MDA & CO

120 Bark Street

6th Floor

Bolton

BL1 2AX

 

Tel: 01204 522185 / 07745 527877

WE KEEP YOU UPDATED

We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at MDA & CO.

TAX RATES FOR 2018/19

Your tax-free personal allowance is £11,850 for the period 06 April 2018 to 05th April 2019

Income Tax Bands

Band Taxable income Tax rate
Personal Allowance Up to £11,850 0%
Basic rate £11,851 to £46,350 20%
Higher rate £46,351 to £150,000 40%
Additional rate over £150,000 45%
Marriage Allowance

Marriage Allowance lets you transfer £1,185 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you.

This reduces their tax by up to £237 in the tax year (6 April to 5 April the next year).

To benefit as a couple, you (as the lower earner) must have an income of £11,850 or less

Capital Gains Tax rates and annual tax-free allowances

Each tax year nearly everyone who is liable to Capital Gains Tax gets an annual tax-free allowance - known as the ‘Annual Exempt Amount’. You only pay Capital Gains Tax if your overall gains for the tax year (after deducting any losses and applying any reliefs) are above this amount

Inheritance Tax

Inheritance tax is a tax on the estate (the property, money and possessions) of someone who’s died.

There’s normally no Inheritance Tax to pay if either:

  • the value of your estate is below the £325,000 threshold
  • you leave everything to your spouse or civil partner, a charity or a community amateur sports club