Headline Tax Rates 2018/19

Personal

Personal allowance £12,500 (see note 1)
Basic rate 20% up to £37,500
Higher rate 40% £37,501 and over (after deducting personal allowance – so from £50,000 of gross income)
Additional rate 45% £150,000 and over
Dividend rate 7.5 % If paying basic rate tax, First £2,000 Nil
32.5 % If higher rated - paid on dividend rec'd.
38.1 % on dividends falling within the additional rate (45%) band.
Inheritance Tax 0% Up to Estate Value of £325,000 (see note 2)
40% Estates over £325,000 (see note 2). A lower rate of 36% may be charged for estates leaving 10% to charity.
Notes
1. Personal allowance may be restricted for individuals with incomes over £100,000. An additional age related allowance may be available for individuals over a certain age. An element of an unused Personal Allowance can be transferred to spouse/civil partner.
2. For surviving spouse death after 08-10-07 this may be increased to include the first spouse's unused Nil Rate Band. New rates for estates with charitable bequests. There is also a Residential Enhancement where the residential home is passed to direct descendants.
3. Please note that different rates and bands apply to Scottish taxpayers
Contact Us for details.


VAT


Rate from 4 January 2011 20%
Registration level (joining from 1 April 2017) £85,000.
Making Tax Digital (MTD) introduced for VAT return periods commencing after 31st March 2019
Contact Us for details.

 

Corporate


Profits (from 1 April 2017) 19.00%. The rate is currently planned to reduce to 17% from 1st April 2020.
Annual investment allowance:
From 6 April 2014                   £500,000
From 1 January 2016              £200,000
From 1 January 2019          £1,000,000
From 1 January 2020             £200,000
Contact us for details.

 

Stamp Duties


Land Tax Non Residential to £150K 0%
£150K to £250K 2%
£250K + 5%
Stamp duty Stocks & shares 0.5% (£Nil for consideration up to £1,000)

Contact Us for residential and investment property rate

N.B. THESE ARE THE MAIN RATES OF TAX AND THERE ARE MANY CIRCUMSTANCES THAT MAY DICTATE CHANGES. FOR A COMPLETE UNDERSTANDING CONTACT US WITH FULL DETAILS OF YOUR CIRCUMSTANCES.