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Writer's pictureUPECO Columnist
Jun 16, 2023

All the tax rates in England

Updated: May 24


We have gathered all the tax rates in England on one page for your convenience. In the related article, you will also find other useful rates such as National Insurance contributions. Save this page to your bookmarks for faster access and track the updates and changes.


Simply find the tax year you are interested in and click to view the rates.



Tax Year 2024/25

Personal Tax-free Allowance (£)

  • Annual personal allowance: £12,570

NOTE: The personal allowance is reduced by £1 for every £2 of income above the £100,000 threshold.

Individual tax rates (%)

  • Basic income: 20%

  • Higher income: 40%

  • Additional income: 45%

Dividends tax rates (%)

  • Basic: 8.75%

  • Higher income: 33.75%

  • Additional income: 39.35%


Employee's National Insurance contribution rates (%)

  • For monthly earnings £1,048 - £4,189: 8%

  • For monthly income above £4,189: 2%


Employer's National Insurance contribution rates (%)

  • For monthly payment above £758: 13.8%

  • For all taxable employee expenses and benefits: 13.8%


Self-employed National Insurance contribution rates (%)

  • Class 2: £3.45/week

  • Class 4 for profits between £12,570 - £50,270/year: 6%

  • Class 4 for profits above £50,270/year: 2%


Corporation Tax rates (CT600) (%)

  1. For profits below £50,000: 19%

  2. For profits between £50,000 - £250,000: 25%*

  3. For profits above £250,000: 25%

2* With entitlement to Marginal Relief.

VAT rates (%)

  • Standard: 20%

  • Reduced: 5%

  • Zero: 0%

See detailed information HERE.

Confirmation Statement filing costs (£)

  • Online filing: £34

  • Postal filing: £62


Business mileage expenses (£)

  • For cars & vans: 45p/mile

  • Motorcycles: 24p/mile

  • Bicycles: 20p/mile


EXPLANATION: The mileage method is a simplified method where instead of tracking each individual expense for vehicles separately, you measure it based on miles. However, there are rules for proper measurement, and a correct record must be maintained.

Tax Year 2023/24

Tax Year 2022/23

Tax Year 2021/22

Tax Year 2020/21


For detailed information and guidance on tax rates and taxation in general, simply arrange an ONLINE meeting below.


 





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ATTENTION!


This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.

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