Useful Information

Income tax band and rates

2019/20

2018/19

Basic rate

20%

20%

Higher rate

40%

40%

Additional rate

45%

45%

Personal allowance (PA)

£12,500

£11,850

Basic rate band

£1 → £37,500

£1 → £34,500

Higher rate band

£37,501 → £150,000

£34,501→ £150,000

Marriage allowance

£1,250

£1,190

Saving PA – only saving income

£5,000

£5,000

Saving PA – basic rate taxpayer

£1,000

£1,000

Saving PA – higher rate taxpayer

£500

£500

Saving PA – additional rate taxpayer

Nil

Nil

Dividend personal allowance

£2,000

£2,000

Dividend basic rate taxpayer

7.5%

7.5%

Dividend higher rate taxpayer

32.5%

32.5%

Dividend additional rate taxpayer

38.1%

38.1%

National Insurance Contributions

2019/20

2018/19

Class 1 primary (employee) contributions

Lower earning limit (LEL)

£118 weekly

£116 weekly

Primary threshold

£166 weekly

£162 weekly

Upper earning limit (UEL)

£962 weekly

£892 weekly

Rate above primary threshold

12%

12%

Rate above upper earning limit (UEL)

2%

2%

Class 1 secondary (employer) contributions

Secondary earnings threshold (ST)

£166 weekly

£162 weekly

Upper secondary threshold for U21’s (UST)

£962 weekly

£892 weekly

Apprentice upper secondary threshold for U25’s (AUST)

£962 weekly

£892 weekly

Rate above ST / UST / AUST

13.8%

13.8%

Employment Allowance (per year, per employer)

£3,000

£3,000

Class 2 – Self employed

Weekly rate

£3.00

£2.95

Small earning exemption

£6,365

£6,205

Class 4 – Self employed

Rate above upper

2%

2%

Rate above lower before upper

9%

9%

Annual earning upper limit

£45,000

£46,350

Annual earning lower limit

£8,164

£8,424

Capital Gains

2019/20

2018/19

Chattel exemption

£6,000

£6,000

Annual exempt amount

£12,000

£11,700

Higher rate (above income basic tax rate band)

20%

20%

Standard rate (within income basic tax rate band)

10%

10%

Entrepreneurs relief

10%

10%

Corporation Tax

2019/20

2018/19

Main rate

19%

19%

VAT

£

Annual deregistration limit – taxable supplies (from 1st April 2017)

£83,000

Annual registration limit – taxable supplies (from 1st April 2017)

£85,000

Reduced rate

5%

Standard rate (since 4th January 2011)

20%

Minimum Wage

From 1st April 2019

Apprentice

£3.90 per hour

18 years old and under

£4.35 per hour

18 → 20 years old

£6.15 per hour

21 → 24 years old

£7.70 per hour

25 years old and over

£8.21 per hour

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