VALUE ADDED TAX
From
1 April 2017
Standard Rate
VAT Fraction
Reduced rate
20%
1/6
5%
Current turnover limits
   
Registration - Last 12 months or next 30 days over
Deregistration - next year under
Annual and cash Accounting Scheme
Flat Rate Scheme
£85,000 from 1 April 2017
£83,000 from 1 April 2017
£1,350,000
£150,000
NATIONAL INSURANCE
Class 1 payable on weekly earnings of
Employee
(primary)
Employee (Secondary)
below £113 (lower earnings limit)
£113 - £157 (primary threshold)
up to £157 (secondary threshold)
above £157
£157.01-£866 (upper earnings limit)
£157.01-£866 (upper secondary threshhold-under 21 and apprentices under 25)
above £866
Nil
0%
-
-
*12%
-
*2%

Nil
13.8%
*No NIC's are actually payable but notional class 1 NIC's is deemed to have been paid, this protects contrbutory benefit entitlements **over state pension age the employee contribution is generally Nil.
Employment Allowance up to £3000 (per year)
Class 1A On relevant benefits
13.8%
Class 2 Self employed
Limit of net earnings for exception
£2.85 per week
£6,025 per annum
Class 3 Voluntary
£14.25 per week
Class 4* Self employed on profits
£8164 - £45,000
Excess over £45,0005
*exemption applies if state pension age was reached by 6th April 2015.

9%
2%
MAIN CAPITAL ALLOWANCES
Plant and Machinery: Investment for use in Enterprise Zones,energy saving and environmentally beneficial equipment, new zero-emission goods vehicles, low CO2 emission (up to 75g/km) cars, natural gas/hydrogen refuelling equipment.
first year allowance (FYA) 100%
Annual investment allowance (AIA) - on first £500,000 of investment until 31 December 2015 excludes cars and expenditure already qualifying for 100% FYA. 100%*
Writing down allowance: on expenditure not qualifying for AIA or FYA:
Long-life assets, integral features of buildings cars over 130g/km 8%*
Other plant and machinery 18%*
Business premises renovations max. initial allowance 100%
*Transitional rates may apply if state pension was reached by 6th Apri 2016