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Year-End Tax Guide 2018/19

12 February 2019

Our complimentary PDF guide covers the following rates, reliefs and allowances you or your business including;  

·         Personal Allowances and Relief 

·         ISAs

·         Pension Contributions

·         Inheritance Tax

·         Capital Gains Tax

·         Non-UK Domicile Taxation

·         Tax Credits

·         Corporation Tax

·         Business Deductions

·         Entrepreneurs Relief

·         VAT

·         Penalties

Download haleys free Year-end Tax Guide 2018/19 pdf here

Upcoming Changes - Future rules, rates and allowances may affect your financial planning for 2019/20.

  • The personal allowance for 2019/20 is £12,500 and this applies throughout the UK. In England, Northern Ireland and Wales, the basic-rate band threshold increases to £37,500. This means that individuals who are entitled to a full personal allowance will not be liable for higher-rate tax in England, Northern Ireland and Wales until their total income exceeds £50,000. The national insurance contributions upper earnings limit will also increase to remain in line with the higher-rate threshold.  In Scotland, the basic-rate threshold increases to £24,944 - but the higher-rate threshold remains at £43,430 (subject to final confirmation in February 2019).  As a result, higher-rate taxpayers in Scotland face significantly higher income tax bills than their counterparts in the rest of the UK.
  • Capital gains tax annual allowance increases to £12,000 for individuals and to £6,000 for most trusts.
  • The overall annual ISA subscription limit remains at £20,000, while the Junior ISA allowance increases to £4,368.
  • The pension lifetime allowance increases by £25,000 to £1.055 million.
  • Vehicles - the van benefit charge will increase from £3,350 to £3,430 and the van fuel benefit charge will increase from £633 to £655. Employees provided with fuel for private mileage in a company car will see the value of the multiplier used for calculating the cash equivalent of the fuel benefit increase from £23,400 to £24,100.
  • Talk to the team about your Tax planning for this next year. If any of our expert team of Chartered Tax Advisers or Chartered Accountants can help you to understand the implications of these options, contact us on 01772 741200.

IMPORTANT INFORMATION: The way in which tax charges (or tax relief, as appropriate) are applied depends upon individual circumstances and may be subject to change in the future. ISA and pension eligibility depend upon individual circumstances. FCA regulation applies to certain regulated activities, products and services, but does not necessarily apply to all tax planning activities and services. This document is solely for information purposes and nothing in this document is intended to constitute advice or a recommendation. Whilst considerable care has been taken to ensure that the information contained within this document is accurate and up-to-date, no warranty is given as to the accuracy or completeness of any information.

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