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Fintuity 2022 Rate Card

Navigating your finances can be difficult in this ever changing world – with rates and regulations changing frequently it is important to ensure that you have the right information and figures. With this in mind we are delighted to present our 2022 financial year rate card that gives you all the latest information!

Please note that the below information is accurate and up to date as of the financial year 2022 – if you require any further clarification please book your complimentary consultation with a member of the team by visiting www.fintuity.com.

INCOME TAX

Income Tax Bands – England & Northern Ireland 2022-2023 2021-2022
Savings starting rate – 0% £1-£5000 £1-£5000
Basic rate – 20% £1-£37,700 £1-£37,700
Higher rate – 40% £37,701-£150,000 £37,701-£150,000
Additional Rate – 45% Over £150,000 Over £150,000

 

Income Tax Bands – Scotland 2022-2023 2021-2022
Savings starting rate – 19% £1-£2163 £1-£2097
Basic rate – 20% £2163-£37,700 £2098-£12,726
Intermediate rate- 21% £13,119-£31,092 £13,119-£31,092
Higher rate – 41% £31,093-£150,000 £31,093-£150,000
Additional Rate – 46% Over £150,000 Over £150,000

 

Income Tax Bands – Wales 2022-2023 2021-2022
Savings starting rate – 0% £1-£5000 £1-£5000
Basic rate – 20% £1-£37,700 £1-£37,700
Higher rate – 40% £37,701-£150,000 £37,701-£150,000
Additional Rate – 45% Over £150,000 Over £150,000

 

DIVIDENDS & SAVINGS

Dividend & Savings 2022-2023 2021-2022
Dividend allowance £2000 £2000
Dividend ordinary rate 8.75% 7.5%
Dividend upper rate 33.75% 32.5%
Dividend additional rate 39.35% 38.1%
Personal saving allowance

-Basic rate taxpayers

-Higher rate taxpayers

 

£1000

£500

 

£1000

£500

 

NATIONAL INSURANCE

National Insurance Employee (primary) Employer (secondary)
Up to £190 until July 5th 22: £175 (ER) 0% 0%
Up to £242 until July 6th 22: £175 (ER) 0% 0%
£190.01 (EE) until July 5th 22: £175.01 to £967 13.25% 15.05%
£242.01 (EE) from 6th July 22: £175.01 to £967 13.25% 15.05%
Over £967 3.25% 15.05%
Over state pensions age 0% 15.05%

 

Class 1A (Employers only) 15.05% on the amounts of taxable benefits
Class 1B (Employers only) 15.05% on PAYE
Class 2 (Self employed) £3.15 per week (unless earnings drop below first bracket)
Class 3 (Voluntary) £15.85 per week
Class 4 (Self employed) 10.25% of profits between £11,908 & £50,270

 

CAPITAL GAINS TAX

Capital Gains Tax – Annual Exempt Amount 2022-2023 2021-2022
Individuals £12,300 £12,300
Trusts £6150 £6150
Standard rates 10% 10%
Higher rates 20% 20%

 

NATIONAL & MINIMUM WAGE

National Living Wage 2022-2023 2021-2022
Age 23 & over £9.50 £8.91

 

National Minimum Wage 2022-2023 2021-2022
Age 21-22 £9.18 £8.36
Age 18-20 £6.83 £6.56
Age 16-17 £4.81 £4.62
Apprentice rate £4.81 £4.30

 

CAPITAL ALLOWANCES

Capital Allowances 2022-2023 2021-2022
Main writing down allowance 18% 18%
Long life assets 6% 6%
First year allowances – super deduction 130% 130%
First year allowances – special rate 50% 50%
First year allowances –other 100% 100%
R&D SME scheme 230% 230%
R&D expenditure credit 13% 13%
Annual Investment Allowance £1,000,000 £1,000,000
Structures and building allowance 3% 3%

 

PROPERTY & STAMP DUTY

Stamp Duty Land Tax Rates (England) Residential Property
0% £0-£125,000
2% £125,001-£250,000
5% £250,001-£925,000
10% £925,001-£1,500,000
12% Over £1,500,000
Rates Non-Residential and Mixed Use Property
0% £0-£150,000
1% £150,001-£250,000
5% Over £250,000

 

Land & Buildings Transaction Tax (Scotland) Residential Property
0% £0-£145,000
2% £145,001-£250,000
5% £250,001-325,000
10% £325,001-£750,000
12% Over £750,000
Rates Non-Residential and Mixed Use Property
0% £0-£150,000
1% £150,001-£250,000
5% Over £250,000

 

Stamp Duty Land Tax Rates (England) Residential Property
0% £0-£180,000
3.5% £180,001-£250,000
5% £250,001-£400,000
7.5% £400,001-£750,000
10% £750,001-£1,500,000
12% Over £1,500,000
Rates Non-Residential and Mixed Use Property
0% £0-£225,000
1% £225,001-£250,000
5% £250,001-£1000,00
6% Over £1,000,000

 

CORPORATION TAX

Corporation Tax 2022 2021
Main rate 19% 19%
Loans to participators 33.75% 32.5%

 

VAT

VAT Amounts & Rates
Annual registration limit from April 1 2022 £85,000
Annual de-registration limit from April 1 2022 £83,000
VAT cash accounting scheme threshold £1,350,000
VAT annual accounting scheme threshold £1,350,000
Standard rate 20%
Reduced rate 5%
Zero rate 0%

 

PENSIONS

Pensions 2022-2023 2021-2022
Lifetime allowance £1,073,100 £1,073,100
Maximum annual contribution £40,000 £40,000
Tax on excess Marginal rate Marginal rate
Normal pensions age 55 55
Money purchase annual allowance £4000 £4000

INHERITANCE TAX

Inheritance Tax 2022-2023 2021-2022
Nil Band for individuals £325,000 £325,000
Thereafter – Lifetime gift 20% 20%
Thereafter – Lower rate on death 36% 36%
Thereafter – on death 40% 40%
Residence nil rate band £175,000 £175,000

 

Years Before Years Before Death 0-3 3-4 4-5 5-6 6-7
% of death charge %100 80% 60% 40% 20%

 

Main Exempt Lifetime Gifts Amount
Recurring annual gifts out of surplus income Unlimited
Annual gifts out of capital £3000
Small gifts £250
Parental gift on marriage £5000
Grandparent or party to marriage £2500
Other gifts £1000

 

Business Relief Amount
Shares in unquoted companies 100%
Shares in quoted companies – up to 50% None
Shares in quoted companies – over 50% 50%
Unincorporated business or interest in business 100%
Land, buildings and plant machinery in deceased estate 50%

 

TAX FAVOURED INVESTMENTS

ISA’s 2022-2023 2021-2022
ISA limit £20,000 £20,000
Lifetime ISA £4000 £4000
Junior ISA £9000 £9000

 

Venture Capital Trusts Income relief up to 30% of investments up to £200,000

 

Enterprise Investment Scheme Income relief up to 30% of qualifying shar subscriptions up to £1,000,000

 

Seed Enterprise Investment Scheme Income tax relief of u50% minimum on max of £100,00 with rollover chargeable gains

 

CAR, VAN & FUEL BENEFITS

Car Mileage Allowance / Van Benefit 2022-2023 2021-2022
Cars and Vans – up to 10,000 miles 45p 45p
Cars and Vans – over 10,000 miles 25p 25p
Motorcycles 24p 24p
Bicycles 20p 20p
Van benefit £3600 £3500
Fuel benefit £668 £669

Introducing Fintuity – The UK’s Digital IFA!

Fintuity is like a traditional IFA, only we are an online adviser which means we can offer a more cost effective, time-sensitive and flexible service! We offer the full range of IFA services via our digital platform, at below industry rates and at your convenience. Please do not hesitate to get in touch to see how we can assist you.

For all enquiries please visit www.fintuity.com or contact Fintuity’s Communications Manager, Nic Cobb at nic.cobb@fintuity.com.

Please Note: All information, references and dates included in this article were accurate at the time of publishing.

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