Tax Rates 2024/25

 

 

Introduction
Income Tax
Pensions
Annual investment limits
National Insurance Contributions
Vehicle Benefits
Tax-free mileage allowances
Capital Gains Tax
Corporation Tax
Main capital allowances
Property Taxes
Value Added Tax
Inheritance Tax
Key dates and deadlines
Useful rates
National minimum wage

Value Added Tax

Standard rate (1/6 of VAT-inclusive price) 20%
  From 1.4.2024 Pre 1.4.2024
Registration level - Taxable turnover £90,000 p.a. £85,000 p.a.
Deregistration level - Taxable turnover 88,000 p.a. 83,000 p.a.

Flat Rate Scheme (FRS)

Annual taxable turnover to enter scheme Up to £150,000
Must leave scheme if annual gross turnover Exceeds £230,000

If using FRS, the VAT paid by the business is a fixed percentage (based on business category) of 'FRS turnover' rather than the net of output tax over input tax. Input tax is usually not recoverable.

Cash accounting and Annual accounting schemes

Annual taxable turnover to enter scheme Up to £1.35m
Must leave scheme if annual taxable turnover Exceeds £1.60m