Following the Spring Statement, the 2019-20 tax rates card summarises the main changes which apply to your business or personal lives. The tax card contains lots of useful information such as:
Personal tax rates
Several changes have taken place to the personal tax rates, including the amount of income everyone can earn tax free. The income tax threshold for higher-rate, 40%, taxpayers will rise as planned to £50,000. Make sure you know the current state of play.
The marriage allowance permits certain couples, where neither pays tax at more than the basic rate, to transfer 10% of their personal allowance to their spouse or civil partner.
Making Tax Digital (MTD)
The government confirmed a light touch approach to penalties in the first year of MTD’s implementation. MTD will not be extended to any new taxes or businesses in 2020.
Rates for employees
There are increases in the company car benefits regime again this year, however, the diesel car supplement remains unchanged.Our guide explains how these are computed to help ensure that you are paying the correct amount of tax.
We are here to help
Our tax card is intended for use as a quick point of reference. Should you require any further information, have a simple question or like a printed version of the tax card we are only a phone call away. Contact us:
T: 01904 655202 or email: