Allowances, Rates & Thresholds

Income tax personal allowances

The basic personal allowance for 2019/20 is £12,500 The higher rate threshold including the personal allowance is £50,000.

National Insurance

Monthly primary threshold increased to £719 from 6th April 2019.

VAT

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

Corporation tax

Main and small profits rate is 19% for 2019/20.

Employment Allowance

A National Insurance allowance of £3,000 for 2019/20 can be offset against Class 1 secondary NI liabilities.

Annual Investment Allowance

The current annual investment allowance is £200,000 per annum.