Tax & Business Hub

In this section you can quickly access up to date tax and business information which is relevant to individual and corporate taxpayers.

Contents of the Tax & Business Hub

To help you navigate through the wealth of  resources available in this section we have broken down the information into the following areas:

Finance Calculators

Our range of simple to use online calculators below will help you to manage your business and keep a track of expenses and tax liabilities.

Key Tax Dates

Use our tax dates section to quickly see when different tax returns need to be filed and payments need to be made.

Key Tax dates – Employers

TaskPeriodDeadlineNote
TaskPeriodDeadlineNote
Employers PAYE/NIC payment and CIS returns & payment due 05/04/2024 (month)19/04/2024** Due on 22nd if paid electronically
Employers PAYE/NIC payment and CIS returns & payment due 05/05/202419/05/2024** Due on 22nd if paid electronically
Give each employee a P60 for 2023/2405/04/2024 (year)31/05/2024
Changes to advisory fuel rates 01/06/2024 – 31/08/202401/06/2024Previous rates can be used until 30/06/2024 if desired.
Employers PAYE/NIC payment and CIS returns & payment due 05/06/202419/06/2024** Due on 22nd if paid electronically
PAYE settlement agreement application deadline05/04/2024 (year)05/07/2024
P11D information for 2023/24 to be given to employees where relevant05/04/2024 (year)06/07/2024
Deadline for notifying HMRC of shares & share options awarded to employees 05/04/2024 (year)06/07/2024
Deadline for P11D and P11Db forms to be submitted to HMRC.05/04/2024 (year)06/07/2024
Employers PAYE/NIC payment and CIS returns & payment due 05/07/202419/07/2024** Due on 22nd if paid electronically
Class 1A NICs payment due to HMRC05/04/2024 (year)19/07/2024** Due on 22nd if paid electronically
P46 (car) forms due if there have been company car changes in the period06/04/2024 – 05/07/202402/08/2024
Employers PAYE/NIC payment and CIS returns & payment due 05/08/202419/08/2024** Due on 22nd if paid electronically
Changes to advisory fuel rates 01/09/2024 – 30/11/202401/09/2024Previous rates can be used until 30/09/2024 if desired.
Employers PAYE/NIC payment and CIS returns & payment due 05/09/202419/09/2024** Due on 22nd if paid electronically
Employers PAYE/NIC payment and CIS returns & payment due 05/10/202419/10/2024** Due on 22nd if paid electronically
Payment for Class 1B NICs (on PAYE Settlement Agreement ) due to HMRC05/04/2024 (year)19/10/2024** Due on 22nd if paid electronically
P46 (car) forms due if there have been company car changes in the period06/07/2024 – 05/10/202402/11/2024
Employers PAYE/NIC payment and CIS returns & payment due 05/11/2024 (month)19/11/2024** Due on 22nd if paid electronically
Changes to advisory fuel rates 01/12/2024 – 28/02/202501/12/2024Previous rates can be used until 31/12/2024 if desired.
Employers PAYE/NIC payment and CIS returns & payment due 05/12/2024 (month)19/12/2024** Due on 22nd if paid electronically
Employers PAYE/NIC payment and CIS returns & payment due 05/01/2025 (month)19/01/2025** Due on 22nd if paid electronically
P46 (car) forms due if there have been company car changes in the period06/10/2024 – 05/01/202502/02/2025
Employers PAYE/NIC payment and CIS returns & payment due05/02/2025 (month)19/02/2025** Due on 22nd if paid electronically
Changes to advisory fuel rates 01/03/2025 – 31/05/202501/03/2025Previous rates can be used until 31/03/2025 if desired.
Employers PAYE/NIC payment and CIS returns & payment due 05/03/2025 (month)19/03/2025** Due on 22nd if paid electronically
P46 (car) forms due if there have been company car changes in the period06/01/2025 – 05/04/202505/04/2025(Deadline is 03/05/2025 if using a printed form)
Register or de-register for Payrolling Benefits in Kind , if applicable, before the start of the tax yearFor the 2025/26 tax year05/04/2025
Update employee records and payroll software for new tax yearFor the 2025/26 tax yearFrom 6 April 2025 (or earlier if required by payroll software provider)
Note and title above the tableThe below shows the upcoming tax payment and filing deadlines that you should be aware of. It isimportant to remain abreast of these deadlines to avoid penalty and interest charges.‍Calendar of key tax deadlines – Employers

Key Tax dates – Individuals

TaskTax YearDeadlineNote
Due date for second payment on account for 2023/242023/2431/07/2024
Deadline for notifying HMRC of chargeability , if not already within Self-Assessment2023/2405/10/2024
Paper tax return filing deadline2023/2431/10/2024
Online return filing deadline, if you wish for HMRC to collect tax due of up to £3,000 via your 2025/26 tax code 2023/2430/12/2024
Online return filing deadline payment of tax for 2023/24 and first payment on account for 2024/25 2023/2431/01/2025
Due date for second payment on account for 2024/252024/2531/07/2025

Key Tax dates – Corporation Tax CT600

Accounting period endCorporation tax payment dateCT600 filling date
30/04/202301/02/202430/04/2024
31/05/202301/03/202431/05/2024
30/06/202301/04/202430/06/2024
31/07/202301/05/202431/07/2024
31/08/202301/06/202431/08/2024
30/09/202301/07/202430/09/2024
31/10/202301/08/202431/10/2024
30/11/202301/09/202430/11/2024
31/12/202301/10/202431/12/2024
31/01/202401/11/202431/01/2025
29/02/202401/12/202428/02/2025
31/03/202401/01/202531/03/2025
NB – Please talk to us if you prepare financial statements of more or less than 12 months in length or have annual profits in excess of £1.5m.

If limited companies pay interest, royalties or similar payments, income tax is deducted from these payments at 20% and is reported to HMRC using form CT61 according to the timetable set out below:

Key Tax dates – Corporation Tax CT61

Reporting periodCT61 and payment deadline
01/01/2024 – 31/03/202414/04/2024
01/04/2024 – 30/06/202414/07/2024
01/07/2024 – 30/09/202414/10/2024
01/10/2024 – 31/12/202414/01/2025

Key Tax dates – VAT Registered Businesses

Quarterly/monthlyVAT return period endReturn and payment deadline
29/02/202407/04/2024
31/03/202407/05/2024
30/04/202407/06/2024
31/05/202407/07/2024
30/06/202407/08/2024
31/07/202407/09/2024
31/08/202407/10/2024
30/09/202407/11/2024
31/10/202407/12/2024
30/11/202407/01/2025
31/12/202407/02/2025
31/01/202507/03/2025
Different return and payment deadlines apply for those that file annual returns or those that are required to make payments on account.‍

Fuel scale charges are updated each year on 1 May.

Tax Rates and Allowances

Access the latest tax rates and information relating to the different tax areas shown below.

Income Tax

Main allowancesRate bandsYear toYear fromGeneral incomeSavings incomeDividend incomeNotes
Main allowancesRate bands2023/242024/25GSD
Personal Allowance*†£12,570£12,570
Blind Person’s Allowance£3,070£2,870
Married Couple’s Allowance (born before 6/4/35) **£11,080£10,375
Income limit for age-related allowances£37,400£36,400
Dividend and Savings Allowances
Dividend Tax Allowance (DTA) §£500£1,000
Personal Savings Allowance (basic rate taxpayer)£1,000£1,000
Personal Savings Allowance (higher rate taxpayer)£500£500
Basic37,70037,70020%20%8.75%
Higher37,701-125,14037,701-125,14040%40%33.75%
Income Tax Rates And AllowancesAdditionalover 125,140over 125,14045%45%39.35%
2023/24 and 2024/25 Rates for General, Savings and Dividend income within each band:*Personal Allowance (PA) will be withdrawn at £1 for every £2 by which ‘adjusted income’ exceeds £100,000. There will therefore be no allowance given if adjusted income is £125,140 (2023/24: £125,140) or more.

‍ †Up to 10% of the PA (2024/25: £1,260; 2023/24: £1,260) can be transferred to a spouse or civil partner who is no more than a basic rate taxpayer.

‍ **Married Couple’s Allowance is reduced by £1 for every £2 by which adjusted income exceeds the income limit, down to a minimum of £4,280 (2023/24 £4,010)

‍ §The DTA taxes the first £500 (2023/24: £1,000) of dividend income at nil rather than the rate that would otherwise apply – see rates below. The Personal Savings Allowance (PSA) operates as a nil rate band for interest income.
General income (salary, pensions, business profits, rent) uses Personal Allowance, basic rate, and higher rate bands before savings income (interest).  To the extent that savings income falls in the first £5,000 of the basic rate band, it is taxed at nil rather than 20%. The PSA (see above) will tax interest at nil where it would otherwise be taxable at 20% or 40%.

‍ Dividends are taxed as the ‘top slice’ of income.

High Income Child Benefit Charge (HICBC)

Remittance basis chargeRate bandsYear toYear fromNotes
Remittance basis chargeRate bands2023/242024/25
7 of the preceding 9 tax years£30,000£30,000
12 of the preceding 14 tax years£60,000£60,000
15 of the preceding 20 tax yearsDeemed domiciledDeemed domiciled
Lifetime allowance (LA)£1.0731m£1.0731m
Annual allowance (AA)*£40,000£40,000
Charge if excess drawn asCash 55%/income 25%Cash 55%/income 25%
AA charge on excess inputs20%-45%20%-45%
High Income Child Benefit Charge (HICBC)1% of child benefit for each £200 of net income between £60,000 and £80,000. Prior to 2024/25 the charge was 1% of child benefit for each £100 of net income between £50,000 and £60,000.
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.
*From 2020/21 onwards the AA is reduced by £1 for every £2 by which relevant income exceeds £240,000, down to a minimum AA of £4,000. ‍

Registered Pension Scheme Limits

NameYear toYear fromNotes
Registered Pension Scheme Limits2024/252023/24
Annual allowance (AA)*£60,000£60,000
AA charge on excess inputs20%-45%20%-45%
Annual relievable pension inputs are the higher of earnings (capped at AA) or £3,600.

*The AA is reduced by £1 for every £2 by which relevant income exceeds £260,000 (2023/24: £260,000), down to a minimum AA of £10,000 (2023/24: £10,000)

Car and Fuel Benefits

CO2 emissions (g/km)Scale chargeNotes
CO2 emissions (g/km)Scale charge
Zero2%
1-50 – EV range 130 miles or over2%
1-50 – EV range 70 – 129 miles5%
1-50 – EV range 40 – 69 miles8%
1-50 – EV range 30 – 39 miles12%
1-50 – EV range under 30 miles14%
51-5415%
55-5916%
60 and overAdd 1% for every 5g/km
Add 4% for diesel cars
Subject to 37% maximum

Cars
Taxable benefit is chargeable value multiplied by a chargeable percentage.

‍ Chargeable value:
Initial list price of car (including most accessories), reduced by any capital contribution (maximum £5,000) by employee when the car is first made available.

Chargeable percentages 2022/23 to 2024/25:
Cars that meet the Real Driving Emissions Step 2 (RDE2) standard are exempt from the diesel supplement.

Fuel provided for private motoring
Where employer provides fuel for private motoring in an employer-owned car, CO2-based percentage from above table multiplied by £27,800 (2023/24 £27,800). Employee contributions for fuel do not reduce taxable figure unless all private fuel is paid for by the employee (in which case there is no benefit charge). Where fuel is provided for private use of company vans there is a flat rate charge of £757 (2023/24 £757).

Company Vans and Commercial Vehicles
Unless private use of a company van is insignificant the taxable benefit for 2024/25 is £3,960 (2023/24 £3,960). Where the van has zero CO2 emissions the benefit is NIL.

2022/23 National Insurance Contributions

Class 1 (Employees)Class 2 (Self employed)EmployeeEmployerYear toYear fromNotes
Class 1 (Employees)Class 2 (Self employed)*EmployeeEmployer2024/252023/24
Main NIC rate8%13.80%
Main rate* charged up to£967pwno limit
2% rate on earnings above£967pwN/A
Employment allowance per businessN/A£5,000
Flat rate per weekN/A£3.15
Small profits threshold£6,725£6,725
Class 3 (Voluntary)
Flat rate per week£17.45£17.45
Class 3A
Class 4 (Self employed)
On profits £12,570 – £50,270 (£11,908 – £50,270)6%9%
2024/25 National Insurance ContributionsOn profits over £50,2702%2%* For 2024/25, Class 2 NICs are effectively abolished. If your trade profits exceed £6,725, you will accrue entitlement to state benefits. However, if your trade profits fall below the £6,725, you will need to pay Class 2 NICs voluntarily if you need the qualifying year on your NI record for state benefit purposes.
*Nil rate of employer NIC for employees under the age of 21 and apprentices under 25, up to £967pw.

‍ For directors the employee NIC threshold for 2023/24 is £12,570 and the annual main NIC rate is 11.5%.

‍ Employer contributions (at 13.8%) are also due on most taxable benefits (Class 1A) and on tax paid on an employee’s behalf under a PAYE settlement agreement (Class 1B).

Capital Gains Tax and Inheritance Tax Rates

Capital Gains TaxYear toYear fromNotes
Capital Gains Tax2024/252023/24
Annual Exempt Amount£3,000£6,000
Annual Exempt Amount for Trustees£1,500£3,000
Basic rate taxpayerFrom 30/10/24: 18%, Prior to 31/10/24: 10%10%
Higher rate taxpayerFrom 30/10/24: 24%, Prior to 31/10/24: 20%20%
Business asset disposals (first £1 million)10%10%
Basic rate taxpayer – residential property18%18%
Higher rate taxpayer – residential propert24%28%
Inheritance Tax
Nil Rate Band£325,000£325,000
Residence Nil Rate Band£175,000£175,000
Taper threshold – Residence Nil Rate Band*£2,000,000£2,000,000
Estate rate40%40%
Chargeable lifetime transfers20%20%

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Capital Gains Tax And Inheritance Tax Rates*Residence Nil Rate reduced by £1 for every £2 that estate exceeds this amount.

Stamp Duty Land Tax Rates and Bandings

Name1st row2nd rowNotes
Stamp Duty Land Tax Rates and Bandings
England and Northern Ireland
Purchases completed on or after 1 April 2022
Purchase considerationRate – on portion above thresholdRate if second or subsequent property
0 to £250,000*0%5%
£250,001 to £925,0005%10%
£925,001 to £1.5 million10%15%
Over £1.5 million12%17%
NotesNote – there is a 2% surcharge in addition to the rates above where the purchaser is non-UK resident‍.

*For first-time buyers, where consideration is no more than £625,000, the 0% band is increased to £425,000 and the 5% rate applies to any consideration above £425,000 up to £625,000.
Wales
Purchases completed on or after 10 October 2022
0 to £225,0000%
£225,001 to £400,0006%
£400,001 to £750,0007.50%
£750,001 to £1.5 million10%
Over £1.5 million12%
Additional property purchases
0 to £180,0004%
£180,001 to £250,0007.50%
£250,001 to £400,0009%
£400,001 to £750,00011.50%
£750,001 to £1.5 million14%
Over £1.5 million16%

Annual Tax on Enveloped Dwellings (ATED) Rates 2022/23

Property valueYear toYear fromNotes
Property value2024/252023/24
More than £500,000 up to £1 million£4,400£4,150
More than £1 million up to £2 million£9,000£8,450
More than £2 million up to £5 million£30,550£28,650
More than £5 million up to £10 million£71,500£67,050
More than £10 million up to £20 million£143,550£134,550
More than £20 millions£287,500£269,450
Annual Tax On Enveloped Dwellings (ATED) RatesThe following annual charges apply to certain dwellings owned by companies and other corporate entities: