Written by Ray Coman
|Single Tier Pension||£168.60||£8,767.00||£164.35||£8,546.40|
|Basic State Pension||£129.20||£6,718.40||£125.95||£6,549.40|
|Basic State Pension Married Couple||£206.65||£10,745.80||£201.45||£10,475.40|
|Entrepreneurs' relief: lifetime allowance||£10 million||£10 million|
|Investors Relief: lifetime allowance||£10 million||£10 million|
|Basic and starting rate taxpayers||10%||10%||A|
|Higher and additional rate tax payers||20%||20%||A|
|Trusts and personal representatives||20%||20%||A|
|Rate where entrepreneurs/investors relief applies||10%||10%|
A Gains on carried interest and and chargeable residential property - 8% surcharge.
Research and Development Relief:
Relief for qualifying revenue expenditure is as follows:
|SME enhanced deduction scheme||130%||130%||A|
|SME cash credit for R&D loss surrendered||14.50%||14.50%||B|
|Large company above the line scheme credit||12%||12%||C|
A Additional (enhanced) tax deduction available for qualifying R&D expenditure
B From 1 April 2020, the payable R&D tax credit in any tax year is restricted to three times the company's total PAYE and NIC liability for that year.
C Taxable credit available on qualifying R&D expenditure.
EU definition of small and medium sized companies for R&D tax relief purposes
|Since 1 August 2008||Before 1 August 2008|
|Turnover||≤€100 million||≤€50 million|
|Balance sheet assets||≤€86 million||≤€43 million|
National Insurance Contributions on Employment
|Earnings per week||Rate Payable||Earnings per week||Rate payable|
|£0.01 - £166.00||Nil||£0.01 - £166.00||Nil|
|Over £892.00||13.80%||Over £962.00||2%|
|Class 1A & 1B (employers only)||13.80%|
|Class 2 (self employed)||£3.00 per week (small profits threshold £6,365)|
|Class 3 (voluntary)||£15.00 per week|
|Class 4 (self employed)||Profits up to £8,632||0%|
|Profits from £8,632 to £50,000||9%|
|Profits above £50,000 per annum||2%|
A Up to the lower of 100% of earnings or the maximum contribution. Maximum contribution is the annual allowance plus unutilised allowances from the three previous tax years. Up to £3,600 may be contributed, irrespective of earnings. Annual allowance reduced by £1 for every £2 income over £150,000 to a minimum of £10,000, and to £4,000 maximum if certain pension drawings are made.
Car Benefit Charge 2019-20
|Co2 Emissions g/km||Petrol Engine %||Diesel Engines %|
|50 or less||16||20|
|180 and above||37||37|
Van benefit charge
|Van benefit charge||£3,430||£3,350|
Fuel Benefit charge
|Car Fuel Benefit Charge Multiplier||£24,100||£23,400|
|Van Fuel Benefit Charge Multiplier||£655||£633|
An annual charge in the above table applies for private use of company vans, except for commuting and incidental private use. A further charge, as per the above table applies for the provision of private fuel, reduced by employee contributions.
|Car benefit||Percentage of list price (see below)|
|CO2 emissions (g/km):||Diesel||Petrol|
|Each additional 5||Further 1%||Further 1%|
Benefit of electric vehicle 13%
Diesel vehicles meeting RDE2 standards will be exempt from diesel supplement.