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ACCOUNTING & TAX
SPECIALIST SERVICES
Accounting and Book keeping
Budgeting and Financial Planning
Company registration and structuring
Self assessment returns and advice
General accounting and tax advice
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Current Tax Rates
Always
check HMRC pages for most up to date rates:
www.hmrc.gov.uk
We have
highlighted key taxes for 2024/25:
Income Tax Rates
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%
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2024/25
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%
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2023/24
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Basic
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20
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up
to £37,700
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20
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up
to £37,700
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Higher
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40
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£37,701
to £125,140
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40
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£37,701
to £150,000
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Additional
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45
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Above
£125,140
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45
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Above
£150,000
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Dividends falling into the basic rate band are taxed at 8.75%
(2023/24 8.75%). The higher rate of tax for dividends is 33.75% (2023/24
33.75%) and the additional rate is 39.35% (2023/24 39.35%).
Personal allowance
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2024/25
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2023/24
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Personal allowance
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£12,570
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£12,570
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Savings allowance (basic rate payer)
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£1,000
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£1,000
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Savings allowance (high rate payer)
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£500
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£500
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Dividend allowance
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£500
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£1,000
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Transferable tax allowance for married couples
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£1,260
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£1,260
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Rent a room relief
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£7,500
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£7,500
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Property Allowance
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£1,000
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£1,000
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Individual Savings Accounts (ISA)
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2024/25
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2023/24
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Annual investment limit
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£20,000
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£20,000
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National Insurance Contributions
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2024/25
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2023/24
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Class 1 (earnings related)
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Lower earnings limit (LEL) (annual)
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£6,396
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£6,396
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Upper earnings limit (UEL) - employees only
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£50,270
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£50,270
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Upper accrual point (UAP) (annual)
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n/a
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n/a
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Earnings threshold (annual)
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■Primary threshold
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£12,570
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£9,880
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■Secondary threshold
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£9,100
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£9,100
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Employee rate (A Rate, Not Contracted-out):
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■Between earnings threshold and UEL
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8.00%
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12.00%
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■Earnings above UEL
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2.00%
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2.00%
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Employer rate:
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■Above earnings threshold
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13.80%
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13.80%
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Employment allowance (per employer)
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£5,000
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£5,000
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Class 2 (self-employed flat rate)
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Per week
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£3.45
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£3.45
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Small earnings exception (per year)
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£6,725
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£6,725
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Class 3 (voluntary) (per week)
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£17.45
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£17.45
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Class 4 (self-employed)
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Lower profits limit LPL (per year)
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£12,570
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£12,570
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Upper profits limit UPL (per year)
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£50,270
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£50,270
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Rate:
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■Between LPL and UPL
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9.00%
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9.00%
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■Above UPL
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2.00%
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2.00%
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Apprentice Levy
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■Annual pay bill over £3m
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0.5%
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0.5%
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National Minimum Wages
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1 Apr 24
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1 Apr 23
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Aged 23 and above
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£11.44
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£10.42
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Aged 21 to 22
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£11.44
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£10.18
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Aged 18 to 20
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£8.60
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£7.49
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Aged under 18
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£6.40
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£5.28
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Apprentices aged under 19
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£6.40
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£5.28
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Apprentices aged 19 and over, 1st year of apprenticeship
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£6.40
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£5.28
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Capital
Gains Tax
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Rates
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2024/25
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2023/24
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Companies
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20%
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20%
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Individuals
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20%/10%
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20%/10%
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Individuals Residential
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24%/18%
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28%/18%
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Reliefs
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2024/25
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2023/24
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Annual gains exemption for individuals
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£3,000
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£6,000
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Chattels proceeds exemption
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£6,000
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£6,000
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Principal
private residence
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100%
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100%
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Inheritance
Tax
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2024/25
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2023/24
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Nil
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Up to £325,000
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Up to £325,000
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40%
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Above £325,000
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Above £325,000
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Any unused nil rate band may be transferred to deceased’s
spouse or civil partner.
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RNLB
allowance
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2024/25
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2023/24
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Residence nil rate band
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£175,000
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£175,000
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Value
Added Tax
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1 Apr 24
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1 Apr 23
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Standard rate
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20%
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20%
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Lower rate
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5%
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5%
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Registration limit –annual turnover above
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£90,000
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£85,000
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Simplified arrangements –annual turnover below
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£1,350,000
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£1,350,000
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Corporation
Tax
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1 Apr 24
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1 Apr 23
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Main rate (above £250k)
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25%
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19%
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Small profits rate (£50k)
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19%
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19%
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Stamp
duty land tax (SDLT)
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Rate payable
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Additional
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Residential
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Rate payable
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Non-residential
or mixed use
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Nil
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3%
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£0-£125k
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Nil
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£0-£150k
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Nil
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3%
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£125,001-£250k*
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2%
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£150,001-£250k
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5%
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8%
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£250,001-£925k
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5%
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Above £250K
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10%
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13%
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£925,001-£1.5m
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12%
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15%
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Above £1.5m
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15%
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Above £500k**
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* 2% and 5% from 1 April 2025 for band £125k to £250k
**Non-natural person, e.g. a company buying a single
residential property.
In addition, rent is taxed at 1% on present value of rent
above £250,000 in the case of the grant of a lease of residential property
(125k from 1 April 2025), and 1% on present value of rents £150k to £5m in
the case of the grant of a lease of non-residential property, 2% above £5m.
First-time buyers with purchase of £650k (500k from 1 Apr
2025) or less, have 0% SDLT on the first £425k (300k
from 1 Apr 2025) and 5% on any excess over £425k (£300k from 1 Apr 2025).
No relief will be available where the total consideration is
more than £650k (500k from 1 Apr 2025).
Call or
email us to discuss your specific needs.
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Accounting and Tax Services
