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2023/24 Rates, Bands & Allowances

August 2023

All information is summarised and is supplied for guidance only. Please see links for more detailed information.


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.

Income Tax

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

For detailed information go to:

National Insurance


13.8% Above £6,396 per year


12% From £12,570 to £50,270 per year
2% Above £50,270

Again, for detailed information go to:

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

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


Pabsco – Bookkeeping & Payroll

March 2020

We are here to provide local Businesses based in Woking, Guildford, Surrey and Surrounding areas with Bookkeeping and Payroll support