When the new tax year starts in April, changes in the tax system will put more money in your pocket and help you keep more of your wages. Here’s information about how you might benefit.
· 25 and over. £8.21
· 21 to 24. £7.70
· 18 to 20. £6.15
The Personal Allowance is going up to £12,500
You don’t have to pay income tax on the income you earn below this amount. As a result of the change, a typical basic-rate taxpayer will take home £130 more than in 2018-19.
· The tax-free dividend allowance is £2,000
· Basic-rate taxpayers pay 7.5% on dividends
· Higher-rate taxpayers pay 32.5% on dividends
· Additional-rate taxpayers pay 38.1% on dividends.
Employee National Insurance Rates in 2019/20
· Under £8,632 – No National Insurance Payable
· £8,632 to £50,000 – 12% on everything earned between £166 and £962 a week
· Over £50,000 – 12% on everything earned between £166 and £962 a week, 2% on everything above that.
Employer National Insurance Rates in 2019/20
· £118 - £166 = 0%
· £166.01 - £962 = 13.8%
· Over £962 = 13.8%
Capital Gains Tax Rates in 2019/20
Capital gains tax (CGT) is one of the least common taxes on income, and for many it won’t apply. However, if you sell or give away an asset worth more than £6000, you could have to pay CGT.
· Annual exempt amount - £12,000 for individuals
· Standard CGT rate – 18% on residential property, 10% on other assets
· Higher CGT rate – 28% on residential property, 20% on other assets
For further information or queries please contact:
Taxcare Accountancy 103 Cranbrook Road, Ilford, Essex, IG1 4PU
T: 02084783383 E: email@example.com
103 Cranbrook Road,
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