Useful Links and Tax Tips

HMRC Self Assessment helpline 0300 200 3310. 

HMRC Corporation Tax helpline: 0300 200 3410 

Companies House general enquiries: 0303 1234 500 

A common issue often forgotten is the transfer of unused marriage allowance e.g. Jim, the client, earns from his business £18,000 per annum, so his Personal Allowance is utilised. However, his wife works part time, for £6,000 per annum. She can earn £12,570 per annum tax free, therefore has unused allowances of £6,500. She can transfer £1,250 of the £6,570 to her husband.                 

For directors, with a large director loan credit, why not charge your company interest (a tax deductible expense). The interest for a SR director is tax free if under £1000 e.g. Jim has a director loan outstanding of £15,000. He charges his company 6% interest i.e. £900. This will be tax free income.

INCOME TAX

• Personal allowance (tax free) £12,570​
• Transferable marriage allowance £1,260
• Rent a room tax free allowance £7,500​
• Casual trading income tax free allowance £1,000​
• Savings interest received tax free allowance £1,000
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TAX FREE MILEAGE ALLOWANCE

• Up to 10,000 miles P.A. 45p​
• Over 10,000 miles 25p​
• Motorcycles 24p​
• Bicycles 20p
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CAPITAL GAINS TAX

• Individual exemption £3000
• ​Tax rate (basic rate tax payer) 18%
• Tax rate (higher rate tax payer) 24% ​
•  Business Asset Disposal Relief 18% (up to on qualifying gains up to a £1 million lifetime limit)
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CORPORATION TAX

• Taxable profits up to £50,000 19% 
• Marginal relief band (MRB) tapered reduction in tax for profits between £50K-£250K 
• Taxable profits above £250,000 25%
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VAT

• Registration threshold £90,000 (Turnover)​
• De-registration limit £88,000 (Turnover)