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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 2019/20 are:

  • personal allowance increases to £12,500
  • starting rate band is £37,500
  • higher rate threshold increases to £50,000
  • car fuel benefit multiplier increases to £24,100
  • van benefit is £3,430
  • van fuel benefit is £655
  • capital gains tax annual allowance increases to £12,000
  • residence nil-rate band is £150,000
  • national living wage increases from £7.83 per hour to £8.21
  • junior ISA allowance and child trust fund limits increase to £4,368
  • lifetime pension allowance increases from £1.03 million to £1.55 million
  • VAT registration threshold remains at £85,000 until April 2022
  • annual investment allowance is temporarily increased to £1 million for two years from 1 January 2019.

As a consequence of devolution, several rates may differ between the 4 countries that make up the UK and Northern Ireland. Where applicable these rates are shown in each section of these tax rates and allowances.

Key dates and deadlines

This is a summary of the key filing and payment dates.

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Income tax rates and bands

Personal tax rates and allowances around the UK.

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Corporation tax

Details of corporation tax rates and bands.

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Inheritance tax

Inheritance tax rates, residence nil-rate band and allowances.

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Capital gains tax

Capital gains tax rates and allowances.

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VAT rates

VAT rates, schemes and thresholds.

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National insurance contributions

National insurance contributions and rates.

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Residential property letting

Residential property letting tax rates and allowances.

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Main capital allowances

Reduce your business tax liability with your capital expenditure.

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Patent box

Patent box rates.

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Business deductions

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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Penalties for late returns

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

Trusts and settlements - tax rates and allowances.

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Non-domiciled UK resident individuals

The basics of the non-domicile charge.

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Green travel allowances

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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Mileage allowances

Current and previous mileage allowances.

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Vehicle benefits

Chargeable on employees and directors.

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Pension premiums

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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EIS, SEIS, VCT and SITR

Enterprise investment schemes, seed enterprise investment schemes, venture capital trusts and social investment relief.

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ISAs

Details of investment maximums for ISAs.

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Stamp and property taxes

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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Air passenger duty rates

Duty levied on flights.

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Landfill tax

Landfill tax rates.

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Charitable giving

Charitable contributions and Gift Aid.

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Annual tax on enveloped dwellings (ATED)

ATED is a tax payable by companies on high value residential property (a dwelling).

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Diverted profits tax

Diverted profits tax rate.

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Tax credits

Tax credits rates for this year and the last tax year.

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State pension

State pension rates, pension credit and winter fuel allowances.

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