Tax Table
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| 2023/24 | 2024/25 | |
|---|---|---|
| Small Profit Rate (First £50000) | 19% | 19% |
| Main Rates (Profit over £300,000) | 25% | 25% |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Starting rate for savings: 0% | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 | £0 - £5,000 |
| Basic rate: 20% | £0 to £37,500 | £0 to £37,700 | £0 to £37,700 | £0 to £37,700 | £0 to £37,700 |
| Higher rate: 40% | £37,501 to £150,000 | £37,701 to £150,000 | £37,701 to £150,000 | £37,701 to £125,140 | £37,701 to £125,140 |
| Additional Rate: 45% | £150,001 + | £150,001 + | £150,001 + | £125,141 + | £125,141 + |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Basic rate taxpayers | 7.5% | 7.5% | 8.75% | 8.75% | 8.75% |
| Higher rate taxpayers | 32.5% | 32.5% | 33.75% | 33.75% | 33.75% |
| Additional rate taxpayers 45% | 38.1% | 38.1% | 39.35% | 39.35% | 39.35% |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Personal Allowance | £12,500 | £12,570 | £12,570 | £12,570 | £12,570 |
| Income Limit for Personal Allowance | £100,000 | £100,000 | £100,000 | £100,000 | £100,000 |
| Marriage Allowance | Up to £1,250 | Up to £1,260 | Up to £1,260 | Up to £1,260 | Up to £1,260 |
| Income Limit for Marriage Allowance | £30,200 | £30,400 | £31,400 | £34,600 | £37,000 |
| Dividend Allowance | £2,000 | £2,000 | £2,000 | £1,000 | £500 |
| Personal Savings Allowance | £1,000 | £1,000 | £1,000 | £1,000 | £1,000 |
| Classes | Who Pays |
|---|---|
| Class 1 | Employees earning more than £242 a week and under State Pension age - they’re automatically deducted by your employer. |
| Class 1A or 1B | Employers pay these directly on their employee’s expenses or benefits. |
| Class 2 | Self-employed people - you don’t have to pay if you earn less than £12,570 a year (but you can choose to pay voluntary contributions). |
| Class 3 | Voluntary contributions - you can pay them to fill or avoid gaps in your National Insurance record. |
| Class 3A | Voluntary contribution - you may be able to top up your pension with a single lump sum if you’re due to retire before 6 April 2016. |
| Class 4 | Class 4 National Insurance is a tax that self-employed individuals must pay based on their annual profits. Self-employed individuals start paying Class 4 NI once their profits exceed the lower profit limit, which is £12,570. |
| Self-employed earning rate | 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 |
|---|---|---|---|---|---|
| Self-employed Class 4 NI at basic rate | 9% | 9% | 9% | 9% | 6% |
| Self-employed Class 4 Ni at additional rate | 2% | 2% | 2% | 2% | 2% |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Annual exempt amount | £12,300 for individuals | £12,300 for individuals | £12,300 for individuals | £6,000 for individuals | £3,000 for individuals |
| Standard CGT rate | 10% on residentials property, 10% on other assets | 10% on residentials property, 10% on other assets | 10% on residentials property, 10% on other assets | 18% on residentials property, 10% on other assets | 18% on residentials property, 10% on other assets |
| Higher CGT rate | 28% on residentials property, 20% on other assets | 28% on residentials property, 20% on other assets | 28% on residentials property, 20% on other assets | 28% on residentials property, 20% on other assets | 24% on residentials property, 20% on other assets |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Annual Turnover LimitThreshold (Nil Rate Band)s | £325,000 | £325,000 | £325,000 | £325,000 | £325,000 |
| Rates of Inheritance Tax | ||
|---|---|---|
| Up to NRB | 0% | 0% |
| Chargeable lifetime gifts where in excess of the NRB | 20% | 20% |
| On death where in excess of the NRB | 40% | 40% |
| Exemptions | ||
|---|---|---|
| Total annual gifts (for each donor)* | 3,000 | 3,000 |
| Small gifts (for each donee) | 250 | 250 |
| Gifts made from surplus income | Unlimited | Unlimited |
| In consideration of marriage | ||
|---|---|---|
| Gift by a parent | 5,000 | 5,000 |
| Gift by a grandparent | 2,500 | 2,500 |
| Gift by any other person | 1,000 | 1,000 |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Rates of tax | |||||
| Standard rate | 20% | 20% | 20% | 20% | 20% |
| Reduced rate (including fuel and power) | 5% | 5% | 5% | 5% | 5% |
| VAT as a fraction of gross price | 1/6 | 1/6 | 1/6 | 1/6 | 1/6 |
| 2020/21 | 2021/22 | 2022/23 | 2023/24 | 2024/25 | |
|---|---|---|---|---|---|
| Annual Turnover Limits | |||||
| Registration | £85,000 | £85,000 | £85,000 | £85,000 | £90,000 |
| Deregistration | £83,000 | £83,000 | £83,000 | £83,000 | £88,000 |
