Bright Grahame Murray Tax Tables Spring 2019

MAIN CAPITAL AND OTHER ALLOWANCES Plant & machinery 100% annual investment allowance (1st year) £1,000,000 Enterprise zone plant & machinery (max € 125m per project) 100% Plant & machinery (annual reducing balance) 18% Patent rights & know-how (annual reducing balance) 25% Certain long-life assets and integral features of buildings  (annual reducing balance) 6% Structures and buildings (straight line) from 29/10/18 2% Energy and water-efficient equipment and electric vans 100% Electric charge points 100% Motor Cars CO 2 emissions of g/km: 50 or less* 51–110 Over 110 Capital allowance 100% first year 18% pa † 6% pa † * For new cars only  †Annual reducing balance Research & Development Capital expenditure 100% Revenue expenditure relief – small/medium-sized companies 230% Research and development expenditure credit – large companies 12% VALUE ADDED TAX Standard rate 20% Reduced rate eg on domestic fuel 5% Registration level since 1/4/17 £85,000 Deregistration level since 1/4/17 £83,000 Flat rate scheme turnover limit £150,000 Cash and annual accounting schemes turnover limits £1,350,000 MAIN DUE DATES FOR TAX PAYMENT Income Tax, NICs and Capital Gains Tax – Self-assessment 31 January in tax year • Normally 50% of previous year’s income tax, Following 31 July (less tax deducted at source) and class 4 NICs Following 31 January • Balance of income tax and class 4 NICs, and all CGT and class 2 NICs Inheritance Tax On death: normally 6 months after month of death Lifetime transfer 6 April–30 September: 30 April in following year Lifetime transfer 1 October–5 April: 6 months after month of transfer Corporation Tax Self-assessment: 9 months and 1 day after end of accounting period • Payable by instalments where profits are £1.5m or over. Normally payable in 7th, 10th, 13th and 16th months after start of accounting period • For accounting periods beginning after 31/3/2019 where profits are £20m or over. Normally payable in 3rd, 6th, 9th and 12th months after start of accounting period • Growing companies: no instalments where profits are £10m or less and the company was not a large company for the previous year } © Copyright 13 March 2019 Subject to relevant legislation For information only Always seek professional advice before acting