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Guides: 2022/23 tax rates reference card

Get your free, handy guide to all the key rates and allowances you need to know for the tax year 2022 – 2023.

Includes property, income, R&D relief, vehicle, capital gains, and NI rates.

Please note that some changes were announced in the Spring Budget and we have made every effort to ensure this document is up to date. However, you should always double-check the latest government guidelines for tax rates and allowances and seek professional advice where needed.

Changes in Spring 2022 include:

  • NI
    • rates have increased 1.25% to 13.25% after the primary threshold, and 3.25% on earnings above the upper threshold
    • threshold has been raised £3,000 meaning you must now earn £12,570 before paying income tax or National Insurance
      • The main rates are now:
        • Employee NICs: 13.25% (previously 12%)
        • Self Employed NICs: 10.25% (previously 9%)
        • Employer NICs: 15.05% (previously 13.8%).
  • Employment Allowance has also been increased, from £4,000 to £5,000 – a cut worth £1,000 for smaller businesses
  • The basic income tax rate will fall from 20% to 19% by the end of parliament in 2024 but this is not yet active
  • Dividend tax has increased by 1.25%. Tax on money earned above the dividend allowance of £2,000 (unchanged) has increased to 8.75% basic rate, or 33.75% higher-rate
  • Minimum and living wage have also increased
  • A 2022/23 Retail, Hospitality and Leisure Business Rates scheme provides eligible, occupied, retail, hospitality and leisure properties with a 50% relief, up to a cash cap limit of £110,000 per business
  • There are no business rates due on a range of green technology used to decarbonise buildings, including solar panels and batteries, while eligible heat networks will also receive 100% relief
  • All businesses registered for VAT must now follow the Making Tax Digital (MTD) for VAT rules regardless of turnover

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