Tax Card 2022/2023
Income Tax
Income Tax Rates: England, Wales & NI |
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
| Basic tax rate | 20 |
20 |
20 |
20 |
| Higher tax rate | 40 |
40 |
40 |
40 |
| Additional tax rate | 45 |
45 |
45 |
45 |
| Basic rate band (above personal allowance) | £0 - £37,700 |
£0 - £37,700 |
£0 - £37,500 |
£0 - £37,500 |
| Higher rate band | £37,701 to £150,000 |
£37,701 to £150,000 |
£37,501 to £150,000 |
£37,501 to £150,000 |
| Additional rate band | Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Income Tax Rates: Scotland on non-dividends and non-savings income
|
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
| Starter tax rate | 19 |
19 |
19 |
19 |
| Basic tax rate | 20 |
20 |
20 |
20 |
| Intermediate tax rate | 21 |
21 |
21 |
21 |
| Higher tax rate | 41 |
41 |
41 |
41 |
| Top tax rate | 46 |
46 |
46 |
46 |
| Starter tax rate band (above personal allowance) | £0 - £2,162 |
£0 - £2,097 |
£0 - £2,085 |
£0 - £2,049 |
| Basic tax rate band | £2,163 - £13.118 |
£2,098 - £12.726 |
£2,086 - £12,658 |
£2,050 - £12,444 |
| Intermediate tax rate band | £13,119 £31,092 |
£12,727 £31,092 |
£12,659 - £30,930 |
£12,445 - £30,930 |
| Higher rate band | £31,093 to £150,000 |
£31,093 to £150,000 |
£30,931 to £150,000 |
£30,931 to £150,000 |
| Top tax rate band | Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Income on Savings: Restricted to other income of less than £17,500
|
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
| Starting rate for savings | 0 |
0 |
0 |
0 |
| Starting rate band for savings | £0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
£0 - £5,000 |
Income on Dividends: |
2022-2023
% |
2021-2022
% |
2020-2021
% |
2019-2020
% |
| Allowance for tax-free dividends | £2,000 |
£2,000 |
£2,000 |
£2,000 |
| Tax on dividends at Basic Effective Rate | 8.75 |
7.5 |
7.5 |
7.5 |
| Tax on dividends at Higher Effective Rate | 33.75 |
32.5 |
32.5 |
32.5 |
| Tax on dividends at Additional Effective Rate | 39.35 |
38.1 |
38.1 |
38.1 |
Personal Allowances
Personal
allowances
|
2022-2023
|
2021-2022
|
2020-2021
|
2019-2020
|
| Standard payroll tax code | 1257L |
1257L |
1250L |
1250L |
| Personal allowance (1) | £12,570 |
£12,570 |
£12,500 |
£12,500 |
| Income limit for Personal Allowance | £100,0000 |
£100,0000 |
£100,0000 |
£100,0000 |
| Marriage Allowance (Tfrs between couples) | £1,260 |
£1,260 |
£1,250 |
£1,250 |
| Marriage Allowance: To benefit - Lower earner's limit | £12,500 |
£12,500 |
£12,500 |
£12,500 |
| Max Married Couples Allowance (2) | £9,075 |
£9,075 |
£9,075 |
£8,915 |
| Min Married Couples Allowance (2) | £3,510 |
£3,510 |
£3,510 |
£3,450 |
| Income limit for Married Couples Allowance (2) | £30,200 |
£30,200 |
£30,200 |
£29,600 |
| Blind person's allowance | £2,600 |
£2,500 |
£2,500 |
£2,450 |
| Dividend allowance (3) | £2,000 |
£2,000 |
£2,000 |
£2,000 |
| Personal Savings Allowance (Basic Rate Taxpayer) | £1,000 |
£1,000 |
£1,000 |
£1,000 |
| Personal Savings Allowance (Higher Rat Taxpayer) | £500 |
£500 |
£500 |
£500 |
| Individual Saving Account (ISA) - Overall annual limit | £20,000 |
£20,000 |
£20,000 |
£20,000 |
| Individual Saving Account (ISA) - Junior account limit | £9,000 |
£9,000 |
£9,000 |
£4,368 |
Personal Annual Pension Allowance 100% of salary up to: | £40,000 |
£40,000 |
£40,000 |
£40,000 |
| Permitted pension contributions (irrespective of salary) | £4,000 |
£4,000 |
£4,000 |
£4,000 |
| Note 1: Where income is above £100,000 the Personal Allowance reduces by £1 for every £2 of income above the £100,000 limit. It can go down to zero. This reduction applies to all people irrespective of age or date of birth. | ||||
| Note 2: The Married Couples allowances applies to those born before 6 April 1935. The allowance reduces by £1 for every £2 of income above the specified income limit of £27,700, but never falls below the minimum amount specified above. Tax relief for the Married Couples Allowance is given at 10%. | ||||
| Note 3: From April 2016, the dividend tax credit system was withdrawn. Instead, individuals will be given an annual tax-free allowance. | ||||
State Pension
(from 6th April) |
2022-2023
|
2021-2022
|
2020-2021
|
2018-2019
|
| Old State Pension - Single allowance | £137.65 |
£137.65 |
£134.25 |
£129.20 |
| New State Pension (applies to those reaching retirement age after 5 April 2016) | £179.60 |
£179.60 |
£175.20 |
£168.60 |
Key Dates
Key dates in 2022/23 for personal Self Assessment tax payers |
|
| 31 January 2023 | Deadline for submitting online your 2021/2022 self assessment tax return. It is also the date by which the tax payer will be required to settle the 2021/2022 balancing payment and make the first payment on account in respect of 2022/2023. |
| 31 July 2022 | The date by which the second payment on account in respect of 2021/2022 must be paid. Consider reducing POA's if last year's income has dropped. |
| 5 October 2022 | Deadline for notifying HMRC of new sources of income unless a 2021/2022 tax return has already been issued. Complete form CWF1 for self employment, form SA1 for non self-employed income, or form SA401 for partners. |
| 31 October 2022 | Deadline for submission to HMRC of a paper tax return for 2021/2022. |
| 30 December 2022 | Deadline for e-filing the tax return where the tax payer requires the 2021/2022 balancing payment to be collected through next year’s tax code (less than £2,000). |
Capital Gains Tax
Capital
Gains Tax |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
| Annual exempt amount: | ||||
| - Individuals etc | £12,300 |
£12,300 |
£12,300 |
£12,000 |
| - Other Trustee | £6,150 |
£6,150 |
£6,150 |
£6,000 |
| - Taxed at Standard Rate | 10% |
10% |
10% |
10% |
| - Taxed at Higher Rate | 20% |
20% |
20% |
20% |
|
||||
Inheritance Tax
Inheritance
Tax |
2022-23
£ |
2021-22
£ |
2020-21
£ |
2019-20
£ |
| No tax charge arises up to: | £325,000 |
£325,000 |
£325,000 |
£325,000 |
| Taxed above £325,000 at: | 40% |
40% |
40% |
40% |
| Lifetime transfers to most trusts: | 20% |
20% |
20% |
20% |
| Main exempt lifetime gifts | Small gifts (per recipient): | £250 |
£250 |
£250 |
£250 |
| Parent's gift on marriage: | £5,000 |
£5,000 |
£5,000 |
£5,000 |
| Grandparent's gift on marriage: | £2,500 |
£2,500 |
£2,500 |
£2,500 |
| Gifts (per donor): | £3,000 |
£3,000 |
£3,000 |
£3,000 |
|
||||
Stamp Duty
Residential Property Stamp Duty |
England & NI
SDLT |
Scotland
LBTT |
Wales
LTT |
| £0 - £125,000 | Nil |
Nil |
Nil |
| £125,000 - £145,000 | 2% |
Nil |
Nil |
| £145.000 - £180,000 | 2% |
2% |
Nil |
| £180,000 - £250,000 | 2% |
2% |
3.5% |
| £250,000 - £325,000 | 5% |
5% |
5% |
| £325,000 - £400,000 | 5% |
10% |
5% |
| £400,000 - £750,000 | 5% |
10% |
7.50% |
| £750,000 - £925,000 | 5% |
12% |
10% |
| £925,000 - £1.5m | 10% |
12% |
10% |
| Above £1.5m | 12% |
12% |
12% |
|
|||
National Insurance Contributions
National Insurance Class 1 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
| Class 1 Men over 65, Women over 60, and children under 16 do not pay Class 1 contributions. |
|||
| Employee's Earnings Limits | Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
Weekly - Monthly - Yearly |
| - Lower earnings limit (LEL) The minimum level of earnings employees need to qualify for benefit including State Pension. |
£123 - £533 - £6,396 |
£120 - £520 - £6,240 |
£120 - £520 - £6,240 |
| - Primary threshold (PT) The level of earnings above which employees Class 1 contributions become payable. |
£190 - £823 - £9,880 |
£184 - £797 - £9,568 |
£183 - £792 - £9,500 |
| - Secondary threshold (ST) The level of earnings above which employers Class 1 contributions become payable. |
£175 - £758 - £9,100 |
£170 - £737 - £8,840 |
£169 - £732 - £8,788 |
| - Upper earnings limit (UEL) Employees do not pay Class 1 contributions above this level. |
£967 - £4,189 - £50,270 |
£967 - £4,189 - £50,270 |
£962 - £4,167 - £50,024 |
| Employer's Allowance | £4,000 |
£4,000 |
£3,000 |
| Employee's Class 1 NI rates | |||
| - Primary rate from PT to UEL | 13.25% |
12% |
12% |
| - Above UEL | 3.25% |
2% |
2% |
| Employer's Class 1 NI rates | |||
| - Primary rate above ST | 15.05% |
13.8% |
13.8% |
| Employer's Class 1A NI rates on B-I-K | 15.05% |
13.8% |
13.8% |
National
Insurance Class 2 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
| Self-employed National Insurance | ||||
| - on annual earnings over | £6,725 |
£6,515 |
£6,475 |
£6,365 |
| - weekly contribution | £3.15 |
£3.05 |
£3.05 |
£3.00 |
| - maximum annual contribution | £163.80 |
£158.60 |
£158.60 |
£156.00 |
National
Insurance Class 3 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
| Voluntary contributions: | ||||
| - weekly contribution | £15.85 |
£15.40 |
£15.30 |
£15.00 |
| - annual contribution | £824.20 |
£800.80 |
£795.60 |
£780.00 |
National
Insurance Class 4 |
2022-2023
£ |
2021-2022
£ |
2020-2021
£ |
2019-2020
£ |
| Self-employed National Insurance on taxable profits between: | ||||
| - Lower limit (LL) | £9,880 |
£9,568 |
£9,500 |
£8,632 |
| - Upper limit (UL) | £50,270 |
£50,270 |
£50,000 |
£50,000 |
| - Rate applied to earnings above LL to UL | 10.25% |
9% |
9% |
9% |
| - Rate applied to earnings above UL | 3.25% |
2% |
2% |
2% |
| - Maximum payable | £4,140 + 2% |
£3,663 + 2% |
£3,645 + 2% |
£3,723.12 + 2% |
The Authorised Mileage Rates
Mileage
Rates to be used for privately owned vehicles from 6 April 2011 |
First 10,000 miles
|
Above 10,000 miles
|
| Cars and vans | 45p |
25p |
| Motorcycles | 24p |
24p |
| Cycles | 20p |
20p |
Compulsory registration for VAT
VAT
thresholds and limits |
Registration
threshold |
Deregistration limit |
| from 1 April 2017 to date | £85,000 |
£83,000 |
| 01.04.16 to 31.03.17 | £83,000 |
£81,000 |
| 01.04.15 to 31.03.16 | £82,000 |
£80,000 |
| 01.04.14 to 31.03.15 | £81,000 |
£79,000 |
| 01.04.13 to 31.03.14 | £79,000 |
£77,000 |
| 01.04.12 to 31.03.13 | £77,000 |
£75,000 |
| 01.04.11 to 31.03.12 | £73,000 |
£71,000 |
Van Benefits
Van Benefits |
2022-2023 |
2021-2022 |
2020-2021 |
2019-2020 |
| Van benefit | £3,600 |
£3,500 |
£3,490 |
£3,430 |
| Zero-emission van benefit | - |
- |
£2,792 |
£2,058 |
| Fuel benefit | £688 |
£669 |
£666 |
£655 |
Corporation Tax
Corporation Tax |
From 01-04-22
£ |
From 01-04-21
£ |
From 01-04-20
£ |
From 01-04-19
£ |
| Main rate: | 19% |
190% |
19% |
19% |
| Loans to participators | 33.75% |
32.5% |
32.5% |
32.5% |
Client Case Studies
It is important to match your needs with an accounting firm that has experience of dealing professionally with your sector.
Match one of the client profiles below, and you will know we can deliver the service you need at the fee level stated.
Call 01202 474545 for a free consultation.
£95 pm: A family retail business
£80 pm: Professional Trade (CIS)
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MAAP Accountants
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Christchurch, Dorset, BH23 1LA
Tel: 01202 474545
info@maap.co.uk
