Get your free, handy guide to all the key rates and allowances you need to know for the tax year 2024 – 2025

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 2024 include:

• Employee National Insurance will decrease by 2 pence, from 10% to 8%, in April 2024.
• Pension reforms: Continuing work on the Mansion House reforms to the pension system, intending to unlock up to £75bn of pension fund capital.
• In a boost for small businesses, the VAT registration threshold will increase from £85,000 to £90,000 from 1 April 2024.
• Entitlement to plant and machinery allowances on fixtures, furniture, furnishings and equipment. The relief also allowed utilisation of the 100% annual investment allowance and, for corporates, the 130% super-deduction or 100% full expensing for expenditure incurred on such items.