The 2019/20 tax year in the UK runs from 6th April 2019 to 5th April 2020. Tax returns for this tax year are generally due by 31st January 2021. Here are some of the most common at-a-glance figures you might find useful for this tax year.
These figures are mostly taken from the 2018 UK budget published 29 October 2018 and are subject to change.
2019/20 Tax Rates for Self Employed in the UK
- Tax Year: 6th April 2019 to 5th April 2020
- Tax Return Deadline: 31st January 2021
- Personal Allowance: £12,500 (visit this page)
- Basic Tax Rate: 20% (£12,501-£50,000)
- Higher Tax Rate: 40% (£50,001-£150,000)
- Personal Savings Allowance: £1,000 (visit this page)
- Trading Allowance: £1,000 (visit this page)
- Property Allowance: £1,000 (visit this page)
2019/20 National Insurance Rates for Self Employed in the UK
- Class 2 Small Profits Threshold: £6,365
- Class 2 Rate per week: £3.00
- Class 4 Lower Profits Threshold: £8,632
- Class 4 NI Rate: 9%
- Class 4 Rate above £50,000: 2%
- For full details and past rates visit this page
Other useful information for self employed in 2019/20 tax year
- VAT threshold: £85,000 turnover (visit this page)
- Standard VAT rate: 20%
- Annual Investment Allowance: £1m (visit this page)
- Cash Basis Limit: £150,000 turnover (visit this page)
- Payment on Account threshold: £1,000 total tax bill (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.
If you spot any errors in this article please get in touch. Don’t forget to subscribe on YouTube and remember you can also support the channel via Patreon where you’ll find some extra content that might be useful. Please also join our mailing list so we can keep in touch with you outside the world of YouTube. We are 100% privacy focused and you can unsubscribe at any time.
Thank you for supporting this independent website and best of luck on your small business journey!
Originally published: 6th April 2019
Last updated: 6th April 2019