All information is summarised and is supplied for guidance only. Please see links for more detailed information.
VAT
Standard Rate 20%
Threshold over £85,000 for 12 consecutive months
Turnover to join VAT Cash Accounting scheme to be less than £1.35 million.
https://www.gov.uk/topic/business-tax/vat
Income Tax
Rate
20% Up to £37,700 per year Basic Rate
40% From £37,701 to £125,140 Higher Rate
45% Above £125,140 Additional rate
Personal Allowance
£12,570
For detailed information go to:
https://www.gov.uk/income-tax-rates
National Insurance
Employers
13.8% Above £6,396 per year
Employees
12% From £12,570 to £50,270 per year
2% Above £50,270
Again, for detailed information go to:
https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2023-to-2024
Dividend Tax
8.75% Basic Rate Tax Payers
33.75% Higher Rate Tax Payers
39.35% Additional Rate Tax Payers
Dividend Tax Free Allowance £1,000
https://www.gov.uk/tax-on-dividends
Corporation Tax
19% small profits rate for profits of up to £50,000
25% for profits over £250,000
Between £50K and £250K tax is calculated using a marginal relief calculation
https://www.gov.uk/corporation-tax-rates
