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Next Deadline - 31st January 2018 - Last date for submission of 2016/17 Tax Returns



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6    Personal Tax Allowances 2017/18

 

 AGE

EARNING BRACKET

2017/18 PERSONAL ALLOWANCE

 Born after 5th April  1935

Under £100,000

£11,500

£100,000 to £121,200

Decreases from £11,000 by £1 for every £2 you earn, until it reaches £0

Over £121,200

£0

Extra allowances

Transferable Married Allowance  

£1,150

Trading / Property Letting Allowance

£1,000

Are you blind?

Your personal allowance + £2,320

 

Born 6 April 1935 or before - married couples' allowance 2017/18

 SALARY

2017/18 MARRIED COUPLES' ALLOWANCE

 Under £28,000

£8,445

 Between £28,000 and  £41,999

Decreases from £8,445 , by £1 for every £2 you earn until it reaches £3,260

 Over £42,000

£3,260

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

 

income tax rates 2017/18

 

 EARNINGS

2017/18 RATE

 Under your personal allowance (PA)
 For most, £11,500

No income tax payable

 Between PA and PA+£33,500
 For most, £11,500 to £46,000

20%

 Between PA+£33,501 and £150,000
 For most, £46,000 to £150,000

40%

 Over £150,000

45%

 

 Corporation Tax Rate 2017/18

  

 Tax rate            

 

19%

 

  

National Insurance rates 2017/18

 

 EARNINGS

NATIONAL INSURANCE RATE 2017/18 FOR EMPLOYED.

 Per week

Annual salary

 

 Under £157

 Under £8,164

 No national insurance payable

 £157 - £866

 £8,164 - £45,032 

 12% on everything earned between £157-  £866/week

 Over £867

 Over £45,032

 12% on everything earned between £157-  £866/week, 2% on everything above that

 

 

NATIONAL INSURANCE RATE 2017/18 FOR SELF EMPLOYED

Class 2

 

 £2.85pw (Small Earnings Exemption £6,025)

Class 4         

 Profits to £8,164   

 0%

 

 Profits £8,164 to  £45,000                   

 9%

  Profits Over £45,000          2% on excess

 

 Capital Gains tax in 2017/18

 

 Annual exemption amount

£11,300 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 2017/18

 

 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 2017/18

 

 Dividend tax credit now abolished

 

 First £5,000 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 2017/18

 

 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 2017/18

 

 

 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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