2023-24 | Bandwidths | Tax Rate |
---|---|---|
Taxable earnings | £0 - £37,700 | 20% |
Taxable earnings | £37,701 - £125,140 | 40% |
Taxable earnings over | £125,141 | 45% no allowances |
Description | ||
---|---|---|
Statutory Sick Pay up to 28 Weeks (no reimbursement) | £109.40 per week, £21.88 per day (5 day week) | |
Statutory Maternity / Adoption Pay paid for 39 weeks. First 6 weeks @ 90% of average weekly earnings. | £172.48 gross per week for 33 weeks or average weekly earnings if less | |
Statutory Paternity Pay 1 or 2 consecutive weeks | £172.48 gross per week or average weekly earnings if less | |
Small Employer Threshold | Less than £45,000 of previous year's NIC (both employee and employer) | recover 100% plus 3% compensation |
Large Employer | Only on SMP / SPP / ShPP / SAP or SPBP | 92% recovery |
Statutory Redundancy Pay maximum 20 weeks | £643.00 per week | or your contracted weekly pay if lower as from 06/04/17 |
Rate Per Hour | April 2022 | April 2023 |
---|---|---|
Apprentice | £4.81 | £5.28 |
Age 16-17 | £4.81 | £5.28 |
Age 18-20 | £6.83 | £7.49 |
Age 21-22 | £9.18 | £10.18 |
23 and Over (National Living Wage) | £9.50 | £10.42 |
Per Week | Per Month | Per Annum | Employees | Employers | |
---|---|---|---|---|---|
Lower Earnings Limit (LEL) | £123 | £533 | £6,396 | Nil | Nil |
Primary Threshold (PT) | £242 | £1048 | £12,570 | 10.0% | 13.8% |
Secondary Threshold (ST) | £175 | £758 | £9,100 | 0% | 13.8% |
Upper Secondary Threshold (UST) (under 21) Apprentice Upper Secondary Threshold (apprentice under 25) Above Upper Earnings Limit (EUL) | £967 | £4,189 | £50,270 | 2.00% | 13.8% |
Less upto £5,000 Annual Employment Allowance (if total NIC for 2021-22 was under £100,000)
Single Director-only payrolls, where the Director is the only employee, are no longer eligible.
Rate or Threshold | 2023 to 2024 rate |
---|---|
Employee earnings threshold for Plan 1 earnings above | £22,015 per year |
Employee earnings threshold for Plan 2 earnings above | £27,295 per year |
Employee earnings threshold for Plan 4 earnings above | £27,660 per year |
Student loan deductions | 9% |
Postgraduate loan (PGL) earnings above £21.000 per year | 6% |
Type | Mileage | Rate |
---|---|---|
Motor Cars and Vans | First 10,000 business miles* | 45p per mile |
Motor Cars and Vans | Over 10,000 business miles | 25p per mile |
Motorcycles | 24p per mile | |
Cycles | 20p per mile |
*For National Insurance purposes, the higher rate applies to all miles, not only the first £10,000
Allowance or Charge | 2023 to 2024 Rate |
---|---|
Apprenticeship Levy allowance | £15,000 |
Apprenticeship Levy charge | 0.5% |
Employers and connected companies with a total annual pay bill of more than £3 million, are liable to the Apprenticeship Levy, which is payable monthly. Employers who are not connected to another company or charity will have an annual allowance that reduces the amount of Apprenticeship Levy you have to pay. Apprenticeship Levy is charged at a percentage of your annual pay bill.
Description | Rate |
---|---|
Childcare Vouchers (Salary Sacrifice) | Maximum £243 per month (£55 per week) 20% Maximum £124 per month (£28 per week) 40% Maximum £97 per month (£22 per week) 50% |