Tax & PAYE Tables 2017/18 - doddaccountants.co.uk

1 & PAYET ables 2017 /18 Income Tax 2017 /18 2016/17 Allowances that reduce taxable income Basic personal allowance 11,500 11,000 Personal savings allowance 1,000 1,000 Allowances that reduce taxMarried couples - maximum Married couples allowance is only available where one of the spouses was born before 06/04/35. It is also restricted where income exceeds 28,000 subject to a minimum of The personal allowance is restricted for individuals whose income exceeds 100,000 by 1 for every 2 of income exceeding 100,000 (until it is reduced to nil).v Up to 1,150 of unused personal allowance can be transferred to a spouse provided the recipient spouse is a basic rate taxpayer.

2 V The personal savings allowance is reduced to 500 for higher rate taxpayers and is not available to additional rate taxpayers. 2017 /18 2016/17 Income Tax Bands Basic rate band - up to 33,500* 32,000 Additional rate - income above 150,000 150,000* The Scottish basic rate band will be 31,500 for 2017 Tax RatesBasic rate 20% 20%Higher rate 40% 40%Additional rate 45% 45%A 0% starting rate band of up to 5,000 applies to savings income for certain individuals with low 5,000 0% 0%Basic rate rate rate Tax RatesRate applicable to trusts 45% 45%Dividend trust rate rate band for trusts 1,000 1,000 Corporation TaxYear commencing 01/04/17 01/04/16 Charged on total profits 19% 20%This card is issued as a guide to current decision based on its contents should be takenwithout consulting a specialist Emissions (g/km)

3 Rate applied to list price0-50 9%51-75 13%76-94 17%95 and over 18% - 37%*Car & Fuel BenefitsCar Benefit (For tax & employer s NIC)Car benefit is based on the list price of the car, less a maximum of 5,000 of capital contributions made by the employee. There is nocap on the list price used. There are special rules for classic cars.*The benefit increases by 1% of list price for every 5g/km of additionalemissions, subject to maximum charge of 37%. A supplement of 3%of the list price is added for diesel cars (the maximum charge is 37%).A reduction is made if a car is unavailable for use or if employee contributions are Fuel BenefitBased on CO2 emissions in the same way as the car benefit. The CO2percentage figure is multiplied by a set figure.

4 The set figure for2017/18 is 22,600 (2016/17 = 22,200).VansThe taxable benefit is 3,230 (+ 610 for private fuel) regardless of theage of the van. There are certain exceptions to this benefit, dependingon the use to which the van is put. Vans wth zero carbon dioxide emissions are subject to a reduced benefit Added Tax From 01/04/17 To 31/03/17 Standard rate 20% 20%VAT Fraction 1/6 1/6 Taxable Turnover Limits (all figures are net of VAT)Registration- last 12 months or coming 30 days over 85,000 83,000 Deregistration- coming year under 83,000 81,000 Cash and annual accounting schemes- coming year up to 1,350,000 1,350,000 Flat rate scheme for small businessesentering scheme.

5 - coming year up to 150,000 150,000- within scheme: last 12 monthsor coming 30 days must not be over 230,000 230,000 Stamp Duty Land TaxUK (Excluding Scotland) Residential (Banded)Proportion of purchase price %The first 125,000 NilThe next 125,000 2 The next 675,000 5 The next 575,000 10 Above 1,500,000 12 Non-residential (Banded)Proportion of purchase price %Up to 150,000 Nil150,001 - 250,000 2 Over 250,000 5 Scotland (Land & BuildingsTransaction Tax)Residential (Banded)Proportion of purchase price %The first 145,000 NilThe next 105,000 2 The next 75,000 5 The next 425,000 10 Above 750,000 12 Non-residential (Banded)

6 Proportion of purchase price %The first 150,000 NilThe next 200,000 3 Above 350,000 15% SDLT rates applies to residential properties purchased bycertain non-natural persons. A 3% SDLT surcharge applies onthe acquisition of additional residential properties such as secondhomes or buy to ContributionsThe maximum contributions available for tax relief are the greaterof:- 3,600; and - 100% of the net relevant earnings for the year. This is subjectto a maximum of 40,000 (restricted for those with adjusted income exceeding 150,000 subject to a minimum of 10,000).There are provisions to carry forward unused relief for 3 are paid net of basic rate has to be claimed for the tax year of tax charge may arise if the value of the pension fund at retirement exceeds the lifetime limit. The lifetime limit is 1,000,000 from 06/04 Enrolment Bandings Annual Monthly WeeklyEarnings trigger for AE 10,000 833 192 Lower level of qualifying earnings 5,876 490 113 Upper level of qualifying earnings 45,000 3.

7 750 866 Employer Minimum Total Minimum Contribution ContributionOn or before 05/04/2018 1% 2%*06/04/2018 to 05/04/2019 2% 5%**06/04/2019 onwards 3% 8%**inc 1% employee contribution**inc 3% employee contribution**inc 5% employee contributionCapital Gains Tax 2017 /18 2016/17 Tax rate -Within basic band (residential property) 18% 18%Within basic band (all other assets) 10% 10%Higher rate (residential property) 28% 28%Higher rate (all other assets) 20% 20%Entrepreneurs rate 10% 10%Annual exemption- individuals 11,300 11,100- settlements 5,650 5,550 Chattels exemption (proceeds) 6,000 6,000 Entrepreneurs ReliefEntrepreneurs relief applies to qualifying disposals of businesses, shares in personal companies and assets used ina personal partnership or company.

8 Qualifying conditions lifetime total of 10 million of gains can qualify for capital Allowances 2017 /18 2016/17 Plant & MachineryMain rate 18% 18%Special rate 8% 8%Annual investment allowance: 100% rate* 200,000 200,000 Energy efficient equipment 100% 100%*Annual Investment Allowance excludes expenditure onmotor cars. Where an accounting period is less than 12months in length, the maximum is carsThe rate of allowances depends on the car s CO2 01/04/17 the rates are: Emission band Rate Over 130g/km 8% 76 to 130g/km 18% Up to 75g/km 100%*Cars acquired from April 2009 are pooled with other carsin the same CO2 emissions band where there is no allowances are not available on disposal, unlessthe vehicle is used partly for private purposes (sole tradersand partnerships).

9 Where there is no approved CO2 figure, the car goes intothe 18% pool.*Only applies to new cars which are unused and not for 2017 /18 Tax free rate per mileAll cars - first 10,000 miles 45p per mileAll cars - all additional miles 25p per mileMotorcycles 24p per milePedal cycles 20p per mileAdvisory fuel rates for company carsThese rates per mile apply where employers require employeesto repay fuel costs for private travel or when employees are reimbursed for business travel in company cars. The ratesbelow apply from 01/03/17. The rates are reviewed four times ayear. Any changes take effect on 01/03, 01/06, 01/09 and 01 cars are treated either as petrol or diesel cars for this of engine Petrol LPG0 - 1400cc 11p 7p1401 - 2000cc 14p 9p2001cc and over 22p 14pSize of engine Diesel0 - 1600cc 9p1601 - 2000cc 11p2001cc and over 13pHM Revenue & CustomsAuthorised Mileage RatesCarlisle 01228 530913 Tax 2017 /18 2016/17 Ordinary nil rate band 325,000 325,000 Residence nil rate band 100,000 N/ARate of tax on excess 40% 40%Lower rate* 36% 36%Annual exemption per donor 3,000 3.

10 000 Annual gifts per donee 250 250If an individual s nil rate bands are not fully utilised on death, the unused proportion is available on the subsequent death of thesurviving spouse. The maximum joint nil rate band for marriedcouples and civil partners is therefore 850,000 from 06/04 residence nil rate band will increase by 25,000 per year untilit reaches 175,000 in April 2020. It will be increased in line with inflation thereafter. The residence nil rate band is tapered wherethe estate (before refliefs and exemptions) exceeds 2,000,000 ata rate of 1 for every 2 that exceeds 2,000,000. *A lower rate of 36% applies where 10% or more of the deceased s net estate is left to 01768 864466 01524 849588 Sick Pay (SSP) per week payable for up to 28 qualify, an employee must have been sick for 4 or more daysin a row (including non-working days) and earn over the LEL inthe eight weeks prior to their sickness.