Personal Allowance
You do not have to pay any tax on income up to the amount of £12,500.
|
Band |
Taxable income |
Tax rate |
|
Personal Allowance |
Up to £12,500 |
0% |
|
Basic rate |
£12,501 to £50,000 |
20% |
|
Higher rate |
£50,001 to £150,000 |
40% |
|
Additional rate |
over £150,000 |
45% |
National Minimum Wage
It is against the law to pay under the national minimum wage.
|
Year |
25 and over |
21 to 24 |
18 to 20 |
Under 18 |
Apprentice |
|
April 2020 (current rate) |
£8.72 |
£8.20 |
£6.45 |
£4.55 |
£4.15 |
|
April 2019 to March 2020 |
£8.21 |
£7.70 |
£6.15 |
£4.35 |
£3.90 |
Dividend Allowance
The dividend allowance for this current year is £2,000
|
Tax band |
Tax rate on dividends over the
allowance |
|
Basic rate |
7.5% |
|
Higher rate |
32.5% |
|
Additional rate |
38.1% |
There are many more rates and threshold that will be of value when it comes to your tax affairs, we have highlighted the most frequent rates.