Dear PAYadvice.UK,
Following the Autumn Statement of 17 November 2022 we can confirm the following information for payroll 2023-24.
Where details are not currently known these are marked as TBA and we will provide further information as soon as we receive it.
2023-2024
Personal Allowance:
£12,570
PAYE Thresholds:
Weekly: £242
Monthly: £1,048
Standard / Emergency tax code:
1257L
Tax Code uplifts:
L: N/A due to no change in the Personal Allowance
M: N/A due to no change in the Personal Allowance
N: N/A due to no change in the Personal Allowance
Income Tax Rates – England & Northern Ireland
Basic rate 20% 1 – 37,700
Higher rate 40% 37,701 – 125,140
Additional rate 45% 125,141 >
Income Tax Rates – Scotland
Starter rate xx% 1 – x,xxx
Basic rate xx% x,xxx – xx,xxx
Intermediate rate xx% xx,xxx – xx,xxx
Higher rate xx% xx,xxx – xxx,xxx
Top rate xx% xxx,xxx >
TBA
Income Tax Rates – Wales
Basic rate xx% 1 – 37,700
Higher rate xx% 37,701 – 125,140
Additional rate xx% 125,141 >
Percentage rates TBA
Class 1 NICs rates and thresholds:
See attachment
Note: 2023-2024 sees Class 1 NICs return to normal in that a separate set of rates and thresholds for directors are not required. The attached rates and thresholds table is for employees and directors.
Class 1A NICs rate:
13.8%
Class 1B NICs rate:
13.8%
National Living Wage & National Minimum Wage rates:
See attachment
Student Loan & Postgraduate Loan Thresholds and deduction rates:
See attachment
Employment Allowance:
£5,000
Statutory Payments rates:
See attachment
Apprenticeship Levy:
£15,000
0.5%
Kind Regards,
PAYadvice.UK 30/11/2022
