VAT

Rate Type Rate Standard 20% Reduced 5% Zero-rated 0% Registration Threshold £90,000 turnover

Minimum & Living Wage (from April 2025)

Age/Status Hourly Rate 21+ (National Living Wage) £12.21 18–20 (Updated in April 2025) Under 18 (Updated in April 2025) Apprentice (Updated in April 2025)

National Insurance Contributions (NICs)

Employees Earnings Rate £242 – £967/week 8% Above £967/week 2% Employers Earnings Above Rate £5,000/year 15%

Savings Tax

Band Personal Savings Allowance Basic Rate £1,000 Higher Rate £500 Additional Rate £0 Starting Rate for Savings: Up to £5,000 at 0% if other income is low.

Dividend Tax

Band Tax Rate Basic Rate 8.75% Higher Rate 33.75% Additional Rate 39.35% Dividend Allowance: £500 tax-free (reduced from £1,000 in 2024/25).

Scottish Income Tax Bands

Band Taxable Income Tax Rate Starter £0 – £14,876 19% Basic £14,877 – £26,561 20% Intermediate £26,562 – £43,662 21% Higher £43,663 – £75,000 42% Advanced £75,001 – £125,140 45% Top £125,141+ 48%

Income Tax – England, Wales & NI

Band Taxable Income Tax Rate Personal Allowance £0 – £12,570 0% Basic Rate £12,571 – £50,270 20% Higher Rate £50,271 – £125,140 40% Additional Rate £125,141+ 45% Allowance Reduction: Above £100,000 income, your personal allowance reduces £1 for every £2 earned. Fully lost at £125,140 (creates 60% effective tax band).

Corporation Tax

Profit Band Tax Rate Notes £0 – £50,000 19% Small Profits Rate £50,001 – £250,000 Tapered Marginal relief applies £250,001+ 25% Main rate