Current Tax Rates

 

Unsure of what the current tax rates and allowances are? At SJD Accountancy we stay on the pulse of any changes which may affect your finances. The main rates of tax and allowances as announced for the financial year 2019/2020 are: 

  • personal allowance increases to £12,500
  • starting rate band is £37,500
  • higher rate threshold increases to £50,000
  • car fuel benefit multiplier increases to £24,100
  • van benefit is £3,430
  • van fuel benefit is £655
  • capital gains tax annual allowance increases to £12,000
  • residence nil-rate band is £150,000
  • national living wage increases from £7.83 per hour to £8.21
  • junior ISA allowance and child trust fund limits increase to £4,368
  • lifetime pension allowance increases from £1.03 million to £1.55 million
  • VAT registration threshold remains at £85,000 until April 2022
  • annual investment allowance is temporarily increased to £1 million for two years from 1 January 2019

For further clarification or if you have any questions about your personal tax situation, please speak to your accountant who will be more than happy to help.