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Useful Information


Tax Rates    
     
Income Tax 2017/18 2018/19
Earnings    
Basic rate - 20% 0-33,500 0-34,500
Higher rate - 40% 33,501-150,000

34,501-150,000
Additional rate - 45% Over 150,000

Over 150,000

     
Dividends    
Basic Rate 10% 10%

Higher Rate

32.5% 32.5%
Additional Rate 37.5% 37.5%
     
Tax Allowances    
Personal allowance - under 65 11,500 11,850
Income limit for personal allowance 100,000 100,000
Married couple's allowance - born before 6 April 1935 8,445 8,695
Minimum amount of married couple's allowance 3,260 3,360
Blind person's allowance 2,320 2,390
Rent a room limit 7,500 7,500
Dividend allowance 5,000 2,000
     
Rates and Allowances - National Insurance Contributions    
Lower Earnings Limit, primary Class 1 £113 per week £116 per week
Upper Earnings Limited - primary Class 1 £866 per week £892 per week
Primary Threshold £157 per week £162 per week
Secondary Threshold £157 per week £162 per week
Employee's contributions 12% of £113 to £866 then 2% 12% of £162 to £892 then 2%
Employer's Contribution Rates 13.8% on earnings above £157 13.8% on earnings above £162
Class 2 Self employed contribution £2.85 per week £2.95 per week
Class 2 Small Earnings Exception £6,025 per annum £6,205 per annum
Class 3 (voluntary) Contribution £14.25 per week £14.65 per week
Class 4 Contribution 9% on profits between £8,164 9% on profits between £8,424
  and £45,000 then 2% and £46,350 then 2%
     
VAT    
Taxable Turnover Limits    
Registration - over £85,000 £85,000
Deregistration - under £83,000 £83,000
     
Corporation Tax    
Main rate 19% 19%
     

 

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AJB Accountancy

 

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Covering Oxfordshire, Northamptonshire, Buckinghamshire & Warwickshire