Key Tax Figures & Dates

The details listed below are not comprehensive, but I hope are useful to 'Joe Public' who I am in business to serve.

Income Tax 2015/16 2016/17
Personal Allowance £10,600 £11,000
Basic Rate Tax Band £0 - 31,785 £0 - 32,000
Higher Rate Band £31,786 - £150,000 £32,001 - £150,000
Additional Rate Band Over £150,000 Over £150,000
Basic Rate Tax 20% 20%
Higher Rate Tax 40% 40%
Additional Rate Tax 45% 45%
     
National Insurance 2015/16 2016/17
(Employed)
Class 1 (per week) £155 £155
Employees 12% 12%
Employers 13.80% 13.80%
(Self Employed)
Class 2 (if profits over) £5,965 £5,965
Flat rate per week £2.80 £2.80
Class 4 (9%) £8,060 (9%) £8,060
     
Dividend Tax 2015/16 2016/17
Dividend Allowance N/A £5,000
Tax on Dividend if Basic Rate Taxpayer 0% 7.5%
Tax on Dividend if Higher Rate Taxpayer 25% 32.5%
     
Inheritance Tax 2015/16 2016/17
40% after £325,000 £325,000
* effectively doubled (in most cases) in October 2007 £650,000 £650,000
       
Capital Gains   2015/16 2016/17
Annual Exempt Amounts £11,000 £11,100
Rate after 23 June 2010 (depending on other gross income) 18% - 28% 18% - 28%
* before 23 June 2010 rate was 18%
       
Corporation Tax   2015/16 2016/17
  Small Companies 20% 20%
 
Audit Limit 2015/16 2016/17
For most companies the necessity for an audit kicks in at a turnover of £6.5m before 01/01/16 £6.5m after 01/01/16 £10.2m
 
VAT Registration £82,000 £83,000
     
Important Dates
The day Tax Returns must be in by - also the end of the annual accountants nightmare 31st January 31st January
Limited companies now have to file their accounts at Companies House within 9 months of their year end - or guess what...... a £150 fine a £150 fine
   
Last updated: 03/10/16