J. D. Gardiner & Co., Corby Enterprise Centre
London Road, Corby, Northants, NN17 5EU
Telephone: 01536 201019
J. D. Gardiner & Co.
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Tax Card

Key Dates

Key dates in 2023/2024 for personal Self Assessment tax payers
31 January 2024 Deadline a taxpayer to submit online their 2022/2023 self assessment tax return. It is also the date by which they will be required to settle their 2022/2023 balancing payment and make the first payment on account in respect of 2023/2024.
31 July 2023 The date by which the second payment on account in respect of 2022/2023 must be paid. Taxpayers should consider electing to reduce POA's if last year's income has dropped.
5 October 2023 Deadline for notifying HMRC of new sources of income unless a 2022/2023 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners.
31 October 2023 Deadline for submission to HMRC of a paper tax return for 2022/2023.
30 December 2023 Deadline for e-filing the tax return where the taxpayer requires the 2022/2023 balancing payment to be collected through next year's tax code (less than £2,000).
6 April 2026 Self-employed and landlords with annual incomes in excess of £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules.
6 April 2027 Self-employed and landlords with annual incomes between £30,0000 and £50,000 are mandated to comply with the HMRC's MTD for Income Tax rules.

National minim Wage

National Minimum Wage Hourly rate From 01-04-23 From 01-04-22 From 01-04-21 From 01-04-20
Aged 23 above (National Living Wage) £10.42 £9.50 £8.91 £8.72
Aged 21 to 22 inclusive £10.18 £9.18 £8.36 £8.20
Aged 18 to 20 inclusive £7.49 £6.83 £6.56 £6.45
Aged under 18. but above compulsory school leaving age £5.28 £4.81 £4.62 £4.55
Apprentices aged under 19 £5.28 £4.81 £4.30 £4.15
Apprentices aged 19 and over in the first year of apprenticeship £5.28 £4.81 £4.30 £4.15

 

Income Tax

Income Tax Rates: England, Wales & NI 2023-2024 2022-2023 2021-2022 2020-2021
Starter rate for savings 10% 10% 10% 10%
Basic tax rate 20% 20% 20% 20%
Higher tax rate 40% 40% 40% 40%
Additional tax rate 45% 45% 45% 45%
Basic rate band (above personal allowance) £0 - £37,700 £0 - £37,700 £0 - £37,500 £0 - £37,500
Higher rate band £37,701 - £125,410 £37,701 - £150,000 £37,501 - £150,000 £37,501 - £150,000
Additional rate band Over £125,410 Over £150,000 Over £150,000 Over £150,000

 

Income Tax Rates: Scotland 2023-2024 2022-2023 2021-2022 2020-2021
Starter tax rate 19% 19% 19% 19%
Basic tax rate 20% 20% 20% 20%
Intermediate tax rate 21% 21% 21% 21%
Higher tax rate 42% 41% 41% 41%
Top tax rate 47% 46% 46% 46%
Starter tax rate band (above personal allowance) £0 - £2,162 £0 - £2,162 £0 - £2,097 £0 - £2,085
Basic tax rate band £2,163 - £13,118 £2,163 - £13,118 £2,098 - £12,726 £2,086 - £12,658
Intermediate tax rate band £13,119 - £31,092 £13,119 - £31,092 £12,727 - £31,092 £12,659 - £30,930
Higher rate band £31,093 - £125,410 £31,093 - £150,000 £31,093 - £150,000 £30,931 - £150,000
Top tax rate band Over £125,410 Over £150,000 Over £150,000 Over £150,000

Taxpayers earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000.

Income on Savings: Restricted to other
income of less than £17,500
2023-2024 2022-2023 2021-2022 2020-2021
Starting rate for savings 0% 0% 0% 0%
Starting rate band for savings £0 - £5,000 £0 - £5,000 £0 - £5,000 £0 - £5,000

 

Income on Dividends 2023-2024 2022-2023 2021-2022 2020-2021
Allowance for tax-free dividends (Next year: Reduced to £500) £1,000 £2,000 £2,000 £2,000
Tax on dividends at Basic Effective Rate 8.75% 8.75% 7.50% 7.50%
Tax on dividends at Higher Effective Rate 33.75% 33.75% 32.50% 32.50%
Tax on dividends at Additional Effective Rate 39.35% 39.35% 38.10% 38.10%

Personal Allowances

Personal Allowances 2023-2024 2022-2023 2021-2022 2020-2021
Standard payroll tax code 1257L 1257L 1257L 1250L
Personal allowance (1) £12,570 £12,570 £12,570 £12,500
Income limit for Personal Allowance £100,0000 £100,0000 £100,0000 £100,0000
Marriage Allowance (Tfrs between couples) £1,260 £1,260 £1,260 £1,250
Marriage Allowance: Lower earner's limit £12,570 £12,570 £12,570 £12,500
Max Married Couples Allowance (2) £10,375 £9,415 £9,125 £9,075
Min Married Couples Allowance (2) £4,010 £3,640 £3,530 £3,510
Income limit for Married Couples Allowance (2) £31,400 £31,400 £30,400 £30,200
Blind person's allowance £2,870 £2,600 £2,500 £2,500
Dividend allowance (to be reduced to £500 in Apr 2024) £1,000 £2,000 £2,000 £2,000
Personal Savings Allowance (Basic Rate Taxpayer) £1,000 £1,000 £1,000 £1,000
Personal Savings Allowance (Higher Rat Taxpayer) £500 £500 £500 £500
Individual Saving Account (ISA) - Overall annual limit £20,000 £20,000 £20,000 £20,000
Individual Saving Account (ISA) - Junior account limit £9,000 £9,000 £9,000 £9,000
Personal Annual Pension Allowance 100% of salary up to: £40,000 £40,000 £40,000 £40,000
Permitted pension contributions (irrespective of salary) £4,000 £4,000 £4,000 £4,000
Rent-a-room maximum £7,500 £7,500 £7,500 £7,500
High income child benefit charge threshold (3) £50,000 £50,000 £50,000 £50,000
Micro-entrepreneurs allowances £1,000 £1,000 £1,000 £1,000

Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit down to zero. This reduction applies to all people irrespective of age or date of birth.

Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £31,400, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%.

Note 3: Charge of 1% of the child benefit per £100 of adjusted net income over £50,000; 100% of the child benefit withdrawn when adjusted net income reaches £60,000.

State Pension (from 6th April) 2023-2024 2022-2023 2021-2022 2020-2021
Old State Pension: Single allowance per week £156.20 £141.85 £137.60 £134.25
New State Pension (applies to those reaching
retirement age after 5 April 2016)
£203.85 £185.15 £179.60 £175.20

National Insurance Tax

National Insurance Class 1 2023-2024 2022-2023 2021-2022 2020-2021
Employee's Earnings Limits Weekly-Monthly-Yearly Weekly-Monthly-Yearly Weekly-Monthly-Yearly Weekly-Monthly-Yearly
- Lower earnings limit (LEL)
The minimum level of earnings employees need to qualify for benefit including State Pension.
£123 - £533 - £6,396 £123 - £533 - £6,396 £120 - £520 - £6,240 £120 - £520 - £6,240
- Primary threshold (PT)
The level of earnings above which employees Class 1 contributions become payable.
£242 - £1,048 - £12,570 £242 - £1,048 - £12,570
(£190 - £823 - £9,880)
(06-Apr-22 to 05-Jul-22)
£184 - £797 - £9,568 £183 - £792 - £9,500
- Secondary threshold (ST)
The level of earnings above which employers Class 1 contributions become payable.
£175 - £758 - £9,100 £175 - £758 - £9,100 £170 - £737 - £8,840 £169 - £732 - £8,788
- Upper earnings limit (UEL)
Employees do not pay Class 1 contributions above this level.
£967 - £4,189 - £50,270 £967 - £4,189 - £50,270 £967 - £4,189 - £50,270 £962 - £4,167 - £50,024

People stop paying Class 1 and Class 2 contributions when they reach State Pension Age, which is determined by gender and date of birth.

Employers Allowance 2023-2024 2022-2023 2021-2022 2020-2021
Employer's Allowance £5,000 £4,000 £4,000 £3,000

 

National Insurance
Employee's Class 1
2023-2024 2022-2023 2021-2022 2020-2021
- Primary rate from PT to UEL 12% 12%
(13.25%)
(06-Apr-22 to 05-Nov-22)
12% 12%
- Above UEL 2% 2%
(3.25%)
(06-Apr-22 to 05-Nov-22)
2% 2%

 

National Insurance
Employer's Class 1 rates
2023-2024 2022-2023 2021-2022 2020-2021
- Primary rate above ST 13.8% 13.8%
(15.05%)
(06-Apr-22 to 05-Nov-22)
13.8% 13.8%

 

National Insurance
Employer's Class 1A rates on B-I-K
2023-2024 2022-2023 2021-2022 2020-2021
Employer's Class 1A NI rates on B-I-K 13.8% 15.05% 13.8% 13.8%

 

National Insurance
Class 2
2023-2024 2022-2023 2021-2022 2020-2021
Self-employed National Insurance        
- on annual earnings over £6,725 £6,725 £6,515 £6,475
- weekly contribution £3.45 £3.15 £3.05 £3.05
- maximum annual contribution £179.40 £163.80 £158.60 £158.60

 

National Insurance
Class 3
2023-2024 2022-2023 2021-2022 2020-2021
Voluntary contributions:        
- weekly contribution £17.45 £15.85 £15.40 £15.30
- annual contribution £907.40 £824.20 £800.80 £795.60

 

National Insurance
Class 4
2023-2024 2022-2023 2021-2022 2020-2021
Self-employed National Insurance on taxable profits between:        
- Lower limit (LL) £11,908 £9,880 £9,568 £9,500
- Upper limit (UL) £50,270 £50,270 £50,270 £50,000
- Rate applied to earnings above LL to UL 10.25% 10.25% 9% 9%
- Rate applied to earnings above UL 3.25% 2% 2% 2%
- Maximum payable £4,140 + 2% £4,140 + 2% £3,663 + 2% £3,645 + 2%

Capital Gains Tax

Capital Gains Tax 2023-2024 2022-2023 2021-2022 2020-2021
Annual exempt amount:        
 - Individuals & personal representatives (Next year: £3,000) £6,000 £12,300 £12,300 £12,300
 - Trustees (Next year: £1,500) £3,000 £6,150 £6,150 £6,150
Taxed at Basic and Standard Rate 10% 10% 10% 10%
Taxed at Higher and Additional Rate 20% 20% 20% 20%
Gains qualifying for Business Asset Disposal Relief 10% 10% 10% 10%
Gains on residential properties as a basic rate taxpayer 18% 18% 18% 18%
Gains on residential properties as a higher rate taxpayer 28% 28% 28% 28%

Note 1: Business Asset Disposal Relief available at 10% with a lifetime limit of £1m from 11 March 2020 (Previously £10m).

Inheritance Tax

Inheritance Tax 2023-2024 2022-2023 2021-2022 2020-2021
 No tax charge arises up to: £325,000 £325,000 £325,000 £325,000
Taxed above £325,000 at: 40% 40% 40% 40%
Lifetime transfers to most trusts: 20% 20% 20% 20%
Main exempt lifetime gifts        
Small gifts (per recipient): £250 £250 £250 £250
Parent's gift on marriage: £5,000 £5,000 £5,000 £5,000
Grandparent's gift on marriage: £2,500 £2,500 £2,500 £2,500
Gifts (per donor): £3,000 £3,000 £3,000 £3,000

Note 1: Each individual has a tax-free gift allowance of £3,000 per annum. This means that a donor can give £3,000 in any one tax year without tax implications. Anything larger than £3,000 will be considered a ‘Potentially Exempt Transfer’ (PET) and may be subject to inheritance tax should the donor fail to survive seven years from the date the gift is made.

Note 2: Tapering relief is given in respect of gifts made between three and seven years before death as follows:

Survival Years 0-3 3-4 4-5 5-6 6-7 Over 7
Taper relief 0% 20% 40% 60% 80% 100%
Effective IHT Rate 40% 32% 24% 16% 8% 0%

Stamp Duty

Residential Property Stamp Duty England & NI
SDLT
Scotland
LBTT
Wales
LTT
 
£0 - £125,000 Nil Nil Nil  
£125,000 - £145,000 2% Nil Nil  
£145.000 - £180,000 2% 2% Nil  
£180,000 - £250,000 2% 2% 3.5%  
£250,000 - £325,000 5% 5% 5%  
£325,000 - £400,000 5% 10% 5%  
£400,000 - £750,000 5% 10% 7.5%  
£750,000 - £925,000 5% 12% 10%  
£925,000 - £1.5m 10% 12% 10%  
Above £1.5m 12% 12% 12%  
In England and Northern Ireland there is a 3% (4% for Scotland) supplementary charge for additional residential properties above £40,000.
In England and Northern Ireland first time buyer are pay nothing for purchases up to £300,000 and then 5% from £300,001 to £500,000.
In Scotland first time buyers pay nothing on the first £175,000.

Corporation Tax

Corporation Tax From 01-04-23 From 01-04-22 From 01-04-21 From 01-04-20
Main rate: 25% 19% 19% 19%
Loans to participators 33.75% 33.75% 32.5% 32.5%

Note 1: From 2023-24, the main rate will be 25%. A small profits rate of 19% will apply to profits up to £50,000. The effective rate will increase from 19% to 25% on profits between £50,000 and £250,000.

VAT Registration Limits

VAT thresholds and limits Registration
threshold
Deregistration
limit
from 1 Apr 2017 to date £85,000 £83,000
01 Apr 16 to 31 Mar 17 £83,000 £81,000
01 Apr 15 to 31 Mar 16 £82,000 £80,000
01 Apr 14 to 31 Mar 15 £81,000 £79,000
01 Apr 13 to 31 Mar 14 £79,000 £77,000
01 Apr 12 to 31 Mar 13 £77,000 £75,000
01 Apr 11 to 31 Mar 12 £73,000 £71,000

Mileage Allowances

Mileage Rates to be used for privately owned vehicles from 6 April 2011 First
10,000 miles
Above
10,000 miles
Cars and vans 45p 25p
Motorcycles 24p 24p
Cycles 20p 20p

Van benefits

Van Benefits
2023-2024
2022-2023
2021-2022
2020-2021
         
Van benefit
£3,960
£3,600
£3,500
£3,490
Zero-emission van benefit
-
-
-
£2,792
Fuel benefit
£757
£688
£669
£666

 

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