Putting the facts at your fingertips
Lower Earnings Limit (LEL)
Monthly
£503
£512
£520
£520
£533
Annual
£6,036
£6,144
£6,240
£6,240
£6,396
Primary Threshold (PT)
(Employees start paying NI)
Monthly
£702
£719
£792
£797
£823
Annual
£8,424
£8,628
£9,500
£9,568
£9,880
£12,570
from 6th July
Secondary Threshold (ST)
(Employers start paying NI)
Monthly
£702
£719
£732
£737
£758
Annual
£8,424
£8,628
£8,784
£8,840
£9,100
Upper Earnings Limit (UEL)
Monthly
£3,863
£4,167
£4,167
£4,189
£4,189
Annual
£46,356
£50,000
£50,000
£50,270
£50,270
Upper Secondary Threshold (UST)
(Employers of employees under 21 don’t pay NI up to this point)
Monthly
£3,863
£4,167
£4,167
£4,189
£4,189
Annual
£46,356
£50,000
£50,000
£50,270
£50,270
Above Secondary Threshold
Employers
13.8%
13.8%
13.8%
13.8%
15.05%
Rate below Upper Secondary Threshold
Employers
Nil
Nil
Nil
Nil
Nil
Class 1A rate on Expenses and Benefits
Employers
13.8%
13.8%
13.8%
13.8%
15.05%
Employment Allowance
Employers
£3,000
£3,000
£4,000
£4,000
£5,000
Between PT and UEL
Employees
12%
12%
12%
12%
13.25%
Above UEL
Employees
2%
2%
2%
2%
3.25%
Small Profits Threshold
Annual
£6,205
£6,365
£6,475
£6,515
£6,725
Rate Payable
Weekly
£2.95
£3.00
£3.05
£3.05
£3.05
Lower Profits Limit (LPL)
Self employed start paying Class 4 NIC’s
£8,428
£8,632
£9,500
£9,568
£9,880
£12,570
from 6th July
Upper Profits Limit (UPL)
Self employed pay a lower rate
£46,350
£50,000
£50,000
£50,270
£50,270
Rate between LPL and UPL
9%
9%
9%
9%
10.25%
Rate above UPL
2%
2%
2%
2%
3.25%
Aged 25 and Over to March 2021
- Aged 23 and above from April 2021
£7.83
£8.21
£8.72
£8.91
£9.50
Aged 21-24 inclusive to March 2021
– Aged 21-22 inclusive from April 2021
£7.38
£7.70
£8.20
£8.36
£9.18
Aged 18-20 inclusive
£5.90
£6.15
£6.45
£6.56
£6.83
Aged under 18 but above school leaving age
£4.20
£4.35
£4.55
£4.62
£4.81
Apprentices aged under 19
£3.70
£3.90
£4.15
£4.30
£4.81
Apprentices aged 19 and over but in first year of apprenticeship
£3.70
£3.90
£4.15
£4.30
£4.81
Personal Allowance (PA) *
£11,850
£12,500
£12,500
£12,570
£12,570
Basic Rate Band Up to
£46,350
£50,000
£50,000
£50,270
£50,270
Higher Rate Band Up to
£150,000
£150,000
£150,000
£150,000
£150,000
*The personal allowance is restricted for adjusted net income above £100k by £1 for every £2 of additional income
Earnings above which No PA Available
£123,700
£125,000
£125,000
£125,140
£125,140
Basic Rate Tax (BRT)
20%
20%
20%
20%
20%
Higher Rate Tax (HRT)
40%
40%
40%
40%
40%
Additional Rate Tax (ART)
45%
45%
45%
45%
45%
Trading Allowance - no tax paid on trading income below this level
£1,000
£1,000
£1,000
£1,000
£1,000
Blind Persons Allowance
£2,390
£2,450
£2,500
£2,520
£2,520
Married Couples Allowance
(Born fefore 6th Apr 1935)
Max
£8,695
£8,915
£9,075
£9,125
£9,415
Min
£3,360
£3,450
£3,510
£3,530
£3,640
MCA is reduced by £1 for every £2 of income exceeding
£28,900
£29,600
£30,200
£30,400
£31,400
Transferable Marriage Allowance
£1,190
£1,250
£1,250
£1,260
£1,260
A spouse or civil partner who is not liable to income tax above the basic rate may transfer their Marriage Allowance to their spouse/civil partner provided that the recipient of the transfer is not liable to income tax above the basic rate. Taxpayers have up to 4 years in which to make the election
Child benefit claimants:
From 7/1/2013, the High Income Child Benefit Tax Charge provisions claw back child benefit when a claimant or their partner’s income exceeds £50,000
De-Minimis Allowance for Self Employed Income
£1,000
£1,000
£1,000
£1,000
£1,000
Personal Savings Allowance
Basic Rate
£1,000
£1,000
£1,000
£1,000
£1,000
Higher Rate
£500
£500
£500
£500
£500
Additional rate
Nil
Nil
Nil
Nil
Nil
Starting Rate Band for Savings
(Reduced £ for £ on income above PA)
£5,000
£5,000
£5,000
£5,000
£5,000
Tax on savings income is calculated by first of all determining the amount of the SRB available (by reference to the taxpayers other income) and then allowing the Personal Savings Allowance (even if no SRB is available)
Dividends Allowance
£2,000
£2,000
£2,000
£2,000
£2,000
Dividend Tax Rate
Basic Rate
7.5%
7.5%
7.5%
7.5%
8.75%
Higher Rate
32.5%
32.5%
32.5%
32.5%
33.75%
Additional rate
38.1%
38.1%
38.1%
38.1%
39.35%
Pension Contribution Limit
Annual
£40,000
£40,000
£40,000
TBC
TBC
Lifetime
£1,030,000
£1,055,000
£1,073,000
TBC
TBC
ISA Investment Limit
£20,000
£20,000
£20,000
£20,000
£20,000
Annual allowance is reduced by £1 for every £2 of income above £150,000 to a minimum allowance of £10,000
Help to Buy ISA
Only avialable on properties with a pucrhase price of upto £250k (£450k in London)
£200/mth
+ £1000
£200/mth
+ £1000
£200/mth
+ £1000
£200/mth
+ £1000
£200/mth
+ £1000
Rent a Room Relief
£7,500
£7,500
£7,500
£7,500
£7,500
Capital Gains Tax annual Exempt Amount
£11,700
£12,000
£12,300
£12,300
£12,300
Standard CGT
Residential Property
18%
18%
18%
18%
18%
Other property
10%
10%
10%
10%
10%
Higher Rate CGT
Residential Property
28%
28%
28%
28%
28%
Other property
20%
20%
20%
20%
20%
Business Assets Disposal (Entrepreneurs) Relief
Rate
10%
10%
10%
10%
10%
Lifetime Allowance
£10m
£10m
until 11/3/2020
£1m
£1m
£1m
Nil Band
£325,000
£325,000
£325,000
£325,000
£325,000
Residence Nil Band (Additional)
£125,000
£150,000
£175,000
£175,000
£175,000
IHT Rate
40%
40%
40%
40%
40%
Lifetime gifts charged to IHT if made within 7 years of death – tax rates taper from 40% to 8% depending on no. years before death that the gift is made
Corporation Tax Rate
19%
19%
19%
19%
19%
Annual Investment Allowance
£1,000,000
£1,000,000
£1,000,000
£1,000,000
£1,000,000
First Year Allowances
100%
100%
100%
100%
100%
WDA – Integral features, long life plant and certain cars (Reducing Balance)
8%
6%
6%
6%
6%
WDA – Structures and Buildings (Reducing Balance)
2%
2%
2%
2%
2%
WDA – Other Plant and Machinery (Reducing Balance)
18%
18%
18%
18%
18%
Changes in the rate of Corporation Tax effective from 1st April 2023 were announced in last years Budget which will see the main rate of Corporation Tax rise to 25% for companies with profits above £250k. For businesses with profits of less than £50k, the rate will remain at 19%, whilst for businesses making profits of between £50k and £250k, a system of tapering relief is introduced to smooth the transition in tax rates to the higher rate.
The budget also introduced special capital allowances of 130% which are available for the same kinds of assets that would have qualified for Annual Investment Allowances. These rates are available for assets purchased between 1st April 2021 and 31st March 2023.
VAT registration threshold
£85,000
£85,000
£85,000
£85,000
£85,000
Standard Rate of VAT
20%
20%
20%
20%
20%
Reduced Rate of VAT
5%
5%
5%
5%
5%
Car/Van
First 10k miles
45p
45p
45p
45p
Over 10k miles
25p
25p
25p
25p
Standard Rate of VAT
First 10k miles
24p
24p
24p
24p
Over 10k miles
24p
24p
24p
24p
Bicycle
20p
20p
20p
20p
Lower Earnings Limit (LEL)
Monthly
£512
£520
£520
£520
Annual
£6,144
£6,240
£6,240
£6,240
Primary Threshold (PT)
(Employees start paying NI)
Monthly
£719
£792
£797
£797
Annual
£8,628
£9,500
£9,568
£9,568
Secondary Threshold (ST)
(Employers start paying NI)
Monthly
£719
£792
£797
£797
Annual
£8,628
£8,784
£8,840
£8,840
Upper Earnings Limit (UEL)
Monthly
£4,167
£4,167
£4,189
£4,189
Annual
£50,000
£50,000
£50,270
£50,270
Upper Secondary Threshold (UST)
(Employers of employees under 21 don’t pay NI up to this point)
Monthly
£4,167
£4,167
£4,189
£4,189
Annual
£50,000
£50,000
£50,270
£50,270
Above Secondary Threshold
Employers
13.8%
13.8%
13.8%
13.8%
Rate below Upper Secondary Threshold
Employers
Nil
Nil
Nil
Nil
Class 1A rate on Expenses and Benefits
Employers
13.8%
13.8%
13.8%
13.8%
Employment Allowance
Employers
£3,000
£4,000
£4,000
£4,000
Between PT and UEL
Employees
12%
12%
12%
12%
Above UEL
Employees
2%
2%
2%
2%
Small Profits Threshold
Annual
£6,365
£6,475
£6,515
£6,515
Rate Payable
Weekly
£3.00
£3.05
£3.05
£3.05
Lower Profits Limit (LPL)
Self employed start paying Class 4 NIC’s
£8,632
£9,500
£9,568
£9,568
Upper Profits Limit (UPL)
Self employed pay a lower rate
£50,000
£50,000
£50,270
£50,270
Rate between LPL and UPL
9%
9%
9%
9%
Rate above UPL
2%
2%
2%
2%
Aged 25 and Over to March 2021
- Aged 23 and above from April 2021
£8.21
£8.72
£8.91
£8.91
Aged 21-24 inclusive to March 2021
– Aged 21-22 inclusive from April 2021
£7.70
£8.20
£8.36
£8.36
Aged 18-20 inclusive
£6.15
£6.45
£6.56
£6.56
Aged under 18 but above school leaving age
£4.35
£4.55
£4.62
£4.62
Apprentices aged under 19
£3.90
£4.15
£4.30
£4.30
Apprentices aged 19 and over but in first year of apprenticeship
£3.90
£4.15
£4.30
£4.30
Personal Allowance (PA) *
£12,500
£12,500
£12,570
£12,570
Basic Rate Band Up to
£50,000
£50,000
£50,270
£50,270
Higher Rate Band Up to
£150,000
£150,000
£150,000
£150,000
*The personal allowance is restricted for adjusted net income above £100k by £1 for every £2 of additional income
Earnings above which No PA Available
£125,000
£125,000
£125,140
£125,140
Basic Rate Tax (BRT)
20%
20%
20%
20%
Higher Rate Tax (HRT)
40%
40%
40%
40%
Additional Rate Tax (ART)
45%
45%
45%
45%
Transferable Marriage Allowance
£1,250
£1,250
£1,250
£1,250
Blind Persons Allowance
£2,450
£2,500
£2,520
£2,520
Married Couples Allowance
(Born fefore 6th Apr 1935)
Max
£8,915
£9,075
£9,125
£9,125
Min
£3,450
£3,510
£3,530
£3,530
MCA is reduced by £1 for every £2 of income exceeding
£29,600
£30,200
£30,400
£30,400
Transferable Marriage Allowance
£1,250
£1,250
£1,250
£1,250
A spouse or civil partner who is not liable to income tax above the basic rate may transfer their Marriage Allowance to their spouse/civil partner provided that the recipient of the transfer is not liable to income tax above the basic rate. Taxpayers have up to 4 years in which to make the election
Child benefit claimants:
From 7/1/2013, the High Income Child Benefit Tax Charge provisions claw back child benefit when a claimant or their partner’s income exceeds £50,000
De-Minimis Allowance for Self Employed Income
£1,000
£1,000
£1,000
£1,000
Personal Savings Allowance
Basic Rate
£1,000
£1,000
£1,000
£1,000
Higher Rate
£500
£500
£500
£500
Additional rate
Nil
Nil
Nil
Nil
Starting Rate Band for Savings
(Reduced £ for £ on income above PA)
£5,000
£5,000
£5,000
£5,000
Tax on savings income is calculated by first of all determining the amount of the SRB available (by reference to the taxpayers other income) and then allowing the Personal Savings Allowance (even if no SRB is available)
Dividends Allowance
£2,000
£2,000
£2,000
£2,000
Dividend Tax Rate
Basic Rate
7.5%
7.5%
7.5%
7.5%
Higher Rate
32.5%
32.5%
32.5%
32.5%
Additional rate
38.1%
38.1%
38.1%
38.1%
Pension Contribution Limit
Annual
£40,000
£40,000
TBC
TBC
Lifetime
£1,055,000
£1,073,000
TBC
TBC
ISA Investment Limit
£20,000
£20,000
£20,000
£20,000
Annual allowance is reduced by £1 for every £2 of income above £150,000 to a minimum allowance of £10,000
Help to Buy ISA
£200/mth
+ £1000
£200/mth
+ £1000
N/A
N/A
Rent a Room Relief
£7,500
£7,500
TBC
TBC
Capital Gains Tax annual Exempt Amount
£12,000
£12,300
TBC
TBC
Standard CGT
Residential Property
18%
18%
TBC
TBC
Other property
10%
10%
TBC
TBC
Higher Rate CGT
Residential Property
28%
28%
TBC
TBC
Other property
20%
20%
TBC
TBC
Business Assets Disposal (Entrepreneurs) Relief
Rate
10%
10%
TBC
TBC
Lifetime Allowance
£10m
until 11/3/2020
£1m
£1m
£1m
Nil Band
£325,000
£325,000
£325,000
£325,000
Residence Nil Band (Additional)
£150,000
£175,000
£175,000
£175,000
IHT Rate
40%
40%
40%
40%
Lifetime gifts charged to IHT if made within 7 years of death – tax rates taper from 40% to 8% depending on no. years before death that the gift is made
Corporation Tax Rate
19%
19%
19%
19%
Annual Investment Allowance
£1,000,000
£1,000,000
£1,000,000
£1,000,000
First Year Allowances
100%
100%
100%
100%
WDA – Integral features, long life plant and certain cars (Reducing Balance)
6%
6%
6%
6%
WDA – Structures and Buildings (Reducing Balance)
2%
2%
2%
2%
WDA – Other Plant and Machinery (Reducing Balance)
18%
18%
18%
18%
Changes in the rate of Corporation Tax effective from 1st April 2023 were recently announced in the Budget which will see the main rate of Corporation Tax rise to 25% for companies with profits above £250k. For businesses with profits of less than £50k, the rate will remain at 19%, whilst for businesses making profits of between £50k and £250k, a system of tapering relief is introduced to smooth the transition in tax rates to the higher rate.
The budget also introduced special capital allowances of 130% which are available for the same kinds of assets that would have qualified for Annual Investment Allowances
VAT registration threshold
£85,000
£85,000
£85,000
£85,000
Standard Rate of VAT
20%
20%
20%
20%
Reduced Rate of VAT
5%
5%
5%
5%
Car/Van
First 10k miles
45p
45p
45p
45p
Over 10k miles
25p
25p
25p
25p
Standard Rate of VAT
First 10k miles
24p
24p
24p
24p
Over 10k miles
24p
24p
24p
24p
Bicycle
20p
20p
20p
20p