Calculators
Personal PAYE Allowances
| Allowance | 2022/23 | 2023/24 | Change |
|---|---|---|---|
| Basic | £12,570 | £12,570 | 0 |
| Blind Person's Allowance | £2,600 | £2,870 | +£270 |
*An individual's personal allowance is reduced where their income is above this limit.
The allowance is reduced by £1 for every £2 above the limit.
Tax Brackets
| Tax Rate | 2022/23 | 2023/24 | Change |
|---|---|---|---|
| Basic rate 20% | TFA - £37,700 | TFA - £37,700 | no change |
| Higher Rate 40% | £37,501 - £150,000 | £37,501 - £125,140 | -£24,860 |
| Additional Rate 45% | £150,000 | £125,141 | -£24,860 |
NOTES:
TFA: Tax Free Allowance amount - you only start paying the basic rate of tax once your earnings go above your tax free allowance.
These rates are applied after your tax free allowance has been deducted from your gross wage.
TFA: Tax Free Allowance amount - you only start paying the basic rate of tax once your earnings go above your tax free allowance.
These rates are applied after your tax free allowance has been deducted from your gross wage.
No changes to the Basic Rate tax bracket and no increases in the Basic Personal Allowance means little difference on the personal tax front in 2023/24. Both the Higher and the Additional Rates see significant changes for the coming tax year.
Change in Take Home Pay After Tax and NI
Source: listentotaxman.com®
| Gross Wage | Net Pay 2022/23 | Net Pay 2023/24 | Difference |
|---|---|---|---|
| £10,000 | £10,000 | £10,000 | £0 |
| £20,000 | £17,570 | £17,624 | £54 |
| £30,000 | £24,297 | £24,424 | £127 |
| £40,000 | £31,024 | £31,224 | £200 |
| £50,000 | £37,751 | £38,024 | £273 |
| £75,000 | £52,278 | £52,553 | £275 |
| £100,000 | £66,778 | £67,053 | £275 |
| £125,000 | £76,278 | £76,553 | £275 |
| £150,000 | £90,746 | £89,778 | -£968 |
National Insurance Rates
Current Rates: 12% for employees • 2% above upper earnings limit • 13.8% for employers
There have been no changes to the percentage of National Insurance Class 1 contributions, they remain at 12% for employees, and 2% above the upper earnings limit. Employers Class 1 have remained the same at 13.8%. The limits and thresholds have changed, as illustrated in the table below.
National Insurance Bands
| Description | 2022/23 | 2023/24 | Change |
|---|---|---|---|
| Weekly Lower earnings limit, primary Class 1 | £123 | £123 | 0 |
| Weekly Upper earnings limit, primary Class 1 | £967 | £967 | 0 |
| Weekly Primary threshold | £242 | £242 | 0 |
| Weekly Secondary threshold | £175 | £175 | 0 |
| Weekly Upper Secondary Threshold for U21s | £967 | £967 | 0 |
| Apprentice Upper Secondary Threshold for U25s | £967 | £967 | 0 |