We have attached a schedule HERE that reflects the changes in tax rates that come into effect from the start of the new tax year. Many of the figures are fundamental to our business and personal lives and you will find the key taxes summarised on this schedule. We are sure that you will find it a useful point of reference throughout the coming tax year and below we have listed just a few examples of how it can be used.
Personal tax rates
The personal allowance is increased to £12,500 from 6 April 2019. We have also summarised the income tax rates and bands which apply to all types of income
If you buy a property in the UK the tax you pay is different depending on where you live. Stamp Duty Land Tax applies in England and Northern Ireland, Land and Buildings Transaction Tax is payable in Scotland and Land Transaction Tax in Wales. The amount and availability of First-Time Buyers Relief varies depending on where you live.
If you sell an asset such as land, capital gains may be due. Our tax rates highlight the main rates and reliefs so that you can consider the tax bill that may arise.
Rates for businesses
If you run a business, obtaining the right allowances on equipment that your business buys can affect the tax that your business has to pay each year. The Annual Investment Allowance has increased from 1 January 2019 to £1,000,000 per annum. We have summarised the main allowances that are available.
Rates for employees
There are increases in the percentage charges for company car benefits again this year. Our website explains how these are computed to help ensure that you are paying the correct amount of tax.
Travel is a daily part of business life. If you drive your own car on business, HMRC allow certain tax free mileage allowances to be paid. If you are paid less than these rates, you may be entitled to a tax refund. Our website highlights the rates.
These rates are intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice we are only a phone call away.