Tax Table

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  31 March 2018/19 31 March 2019/20
Taxable Profits:    
First £300,000 19% 19%
Next £1,200,000 19% 19%
Over £1,500,000 19% 19%
  2018/19 2019/20
Starting rate for savings: 0% (10% in 14/15) £0 -5,000 £0 -5,000
Basic rate: 20% £11,851 to £46,350 £12,501 to £50,000
Higher rate: 40% £46,351 to £150,000 £50,001 to £150,000
Additional Rate: 45% £150,000 + £150,000 +
  2018/19 2019/20
Basic rate taxpayers 7.5% 7.5%
Higher rate taxpayers 32.5% 32.5%
Additional rate taxpayers 45% 38.1% 38.1%
  2019/20
Personal Allowance £12,500
Income Limit for Personal Allowance £100,000
Marriage Allowance £1,250
Income Limit for Marriage Allowance £28,900
Dividend Allowance £2,000
Personal Savings Allowance £1000
Classes Who Pays
Class 1 Employees earning more than £162 a week and under State Pension age - they’re automatically deducted by your employer
Class 1A or 1B Employers pay these directly on their employee’s expenses or benefits
Class 2 Self-employed people - you don’t have to pay if you earn less than £6,205 a year (but you can choose to pay voluntary contributions)
Class 3 Voluntary contributions - you can pay them to fill or avoid gaps in your National Insurance record
Class 3A Voluntary contribution - you may be able to top up your pension with a single lump sum if you’re due to retire before 6 April 2016
Class 4 Class 4

Class 1

Class 4

Self-employed earning rate 2018/2019 2017/2018
Profits between £8,424.00 (£8,164) and £46,350 (£45,000) per annum 9% 9%
Profits in excess of £46,350 Per annum 2% 2%
  2018/2019 £ 2019/2020 £
Rates of tax    
Individuals    
Standard rate taxpayers 18% 18%
Additional taxpayers 28% 28%
Companies - added to income 20% 20%
Discretionary and Accumulation & Maintenance Trusts (from 23/06/10) 20% 20%
Interest In Possession Trusts (28% from 23/06/10) 20% 20%
  2018/2019 £(GBP) 2019/2020 £(GBP)
Annual Turnover LimitThreshold (Nil Rate Band)s 325,000 325,000
Rates of Inheritance Tax    
Up to NRB 0% 0%
Chargeable lifetime gifts where in excess of the NRB 20% 20%
On death where in excess of the NRB 40% 40%
Exemptions    
Total annual gifts (for each donor)* 3,000 3,000
Small gifts (for each donee) 250 250
Gifts made from surplus income Unlimited Unlimited
In consideration of marriage    
Gift by a parent 5,000 5,000
Gift by a grandparent 2,500 2,500
Gift by any other person 1,000 1,000
  1st April 2018 1st April 2019
Rates of tax    
Standard rate 20% 20%
Reduced rate (including fuel and power) 5% 5%
VAT as a fraction of gross price 1/6 1/6
  1st April 2018 1st April 2019
Annual Turnover Limits    
Registration £85,000 £85,000
Deregistration £83,000 £83,000