Key Tax Rates and Allowances for the Self Employed

Below is a list of the Key tax rates and personal allowances for the self employed.

There are plenty that have not been included in here such as dividend tax, tax on interest, corporation tax etc, but this will get you started.

Main tax rates & allowances
2016/2017 2017/2018 2018/2019 2019/2020 2020/2021
Personal Allowance £11,000 £11,500 £11,850 £12,500
Personal allowance reduces once taxable income is above £100,000
Marriage allowance £1,100 £1,150 £1,185 £1,250
10% personal allowance can be transferred between certain spouses where neither pay tax above the basic rate
Income Tax Rates
Band £
0 to £34,500 20%
£34,501 to £150,000 40%
Over £150,000 45%
Band £
0 to £33,500 20%
£33,501 to £150,000 40%
Over £150,000 45%
Band £
0 to £32,000 20%
£32,001 to £150,000 40%
Over £150,000 45%
National Insurance
Class 1 12% 12% 12%
Class 2 £145.60 £148.20 £153.40
Class 2 – Small profits £5,965.00 £6,025.00 £6,205.00
Class 3 (per week) £14.10 £14.25 £14.65
Class 4 – lower 9% 9% 9%
Class 4 – upper 2% 2% 2%
Class 4 – Lower Threshold £8,060.00 £9,164.00 £8,424.00
Class 4 – Upper Threshold £43,000.00 £45,000.00 £46,350.00
Income Tax Rates – Scotland 
Band £
0 to £2,000 19%
£2,000 to £12,150 20%
£12,515 to £31,580 21%
£31,581 to £150,000 40%
Over £150,000 46%
Band £
0 to £31,500 20%
£31,501 to £150,000 40%
Over £150,000 45%
Band £
0 to £32,000 20%
£32,001 to £150,000 40%
Over £150,000 45%

 

VAT thresholds from:
1st April 2013 £79,000
1st April 2014 £81,000
1st April 2015 £82,000
1st April 2016 £83,000
1st April 2017 £85,000
1st April 2018 £85,000
1st April 2019 £85,000

 

Corporation Tax Rates from:
1st April 2016 20%
1st April 2017 19%
1st April 2018 19%
1st April 2019 19%
1st April 2020 17%