44 Wellshot Drive, Cambuslang
Glasgow, Scotland, G72 8BT
Telephone: 0141 641 7900
Email: mail@jdauld.co.uk
J.D. Auld & Co
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Tax Card

Income Tax

Income Tax Rates
2017-2018
%
2016-2017
%
2015-2016
%
2014-2015
%
Starting rate for savings
0
0
0
10
Basic tax rate
20
20
20
20
Higher tax rate
40
40
40
40
Additional tax rate
45
45
45
45
Tax Rate on first £5K of dividends
0
0
-
-
Tax on dividends at Basic Effective Rate
7.5
7.5
10
10
Tax on dividends at Higher Effective Rate
32.5
32.5
32.5
32.5
Tax on dividends at Additional Effective Rate
38.1
38.1
37.5
37.5
Starting rate band for savings
£0 -
£5,000
£0 -
£5,000
£0 -
£5,000
£0 -
£2,880
Basic rate band 20%
£0 -
£33,500
£0 -
£32,000
£0 -
£31,785
£0 -
£31,865
Higher rate band 40%
£33,501 to £150,000
£32,001 to £150,000
£31,786 to £150,000
£31,866 to £150,000
Additional rate band 45%
Over £150,001
Over £150,001
Over £150,001
Over £150,001

Personal Allowances

Personal allowances
2017-2018
 
2016-2017
 
2015-2016
 
2014-2015
 
Standard payroll tax code
1150L
1100L
1060L
1000L
Personal allowance (1)
£11,500
£11,000
£10,600
£10,000
- Born between 6-4-38 & 5-04-48 (1) (2)
£11,500
£11,000
£10,600
£10,500
- Born before 6-4-38 (1) (2)
£11,500
£11,000
£10,660
£10,660
Income limit for Personal Allowance
£100,0000
£100,0000
£100,0000
£100,0000
Max Married Couples Allowance
£8,445
£8,355
£8,355
£8,165
Min Married Couples Allowance
£3,260
£3,220
£3,220
£3,140
Income limit for Married Couples Allowance
£27,700
£27,700
£27,700
£27,000
Blind person's allowance
£2,320
£2,290
£2,290
£2,230
Dividend allowance (3)
£5,000
£5,000
Personal Savings Allowance (4)
£1,000
£1,000
Personal Savings Allowance (4)
£500
£500
 
Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth.
Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%
Note 3: From April 2016, the dividend tax credit system no longer applies. Instead, individuals will now not pay any tax on the first £5,000 of dividend income they receive.
Note 4: From April 2016, the new Personal Savings Allowance will mean basic rate taxpayers will not pay tax on the first £1,000 of savings income they receive (higher rate taxpayers £500).

Key Dates

Key dates in 2017/18 for personal Self Assessment tax payers
31 January 2017 Deadline for submitting online your 2015/2016 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2015/2016 balancing payment and make the first payment on account in respect of 2016/2017.
31 July 2017 The date by which the second payment on account in respect of 2016/2017 must be paid. Consider reducing if last year’s income has dropped.
31 October 2017 Deadline for submission to HMRC of a paper tax return for 2016/2017.
5 October 2017 Deadline for notifying HMRC of new sources of income unless a 2017/2018 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners.
30 December 2017 Deadline for e-filing the tax return where the tax payer requires the 2016/2017 balancing payment to be collected through next year’s tax code (less than £2,000).
31 January 2018 Deadline for submitting online your 2016/2017 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2016/2017 balancing payment and make the first payment on account in respect of 2017/2018.

Capital Gains Tax

Capital Gains Tax
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Annual exempt amount:
 
 
 
 
 - Individuals etc
£11,300
£11,100
£11,100
£11,000
 - Other Trustee
£5,650
£5,550
£5,550
£5,500
 - Taxed at Standard Rate
10%
10%
18%
18%
 - Taxed at Higher Rate
20%
20%
28%
28%


From 5 April 2016

Certain residential properties may attract a higher rate of capital gains tax.

Entrepreneur's Relief available at 10%.


Inheritance Tax

Inheritance Tax
2017-18
£
2016-17
£
2015-16
£
2014-15
£
 No tax charge arises up to:
£325,000
£325,000
£325,000
£325,000
 Balance taxed at 40% above:
£325,000
£325,000
£325,000
£325,000

Tapering relief is given in respect of gifts made between three and seven years before death.
Where tax is payable on lifetime gifts (other than those taxable only because they are made within seven years of death), tax is charged at 20%.

Stamp Duty

Stamp Duty
Residential*
Non-residential**
 
Band
Rate
Band
Rate
 
£0 - £125,000
0%
£0 - £150,000
0%
 
£125,001 - £250,000
2%
£150,001 - £250,000
2%
 
£250,000 - £925,000
5%
Over £250,000
5%
 
£925,001 - £150,000
10%
 
£150,001 and over
12%

* Residential: Payable on consideration which falls in each bracket.
** Non-residential:Payable on total consideration once limit is breached.

National Insurance Contributions

National Insurance
Class 1
2017-2018
£
2016-2017
£
2015-2016
£
Class 1
Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions.
 
 
 
Employee's Earnings Limits
Weekly - Monthly - Yearly
Weekly - Monthly - Yearly
Weekly - Monthly - Yearly
- Lower earnings limit (LEL)
The minimum level of earnings employees need to qualify for benefit including State Pension.
£113 - £490 - £5,876
£112 - £486 - £5,824
£112 - £486 - £5,824
- Primary threshold (PT)
The level of earnings above which employees Class 1 contributions become payable.
£157 - £680 - £8,164
£155 - £672 - £8,060
£155 - £672 - £8,060
- Secondary threshold (ST)
The level of earnings above which employers Class 1 contributions become payable.
£157 - £680 - £8,164
£156 - £676 - £8,112
£156 - £676 - £8,112
- Upper earnings limit (UEL)
Employees do not pay Class 1 contributions above this level.
£866 - £3,753 - £45,032
£827 - £3,583 - £43,000
£815 - £3,488 - £41,860
 
Employer's Allowance
£3,000
£3,000
£2,000
 
Employee's Class 1 NI rates
 
 
 
- Primary rate from PT to UEL
12%
12%
12%
- Above UEL
2%
2%
2%
 
Employer's Class 1 NI rates
 
 
 
- Primary rate above ST
13.8%
13.8%
13.8%
 
Employer's Class 1A NI rates on B-I-K
13.8%
13.8%
13.8%

National Insurance Class 2
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Self-employed National Insurance
 
 
 
 
- on annual earnings over
£6,025
£5,965
£5,965
£5,885
- weekly contribution
£2.85
£2.80
£2.80
£2.75
- annual contribution
£148.20
£145.60
£145.60
£143.00

National Insurance Class 3
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Voluntary contributions:
 
 
 
 
- weekly contribution
£14.25
£14.10
£14.10
£13.90
- annual contribution
£741.00
£733.20
£733.20
£722.80

National Insurance Class 4
2017-2018
£
2016-2017
£
2015-2016
£
2014-2015
£
Self-employed National Insurance on taxable profits between:
 
 
 
 
- Lower limit (LL)
£8,164
£8,060
£8,060
£7,956
- Upper limit (UL)
£45,000
£43,000
£42,385
£41,865
- Rate applied to earnings above LL to UL
9%
9%
9%
9%
- Rate applied to earnings above UL
2%
2%
2%
2%
- Maximum payable
£3,315.24 + 2%
£3,144.60 + 2%
£3,089.25 + 2%
£3,051.81 + 2%

The Authorised Mileage Rates

Mileage Rates to be used for privately owned vehicles from 6th April 2011
First 10,000 miles
Above 10,000 miles
  Cars and vans
45p
25p
  Motorcycles
24p
24p
  Cycles
20p
20p
Mileage Rates to be used for privately owned vehicles before 5th April 2011
First 10,000 miles
Above 10,000 miles
  Cars and vans
40p
25p
  Motorcycles
24p
24p
  Cycles
20p
20p

Compulsory registration for VAT

VAT thresholds and limits
Registration
threshold
Deregistration
limit
 from 1 April 2017
£85,000
£83,000
 01.04.16 to 31.03.17
£83,000
£81,000
 01.04.15 to 31.03.16
£82,000
£80,000
 01.04.14 to 31.03.15
£81,000
£79,000
 01.04.13 to 31.03.14
£79,000
£77,000
 01.04.12 to 31.03.13
£77,000
£75,000
 01.04.11 to 31.03.12
£73,000
£71,000

VAT Road Fuel Scale Charges

Quarterly Road Fuel Scale charges for periods after 1 May 2009
VAT fuel scale charge
VAT at 17.5%
VAT exclusive charge
CO2 Band
£(Qtr)
£(Qtr)
£(Qtr)
 120 or less
£126
£18.77
£107.23
 125
£189
£28.15
£160.85
 130
£189
£28.15
£160.85
 135
£189
£28.15
£160.85
140
£201
£29.94
£171.06
145
£214
£31.87
£182.13
150
£226
£33.66
£192.34
155
£239
£35.60
£203.40
160
£251
£37.38
£213.62
165
£264
£39.32
£224.68
170
£276
£41.11
£234.89
175
£289
£43.04
£245.96
180
£302
£44.98
£257.02
185
£314
£46.77
£267.23
190
£327
£48.70
£278.30
195
£339
£50.49
£288.51
200
£352
£52.43
£299.57
205
£365
£54.36
£310.64
210
£378
£56.30
£321.70
215
£390
£58.09
£331.91
220
£403
£60.02
£342.98
225
£416
£61.96
£354.04
230
£428
£63.74
£364.26
235 or above
£441
£65.68
£375.32

 

Monthly Road Fuel Scale charges for periods after 1 May 2009
VAT fuel scale charge
VAT at 17.5%
VAT exclusive charge
CO2 Band
£(Mnth)
£(Mnth)
£(Mnth)
 120 or less
£42
£6.26
£35.74
 125
£63
£9.38
£53.62
 130
£63
£9.38
£53.62
 135
£63
£9.38
£53.62
140
£67
£9.98
£57.02
145
£71
£10.57
£60.43
150
£75
£11.17
£63.83
155
£79
£11.77
£67.23
160
£83
£12.36
£70.64
165
£88
£13.11
£74.89
170
£92
£13.70
£78.30
175
£96
£14.30
£81.70
180
£100
£14.89
£85.11
185
£104
£15.49
£88.51
190
£109
£16.23
£92.77
195
£113
£16.83
£96.17
200
£117
£17.43
£99.57
205
£121
£18.02
£102.98
210
£126
£18.77
£107.23
215
£130
£19.36
£110.64
220
£134
£19.96
£114.04
225
£138
£20.55
£117.45
230
£142
£21.15
£120.85
235 or above
£147
£21.89
£125.11

Van Benefits

Van Benefits
2017-2018
2016-2017
2015-2016
2014-2015
         
Van Benefit
£3,230
£3,170
£3,150
£3,090
Fuel Benefit
£610
£598
£594
£581

Corporation Tax

Corporation Tax
YE 31.03.18 (2017)
YE 31.03.17 (2016)
YE 31.03.16 (2015)
YE 31.03.15 (2014)
Profits Band
%
Profits Band
%
Profits Band
%
Profits Band
%
 Small Profits Rate
-
-
-
£0 - 300K
20%
 Marginal Relief Limits
-
-
-
£300K - 1.5M
 Main Rate
All Profits
19%
All Profits
20%
All Profits
20%
Above £1.5M
21%
 Small companies fraction
 
 
 
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