Tax data

Income Tax Allowances	2020/21	2019/20
Personal Allowance	£12,500	£12,500
Transferable Marriage Allowance	£1,250	£1,250
Blind Persons Allowance	£2,500	£2,450
Dividend Allowance	£2,000	£2,000
Personal Savings Allowance (Basic rate taxpayer)	£1,000	£1,000
Personal Savings Allowance (Higher rate taxpayer)	£500	£500

Income Tax Rates	2020/21	2019/20
£0 - 37500	20%	20%
Dividend rate	7.5%	7.5%
£37501 - 150000	40%	40%
Dividend rate	32.5%	32.5%
Over £150000	45%	45%
Dividend rate	38.1%	38.1%
Corporation Tax	19%	19%

National Insurance Contributions	2020/21	2019/20
Employees Class 1 £0 - 183	0%	0%
Employees Class 1 £183.01 - 962	12%	12%
Over £962	2%	2%
Class 2 ( Self Employed) Over £6475	£3.05 per week	£3.05 per week
Class 3 (Voluntary)	£15 per week	£15 per week
Class 4 (Self employed) Profits £0 - £9500	0%	0%
Class 4 (Self employed) Profits £9500 - 50000	9%	9%
Class 4 (Self employed) Profits above £50000	2%	2%

Capital Gains Tax	2020/21	2019/20
Annual exempt amount	£12,300	£12,000
Standard Rate	10%	10%
Higher Rate	20%	20%
Gains on residential property Standard	18%	18%
Gains on residential property Higher	28%	28%

Inheritance Tax	2020/21	2019/20
Nil-rate band	£325,000	£325,000
Residence nil-rate band	£175,000	£150,000
Rate of tax on excess	40%	40%
Chargeable lifetime transfers	20%	20%

Value Added Tax	2020/21	2019/20
Threshold for becoming VAT registered	£85,000	£85,000
Making Tax Digital Threshold	£85,000	£85,000
Standard rate	20%	20%
Flat rate scheme turnover limit	£150,000	£150,000
Annual Accounting scheme turnover limit	£1,350,000	£1,350,000