Hertfordshire-based Accountant

Tax Rates & Allowances

Tax Rates and Allowances

Below are various tables to help you work out your tax rates and allowances.

Income Tax   2016/17 2017/18
Starting savings rate 0% £0 -£5,000 £0 – £5,000
Basic Rate 20% £0 -£32,000 £0 – £33,500
Higher Rate 40% £32,001 – £150,000 £33,500 – £150,000
Additional Rate 45% Over £150,000 Over £150,000
Dividends Received 2016/17 2017/18
Dividend Allowance £5,000  £5,000
Basic Rate 7.5%  7.5%
Higher Rate 32.5% 32.5%
Additional Rate 38.1% 38.1%
Main Personal Allowanced 2016/17 2017/18
Personal Saving Allowance
Basic Rate Taxpayers £1,000  £1,000
Higher Rate Taxpayers £500  £500
Personal Allowance £11,000 £11,500
Income limit for Personal All. £100,000 £100,000
Transferable Married Allowance £1,100 £1,150
Rent a Room Relief £7,500 £7,500
CGT Allowance £11,100 £11,300
CGT Allowance Trusts & Estates £5,550 £5,650
Capital Gains Tax Residential Other 2017/18
Up to Basic Rate 18% 10% 10%
Over Basic Rate 28% 20% 20%
Trusts & Estates 28% 20% 20%
Entrepreneurs £10m 10% 10%
Corporation Tax 2016/17 2017/18
Corporation Tax Rate 20% 19%
VAT 2016/17 2017/18
Threshold £83,000 £85,000
Deregistration £81,000 £83,000
National Insurance   2016/17 2017/18
Class 1
Lower Earnings limit £112 £113
Primary threshold £155 £157
Employee 12% £155.01 – £827 £157.01 – £866
Employee higher rate 2% Over £827 Over £866
Employer & Class 1A 13.8% Over £156.01 Over £157.01
Under 21 0% 0%
Class 2 – Self Employed
Flat rate per week £2.80 £2.85
Annual Profit Threshold £5,965 £6,025
Class 3 – Voluntary
Flat rate per week £14.10 £14.25
Class 4 – Self Employed
Profits 9% £8,060 – £43,000 £8,164 – £45,000
Profits 2% Over £43,000 Over £45,000
Minimum Wages April 2016 April 2017
Workers 25 and over £7.20 £7.50
Workers 21 to 24 £6.70 £7.05
Workers 18 to 20 £5.30 £5.60
Workers 16 to 17 £3.87 £4.05
Apprentices 16 to 18 £3.30 £3.50
Inheritance Tax 2016/17 2017/18
Nil rate band £325,000 £325,000
Rate on excess 40% 40%
Capital Allowances excl Cars 2016/17 2017/18
Annual Investment Allowance £200,000 £200,000
P&M 18% 18%
Long-life assets 8% 8%
Official Interest Rate 3% 3%
Pension Schemes 2016/17 2017/18
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000

Disclaimer:

The information contained in this website is for general information purposes only. The information is provided by One Stop Accounting Services and Solutions Ltd and while we endeavour to keep the information up to date and correct...
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Company Info:

One Stop Accounting Services and Solutions Ltd registered in England and Wales.
Registration Number: 05826187
Powered By BTCSoftware's Accounts Production Software Powered by BTCSoftware's
Accountants Tax Software

Contact Info:

Phone: 01442 500054
. . . . . . . . . . . . . . . . . . . . . . . . . .
Unit 303B The Wenta Business Centre
Colne Way
Watford
Hertfordshire
WD24 7ND
. . . . . . . . . . . . . . . . . . . . . . . . . .
info@onestopaccounting.co.uk