Tax Tables 2018/2019

Bookkeeping & Payroll

Tax Tables 2018/2019

January 23, 2019 Taxation 0

Here’s a handy tax table for the 2018/2019 year.

 

 

Income tax: taxable bands and rates 2018/2019

Taxable income
(England, Wales and Northern Ireland)
Rate of tax
£0 – £11,850 0% (personal allowance)
£11,851 – £46,350 20% (basic rate)
£46,351 – £150,000 40% (higher rate)
Over £150,000 45% (additional rate)
Taxable income
(Scotland)
Rate of tax
£0 – £11,850 0% (personal allowance)
£11,851 – £13,850 19% (starter rate)
£13,851 – £24,000 20% (basic rate)
£24,001 – £43,430 21% (intermediate rate)
£43,431 – £150,000 41% (higher rate)
over £150,000 46% (top rate)

Personal allowance

Most taxpayers are allowed a certain amount of tax-free income, called a personal allowance, of £11,850.

Basic rate

In England, Wales and Northern Ireland tax is payable at the basic rate of 20% on taxable income up to £46,350. In Scotland tax is payable at three different rates (19%, 20% and 21%) on taxable income up to £43,430.

Higher rate

If you live in England, Wales or Northern Ireland and you have taxable income of more than £46,351, you will have to pay the higher rate of 40% tax on the amount above £46,351 up to £150,000. If you live in Scotland you will have to pay the higher rate of 41% tax on the amount above £43,431 up to £150,000.

Additional rate

If you live in England, Wales or Northern Ireland and have taxable income of more than £150,000, you will have to pay the additional rate of 45% tax on the amount above this level. If you live in Scotland, you’ll have to pay a top rate of 46%.

To calculate the tax payable

To find out how to calculate the amount of tax payable, see Income tax.

Personal Savings Allowance

From 6 April 2016, most people can earn some income from their savings without paying tax.

If you’re a basic rate taxpayer you can earn up to £1,000 in savings tax-free. Higher rate taxpayers will be able to earn up to £500. This is called the Personal Savings Allowance.

If your total taxable income is £17,000 or less you won’t pay any tax on your savings income.