USEFUL INFORMATION

TAX RATES AND BANDS - 2019/2020

the standard personal tax allowance is 12500.00

below shows the tax rates you pay if you have a standard personal allowance of 12500.00

no tax on earnings up to 12500.

basic rate tax allowance 20% - on earnings from 12501 to 37500.00

Higher Rate: 40%- on earnings 37,501 to 150,000.

45% on earnings Over 150000.00

you do not get a personal allowance on taxable income over 122,000.00.

Basic Tax Code: 11250l

these rates are for the National Living Wage and the National Minimum Wage. The rates change every April.

Year	25 and over	21 to 24	18 to 20	Under 18	Apprentice
April 2019 (current rate)	8.21	7.70	6.15	4.35	3.90
April 2020	8.72	8.20	6.45	4.55	4.15

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Online VAT Returns and Electronic Payments

From 1 April 2012 all VAT Registered Businesses will be required to submit their VAT Returns online and pay any VAT electronically.

V.A.T. Registration Threshold

You must register for V.A.T. if your V.A.T. taxable turnover for the previous 12 months is more than 85,000.00. you will need to be mtd compliant.

You must also register for V.A.T. if either of the following applies:

You think your V.A.T. threshold may go over the limit in the next 30 days.
You take over a V.A.T-registered business as a going concern.

For other V.A.T. Schemes i.e the flat rate scheme please contact ourselves.

deregistration threshold is less than 81,000.00.

Real Time Information

In April 2013 HMRC are introducing a new way of reporting PAYE information, known as Real Time Information (RTI).

'Real Time Information' means that employers, or their agents, will tell HMRC about employees pay on or before the time they are paid to the employees as part of the Payroll Process.

Audited Accounts

IF YOU MEET THE CRITERIA BELOW YOU DO NOT NEED AN ACCOUNTANT TO DO YOUR ACCOUNTS

The turnover threshold which currently exempts most companies and Limited Liability (LLPS) from a Statutory Audit is 6.5 Million.

Small and Medium-sized Company Thresholds from April 2008

A Small Company will normally be one that meets two or more of the following criteria for the current and previous year:

Turnover not more than 6.5 million.
Balance sheet total not more than 3.26 million. (i.e. Assets)
Not more than 50 employees.

A Medium-Sized Companywill be one that meets two or more of the following criteria:

Turnover not more than 22.8 million.
Balance Sheet total not more than 11.4 million.
Not more than 250 employees.

Phone: 01702 339 963

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