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%.

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