Vehicles
Calculate the taxable benefit using the relevant tables for employer provided cars, vans and related fuel. Quick Menu: Car Benefit Car Fuel Benefit Van Benefit Advisory Fuel Rates for Company Cars Mileage Allowance Payments for Employees Car Benefit The car benefit is calculated by multiplying the car’s list price, when new, by a percentage […]
Value added tax
The current VAT percentages and the annual registration and deregistration thresholds. Registered businesses charge Value Added Tax (VAT) on their sales. This is known as output VAT and the sales are referred to as outputs. Similarly VAT is charged on most goods and services purchased by the business. This is known as input VAT. […]
Tax reliefs for individuals
EIS, SEIS, VCTs and SIR. Enterprise Investment Scheme (EIS) The Enterprise Investment Scheme (EIS) provides tax relief for individuals prepared to invest in new and growing companies. Investors can obtain generous income tax and capital gains tax (CGT) breaks for their investment and companies can use the relief to attract additional investment to develop […]
Statutory pay
Current weekly amounts. Payments may be required from an employer if an employee is not at work for a variety of reasons. There are detailed conditions for an employee to qualify for any of these statutory payments. Employees are only eligible for a statutory payment if they have sufficient average weekly earnings of at […]
National insurance
Earnings thresholds and contribution percentages for Class 1 (employed), Class 2 and 4 (self-employed) and Class 3 (voluntary) national insurance contributions. Class 1 Employees start paying Class 1 NIC from age 16 (if sufficient earnings). Employers pay Class 1 NIC in accordance with the table below. Employer NIC for employees under the age of […]
Minimum wage
Statutory minimum wage levels. National Minimum Wage rates apply to employees up to the age of 24. National Living Wage (NLW) rates apply to employees 25 and over. The Apprentice rate applies to apprentices under 19, or 19 and over in the first year of apprenticeship. Penalties apply to employers who fail to pay […]
Inheritance tax
Inheritance tax rates and allowances. IHT may be payable when an individual’s estate is worth more than the IHT nil rate band when they die. Lifetime and death transfers between UK domiciled spouses are exempt from IHT. For 2020/21, a further nil rate band of £175,000 (2019/20 – £150,000) may be available in relation […]
Individual Savings Account (ISA)
The annual ISA investment limits. The income from ISA investments is exempt from income tax. Any capital gains made on investments held in an ISA are exempt from capital gains tax. Savers are able to subscribe any amounts into a cash ISA, a stocks and shares ISA or an innovative finance ISA subject to […]
Income tax
Income Tax Includes calculators for mortgages, loans, APR, payslips, VAT, stamp duty, company car and fuel benefits Simple calculators at your fingertips. Estimate your Income Tax for a previous tax year Use this service to estimate how much Income Tax you should have paid for a previous tax year Estimate your Income Tax for the […]
Corporation tax
Companies pay corporation tax on their income and gains. View the current rates and estimate the tax due. Corporation tax rates are set for each Financial Year. A Financial Year runs from 1 April to the following 31 March. If the accounting period of a company straddles the 31 March, the profits are apportioned […]
Child benefit
Weekly amounts of child / working tax credits and child benefit. Child Benefit is receivable by a person responsible for each child until they reach 16, or 19 if they stay in education or training. If the person (or their spouse or partner) has ‘adjusted net income’ above £50,000 the person with the highest income has […]
Stamp duty & land taxes
The current percentages of stamp duty and the various UK property/land transaction taxes. Stamp Duty When you buy shares, you usually pay a tax or duty of 0.5% on the transaction. If you buy shares electronically Stamp Duty Reserve Tax (SDRT) is payable. For shares purchased using a stock transfer form, you will pay […]
Pensions
Details of the amounts of tax relievable pension contributions for individuals and employers. Tax relief on pension contributions Tax relief available for personal contributions is higher of £3,600 (gross) or 100% of relevant earnings. Any contributions in excess of £40,000, whether personal or by the employer, may be subject to income tax on the […]
Capital gains tax
Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes. Capital Gains Tax (CGT) is payable by individuals, trustees and ‘personal representatives (PRs). Companies pay corporation tax on their capital gains. There are annual tax-free allowances (the ‘annual exempt […]
Capital allowances
Plant and machinery allowances and the allowances available for other assets. Plant and Machinery The cost of purchasing capital equipment in a business is not a revenue tax-deductible expense. However, tax relief is available on certain capital expenditures in the form of capital allowances. Plant and machinery allowances may be available on items such […]