Important Thresholds

Employee Personal Allowance:  0% on income below £12,570

Basic Rate Tax Band:  20% on income  up to £37,700

Higher Rate Tax Band:  40% on income between £37,701 to £125,140

Additional Rate Tax Band:  45% on income above £125,140

Class 1 National Insurance Contributions 2023/2024

Lower Earnings Limit 

£123 per week; £533 per month; £6,396 per year

Primary Threshold 

£242 per week; £1,048 per month; £12,570 per year

Secondary Threshold

£175 per week; £758 per month; £9,100 per year

Aged 23 and above (national living wage rate) - £10.42

Aged 21 to 22 inclusive - £10.18

Aged 18 to 20 inclusive - £7.49

Aged under 18 (but above compulsory school leaving age) - £5.28

Apprentices aged under 19 - £5.28