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Making Tax Digital - Starts 2019...I'm ready, are you ?



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Fees - the change to monthly

My fees will be changing to monthly collection rather than annually. This article tells you why and when you may be moving.

Making Tax Digital - An update and VAT

Making Tax Digital is coming first for those registered for VAT.

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    Delays to NI changes...

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6    Personal Tax Allowances 2018/19

 

 AGE

EARNING BRACKET

2018/19 PERSONAL ALLOWANCE

 Born after 5th April  1935

Under £100,000

£11,850

£100,000 to £121,200

Decreases from £11,850 by £1 for every £2 you earn, until it reaches £0

Over £121,200

£0

Extra allowances

Transferable Married Allowance  

£1,185

Trading / Property Letting Allowance

£1,000

Are you blind?

Your personal allowance + £2,390

 

Born 6 April 1935 or before - married couples' allowance 2018/19

 

 SALARY

2018/19 MARRIED COUPLES' ALLOWANCE

 Under £28,900

£8,695

 Between £28,900 and  £41,999

Decreases from £8,695 , by £1 for every £2 you earn until it reaches £3,360

 Over £42,000

£3,360

 Once you know your allowance, work out 10% of it. You will receive this amount in tax relief.

 

income tax rates 2018/19

 

 EARNINGS

2018/19 RATE

 Under your personal allowance (PA)
 For most, £11,850

No income tax payable

 Between PA and PA+£34,500
 For most, £11,850 to £46,350

20%

 Between PA+£34,501 and £150,000
 For most, £46,350 to £150,000

40%

 Over £150,000

45%

 

 Corporation Tax Rate - Year to 31.3.2019

  

 Tax rate            

 

19%

 

  

National Insurance rates 2018/19

 EARNINGS

NATIONAL INSURANCE RATE 2018/19 FOR EMPLOYED.

 Per week

Annual salary

 

 Under £162

 Under £8,424

 No national insurance payable

 £162 - £892

 £8,424 - £46,384 

 12% on everything earned between £162-  £892/week

 Over £892

 Over £46,384

 12% on everything earned between £162-  £892/week, 2% on everything above that

 

 

NATIONAL INSURANCE RATE 2018/19 FOR SELF EMPLOYED

Class 2

 

 £2.95pw (Small Earnings Exemption £6,205)

Class 4         

 Profits to £8,424   

 0%

 

 Profits £8,424 to  £46,350                   

 9%

  Profits Over £46,350          2% on excess

 

 Capital Gains tax in 2018/19

 

 Annual exemption amount

£11,700 for individuals

 Standard CGT rate - Residential Property

18%

 Standard CGT rate - Other Assets

10%

 Higher CGT rate - Residential Property

28%

 Higher CGT rate - Other Assets

20%

 

VAT in 2018/19

 

 Registration threshold - reaches

£85,000 VAT taxable turnover*

 De-Registration threshold - Is below

£83,000 VAT taxable turnover*

 * In a 12m period or you expect to exceed in next

30 Days

 

Dividend Tax for 2018/19

 

 Dividend tax credit now abolished

 

 First £2,000 in dividends

 Tax Free

 Basic rate taxpayer

 Taxed at 7.5%

 Higher rate taxpayer

 Taxed at 32.5%

 Upper rate taxpayer

 Taxed at 38.1%

 

 Personal Savings Allowance 2018/19

 

 Basic Rate Taxpayers

 First £1,000 of savings  income is tax free

 Higher Rate Taxpayers

 First £500 of savings  income is tax free

 

 Fixed Rate Deductions - Unincorporated Businesses 2018/19

 

 

 Mileage

 First 10,000 miles - 45ppm then 25ppm

 Use of Home as Office - Hours worked

 25hr-50hr =  £10pm

 51hr-100h = £18pm

 100h + = £26pm

 Private Use of Business Premises (per Adult)

 1       

 2 

 3 or more

 

 £350pm

 £500pm

 £650pm

 

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