All figures are annual amounts.
Allowances
| Personal allowance |
£11,500 |
| Tapered on income above |
£100,000 |
| Transferable to spouse/civil partner taxed at 20% |
£1,150 |
| Trading income |
£1,000 |
| Property income |
£1,000 |
| Rent-a-room |
£7,500 |
Tax on earnings
| Earnings to £33,500 |
20% |
| £33,501 to £150,000 |
40% |
| Over £150,000 |
45% |
Tax on earnings for Scottish residents
| Earnings to £31,500 |
20% |
| £31,501 to £150,000 |
40% |
| Over £150,000 |
45% |
Tax on interest
| First £5,000 |
0% |
| 20% taxpayers |
£1,000 @ 0% |
| 40% taxpayers |
£500 @ 0% |
| Balance taxed at marginal rates |
Tax on dividends
| First £5,000 |
0% |
| Balance in band to £33,500 |
7.5% |
| £33,501 to £150,000 |
32.5% |
| Over £150,000 |
38.1% |
National insurance
| Class 1 employers |
13.8% over £8,164 |
| Under 21 (apprentices 25) |
0% to £45,000 |
| Class 1 employees |
12% on £8,164 to £45,000; 2% above £45,000 |
| Class 4 self-employed |
9% on £8,164 to £45,000; 2% above £45,000 |
| Class 2 self-employed |
£148.20 Not payable if profits under £6,025 |
| Class 3 voluntary |
£741 |
Employment allowance
| Set against employer’s Class 1 NIC (Not available for one-person companies) |
£3,000 |
Pension contributions
| No earnings |
£3,600 gross |
| Otherwise |
100% of earnings |
| Annual contribution caps: |
| No pension taken |
£40,000 |
| Some pension taken |
£4,000 |
| Adjusted income over £150,000: |
| annual cap tapered to |
£10,000 |
| Lifetime pension fund cap |
£1m |
Corporation tax
VAT
| Registration turnover |
£85,000 |
| Deregistration turnover |
£83,000 |
| Standard rate |
20% |
| Reduced rate |
5% |
Inheritance tax
| Nil rate band |
£325,000 |
| Excess taxed at |
40% |
| Where 10% left to charity |
36% |
Capital gains tax
| Within basic tax rate |
10% |
| Higher tax bands |
20% |
| Surcharge for residential property and carried interest |
8% |
| Entrepreneurs’ relief |
10% |
| Annual exempt amount |
£11,300 |
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