Allowances, Rates & Thresholds

Income tax personal allowances

The basic personal allowance for 2020/21 is £12,500 The higher rate threshold including the personal allowance is £50,000.

National Insurance

Monthly primary threshold increased to £792 from 6th April 2020.

VAT

Threshold for registration is currently £85,000. Deregistration limit is £83,000.

Corporation tax

Main and small profits rate is 19% for 2020/21.

Employment Allowance

A National Insurance allowance of £4,000 for 2020/21 can be offset against Class 1 secondary NI liabilities.

Annual Investment Allowance

The current annual investment allowance is £1,000,000 per annum.