Tax rates 2019/20
Download our Tax Rate card here - 2019/20 Tax Rate Card
Many of these rates and allowances are fundamental to our business and personal lives. The main rates are summarised in link above. We are sure that you will find it a useful point of reference throughout the coming tax year and we have listed below just a few examples of how it can be used.
Our tax card contains lots of information such as:
Personal tax rates
The personal allowance is increased to £12,500 from 6 April 2019 and the basic rate band to £37,500, which means that for most tax payers the higher rate tax threshold will be £50,000. 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 amount of tax you pay depends on where you live. We have summarised the Stamp Duty Land Tax which is due in England and Northern Ireland.
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 affects 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 capital allowances that are available.
Rates for employees
There are increases in the percentage charges for company car benefits again this year. Our tax card summarises the percentages.
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 card highlights the rates.
Rates that affect us all
Long term planning for a comfortable retirement can never start too early. We have summarised the main inheritance tax rates and exemptions including the residence nil rate band and pension allowances.
Our tax card is intended for use as a quick point of reference. If you would like to discuss your tax affairs in more detail please contact our Tax Partner, Steve Crompton, on the details below;
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394