PAYE and Pension Rates and Thresholds

PAYE Tax Threshold 2019 - 2020;

£240.00 per week

£1,042.00 per month

£12,500.00 per annum

Basic Rate Tax is currently at 20% on annual earnings above Personal Allowance up to £37,500.

The Higher Tax Rate of 40% is applicable to all annual earnings above £37,501 up to £150,000.

Pension Threshold 2018 - 2019

£192.00 per week

£833 per month

£10,000 per annum

The above earnings trigger automatic enrolement. If staff members fall below these thresholds but wish to join a pension scheme, this must be offered to them.

What our clients say about us...

“We would like to thank all the staff at Stranton Business Centre for their friendly help and support in the running of our businesses. We find it very important to have a good working relationship with our accountants where questions are answered simply and problems are solved. We look forward to continuing our work with you and wish you the best of luck in the future.” – Michael Herbert, of S. Herbert and Sons, Quads 4 All and Fishing at Lake View.

Important News

MTD - Making Tax Digital

What is MTD?

MTD makes it easier for individuals and businesses to get their tax right and keep on top of their affairs. It transforms tax administration so that it is more effective and efficient by holding all of your records in an electrical/digital format. These can be viewed on a computer, laptop or even your mobile phone.

If you run a VAT-registered business with a taxable turnover above the VAT registration threshold (£85,000), you are required to keep digital VAT business records and send returns using Making Tax Digital compatible software for VAT periods starting on, or after the 1st of April 2019. The records itself must include the date, amount and the category of each business transaction as a minimum.

HMRC's Government Gateway

HMRC's Government Gateway

HMRC’s Government Gateway makes it easier to find your personal information held by HMRC such as, your National Insurance number, your Income Tax estimate and you can even check your state pension. The process should only take 10 minutes and will be made easier if you have your National Insurance number and a valid UK Passport or a recent payslip available to prove your identity.

Follow the link below to register.

https://www.gov.uk/personal-tax-account/sign-in/create-account

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