Following the Budget here are the 2024/25 Tax Tables and Rates updated:
If you would like to discuss Tax Planning please call our office: 0114 2630600 and we would be pleased to help

PERSONAL ALLOWANCE 24/25 £12,570
HIGHER RATE BAND 24/25 £50,270 TO £125,140 at 40% AFTER P.A.
ADDITIONAL RATE 24/25 45% > £125,140 AFTER P.A.
INCOME LIMIT PERSONAL ALLOWANCE 24/25 £100,000 (NO PERSONAL ALLOWANCE OVER £125,140)
MARRIAGE ALLOWANCE 24/25 £1,260 AVAILABLE TO TRANSFER BETWEEN COUPLES
COMPANY DIVIDENDS – Basic 24/25 £500 ALLOWANCE THEN 8.75%
COMPANY DIVIDENDS – Higher 24/25 33.75% ON HIGHER RATE & 39.35% ON ADDITIONAL RATE
CORPORATION TAX 24/25 19% ON PROFITS <£50,000
CORPORATION TAX 24/25 26.5% MARGINAL RATE BETWEEN £50,001 & £250,000
CORPORATION TAX 24/25 25% ABOVE £250,001
PERSONAL SAVINGS ALLOWANCE 24/25 £1,000 B.R. & £500 H.R. £0 ADDITIONAL RATE
CAPITAL GAINS TAX ALLOWANCE 24/25 £3,000
CAPITAL GAINS TAX RATES – PROPERTY 24/25 18% BASIC RATE & 24% HIGHER RATE (RESIDENTIAL DISPOSALS)
CAPITAL GAINS TAX RATES – OTHER 24/25 18% BASIC RATE & 24% HIGHER RATE (OTHER DISPOSALS)
CAPITAL GAINS TAX – BAD RELIEF 24/25 10% BUSINESS ASSET DISPOSAL RELIEF (LIFETIME LIMIT £1M)
ISA CONTRIBUTIONS 24/25 £20,000
PENSION CONTRIBUTIONS 24/25 £60,000 (RESTRICTED SEE RULES)
STATE PENSION 24/25 £221.20 WEEKLY / £11,502.40 ANNUAL
PENSION ANNUAL ALLOWOWANCE 24/25 £60,000 contributions
INHERITANCE TAX – IHT 24/25 £325,000 Nil Rate Band
INHERITANCE TAX – IHT 24/25 Residencial Allowance £175,000. Making a couple total of £500,000
INHERITANCE TAX – IHT 24/25 Relief tapers away at £1 for every £2 over £2m
INHERITANCE TAX – IHT 24/25 TAX TATE 40%
INHERITANCE TAX – IHT 24/25 tax rates on gifts 0-3yrs 100%, 3-4yrs 80%, 4-5yrs 60%, 5-6 40%
INHERITANCE TAX – IHT 24/25 Lifetime Gifts £3,000 per doner, £250 per receipient
ANNUAL GIFTS – IHT 24/25 £3,000 TO DIRECT & £250 OTHER
VAT REGISTRATION & MTD 24/25 £90,000 COMPULSARY REGISTRATION & £88,000 DEREGISTRATION
VAT FLAT RATE SCHEME 24/25 £150,000 OR LESS, IF EXCEEDS £230,000 GROSS FLAT RATE EXPIRES
VAT CASH ACCOUNTING SCHEME 24/25 UP TO £1.35m, Must leave scheme when turnover is above £1.60m
CLASS 1 NIC ON PAYROLL -EE 24/25 8% OVER £242.00 P.W. AND 2% OVER £967 P.W.
CLASS 1 NIC ON PAYROLL – ER 24/25 13.8% OVER £175.01 P.W, no limit
CLASS 2 NIC SELF EMPLOYED 24/25 £6,725 SMALL PROFIT TO LOWER LIMIT PROFITS TO £12,570
CLASS 4 NIC SELF EMPLOYED 24/25 6% ON PROFITS FROM £12,570 TO £50,270 THEN 2%
CHILD BENEFIT 24/25 1 – £1,331.20 2 – £2,212.60 (UPTO £60,000 – £80,000 earnings)
HIGH INCOME CHILD BENEFIT CHARGE 24/25 BETWEEN £60,000 and £80,000, on a reducing scale
LANDLORD INTEREST RESTRICTION 24/25 100% on non companies
N.I. EMPLOYERS ALLOWANCE 24/25 £5,000 – (£10,500 for 2025/26)
STAMP DUTY – RESIDENTIAL 24/25 12% FROM £1,500,000
10% FROM £925,001 TO £1,500,000
5% FROM £250,001 TO £925,000
2% FROM £125,001 TO £250,000
0% TO £250,000
0% FIRST TIME BUYERS TO £425,000, but only up to £625,000
STAMP DUTY – SECOND PROPERTY 24/25 5% ADDITIONAL STAMP DUTY
CAPITAL ALLOWANCES 24/25 100% FYA on P&M and Cars of 0g/km – Companies Only
24/25 100% Annual Investment Allowance up to £1m
24/25 100% New Electric Vans
24/25 18% WDA, main pool
24/25 6% Special Rate Pool
NATIONAL MINIMUM WAGE 24/25 OVER 21 £11.44, 18 TO 20 £8.60, 16 TO 17 £6.40

Disclaimer: Information contained in this blog is for demonstration/illustration purposes only and should not be relied upon without professional advice, – 06/11/2024