Online Resources

Our online resources will provide you some basic and useful information in tax and business areas. 

If you need further help on issues relevant to your individual circumstances, please just give us a call. 

Personal Allowance

Every individual resident in the UK is entitled to tax free income each year as follows

Personal Allowance                                   2023/2024    2022/2023   2021/2022

                                                                        £12,570         £12,570        £12,570

Income Tax Rates

2023/2024 current tax year 

Basic Rate – Lowest level of income tax     20% on earnings upto £37,700

Higher Rate – Middle tier of income tax    40% on earnings between £37,701 -   £125,140

Additional Rate – Top rate of income tax  45% on earnings above £125,140

VAT Threshold

VAT Registration threshold – The level of revenue at which you must register for VAT for 2023/2024 is £85,000.

Company Tax Rates                               2023/2024   2022/2023   2021/2022

Small   profit rate – For Companies with     19%              19%               19%

profit up to   £50,000  

Main rate – For Companies with   profit      25%              19%               19%

above £250,000

National Insurance

National Insurance contributions rates for 2023/2024 are as follows:

Class:                                                                    Weekly earnings             Rate

Employer's class 1 above primary threshold       Over £175                    13.8%

Employee's class 1                                                   £242 to £967                12%

Employee's additional class 1                                Over £967                       2%

Married woman's rate*                                          £242 to £967                5.85%

Self-employed class 2 (per week)                                 N/A                         £3.45

Class 3  Voluntary NI (per week) Flat rate                   N/A                         £15.40

Annual profit thresholds

Self-employed class 4                                           £12,570 to £50,270          9%

Self-employed class 4 additional rate                 Over £50,270                   2%

*only available for women who made a valid married woman's election before 11 May 1977.

Self-employed

From April 2016 class 2 NICs will be collected through self-assessment, rather than been paid as a separate direct debit on a monthly or six-monthly basis.