,500 – £150,000 |
| Additional Rate | 45% | Over £150,000 | Over £150,000 |
| Dividends Received | 2018/19 | 2019/20 | |
| Dividend Allowance | £2,000 | £2,000 | |
| Basic Rate | 7.5% | 7.5% | |
| Higher Rate | 32.5% | 32.5% | |
| Additional Rate | 38.1% | 38.1% | |
| Main Personal Allowanced | 2018/19 | 2019/20 | |
| Personal Saving Allowance | |||
| Basic Rate Taxpayers | £1,000 | £1,000 | |
| Higher Rate Taxpayers | £500 | £500 | |
| Personal Allowance | £11,850 | £12,500 | |
| Income limit for Personal All. | £100,000 | £100,000 | |
| Transferable Married Allowance | £1,185 | £1,250 | |
| Rent a Room Relief | £7,500 | £7,500 | |
| CGT Allowance | £11,700 | £12,000 | |
| CGT Allowance Trusts & Estates | £5,850 | £6,000 | |
| Capital Gains Tax | Residential | Other | 2019/20 |
| Up to Basic Rate | 18% | 10% | 10% |
| Over Basic Rate | 28% | 20% | 20% |
| Trusts & Estates | 28% | 20% | 20% |
| Entrepreneurs £10m | 10% | 10% | |
| Corporation Tax | 2018/19 | 2019/20 | |
| Corporation Tax Rate | 19% | 19% | |
| VAT | 2018/19 | 2019/20 | |
| Threshold | £85,000 | £85,000 | |
| Deregistration | £83,000 | £83,000 | |
| National Insurance | 2018/19 | 2019/20 | |
| Class 1 | |||
| Lower Earnings limit | £116 | £116 | |
| Primary threshold | £162 | £166 | |
| Employee | 12% | £162.01 – £892 | £166.01 – £962 |
| Employee higher rate | 2% | Over £892 | Over £962 |
| Employer & Class 1A | 13.8% | Over £162 | Over £166 |
| Under 21 | 0% | 0% | |
| Class 2 – Self Employed | |||
| Flat rate per week | £2.95 | £3.00 | |
| Annual Profit Threshold | £6,205 | £6,365 | |
| Class 3 – Voluntary | |||
| Flat rate per week | £14.65 | £15.00 | |
| Class 4 – Self Employed | |||
| Profits | 9% | £8,424 – £46,350 | £8,632 – £50,000 |
| Profits | 2% | Over £46,350 | Over £50,000 |
| Minimum Wages | April 2018 | April 2019 | |
| Workers 25 and over | £7.83 | £8.21 | |
| Workers 21 to 24 | £7.38 | £7.70 | |
| Workers 18 to 20 | £5.90 | £6.15 | |
| Workers 16 to 17 | £4.20 | £4.35 | |
| Apprentices 16 to 18 | £3.70 | £3.90 | |
| Inheritance Tax | 2018/19 | 2019/20 | |
| Nil rate band | £325,000 | £325,000 | |
| Rate on excess | 40% | 40% | |
| Capital Allowances excl Cars | 2018/19 | 2019/20 | |
| Annual Investment Allowance | £200,000 | £1,000,000 | |
| P&M | 18% | 18% | |
| Long-life assets | 8% | 8% | |
| Official Interest Rate | 2.5% | 2.5% | |
| Pension Schemes | 2018/19 | 2019/20 | |
| Lifetime Allowance | £1m | £1m | |
| Annual Allowance | £40,000 | £40,000 |
