Tax Information 2024

Current rates and allowances

How much Income Tax you pay in each tax year depends on:

how much of your income is above your Personal Allowance

how much of your income falls within each tax band

Some income is tax-free.

The current tax year is from 6 April 2023 to 5 April 2024.

This guide is also available in Welsh (Cymraeg).

Your tax-free Personal Allowance

The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on.

Your Personal Allowance may be bigger if you claim Marriage Allowance or Blind Person’s Allowance. It’s smaller if your income is over £100,000.

Income Tax rates and bands

The table shows the tax rates you pay in each band if you have a standard Personal Allowance of £12,570.

Income tax bands are different if you live in Scotland.

Band      Taxable income Tax rate

Personal Allowance         Up to £12,570   0%

Basic rate             £12,571 to £50,270        20%

Higher rate          £50,271 to £125,140      40%

Additional rate  over £125,140  45%

You can also see the rates and bands without the Personal Allowance. You do not get a Personal Allowance on taxable income over £125,140.

If you’re employed or get a pension

Check your Income Tax to see:

your Personal Allowance and tax code

how much tax you’ve paid in the current tax year

how much you’re likely to pay for the rest of the year

Other allowances

You have tax-free allowances for:

savings interest

dividend income, if you own shares in a company

You may also have tax-free allowances for:

your first £1,000 of income from self-employment – this is your ‘trading allowance’

your first £1,000 of income from property you rent (unless you’re using the Rent a Room Scheme)

Find out whether you’re eligible for the trading and property allowances.

You pay tax on any interest, dividends or income over your allowances.

Paying less Income Tax

You may be able to claim Income Tax reliefs if you’re eligible for them.

If you’re married or in a civil partnership

You may be able to claim Marriage Allowance to reduce your partner’s tax if your income is less than the standard Personal Allowance.

If you do not claim Marriage Allowance and you or your partner were born before 6 April 1935, you may be able to claim Married Couple’s Allowance.

Income over £100,000

Your Personal Allowance goes down by £1 for every £2 that your adjusted net income is above £100,000. This means your allowance is zero if your income is £125,140 or above.

You’ll also need to do a Self Assessment tax return.

If you do not usually send a tax return, you need to register by 5 October following the tax year you had the income.

Company Tax Returns


Your company or association must file a Company Tax Return if you get a ‘notice to deliver a Company Tax Return’ from HM Revenue and Customs (HMRC).

You must still send a return if you make a loss or have no Corporation Tax to pay.

You do not send a Company Tax Return if you’re self-employed as a sole trader or in a partnership – but you must send a Self Assessment return.

What it involves

When you file your tax return, you work out your:

profit or loss for Corporation Tax (this is different from the profit or loss shown in your annual accounts)

Corporation Tax bill

You can either get an accountant to prepare and file your tax return or do it yourself.

If you have a limited company, you may be able to file your accounts with Companies House at the same time as your tax return.


The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty for late filing if you miss the deadline.

There’s a separate deadline to pay your Corporation Tax bill. It’s usually 9 months and one day after the end of the accounting period.

Penalties for late filing

You’ll have to pay penalties if you do not file your Company Tax Return by the deadline.

Time after your deadline               Penalty

1 day     £100

3 months             Another £100

6 months             HM Revenue and Customs (HMRC) will estimate your Corporation Tax bill and add a penalty of 10% the unpaid tax

12 months          Another 10% of any unpaid tax

If your tax return is late 3 times in a row, the £100 penalties are increased to £500 each.

If your tax return is more than 6 months late

If your tax return is 6 months late, HMRC will write telling you how much Corporation Tax they think you must pay. This is called a ‘tax determination’. You cannot appeal against it.

You must pay the Corporation Tax due and file your tax return. HMRC will recalculate the interest and penalties you need to pay.


If you have a reasonable excuse, you can appeal against a late filing penalty online. After you’ve completed the online form, print it and send it to the address on the form.

You must file your Corporation Tax return before appealing your late filing penalty.

Before you start

You’ll need:

your company’s Unique Taxpayer Reference (UTR)

the date on the penalty notice

the penalty amount

the end date for the accounting period the penalty is for

You’ll also need to explain why you did not file the return by the deadline.