It’s a new tax year, with new tax rates. So, here’s our handy tax card with all the rates you need to know. Of course, the main change for most people is the increase in National Insurance rates and Dividend Tax.

There is some good news that the National Insurance threshold (ie the amount you can earn before NI) is increasing to £12,570 per annum…but this doesn’t change until July. Therefore, we’ll all be paying more NI for the next few months at least.

You can download the tax card here

 

The new rates are:

Employees

  • Salary up to £9,876 (£823 per month) – 0%
  • £9,568 – £50,270 (£4,189 per month) – 13.5%
  • Salary > £50,270 – 3.25%

Employer

  • Over £9,096 (or £758 per month) – 15.05%

Self-Employed

  • Profits between £9,881 and £50,270 – 10.25%
  • Profits > £50,270 – 3.25%

Dividend Tax rates

  • Tax-free dividend allowance of £2,000
  • Basic Rate – 8.75%

You can download the tax card here

These kicked in this week, so it’s worth taking a look. Of course, we’ll be keeping all of our clients up to date on any changes relevant to you.

If you found this useful, please share it using the icons at the side of the page, or leave a comment below.

Any questions?

If you’d like a meeting or a video call to discuss this, please get in touch with your favourite Liverpool accountant