Calculations Business Plan
  • 13 Dec 2018

All figures are annual amounts.

Allowances

Personal allowance £12,500
Tapered on income above £100,000
Transferable to spouse/civil partner taxed at 20% £1,250
Trading income £1,000
Property income £1,000
Rent-a-room £7,500

Tax on earnings

Earnings to £37,000 20%
£33,501 to £150,000 40%
Over £150,000 45%
Thresholds and rates for Scottish taxpayers TBA

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 £2,000 0%
Balance in band to £37,500 7.5%
£37,501 to £150,000 32.5%
Over £150,000 38.1%

National insurance

Class 1 employers 13.8% over £8,632
Under 21 (apprentices 25) 0% to £50,000
Class 1 employees 12% on £8,632 to £50,000; 2% above £50,000
Class 4 self-employed 9% on £8,632 to £50,000; 2% above £50,000
Class 2 self-employed £156 Voluntary if profits under £6,365
Class 3 voluntary £780

Employment allowance

Set against employer’s Class 1 NIC (Not available for one-person companies) £3,000

Inheritance Tax

Nil rate band £325,000
Residence nil rate band £150,000
Excess taxed at %40
Where 10% left to charity 36%

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 £1,055,000

Capital Gains Tax

Within basic tax rate 10%
Higher tax bands 20%
Surcharge for residential property and carried interest 8%
Entrepreneurs’ relief 10%
Investors’ relief 10%
Annual exemption £12,000

Corporation tax

All profits 19%

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
Making tax digital and VAT
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