NL Accountancy & Bookkeeping Services - Providing solutions to all your Bookkeeping & Accounting needs
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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