Glandover House, 67 Bute Street
Aberdare, Rhondda Cynon Taff, CF44 7LD
Telephone: 01685 872126
Email: barlowmendham1@gmail.com
Barlow, Mendham & Co.
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Tax Card

Income Tax

Income Tax Rates: England, Wales & NI
2022-2023
%
2021-2022
%
2020-2021
%
2019-2020
%
Basic tax rate
20
20
20
20
Higher tax rate
40
40
40
40
Additional tax rate
45
45
45
45
Basic rate band (above personal allowance)
£0 -
£37,700
£0 -
£37,700
£0 -
£37,500
£0 -
£37,500
Higher rate band
£37,701 to £150,000
£37,701 to £150,000
£37,501 to £150,000
£37,501 to £150,000
Additional rate band
Over £150,000
Over £150,000
Over £150,000
Over £150,000

 

Income Tax Rates: Scotland on non-dividends and non-savings income
2022-2023
%
2021-2022
%
2020-2021
%
2019-2020
%
Starter tax rate
19
19
19
19
Basic tax rate
20
20
20
20
Intermediate tax rate
21
21
21
21
Higher tax rate
41
41
41
41
Top tax rate
46
46
46
46
Starter tax rate band (above personal allowance)
£0 -
£2,162
£0 -
£2,097
£0 -
£2,085
£0 -
£2,049
Basic tax rate band
£2,163 -
£13.118
£2,098 -
£12.726
£2,086 -
£12,658
£2,050 -
£12,444
Intermediate tax rate band
£13,119
£31,092
£12,727
£31,092
£12,659 -
£30,930
£12,445 -
£30,930
Higher rate band
£31,093 to £150,000
£31,093 to £150,000
£30,931 to £150,000
£30,931 to £150,000
Top tax rate band
Over £150,000
Over £150,000
Over £150,000
Over £150,000

 

Income on Savings: Restricted to other income of less than £17,500
2022-2023
%
2021-2022
%
2020-2021
%
2019-2020
%
Starting rate for savings
0
0
0
0
Starting rate band for savings
£0 -
£5,000
£0 -
£5,000
£0 -
£5,000
£0 -
£5,000

 

Income on Dividends:
2022-2023
%
2021-2022
%
2020-2021
%
2019-2020
%
Allowance for tax-free dividends
£2,000
£2,000
£2,000
£2,000
Tax on dividends at Basic Effective Rate
8.75
7.5
7.5
7.5
Tax on dividends at Higher Effective Rate
33.75
32.5
32.5
32.5
Tax on dividends at Additional Effective Rate
39.35
38.1
38.1
38.1

Personal Allowances

Personal allowances
2022-2023
 
2021-2022
 
2020-2021
 
2019-2020
 
Standard payroll tax code
1257L
1257L
1250L
1250L
Personal allowance (1)
£12,570
£12,570
£12,500
£12,500
Income limit for Personal Allowance
£100,0000
£100,0000
£100,0000
£100,0000
Marriage Allowance (Tfrs between couples)
£1,260
£1,260
£1,250
£1,250
Marriage Allowance: To benefit - Lower earner's limit
£12,500
£12,500
£12,500
£12,500
Max Married Couples Allowance (2)
£9,075
£9,075
£9,075
£8,915
Min Married Couples Allowance (2)
£3,510
£3,510
£3,510
£3,450
Income limit for Married Couples Allowance (2)
£30,200
£30,200
£30,200
£29,600
Blind person's allowance
£2,600
£2,500
£2,500
£2,450
Dividend allowance (3)
£2,000
£2,000
£2,000
£2,000
Personal Savings Allowance (Basic Rate Taxpayer)
£1,000
£1,000
£1,000
£1,000
Personal Savings Allowance (Higher Rat Taxpayer)
£500
£500
£500
£500
Individual Saving Account (ISA) - Overall annual limit
£20,000
£20,000
£20,000
£20,000
Individual Saving Account (ISA) - Junior account limit
£9,000
£9,000
£9,000
£4,368
Personal Annual Pension Allowance 100% of salary up to:
£40,000
£40,000
£40,000
£40,000
Permitted pension contributions (irrespective of salary)
£4,000
£4,000
£4,000
£4,000
 
Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth.
Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%.
Note 3: From April 2016, the dividend tax credit system was withdrawn. Instead, individuals will be given an annual tax-free allowance.
 
State Pension (from 6th April)
2022-2023
 
2021-2022
 
2020-2021
 
2018-2019
 
Old State Pension - Single allowance
£137.65
£137.65
£134.25
£129.20
New State Pension (applies to those reaching retirement age after 5 April 2016)
£179.60
£179.60
£175.20
£168.60

Key Dates

Key dates in 2022/23 for personal Self Assessment tax payers
31 January 2023 Deadline for submitting online your 2021/2022 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2021/2022 balancing payment and make the first payment on account in respect of 2022/2023.
31 July 2022 The date by which the second payment on account in respect of 2021/2022 must be paid. Consider reducing POA's if last year's income has dropped.
5 October 2022 Deadline for notifying HMRC of new sources of income unless a 2021/2022 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners.
31 October 2022 Deadline for submission to HMRC of a paper tax return for 2021/2022.
30 December 2022 Deadline for e-filing the tax return where the tax payer requires the 2021/2022 balancing payment to be collected through next year’s tax code (less than £2,000).

Capital Gains Tax

Capital Gains Tax
2022-2023
£
2021-2022
£
2020-2021
£
2019-2020
£
Annual exempt amount:
 
 
 
 
 - Individuals etc
£12,300
£12,300
£12,300
£12,000
 - Other Trustee
£6,150
£6,150
£6,150
£6,000
 - Taxed at Standard Rate
10%
10%
10%
10%
 - Taxed at Higher Rate
20%
20%
20%
20%

From 5 April 2016, certain residential properties may attract a higher rate of capital gains tax.
Entrepreneur's Relief available at 10% with a lifetime limit of £1m from 11-03-2020 (Previously £10m).

Inheritance Tax

Inheritance Tax
2022-23
£
2021-22
£
2020-21
£
2019-20
£
 No tax charge arises up to:
£325,000
£325,000
£325,000
£325,000
Taxed above £325,000 at:
40%
40%
40%
40%
Lifetime transfers to most trusts:
20%
20%
20%
20%
Main exempt lifetime gifts
 
 
 
 
Small gifts (per recipient):
£250
£250
£250
£250
Parent's gift on marriage:
£5,000
£5,000
£5,000
£5,000
Grandparent's gift on marriage:
£2,500
£2,500
£2,500
£2,500
Gifts (per donor):
£3,000
£3,000
£3,000
£3,000

Each individual has a tax-free gift allowance of £3,000 per annum. This means that a donor can give £3,000 in any one tax year without tax implications. Anything larger than £3,000 will be considered a ‘Potentially Exempt Transfer’ (PET) and may be subject to inheritance tax should the donor fail to survive seven years from the date the gift is made.

Tapering relief is given in respect of gifts made between three and seven years before death.
The main 40% IHT rate is reduced to 36% if at least 10% of relevant estate is left to charity.

Stamp Duty

Residential Property Stamp Duty
England & NI
SDLT
Scotland
LBTT
Wales
LTT
  £0 - £125,000
Nil
Nil
Nil
  £125,000 - £145,000
2%
Nil
Nil
  £145.000 - £180,000
2%
2%
Nil
  £180,000 - £250,000
2%
2%
3.5%
  £250,000 - £325,000
5%
5%
5%
  £325,000 - £400,000
5%
10%
5%
  £400,000 - £750,000
5%
10%
7.50%
  £750,000 - £925,000
5%
12%
10%
  £925,000 - £1.5m
10%
12%
10%
  Above £1.5m
12%
12%
12%

In England and Northern Ireland there is a 3% (4% for Scotland) supplentary charge for additional residential properties above £40,000.

In England and Northern Ireland first time buyer are pay nothing for purchases up to £300,000 and then 5% from £300,001 to £500,000.

In Scotland first time buyers pay nothing on the first £175,000.

National Insurance Contributions

National Insurance
Class 1
2022-2023
£
2021-2022
£
2020-2021
£
Class 1
Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions.
 
 
 
Employee's Earnings Limits
Weekly - Monthly - Yearly
Weekly - Monthly - Yearly
Weekly - Monthly - Yearly
- Lower earnings limit (LEL)
The minimum level of earnings employees need to qualify for benefit including State Pension.
£123 - £533 - £6,396
£120 - £520 - £6,240
£120 - £520 - £6,240
- Primary threshold (PT)
The level of earnings above which employees Class 1 contributions become payable.
£190 - £823 - £9,880
£184 - £797 - £9,568
£183 - £792 - £9,500
- Secondary threshold (ST)
The level of earnings above which employers Class 1 contributions become payable.
£175 - £758 - £9,100
£170 - £737 - £8,840
£169 - £732 - £8,788
- Upper earnings limit (UEL)
Employees do not pay Class 1 contributions above this level.
£967 - £4,189 - £50,270
£967 - £4,189 - £50,270
£962 - £4,167 - £50,024
 
Employer's Allowance
£4,000
£4,000
£3,000
 
Employee's Class 1 NI rates
 
 
 
- Primary rate from PT to UEL
13.25%
12%
12%
- Above UEL
3.25%
2%
2%
 
Employer's Class 1 NI rates
 
 
 
- Primary rate above ST
15.05%
13.8%
13.8%
 
Employer's Class 1A NI rates on B-I-K
15.05%
13.8%
13.8%

National Insurance Class 2
2022-2023
£
2021-2022
£
2020-2021
£
2019-2020
£
Self-employed National Insurance
 
 
 
 
- on annual earnings over
£6,725
£6,515
£6,475
£6,365
- weekly contribution
£3.15
£3.05
£3.05
£3.00
- maximum annual contribution
£163.80
£158.60
£158.60
£156.00

National Insurance Class 3
2022-2023
£
2021-2022
£
2020-2021
£
2019-2020
£
Voluntary contributions:
 
 
 
 
- weekly contribution
£15.85
£15.40
£15.30
£15.00
- annual contribution
£824.20
£800.80
£795.60
£780.00

National Insurance Class 4
2022-2023
£
2021-2022
£
2020-2021
£
2019-2020
£
Self-employed National Insurance on taxable profits between:
 
 
 
 
- Lower limit (LL)
£9,880
£9,568
£9,500
£8,632
- Upper limit (UL)
£50,270
£50,270
£50,000
£50,000
- Rate applied to earnings above LL to UL
10.25%
9%
9%
9%
- Rate applied to earnings above UL
3.25%
2%
2%
2%
- Maximum payable
£4,140 + 2%
£3,663 + 2%
£3,645 + 2%
£3,723.12 + 2%

The Authorised Mileage Rates

Mileage Rates to be used for privately owned vehicles from 6 April 2011
First 10,000 miles
Above 10,000 miles
  Cars and vans
45p
25p
  Motorcycles
24p
24p
  Cycles
20p
20p

Compulsory registration for VAT

VAT thresholds and limits
Registration
threshold
Deregistration
limit
 from 1 April 2017 to date
£85,000
£83,000
 01.04.16 to 31.03.17
£83,000
£81,000
 01.04.15 to 31.03.16
£82,000
£80,000
 01.04.14 to 31.03.15
£81,000
£79,000
 01.04.13 to 31.03.14
£79,000
£77,000
 01.04.12 to 31.03.13
£77,000
£75,000
 01.04.11 to 31.03.12
£73,000
£71,000

Van Benefits

Van Benefits
2022-2023
2021-2022
2020-2021
2019-2020
         
Van benefit
£3,600
£3,500
£3,490
£3,430
Zero-emission van benefit
-
-
£2,792
£2,058
Fuel benefit
£688
£669
£666
£655

Corporation Tax

Corporation Tax
From 01-04-22
£
From 01-04-21
£
From 01-04-20
£
From 01-04-19
£
Main rate:
19%
190%
19%
19%
Loans to participators
33.75%
32.5%
32.5%
32.5%
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