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NL Accountancy & Bookkeeping Services
NL Accountancy & Bookkeeping Services
This area of the website will be regularly updated to provide the latest rates, allowances & thresholds set by HM Revenue & Customs. It will also provide news of changes to tax legislation.
TAX & NIC Thresholds
2017/18 2016/17
TAX £ £
Pers allow 11,500 11,000
NIC
Class 2 low
income threshold 6,025 5,965
Class 2 weekly 2.85 2.80
Class 4 lower limit 8,164 8,060
Class 1A 13.8% 13.8%
Capital Gains Tax
Annual allow 11,300 11,100
Corporation Tax
Profits-
£0 - £300,000 19% 20%
£300,001 + 19% 20%
Other Thresholds
Value Added Tax
from 1 April 2017
Registration limit is £85,000
De-registration limit is £83,000
Minimum Wage
From 1 April 2017
Age 21-24 £7.05 per hour
Age 18-20 £5.60 per hour
Age 16-17 £4.05 per hour
Apprentice £3.50 per hour
National Living Wage from 1 April 2017
Age 25+ £7.50 per hour
Capital Allowances for 2016/17 AIA's limit 200k from January 2016. CA's for main pool is 18%, special pool rate is 8%.