Income Tax
2022/23
Band
Personal Allowance
Basic rate
Higher rate
Additional rate
Taxable Income
Up to £12,570
£12,571 to £50,270
£50,271 to £150,000
over £150,000
Rate
0%
20%
40%
45%
Savings Income
(Interest on savings)
Income below £17,570
Savings rate - Basic Rate
Savings rate - Higher rate
£5,000
£1,000
£500
Dividend income
Dividend allowance
Dividend ordinary rate
Dividend upper rate
Dividend additional rate
2022/23
£2,000
8.75%
33.75%
39.35%
Income Tax Reliefs
Personal allowance
Personal allowance income limit
6 April 2022 - 5 April 2023
£12,570
£100,000
Individuals Savings Accounts
Overall investment limit
Junior account investment limit
2022/23
£20,000
£9,000
Devolved Income Tax
Scottish rates and bands
Band name
Personal Allowance
Starter Rate
Scottish Basic Rate
Intermediate Rate
Higher Rate
Top Rate
Bands
Up to £12,570
Over £12,571*-£14,732
Over £14,773-£25,688
Over £25,689-£43,662
Over £43,663-£150,000**
Over £150,000**
Rate
0%
19%
20%
21%
41%
46%
* assumes individuals are in receipt of the Standard UK Personal Allowance
** those earning more than £100,000 will see their Personal Allowance reduced by £1 for every £2 earned over £100,000
Welsh rates and bands
Band name
Personal Allowance
Basic rate
Higher rate
Additional rate
Taxable income
Up to £12,570
£12,571-£50,270
£50,271-£150,000
Over £150,000
Tax rate
0%
20%
40%
45%
Capital Gains Tax
Individuals
Exemption
Standard rate
Higher/additional rate
Trusts
Exemptions
Rate
2022/23
£12,300
10%
20%
£6,150
20%
Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest.
Entrepeneurs' Relief and Investors' Relief
The first £10m of qualifying gains are charged at 10%. Gains in excess of the limit are charged at the rates detailed above.
Inheritance Tax
Lifetime rate
Nil
20%
Estate value thresholds
0 - £325,000
Over £325,000
Death rate
Nil
40%
0 - £325,000
Over £325,000
Mileage Allowances
Current rates of mileage costs
Car / van
Motorcycle
Bicycle
First 10,000 miles
£0.45
£0.24
£0.20
Over 10,000 miles
£0.25
£0.24
£0.20
Company Cars: Advisory Fuel Rates - 01/03/2022
Engine Size
1400cc or less
1401cc to 2000cc.
Over 2000cc
Petrol — amount per mile
13p
15p
22p
LPG — amount per mile
8p
10p
15p
Engine Size
1600cc or less
1601cc to 2000cc
Over 2000cc
Diesel - amount per mile
11p
13p
16p
Hybrid cars are treated as either petrol or diesel cars for this purpose
Advisory electricity rate for fully electric cars
Amount per mile : 5p
Electricity is not a fuel for car fuel beneifit purposes
National Insurance
2022/23 Class 1
Earnings per week
6 Apr 22 - 5 Jul 22
Employee
Up to £190
£190-£967
Over £967
6 Jul 22 - 5 Apr 23
Up to £242
£243-967
Over £967
%
Nil
13.25
3.25
Nil
13.25
3.25
%
Employer
Up to £175
Over £967
%
Nil
15.05
Entitlement to contribution-based benefits for employees retained for earnings between £123 and £190 per week.
The employer rate is 0% for employees under 21 and apprentices under 25 on earnings up to £967 per week.
Class 1A (employers)
Class 1B (employers)
Class 2 (self-employed)
Class 3 (voluntary)
Class 4 (self-employed)
15.05% on employee taxable benefits
15.05% on PAYE Settlement Agreements
flat rate per week £3.15
small profits threshold £6,725 per annum
flat rate per week £15.85
10.25% on profits between £9,880-£50,270
Plus 3.25% on profits over £50,270
Selected Rates
Weekly benefit
Basic State Pension
New State Pension
Statutory Pay Standard Rates
Sick Pay
Maternity/Adoption Pay - First 6 weeks
Maternity/Adoption Pay - Remaining Weeks.
Shared Parental Pay
Paternity Pay
2022/23
£
137.60
179.60
- average weekly earnings £s
99.35
90% of the employee’s average weekly earnings
156.66 or 90% of the employee’s average weekly earnings, whichever is lower
156.66 or 90% of the employee’s average weekly earnings, whichever is lower
156.66 or 90% of the employee’s average weekly earnings, whichever is lower
National Living Wage and National Minimum Wage
Age
From 1 April 2021
From 1 April 2022
NLW
£8.91
£9.50 (23+)
21-24
£8.36
£9.18 (21-22)
18-20
£6.56
£6.83
16-17
£4.62
£4.81
Apprentices
£4.30
£4.81
Applies to apprentices under 19, or 19 and over in the first year of apprenticeship. NLW applies to those aged 25 and over
From April 2022 - NLW Now applies to those Aged 23+ (previously was 25+)
Key Dates and Deadlines
Payment Dates
Income Tax and Class 4 NIC
1st payment on account
2nd payment on account
Balancing payment
Class 2 NIC
Capital Gains Tax
Class 1A NIC
06 July
19 July
22 July
2022/23
31st January (for previous tax year)
31st July
31 January
31st January
31st December
for forms P11D and P11D(b), ‘Return of Class 1A National Insurance contributions due’
for receipt of a cheque payment of Class 1A National Insurance contributions through the post
if paying electronically, your payment of Class 1A National Insurance contributions must clear into HMRC’s bank account by 22 July
Corporation Tax - 9 months and one day after the end of accounting period (quarterly instalments if large company)
Returns Filing Deadlines
31 May
6 July
31 October
30 December
31 January 2023
P60s to employees
P11D and P11D(b) and copies to employees
Paper Self Assessment Tax Return (SATR)
SATR Online where outstanding tax (subject to cap) to be included in 2022/23 PAYE code
SATR Online
Corporation Tax Rates
Financial Year 2022-23
Main Rate
Small Profits Rate
Lower Threshold
Upper Threshold
Financial Year 2023-24
Main Rate
Small Profits Rate
Lower Threshold
Upper Threshold
%
19%
N/A
N/A
N/A
25%
19%
£50,000
£250,000
Value Added Tax
Standard rate
Reduced rate
Annual Registration Limit
Annual Deregistration Limit
VAT Flat Rate Scheme
VAT Cash Accounting Scheme
2022/23
20%
5%
£85,000
£83,000
Company Turnover must be £150,000 or less
Company Turnover must be £1.35 million or less