Lorraine Earnshaw Accountancy
Lorraine Earnshaw Accountancy

Useful Info

Tax Rates and Thresholds

2020              2019

Personal Allowance                                          £12,500          £12,500

Basic Rate Band                                               £37,500          £37,500

VAT Threshold                                                  £85,000          £85,000

Dividend Allowance                                            £2,000            £2,000


Marriage Allowance Transfer

Would you like to save up to £250 per year in tax?  Check out how here


High Income Child Benefit Tax Charge

Do you or your partner earn over £50,000?  Does one of you claim Child Benefit?  If the answer is yes, then you will be affected.  Find out how much you will need to pay here


Lifetime ISA

You can open a new Lifetime ISA if you are between the ages of 18 and 40.  You can save up to £4,000 per year and you will receive a 25% bonus from the government (up to £1,000 pa) for anything you put into it before your 50th birthday.


The money can be used for your first home or for retirement.  


If not for your first home, you can withdraw after your 60th birthday TAX FREE.


If you withdraw your money before your 60th birthday and it is not for your first home, no bonus, no interest and receive a 5% charge!