Key Dates - 2019

19th April Final RTI payroll submission.
31st May Last date for forms P60 to be given to employees for the tax year 2018/19.
6th July Last date for forms P11D and P9D to be sent to HMRC and given to employees for tax year 2018/19.
19th July Last date for payment of Class 1A NICs for tax year 2018/19.
31st July Due date for second instalment of personal tax for tax year 2018/19.
30th Sep Last date for submission of self-assessment personal tax returns to HMRC where individuals wish for HMRC to calculate their tax and possibly code-out underpayments.
5th Oct Deadline for notifying HMRC of liability to personal tax where no tax return has been issued for tax year 2018/19.
31st Oct Last date for submission of 2018/19 self-assessment personal tax returns by paper to HMRC.
Key Dates - 2020

31st Jan Last date for submission of 2018/19 self-assessment personal tax returns to HMRC to avoid late filing penalty of £100.
Due date for personal tax balancing payment for tax year 2018/19 and first instalment for tax year 2019/20.
5th April End of tax year 2019/20.
Income Tax Rates

2019/20
£0 - £2,000
Dividend Allowance

0%
Personal Savings Allowance
Basic Rate Taxpayer £1,000
Higher Rate Taxpayer £500

0%
£0 - £37,500 20%
£37,501 - £150,000 40%
Over £150,000 45%
2018/19
£0 - £2,000
Dividend Allowance

0%
Personal Savings Allowance
Basic Rate Taxpayer £1,000
Higher Rate Taxpayer £500

0%
£0 - £34,500 20%
£34,501 - £150,000 40%
Over £150,000 45%
Personal Allowances

  2019/20 2018/19
Age under 65 £12,500 £11,850
65 - 74 £12,500 £11,850
75 and over £12,500 £11,850
Corporation Tax Profits

  Y/e 31.3.20 Y/e 31.3.19
£0 - £300,000 19% 19%
Over £1.5m 19% 19%
Capital Gains Tax

  2019/20 2018/19
Annual exemption £12,000 £11,700
Standard rate of CGT (Residential property 18%) 10% 10%
Higher rate taxpayers (Residential property 28%) 20% 20%
Inheritance Tax - 2019/20

Standard threshold £325,000
Residence nil-rate band £150,000
Rate of tax on balance:
Chargeable lifetime transfers
20%
Transfers on, or within 7 years of death 40%
Subject to a tapered reduction for transfers between 7 and 3 years before death
National Insurance – 2019/20

Employers
Class 1

Earnings up to £166 per week
Nil
Over £166 per week 13.8%
Class 1A
On employees taxable benefits
13.8% - payable annually by 19th July
Employees
Earnings up to £166 per week
Nil
£166 - £962 per week 12%
Over £962 per week 2%
Self-employed
Class 2
£3.00 per week over small earnings exception of £6,365 – payable annually via self-assessment on 31st January.
Class 4 9% on profits between £8,632 and £50,000 – this is assessed and paid with the self-assessment income tax on profits.
2% on profits over £50,000.
Value Added Tax (VAT)

Standard rate 20%
VAT fraction 1/6
Reduced rate 5%
Current turnover limits:
Registration – from 1.4.19
£85,000
Deregistration – from 1.4.19 £83,000
Flat rate scheme turnover limit £150,000
Cash and annual accounting schemes turnover limit £1,350,000
Car and Fuel Benefits

  Cars provided by the employer – the benefit is a percentage of the original list price of the car, depending on the CO2 emissions rating of the car. For diesel cars add 4%. There is no discount for the level of business mileage or the age of the car.
2019/20 – CO2 emissions
16% of list price
0 – 50g/km
19% of list price 51 – 75g/km
22% of list price 76 – 94g/km
1% addition 95, 100, 105 etc, to 184
Max 37% benefit Over 165g/km (145g/km diesel)
  Fuel provided by the employer for private use in a company car is charged without reduction for contributions unless all private fuel is paid for by the employee, in which case there is no benefit. To calculate the taxable amount, the percentage used to calculate car benefit is applied to a standard figure of £24,100.

Vans provided by the employer for an employee’s use are charged at a flat rate of £3,430. If fuel is provided as well, an additional £655 is charged. If private use of a van is restricted to home-to-work travel, there is no tax charge.
Tax exempt allowances in the employee’s own car –
First 10,000 business miles
45p
Over 10,000 miles 25p
ISA’s – 2019/20

Overall investment limit
(Including any amount of cash)
£20,000
Pension Contributions

Annual allowance £40,000
Lifetime allowance £1,055,000
Maximum amount on which an individual can claim tax relief The greater of the individual’s UK relevant earnings or £3,600.
National Minimum Wage – from 1st Apr 2019

  Per hour
Age:
25 and over
£8.21
21 -24 £7.70
18 - 20 £6.15
Under 18 £4.35
Apprentices £3.90