Fact sheet for UK tax rates, allowances, and thresholds for the 2022/2023 tax year
If you are a sole trader (self-employed), limited company, a partner in a limited liability partnership, employer, employee or you take part in any and other business activity in the UK; it is essential to understand allowances, rates and thresholds because they influence the amount of tax that you pay and how you pay it.
Who do the 2022/2023 rates and thresholds affect?
It is important to understand how tax bands, allowances, and relief schemes work depending on your circumstances. There are different tax rules depending on whether you’re a self-employed, a limited company, an employee, an employer, or operate in a different business structure. Tax rates also differ depending on your individual circumstances. If you cannot understand how the rates and thresholds work, please seek the services of an accountant for guidance.
When do the tax rates and thresholds change and apply?
Often, tax rates change at the start of a new tax year and remain the same the entire tax year. However, the 2022/2023 primary threshold for National Insurance will increase in July. Nonetheless, this will not change the current UK tax year which runs from 6th April 2022 to 5th April 2023.
What is in Spondoo Accountants’ 2022/2023 tax rates fact sheet?
We understand that the new tax year has come with changes and rules in tax rates and thresholds. Our guide covers various tax allowances, bands, thresholds, rates and reliefs that will have an impact on your business and personal income. It covers:
- Income tax
- National Minimum Wage (NMW) and National Living Wage (NLW)
- PAYE Tax thresholds, rates and codes
- National Insurance contributions
- Employment Allowance
- Apprenticeship Levy
- Statutory Maternity, Paternity, Adoption, Shared Parental and Parental Bereavement Pay
- Statutory Sick Pay (SSP)
- Student loan and postgraduate loan recovery
- Dividend Tax
- Capital Gains Tax (CGT)
- Capital Allowances
- Corporation Tax
- Research and development relief
- Reduced tax charge on gifts within 7 years before death
- Inheritance Tax
- Annual investment limits
- High Income Child Benefit Charge (HICBC)
- Creative sector relief
- Vehicle benefits – Mileage allowances, car, van and fuel benefits
- Land remediation tax relief
- Patent box
- Stamp duty
- Property Stamp taxes
- Residential leases
- Annual tax on enveloped dwellings
- Residential property developer tax
- Non-domiciled remittance basis users
- Individual Savings account
- Tax-efficient savings and investments
- Flat Rate Scheme (FRS
- Cash accounting and Annual accounting schemes
- Digital service tax
Find the 2021/2022 tax fact sheet here. You can also see the 2022/2023 important tax dates and deadlines here.