We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.
Personal tax rates
A number of changes have taken place to the personal tax rates in recent years, including changes to the taxation of dividends and new ‘tax free’ allowances for both savings income and dividends. Make sure you know the current state of play.
If you buy property, Stamp Duty Land Tax or Land and Buildings Transaction Tax may be due. There were fundamental changes to the regime last year in respect of residential properties and our tax rates highlight the main rates so that you can consider the potential cost of buying property.
If you sell an asset such as land, capital gains may be due. Our tax rates highlight the main rates and reliefs so that you can consider the tax bill that may arise.
Rates for businesses
If you run a business, obtaining the right allowances on equipment that your business buys can affect the tax that your business has to pay each year. We have summarised the main allowances that are available.
Rates for employees
There are increases in the company car benefits regime again this year, so our rates explain how these are computed to help ensure that you are paying the correct amount of tax.
Rates that affect us all
Long term planning for a comfortable retirement can never start too early. Our tax rates explain how much can be contributed to an approved pension scheme each year tax efficiently.
Our tax rates contain the main inheritance tax rates and exemptions but early planning can mitigate these tremendously.
These rates are intended for use as a quick point of reference. Should you require any further information, have a simple question or require detailed advice we are only a phone call away.