Fisherton Consulting

Your virtual Finance Office

MENU

Rates and Allowances

Minimum Wage from 1st April 2018

Age Hourly Rate
National Living Wage
(25 and over)
£7.83
21-24 £7.38
18-20 £5.90
Under 18 £4.20
Apprentices under 19,
or 19 and over in 1st year
£3.70


Income Tax Allowances

2017-18 2018-19
Personal Allowance £11,500 £11,850
Income limit for Personal Allowance £100,000 £100,000
Maximum amount of Married Couple's Allowance £8,445 £8,469
Minimum amount of Married Couple's Allowance £3,320 £3,360
Blind Person's Allowance £2,290 £2,390
Dividend Allowance £5,000 £2,000
Personal Savings Allowance
(Basic rate taxpayers)
£1,000 £1,000
Personal Savings Allowance
(Higher rate taxpayers)
£500 £500


Income Tax Rates

Taxable Income Income Tax Rate Dividend Rate
2017-18
£0 - £33,500 20% 7.5%
£33,501 - £150,000 40% 32.5%
Over £150,000 45% 38.1%
2018-19
£0 - £34,500 20% 7.5%
£34,501 - £150,000 40% 32.5%
Over £150,000 45% 38.1%


Captial Gains Tax

Annual exempt amounts 2018-19
Individuals, disabled trusts, personal representatives
(for 2 years after year of death)
£11,700
Other trusts £5,850
Rates 2018-19
Individuals: Standard rate 10%
Individuals: Higher rate 20%
Personal representatives and trustees 20%
Gains qualifying for entrepreneurs' relief 10%


Corporation Tax

Rate 2017-18 2018-19
Main Rate of Corporation Tax 19% 19%


VAT

2017-18 2018-19
Standard rate 20% 20%
Reduced rate 5% 5%
Registration threshold £85,000 £85,000
De-registration threshold £83,000 £83,000


National Insurance Rates


Weekly Threshold Amount
2017-18 2018-19
Class 1 Primary (employees) £113 – £157* £116 – £162* 0
£157.01 – £866 £162.01 – £892 12%
Above £866 Above £892 2%
Class 1 Secondary (employers) Above £157 Above £162 13.8%

Annual Profit
2017-18 2018-19
Class 2 (self employed) Above £6,025 Above £6,205 2.95 per week
Class 4 (self employed) £8,164 - £45,000 £8,424 - £46,350 9%
Above £45,000 Above £46,350 2%
*Note: No NIC are paid, only a notional payment to protect contributionary benefit entitlement.

Employment allowance — £3,000 per year


Mileage Allowances

First 10,000 business miles in the tax year Each business mile over 10,000 in the tax year
Cars and vans 45p 25p
Motor cycles 24p 24p
Bicycles 20p 20p


Income Tax Codes

L Used if you are eligible for the basic Personal Allowance
P Used for people born between 6th April 1938 and 6th April 1948
who are eligible for the full Personal Allowance
Y Used for people born before 6th April 1938 who are eligible for the
full Personal Allowance
T Used if you have an income related reduction to your Personal Allowance
K Used when your total allowances are less than your total deductions,
usually used if you receive company benefits.
BR
Used if all your income is taxed at the Basic Rate (20%) usually used
if you have a second job
0T Used if all your allowances have been used or reduced to nil. Also used
if you have started a new job and have not filled in a P45 or P46.
D0 Used (usually for a second job or pension) when all your income is taxed
at the Higher Rate (40%)
D1 Used (usually for a second job or pension) when all your income is taxed
at the Additional Rate (50%)
NT Used when no tax is to be deducted.
M Marriage allowance, used if you've received a transfer of 10% of your
partner's personal allowance.
N Marriage allowance, used if you've transferred 10% of your personal
allowance to your partner.