Professional accountants serving the UK and helping small businesses to grow!
Whether you are an expanding company or just starting up, KAMP Accountants is here to help.
With extensive experience working with large and small clients throughout the UK, we support large and small business in a broad range of business sectors with all their accountancy requirements.
You are in: Home / Resources / Tax Centre / Tax Rates And Allowances / Tax Rates
Income Tax Rates and Bands
Recent income tax rates and bands are as follows:
|
2020/21 |
2021/22 |
2022/23 |
2023/24 |
Savings rate: 0% |
Up to £5,000 |
Up to £5,000 |
Up to £5,000 |
Up to £5,000 |
Dividend Allowance: 0% |
Up to £2,000 |
Up to £2,000 |
Up to £2,000 |
Up to £1,000 |
Basic rate: 20% |
Up to £37,500 |
Up to £37,700 |
Up to £37,700 |
Up to £37,700 |
Higher rate: 40% |
£37,501 - £150,000 |
£37,701 - £150,000 |
£37,701 - £150,000 |
£37,701 - £125,140 |
Additional rate: 45% |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £125,140 |
When the personal allowance is taken into account an individual will start to pay tax at 40% when their total income exceeds £50,270. This threshold (and the 45% threshold) can be increased if the taxpayer pays personal pension contributions or makes gift aid donations.
Scottish Income Tax Rates and Bands
Scottish income tax applies to non-savings and non-divdend income
|
2020/21 |
2021/22 |
2022/23 |
2023/24 |
Starter rate: 19% |
Up to £2,085 |
Up to £2,097 |
Up to £2,162 |
Up to £2,162 |
Basic rate: 20% |
£2,086 to £12,658 |
£2,098 to £12,726 |
£2,163 to £13,118 |
£2,163 to £13,118 |
Intermediate rate: 21% |
£12,659 to £30,930 |
£12,727 to £31,092 |
£13,119 to £31,092 |
£13,119 to £31,092 |
Higher rate: 42% |
£30,931 to £150,000 |
£31,093 to £150,000 |
£31,093 to £150,000 |
£31,093 to £125,140 |
Additional rate: 46% (47% from 6 April 2023) |
Over £150,000 |
Over £150,000 |
Over £150,000 |
Over £125,140 |
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations and projections
- Annual superannuation certificates for Partners
- Practice manager training about bookkeeping
- 2 - 4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
•VAT advice •Capital gains tax planning •Partnership agreements •Surgeries finances •Pension planning •Budget and cashflow planning •Inheritance Tax planning
Recurrent Annual Services based on fixed fee:
- Accounts and Taxation
- Accounts prepared on time and presented to you at your premises
- Income tax calculations for Principles and Associates
- Practice manager training about bookkeeping
- 2-4 meetings in a year at your premises
- Personal expenses
- Payroll
- SD55 for practice staff
- Installation and training in respect of practice computerised accounting system
- Unlimited telephone and email support for adhoc queries
Non - recurrent Services
- VAT advice
- Capital gains tax planning
- Partnership agreements
- Surgeries finances
- Pension planning
- Budget and cashflow planning
- Inheritance Tax planning
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Our specialist team provides a wide range of accounting and business services to General Practice.
Recurrent Annual Services based on fixed fee:
Fees for non-recurrent services would be based on time involved and would be agreed before we start work on given task.
Recurrent Annual Services based on fixed fee: