What you should know:

 

Income Tax (Also known as pay as you earn)

This is tax deducted from salary paid by an employer.

Tax is due monthly on 22nd of the following month. If you pay staff on the 30th April, the tax is due to the revenue by the 22nd of May

Tax is due quarterly on the 19th of January, April, July and October of each year if the Contributions are less than £1500 per month.

Income Tax rates and bands

The table shows the tax rates you pay in each band if you have a standard Personal Allowance of £12,500.

Income tax bands are different if you live in Scotland.

Band

Taxable income

Tax rate

Personal Allowance

Up to £12,500

0%

Basic rate

£12,501 to £50,000

20%

Higher rate

£50,001 to £150,000

40%

Additional rate

over £150,000

45%

You can also see the rates and bands without the Personal Allowance. You do not get a Personal Allowance on taxable income over £125,000.

VAT rates for goods and services

Rate

% of VAT

What the rate applies to

Standard

20%

Most goods and services

Reduced rate

5%

Some goods and services, eg children’s car seats and home energy

Zero rate

0%

Zero-rated goods and services, eg most food and children’s clothes

The standard rate of VAT increased to 20% on 4 January 2011 (from 17.5%).

Some things are exempt from VAT, such as postage stamps, financial and property transactions.

Corporation Tax

Limited Companies pay Corporation Tax on its profits. The current rate for small companies is 19%

We are located at:

Steer Acccountancy

Basepoint

Shearway Business Centre

Shearway Road

Folkestone 

Kent 

CT19 4RH

 

Contact us today!

Email : If you have any queries or wish to make an appointment, please contact us:

 

Tel: 01303 316036

enquiries@steeracc.co.uk

 

Or use our contact us page

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Steer Accountancy Basepoint, Shearway Business Centre, Shearway Road, Folkestone, Kent CT19 4RH