UK self employed tax rates 2019/20 – at a glance!

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

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.

Andy Mac