f Important Tax Rates and Tables for 2016-17 and 2017-18

Important Tax Rates and Tables for 2016-17 and 2017-18

Tax Rates and Tables for 2016-17 and 2018

Find all the important tax rates and tables for 2016-17 and 2018 on one page. We have covered all the important rates and tables in detail.

On this page you will find Corporation tax, Dividend Tax, Value Added Tax (VAT), Income tax, National Insurance, Pension, Capital Gains, Stamp Duty rates, tables, allowances and more.

Let's begin with our tax tables for 2016-17 and 2018.

Corporation Tax Rates

Company Profits From 1 April 2017 From 1 April 2016 From 1 April 2015 From 1 April 2014
£300,000 or less 19% 20% 20% 20%
£300,000 or less 19% 20% 20% 21%

Capital Gains Tax Rates

Tax Band 2017-18 2016-17
Basic 10% 10%
Higher 20% 20%
Residential Property - Basic 18% 18%
Residential Property - Higher 28% 28%
Annual Exemption £11,300 £11,100

Value Added Tax (VAT) Rate

2017-18 rate Registration threshold De-registration threshold Turnover threshold limit
20% £85,000 £83,000 £150,000

Incomes Tax Rates

Tax code for the current fiscal year i.e. 2017-18 is 1150L. This means personal allowance for the 2017-18 tax year is £11,500. Previous year i.e. 2016-17 tax code was 1100L and the personal allowance was £11,000. Below tax rates will apply to you if your income crosses £11,500 in the 2017-18 tax year.

Tax Band 2017-18 Income 2016-17 Income Tax Rate
Basic £0 - £33,500 £0 - £32,000 20%
Higher £33,501 - £150,000 £32,001 - £150,000 40%
Additional £150,000 and more £150,000 and more 45%

National Insurance Rates for the Employed (2017-18)

National insurance may be confusing for some. Hence, we have prepared a guide on how is national insurance calculated in the UK to explain how calculation works for the employed as well as the self employed.

How much you earn Class 1 rate
Less than £8,164 0%
£8,164 - £45,000 12%
£45,000 and more 2%

National Insurance Rates for the Self Employed (2017-18)

How much you earn Class 2 and 4 rates
Less than £6,025 0%
£6,025 - £8,164 2.85 per week
£8,164 - £45,000 9% + 2.85 per week
£45,000 and more 2% + £2.85 per week

Stamp Duty rates

Property Value Stamp Duty rates
£1 – £125,000 Nil
£125,001 – £250,0004 2%
£250,001 – £925,000 5%
£925,001 – £1.5m 10%
£1.5m and more 12%

Pensions

Category 2017-18 2016-17
Lifetime Allowance £1m £1m
Annual Allowance £40,000 £40,000
Tapered Annual Allowance threshold £150,000 (incl. pension contribitions) £150,000 (incl. pension contribitions)
Money Purchase Annual Allowance £4,000 £10,000

If you want any professional help or advice then, please feel free to get in touch with us on support@itcontractorsuk.com, and we will be more than happy to assist you.

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