New Tax Bands introduced in this Tax Year - see under 'Read More ...'

Social Insurance Increased in this Tax Year as fro the 1st of July 2023 - see under 'Read More ...'

 

Gross Income Based (GIB) System Tax Rates

 A) Earnings up to £25,000

First £10,000 @  7%

Next  £ 7,000 @ 21%

Balance       @ 29%

 B) Earnings From £25,000 To £100,000

First £17,000 @  17%

Next  £ 8,000 @ 20%

Next  £15,000 @ 26%

Next  £65,000 @ 29%

Balance          @ 26%

 C) Earnings above £100,000

First £17,000 @  18%

Next  £ 8,000 @ 21%

Next  £15,000 @ 27%

Next  £65,000 @ 30%

Balance          @ 27%

 Allowance Based System (ABS) Tax Rates

 A) Earnings Up To £100,000

First £ 4,000   @ 15%

Next  £12,000 @ 18%

Balance          @ 40%

 B) Earnings above £100,000

First £ 4,000   @ 16%

Next  £12,000 @ 19%

Balance          @ 41%

A tax credit of £300 (or 2% if higher) will be given of their annual tax bill.

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Social Insurance contributions increased as from 1st July 2023 - see under:

Employee

10% on Gross earnings Per Week with Maximum of £37.00 and Minimum of £13.00

Employer

18% on Gross earnings Per Week with Maximum of £51.00 and Minimum at £29.00

Married Woman (unchanged)

EE £15.95  - ER 20% Maximum £40.15 - Minimum £18.15

Self Employed

20% on Gross earnings Per Week with Maximum of £51.00 and Minimum of £29.00