Resources

COMPREHENISVE RESOURCES FOR OUR CLIENTSKeeping you up to date with rules and regulations

RESOURCES

 
Tax rates & allowances

 

Personal tax rates and allowances are generally set for income tax year running 5 April. Corporate rates and allowances are set for financial years running to 31 March.

•  Income tax

Click here for the current bands of taxable income and corresponding tax rates.

•  National insurance contributions thresholds

Click here for national insurance contributions thresholds.

•  Child tax credit

Click here to find out how much tax credits you could get.

 

 
 
Company car and fuel benefit-in-kind

 

You'll pay tax if you or your family use a company car privately, including for commuting.

You pay tax on the value to you of the company car, which depends on things like how much it cost to buy and type of fuel it uses. This value of the car is reduced if:

•  you have it part-time;

•  you pay something towards its cost;

•  it has low CO2 emission.

If employer pays for fuel you use for personal journeys, you'll pay tax on this separately.

Click here to calculate your company car benefit and (if appropriate) your fuel benefit.

 

 
 
Stamp duty and land tax

 

You pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above £125,000 when you buy residential property, e.g. a house or a flat.

Click here to calculate your SDLT.

 

 
 
Capital gains tax

 

Capital Gains Tax (CGT) is a tax on the profit when you sell (or 'dispose of') something (an 'asset') that's increased in value. Disposing of an asset includes:

•  selling it;

•  giving it away as gift, or transferring it to someone else;

•  swapping it for something else;

•  getting compensation for it-like an insurance payout if it's been lost of destroyed.

It's the gain you make that's taxed, not the amount of money you receive.

Click here to work out if you need to pay.

 

 
 
Business mileage allowances

 

As an employer, you have certain tax, National Insurance and reporting obligations if you cover the costs of your employees using their own vehicles for business travel.

Mileage allowance payments (MAPs) are what you pay your employee for using their own vehicle for business journeys. You are allowed to pay your employees a certain amount of MAPs each year without having to report to them to HMRC. This is called an 'approved amount'.

Click here to work out the value of the approved amount.

 

 
 
Individual Savings Account (ISA)

 

An ISA (Individual Savings Account) is a tax free way to save or invest. If you are starting to think about saving or investing, ISAs could be good place to begin. On other savings accounts, you may have to pay income tax on interest you earn.

Click here to find out how much you can save tax-free with ISAs.