KEY TAX FIGURES & DATES
The details listed below are not comprehensive, but I hope are useful to ‘Joe Public’ who I am in business to serve
| Income Tax | | 2022/23 | 2021/22 |
| Personal Allowance | £12,570 | £12,570 |
| Basic Rate Tax Band | £12,571 – £50,270 | £12,571 – £50,270 |
| Higher Rate Band | £50,271 – £150,000 | £50,271 – £150,000 |
| Additional Rate Band | Over £150,000 | Over £150,000 |
| Basic Rate Tax | 20% | 20% |
| Higher Rate Tax | 40% | 40% |
| Additional Rate Tax | 45% | 45% |
| National Insurance | | 2022/23 | 2021/22 |
| (Employed) | Class 1 (per week) | £242 | £184 |
| Employees | 13.25% | 12% |
| Employers | 15.05% | 13.80% |
| (Self Employed) | Class 2 (if profits over) | £6,725 | £6,515 |
| Flat rate per week | £3.15 | £3.05 |
| Class 4 | (10.25%) £11,908 | (9%) £9,568 |
| Dividend Tax | | 2022/23 | 2021/22 |
| Dividend Allowance | £2,000 | £2,000 |
| Tax on Dividend if Basic Rate Taxpayer | 8.75% | 7.50% |
| Tax on Dividend if Higher Rate Taxpayer | 33.75% | 32.50% |
| Inheritance Tax | | 2022/23 | 2021/22 |
| 40% after | £325,000 | £325,000 |
| * effectively doubled (in most cases) as unused nil rate band transfers to spouse | £650,000 | £650,000 |
| Capital Gains | | 2022/23 | 2021/22 |
| Annual Exempt Amounts | £12,300 | £12,300 |
| Rates for individuals (not including residential property and carried interest) | 10% & 20% | 10% & 20% |
| Ratest for individuals (residential property and carried interest) | 18% & 28% | 18% & 28% |
| Corporation Tax | | 2022/23 | 2021/22 |
| Small Companies | 19% | 19% |
| Audit Limit | | 2022/23 | 2021/22 |
| For most companies the necessity for an audit kicks in at a turnover of | £10.2m | £10.2m |
| VAT Registration | | 2022/23 | 2021/22 |
| | £85,000 | £85,000 |
| Important Dates | | | |
| The day Tax Returns must be in by – also the end of the annual accountants nightmare | 31st January | 31st January |
| Limited companies now have to file their accounts at Companies House within 9 months of their year end – or guess what…… | a £150 fine | a £150 fine |
| | | Last Updated
06/09/2022 |
