• 01 Apr 2016

Allowances

The tax-free personal allowance has been set at £11,000 for 2016-17; it will rise to £11,500 for 2017-18. The Government intends to increase the personal allowance to £12,500 by the end of the current Parliament in 2020.

The personal allowance is set at the same level for taxpayers of all ages, although higher earners have their allowance reduced by £1 for every £2 by which income exceeds £100,000. Individuals with income in excess of £122,000 for 2016-17 and £123,000 for 2017 -18 won’t receive a personal allowance. The abatement triggers an effective marginal tax rate of 60% between £100,000 and £122,000 for 2016-17. If you have income in that range, you could consider making pension contributions or Gift Aid donations to reduce your taxable income.

New allowances

From 6 April 2017, there will be two new allowances worth £1,000 each to cover small trading profits and income from property, respectively. The aim of these allowances is to allow people to earn relatively small amounts for occasional jobs or letting property without having to worry about submitting a tax return or paying tax on that income. It is not yet clear how these allowances will interact with rent-a-room relief which provides a £7,500 allowance in 2016-17 for income from letting part of your own home as residential accommodation. Tax rate and thresholds Income tax rates are becoming more complicated as various rates are payable on different types of income. In 2016-17 earnings from employment, pensions or trading are taxed at 20% (the basic rate) up to £32,000, after your personal allowance has been deducted. Taxable earnings above £32,000 and less than £150,000 are taxed at 40% (the higher rate). Taxable earnings in excess of £150,000 are taxed at 45% (the additional rate). The higher rate threshold will rise to £45,000 in 2017-18.

The first £5,000 of dividends you receive in 2016-17 are taxed at a zero rate. Any additional dividends are taxed at 7.5% when received by basic rate taxpayers, 32.5% for higher rate taxpayers and 38.1% for additional rate taxpayers.

Investors who receive their income as interest, rather than as salary, dividends or profits, can take advantage of the £5,000 savings band in which interest is taxed at zero. In addition basic rate taxpayers can receive a further £1,000 of interest taxed at zero. Higher rate taxpayers can receive only £500 of interest taxed at zero. Taxpayers with income over £150,000 must pay tax at 45% on all interest they receive which is not paid out of a tax-free account such as an ISA.

Personal tax is now so complicated the amounts due can’t be worked out with a pencil and paper. We can advise you about your likely tax liabilities.

Withdrawal of wear and tear
Furniture Sofa
Previous post
Lifetime ISA
Next post

141 thoughts on “Personal Taxes”

  1. Good day very nice blog!! Man .. Beautiful .. Amazing .. I’ll bookmark your blog and take the
    feeds additionally? I’m satisfied to find a lot of useful
    information here within the publish, we’d like develop extra strategies in this regard, thanks for sharing.

    . . . . .

  2. I know this if off topic but I’m looking into starting my own blog and was wondering what all is needed to
    get setup? I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very internet smart so I’m not 100% certain. Any suggestions or
    advice would be greatly appreciated. Appreciate it

  3. Howdy! This blog post couldn’t be written much better!

    Looking at this article reminds me of my previous roommate!
    He always kept preaching about this. I am going to send this information to him.
    Pretty sure he’s going to have a very good read.
    Many thanks for sharing!

  4. Howdy! This is kind of off topic but I need some guidance from an established blog.
    Is it tough to set up your own blog? I’m not very techincal
    but I can figure things out pretty fast. I’m thinking about setting up my
    own but I’m not sure where to begin. Do you have any tips or suggestions?
    Thanks

  5. What’s up, everything is going fine here and ofcourse every one
    is sharing facts, that’s really good, keep up writing.

  6. Hi there, I discovered your website by means of Google while searching
    for a comparable matter, your web site got here up, it appears to be like great.

    I’ve bookmarked it in my google bookmarks.
    Hi there, simply turned into alert to your weblog via Google, and found that it’s really informative.
    I’m going to be careful for brussels. I will be grateful if
    you happen to continue this in future. A lot of folks will be benefited out of your writing.
    Cheers!

  7. Howdy! This is kind of off topic but I need some guidance from an established blog.
    Is it tough to set up your own blog? I’m not very techincal but I
    can figure things out pretty quick. I’m thinking about setting up my own but I’m not sure where to start.
    Do you have any tips or suggestions? Cheers

  8. Fantastic beat ! I wish to apprentice while you amend your site, how could i subscribe for a blog
    site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear idea

  9. I loved as much as you will receive carried out right here.

    The sketch is attractive, your authored subject matter
    stylish. nonetheless, you command get bought an nervousness
    over that you wish be delivering the following. unwell unquestionably come more formerly again since exactly the same nearly very often inside case you shield
    this hike.

  10. I’ve been browsing online greater than three hours nowadays, but I by no means found any attention-grabbing article
    like yours. It is beautiful value enough for me. Personally, if
    all site owners and bloggers made just right content material as you did,
    the web will likely be a lot more useful than ever before.

  11. Hey There. I discovered your blog using msn. That is an extremely
    smartly written article. I’ll make sure to bookmark it
    and return to learn extra of your useful
    info. Thanks for the post. I’ll certainly comeback.

  12. Hi there to all, how is the whole thing, I think every one is getting more from this web site, and your views are nice in favor
    of new people.

  13. I’m really loving the theme/design of your weblog. Do you ever run into any browser compatibility issues?
    A number of my blog readers have complained about my site not operating
    correctly in Explorer but looks great in Chrome. Do you have any advice to
    help fix this problem?

  14. Greetings! Quick question that’s completely off topic.
    Do you know how to make your site mobile friendly? My site looks weird
    when viewing from my iphone. I’m trying to find a template or plugin that might be
    able to fix this issue. If you have any suggestions, please share.
    Appreciate it!

  15. Hi there! I know this is kind of off topic but I was wondering if you knew where
    I could locate a captcha plugin for my comment form?

    I’m using the same blog platform as yours and I’m having problems finding one?

    Thanks a lot!

  16. We absolutely love your blog and find many of your post’s to
    be precisely what I’m looking for. can you offer guest writers
    to write content for you? I wouldn’t mind producing a post or elaborating on a few of the subjects you write regarding here.
    Again, awesome website!

  17. Heya this is somewhat of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to
    manually code with HTML. I’m starting a blog soon but have
    no coding know-how so I wanted to get advice from someone with experience.
    Any help would be greatly appreciated!

  18. Do you mind if I quote a few of your articles as long as I provide credit and sources
    back to your website? My blog site is in the exact same area of interest as yours and my users would certainly benefit from a lot of the information you present here.
    Please let me know if this ok with you. Appreciate it!

  19. Having read this I thought it was extremely enlightening.

    I appreciate you spending some time and effort to put this informative article together.
    I once again find myself personally spending a lot of time both reading and
    commenting. But so what, it was still worthwhile!

  20. It’s apprlpriate time to make ome plans for thee future and it is time to be happy.
    I’ve red this post and if I could I wish tto suggest you some interesting things or advice.
    Perhaps you could write next articles referring to this article.
    I desxire to read more things about it!

  21. Magnificent beat ! I wish to apprentice while yyou amend your site, how can i subscribe for a blog website?
    The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast offered bright clear idea

    My web-site – theindiantimes

  22. Definitely imagine that that you said. Your favorite reason seemed to be at the web
    the easiest thing to take note of. I say to you, I certainly get annoyed
    at the same time as people consider concerns that they plainly do not know
    about. You managed to hit the nail upon the top and defined out the entire thing with no need side-effects , folks could take a signal.
    Will probably be back to get more. Thanks

  23. Ahaa, its pleasant dialogue concerning this paragraph at this place at this webpage, I have read all that,
    so now me also commenting at this place.

  24. Undeniably believe that which you said. Your favorite reason appeared to be on the net
    the simplest thing to be aware of. I say to you, I definitely get irked while people consider worries that they plainly do
    not know about. You managed to hit the nail upon the top and also defined out the whole thing without having
    side-effects , people could take a signal. Will likely be back to get more.
    Thanks

  25. I am genuinely delighted to glance at this website posts
    which contains plenty of valuable facts, thanks
    for providing these kinds of information.

  26. You’re so awesome! I do not believe I’ve truly read through a single thing like this before.
    So good to find another person with some original thoughts on this subject.
    Seriously.. thanks for starting this up. This site is something that’s needed on the
    internet, someone with a bit of originality!

  27. Wow, marvelous blog layout! How long have you ever been running
    a blog for? you made blogging glance easy. The overall glance of
    your website is excellent, let alone the content material!

  28. Just desire to say your article is as surprising.
    The clearness for your put up is simply spectacular and that i could assume you are
    a professional on this subject. Well with your permission let me to grasp your
    feed to keep updated with forthcoming post. Thanks 1,000,000 and
    please keep up the gratifying work.

  29. It’s a pity you don’t have a donate button! I’d without a doubt donate
    to this fantastic blog! I suppose for now i’ll settle for bookmarking
    and adding your RSS feed to my Google account.
    I look forward to brand new updates and will talk about this website with my
    Facebook group. Talk soon!

  30. This design is wicked! You certainly know how to keep a reader entertained.
    Between your wit and your videos, I was almost moved to start
    my own blog (well, almost…HaHa!) Wonderful job.

    I really loved what you had to say, and more than that, how you presented it.
    Too cool!

  31. Unquestionably believe that that you stated. Your favourite justification seemed to be at the internet the simplest thing to take
    note of. I say to you, I certainly get annoyed even as folks consider issues that they plainly do not realize
    about. You controlled to hit the nail upon the highest and outlined out the whole thing with no need side effect , other
    people can take a signal. Will probably be again to get more.
    Thanks

  32. Hey there! I know this is somewhat off-topic but I needed to ask.
    Does building a well-established website such as yours take a massive amount
    work? I’m completely new to operating a blog however
    I do write in my diary everyday. I’d like to start a blog so I will be able to share my own experience and
    feelings online. Please let me know if you have any kind of suggestions or tips for new aspiring blog
    owners. Appreciate it!

  33. What’s up, yup this article is really fastidious and I have learned lot of things from
    it on the topic of blogging. thanks.

    Feel free to visit my webpage hier

  34. Everything is very open with a precise description oof the challenges.
    It was really informative. Your sit is extremely helpful.

    Thank you foor sharing!

  35. You are so interesting! I do not suppose I have read
    through something like this before. So good to discover someone with original thoughts on this topic.
    Seriously.. thanks for starting this up. This site is something
    that’s needed on the web, someone with a little originality!

    My site … palmbomen Kopen

  36. Excellent goods from you, man. I have take note your stuff prior to and
    you are simply too great. I really like what you have obtained here,
    really like what you are saying and the way in which in which you assert it.

    You’re making it enjoyable and you continue to care for to keep it smart.
    I can not wait to learn far more from you. This is actually
    a wonderful web site.

    Also visit my web page – Shop for palm trees

  37. Definitely imagine that that you said. Your favourite reason appeared
    to be at the web the simplest factor to remember of.
    I say to you, I definitely get irked even as other people consider worries that they plainly do not understand about.
    You controlled to hit the nail upon the highest and also outlined out the entire thing without having side effect , people can take
    a signal. Will likely be back to get more. Thanks

    Feel free to visit my page :: fun88

  38. I am really impressed along with your writing abilities as neatly as with the structure in your weblog.
    Is that this a paid theme or did you modify it your self? Anyway keep up the excellent high quality writing, it is uncommon to see a great blog like this
    one nowadays..

    Feel free to surf to my blog :: professional wedding photographer; www2s.biglobe.ne.jp,

  39. You’re ѕo interesting! I don’t suppose I’ve truly reaɗ
    through ometһing likе that before. So great to discoveг anothеr person with some genuine
    thoughts on tnis subject matter. Seriously.. thank
    you for starting this up. This site is something that’s needed on the
    internet, omeone with some originality!

    Also viѕit my web site :: Menowitz marc

  40. I don’t know whether it’s just me or if everyone else encountering issues with your site.
    It appears as though some of the text in your posts
    are running off the screen. Can someone else please comment and let me know if
    this is happening to them as well? This may be a
    issue with my browser because I’ve had this happen before.

    Kudos

    My web site :: usa pharmacy online

  41. hey there and thank you for your info – I’ve certainly picked
    up anything new from right here. I did however
    expertise some technical issues using this web site, since
    I experienced to reload the site many times previous to I could get
    it to load properly. I had been wondering if your web hosting is OK?

    Not that I am complaining, but slow loading instances times will often affect your placement in google and could damage your high-quality score if ads and marketing with Adwords.

    Anyway I’m adding this RSS to my e-mail and could look out for a lot more of your respective exciting content.
    Ensure that you update this again soon.

    Look at my blog … canadian-pharmacy-online

  42. Hi there, the whole thing is going fine here and ofcourse every one
    is sharing facts, that’s genuinely good, keep up writing.

    Look at my web blog … cameras for photography, Val,

  43. I am just really enjoying the theme/model of your site. Have you ever run into any internet browser compatibility issues?

    A number of my blog readers have complained about
    my blog not operating correctly in Explorer but looks great in Chrome.
    Do you have any solutions to aid fix this issue?

    Visit my web blog; JuanJTatsuta

  44. You really make it seem so easy with your presentation but I find
    this matter to be actually something that I think I would never understand.
    It seems too complex and extremely broad for me. I’m looking forward for your next post, I
    will try to get the hang of it!

    Also visit my web site … outdoor learning

  45. We’re a small grouping of volunteers and opening a fresh scheme in our community.
    Your site offered us with valuable info to be effective on.
    You’ve done an impressive job and our whole community will probably
    be thankful for you.

    My homepage … weekly planner

  46. Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to
    her ear and screamed. There was a hermit crab inside and it pinched her
    ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!

    Also visit my web-site 먹튀사이트 (images.google.bi)

  47. Hey there I am so grateful I found your blog, I really found you by error, while I was
    researching on Aol for something else, Anyhow I am here now and would just like to say thanks for a
    marvelous post and a all round enjoyable blog (I
    also love the theme/design), I don’t have time to read through it
    all at the moment but I have book-marked it and also
    included your RSS feeds, so when I have time I will be back to read a
    lot more, Please do keep up the awesome jo.

  48. It is perfect time to make a few plans for the future
    and it is time to be happy. I’ve read this publish and
    if I may just I desire to counsel you few attention-grabbing issues or
    tips. Maybe you could write subsequent articles relating to this article.
    I want to read even more issues about it!

  49. What i don’t realize is the truth is how you are no longer actually far more well-preferred than you may be
    at the moment. You might be very intelligent. You recognize
    therefore significantly in relation to this subject, produced me personally imagine
    it from lots of varied angles. Its like individuals don’t are most often interested unless it’s something
    to accomplish with Woman gaga! Your own stuffs outstanding.
    Constantly maintain it up!

    Here is my blog post … VickiGEppler

  50. May I simply say what a relief to discover somebody that actually knows what they are talking about on the web.
    You definitely understand how to bring a problem to light and
    make it important. More and more people need to look at this
    and understand this side of the story. I was surprised
    you are not more popular since you definitely possess the gift.

Leave a Reply

Your email address will not be published.