The 2018/19 tax year in the UK runs from 6th April 2018 to 5th April 2019. Tax returns for this tax year are generally due by 31st January 2020. Here are some of the most common at-a-glance figures you might need for this tax year.
2018/19 Tax Rates for Self Employed in the UK
- Tax Year: 6th April 2018 to 5th April 2019
- Tax Return Deadline: 31st January 2020
- Personal Allowance: £11,850 (visit this page)
- Basic Tax Rate: 20% (£11,851-£46,350)
- Higher Tax Rate: 40% (£46,351-£150,000)
- Personal Savings Allowance: £1,000 (visit this page)
- Trading Allowance: £1,000 (visit this page)
- Property Allowance: £1,000 (visit this page)
2018/19 National Insurance Rates for Self Employed in the UK
- Class 2 Small Profits Threshold: £6,205
- Class 2 Rate per week: £2.95
- Class 4 Lower Profits Threshold: £8,424
- Class 4 NI Rate: 9%
- Class 4 Rate above £45,000: 2%
- For full details and past rates visit this page
Other useful information for self employed in 2018/19 tax year
- VAT threshold: £85,000 turnover (visit this page)
- Standard VAT rate: 20%
- Annual Investment Allowance: £200,000 (visit this page)
- Cash Basis Limit: £150,000 turnover (visit this page)
- State Pension Age: 67 (visit this page)
- Qualifying Years Required for Full State Pension: 35 (visit this page)
Please note that the above information is just intended as an ‘at-a-glance’ quick summary summary. Please visit the relevant links for full details. You should always seek professional guidance from a qualified accountant.
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Originally published: 18th August 2018
Last updated: 18th August 2018