Useful Information

This page is currently under construction and will be developing over the coming weeks

Budget 2020 will be published by the Chancellor and HM Treasury on Wednesday 11th March 2020. This page will be updated with the latest information as soon as possible.

National Living Wage

From April 2020:

  • Over 25 year olds: £8.72

  • 21-24 year olds: £8.20

  • 18-20 year olds: £6.45

  • Under 18 year olds: £4.55

  • Apprentices: £4.15

From April 2019:

  • Over 25 year olds: £8.21

  • 21-24 year olds: £7.70

  • 18-20 year olds: £6.15

  • Under 18 year olds: £4.35

  • Apprentices: £3.90

This information has been sourced from gov.uk

Income Tax

Standard Personal Allowance

  • £12,500 from 6th April 2020

  • £12,500 from 6th April 2019

This may vary if you are subject to the Marriage Allowance or Blind Person's Allowance.

Your allowance will be less if you earn more than £100,000.

Income Tax Rates and Bands

Rates and bands from 6th April 2020

These rates apply to England, Wales and Northern Ireland. Different rates apply in Scotland.

20% - Up to £37,500 above Personal Allowance

40% - Between £37,501 to £150,000

45% - £150,001 and above

Trading Allowance

You may be eligible for a £1,000 allowance for income from a Self Employment.


Property Allowance

You may be eligible for a £1,000 allowance for properties you rent out (unless you're using the Rent a Room scheme).

Savings & Dividend Income rates

Personal Savings Allowance

2020/21

  • £1,000 for Basic Rate taxpayers

  • £500 for Higher Rate taxpayers

  • £0 for Additional Rate taxpayers

Dividends

2020/21

Allowance £2000

  • Basic Rate - 7.5%

  • Higher Rate - £32.5%

  • Additional Rate - 38.1%

National Insurance

Employees - Class 1

2020/21

  • First £183 per week - 0%

  • £183.01 - £962 per week - 12%

  • Over £962 per week - 2%

Self Employed - Class 4

2020/21

  • Profits up to £9,500 per year - 0%

  • Profits over £50,000 per year - 9%

Corporation Tax

Year to 31st March 2021 - 19%

Year to 31st March 2020 - 19%