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.
Your tax-free personal allowance is £11,850 for the period 06 April 2018 to 05th April
Income Tax Bands
Up to £11,850
£11,851 to £46,350
£46,351 to £150,000
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 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
- you leave everything to your spouse or civil partner, a charity or a
community amateur sports club