2019/2020 Tax Rate CardApr. 3, 2019, 3:23pm
Our 2019/2020 Tax Rate Card is now available. Have you received yours?
Many of the tax rate figures are fundamental to our business and personal lives. The main ones are summarised in our handy tax rate card. If you haven’t received your tax rate card from us yet, then please contact us and we will happily issue one to you. Alternatively our tax rate card can be downloaded from our website.
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.
Our tax card contains lots of information such as:
Personal tax rates
The personal allowance is increased to £12,500 from 6 April 2019. As the UK becomes more devolved, it is important to keep abreast of the changes taking place in Scotland and Wales regarding income tax rates. For 2019/20 five income rates and bands apply for Scottish residents. Wales now has control over the income tax rates which apply to Welsh taxpayers. We have included the relevant information wherever you are.
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 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 this year from January 2019 to £1,000,000. 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 tax card summarises the increased 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.
There are a number of tax reliefs which allow income tax and capital gains tax advantages. Our card refers to the main reliefs available.
Our tax card is intended for use as a quick point of reference.