‘Other income’ |
Savings income |
Dividend income |
||
Basic Rate |
£1 - £37,700 |
20% |
20% |
8.75 |
Higher Rate |
£37,701 - £125,140 |
40% |
40% |
33.75 |
Additional Rate |
Over £125,140 |
45% |
45% |
39.35 |
2024/25 |
2023/24 |
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Starter rate |
£1 - £2,306 |
19% |
£1 - £2,162 |
19% |
Basic rate |
£2,307 - £13,991 |
20% |
£2,163 - £13,118 |
20% |
Intermediate rate |
£13,992 - £31,092 |
21% |
£13,119 - £31,092 |
21% |
Higher rate |
£31,093 - £62,430 |
42% |
£31,093 - £125,140 |
42% |
Advanced rate |
£62,431 - £125,140 |
45% |
||
Top rate |
Over £125,140 |
48% |
Over £125,140 |
47% |
2024/25 |
2023/24 |
|
Child benefit ‘high-income’ threshold |
£60,000 |
£50,000 |
Income level at which child benefit is fully clawed back |
£80,000 |
£60,000 |
1 April 2024 – 31 March 2025 |
1 April 2023 – 31 March 2024 |
|
Age 23 and over |
£10.42 |
|
Age 21 and over |
£11.44 |
|
21-22 year old rate |
£10.18 |
|
18-20 year old rate |
£8.60 |
£7.49 |
16-17 year old rate |
£6.40 |
£5.28 |
Apprentice rate |
£6.40 |
£5.28 |
Financial year to 31 March 2025 |
|
Main Rate |
25% |
Small Profits Rate |
19% |
Lower Threshold |
£50,000 |
Upper Threshold |
£250,000 |
Marginal relief fraction |
3/200 |
Effective marginal relief rate |
26.5% |
DATE |
WHAT'S DUE |
19 March |
Employer PAYE & NIC deductions, and CIS return and tax, for the month to 5/3/24 (due 22/3 if you pay electronically) |
1 April |
Corporation tax payment for the year to 30/6/23 (unless quarterly instalments apply) |
5 April |
End of the 2023/24 tax year – many tax planning actions need to have been taken by this date |
6 April |
Start of the 2024/25 tax year |
19 April |
Employer PAYE & NIC deductions, and CIS return and tax, for the month to 5/4/24 (due 22/4 if you pay electronically) |
30 April |
Annual Tax on Enveloped Dwellings (ATED) returns and payment for the chargeable period starting on 1 April 2024 |
Location |
Registered as Auditors and regulated for a range of investment business activities in the United Kingdom by the Association of Chartered Certified Accountants Copyright@2018 Mayes Business Partnership Ltd 1974-2024
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