Useful Info
Legislation Updates from 1st April 2024
National Minimum Wage Rates from 1st April 2024
£11.44 – Age 21 and above (National Living Wage)
£8.60 – Aged 18 to 20 inclusive
£6.40 – Aged under 18 (above compulsory school age)
£6.40 – Apprentices aged under 19
£6.40 – Apprentices aged 19 and over (first year of apprenticeship)
Personal Tax Rates 2024/25 from 6th April 2024
Personal Allowance – £12,570 frozen for the tax years to 2025/26
Standard Tax Code – 1257L
Higher Rate Threshold UK – £37,700
Basic Rate 20% – £1 – £37,700
Higher Rate 40% – £37,700.01 – £125,140
Additional Rate 45% – above £125,140
Value Added Tax (VAT) 2024/25
The standard UK rate of VAT is 20%
The lower UK rate of VAT is 5%
Registration Threshold from 1st April 2024 – £90,000
Deregistration Threshold from 1st April 2024 – £88,000
Company Taxation 2024
Corporation Tax
19% small profits rate for profits below £50,000.
25% main rate from 1st April 2024, for profits above £250,000.
Capital Gains Tax 2024/25
Standard Rate – 10%
Higher Rate – 20% depending on the disposal
Inheritance Tax 2024/25
Nil Rate Band – £325,000
Rate of Tax on excess – 40%
Employment Allowance 2024/25
Annual Allowance £5,000
Useful PDF's
New Employee Starter Checklist HMRC employee-starter-checklist
Construction Industry Scheme (CIS) Payments and Deductions Statement cis-payment-deduction-statement