Tax rates and allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients'' tax liabilities are planned to be at a minimum.

The main changes announced for 2018/19 are:

 

  • personal allowance increase to £11,850
  • car benefit multiplier increases to £23,400
  • capital gains tax annual allowance increases to £11,700
  • national living wage increases from £7.50 per hour to £7.83
  • junior ISA allowance increases to £4,260
  • lifetime pension allowance increases to £1,030,000
  • no stamp duty land tax for first-time buyers up to £300,000. A 5% rate applies for purchases between £300,000 and £500,000.

 

The main changes for 2017/18 are:

  • personal allowance increase to £11,500
  • transferable couples/civil partners allowance of £1,150
  • car benefit multiplier increases by 2%
  • basic state pension increases by £3.00 (2.5%) to £122.30 per week
  • new trading allowance up to £1,000 
  • new property allowance up to £1,000
  • R&D development expenditure credit increases on 1 January 2018 from 11% to 12%.
This is a summary of the key filing and payment dates.
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Personal tax rates and allowances.
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Details of corporation tax rates and bands.
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Inheritance tax rates, nil rate band and allowances.
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Capital gains tax rates and allowances.
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VAT rates, schemes and thresholds.
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National insurance contributions and rates.
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Residential property letting tax rates and allowances.
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Reduce your business tax liability with your capital expenditure.
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Patent Box rates.
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In order to attract a deduction in computing the profits of a trade or business any expenses must be incurred wholly and exclusively for the purpose of the trade. Capital expenditure is not an allowable expense (capital allowances are claimed on these costs), and certain other expenses are barred by statute.
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The tax system has many fines and penalties for those that do not file or pay on time. Make sure you do not become liable to any of these fines or penalties.
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Trusts and settlements - tax rates and allowances.
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The basics of the non-domicile charge.
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There are a number of schemes intended to encourage employers to make arrangements for their staff to travel to work by more environmentally beneficial means.
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Current and previous mileage allowances.
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Chargeable on employees and directors.
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Vehicle duties.
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There are limits that may be contributed to a registered pension scheme without incurring a tax charge. The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual's UK relevant earnings or £3,600.
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Enterprise investment schemes, seed enterprise investment schemes, venture capital trusts and social investment relief.
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Details of investment maximums for ISAs.
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Stamp duty land tax on residential property is charged at different rates depending on the portion of the purchase price that falls within a certain rate band.
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Duty levied on flights.
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Landfill tax rates.
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Charitable contributions and Gift Aid.
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ATED is a tax payable by companies on high value residential property (a dwelling).
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Diverted profits tax rate.
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Tax credits rates for this year and the last tax year.
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State pension rates, pension credit and winter fuel allowances .
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Selected benefit rates.
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Universal Credit credits and all the applicable monthly rates.
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