Tax year 2024/2025 resources

This page will be regularly be updated with changes as they are announced for 2024.

Resources for 2023

The 2023/2024 resource can be found at:

Resources for 2024

The 2024/2025 resource will be available here when ready:

Guernsey (1st January 2024)

Class 1 Contributions

The changes from 1st January 2024 to Class 1 contributions are yet to be confirmed.

The 2024 increased contribution values are part of a 10 year programme of change:

Jersey (1st January 2024)

The changes from 1st January 2024 are yet to be announced.

The Minimum Earnings Threshold are yet to be wage changes are yet to be confirmed:

Jersey Minimum Wage (January 2024)

The Jersey minimum

United Kingdom (6th April 2024)

Autumn Statement 2023

The Chancellor of the Exchequer, Jeremy Hunt will present the Autumn Statement 2023 to Parliament on 22nd November.

HMRC guidance to operate from 6th April 2024

Many of the tax year 2024/2025 guides are awaited.

Real Time Information (RTI)

The 2024/2025 technical guides to RTI were released on Wednesday 6th September 2023 non GOV.UK at Real Time Information support for software developers.

The changes relate to the change in tax year, the removal of the BACS Hash and the introduction of the new NKED NI categories for Investment Zones.

Income Tax Personal Allowance

It has been indicated that there is no change to personal allowance in April 2024 and also that it is expected frozen until April 2028:

There will be no uplift of tax codes for April 2024. General tax code uplifts are instructed by authority of form P9X

Rest of the UK Income Tax (England and Northern Ireland)

The following are indicated as applicable to 6th April 2024.

Scotland and Income Tax

The Scottish Parliament are yet to announce changes to the Scottish earnings thresholds and rates.

Wales and Income Tax

The Welsh Assembly have announced 12th December 2022 the Welsh tax proposals, to continuing to match the Income Tax Rates for the rest of the United Kingdom (England and Northern Ireland).

The following is proposed:

Expenses and Benefits

Employers who want to introduce formal payrolling for the 2024/2025 tax year must plans and register in advance and at the latest 5th April 2024.

Employer provided Childcare Vouchers – Basic Earnings Assessment

If the tax bands are no adjusted for April 2024, the PAYadvice BEA tool for 2023/2024 remains suitable for the 2024/2025 tax year.

National Insurance

Investment Zone Employers National Insurance Relief (IZENR)

From 6th April 2024, 4 new NIC Category Letters are introduced to aid the reporting of NI reliefs for Investment Zones:

Class 1 earnings bands

Class 1 Contribution Rates

The National Insurance contribution rates applicable from 6th April 2024 are yet to be confirmed.

Class 1A and Class 1B contribution rates

Employment Allowance

There is no change to the employment allowance for April 2023:

Investment Zones

Similar to Veterans and Freeports, a new investment zone employer NIC relief is proposed requiring change in payroll solutions.

Student Loan deductions

The student plan threshold applicable from 6th April 2024 have been partly confirmed. Some are awaited.

Statutory Payments

The statutory payments for April 2024 are yet to be announced.

Statutory Parental Payments:

  • Statutory Maternity Pay (SMP)
  • Statutory Adoption Pay (SAP)
  • Shared Parental Pay (ShPP)
  • Statutory Paternity Pay (SPP)
  • Statutory Parental Bereavement Pay (SPBP)

The Small Employers Compensation Rate remains at 3% (on payments made on or after 6th April 2011). The Small Employers Relief (SER) Threshold is £45,000.

Statutory Sick Pay (changes on 6th April 2024 )

The same weekly SSP rate applies to all employees. However, the amount you must actually pay an employee for each day they’re off work due to illness (the daily rate) depends on the number of ‘qualifying days’ they work each week. The weekly rate to be operated from 6th April 2024 are yet to be confirmed.

The daily tables have also yet to be confirmed:

Pension AE thresholds

The Minister for Pension announced 26th January 2023 that the earnings thresholds operational from April 2023 are frozen. Their is a future intention to reduce the Lower Earnings to zero at some point in time. The value to apply from April 2024 is not yet known:

National Minimum Wage / National Living Wage

The UK government announced changes as part of the Autumn Statement 2023 confirming the approval of the Low Pay Commission recommendation for the uplifting of minimum pay rates within the United Kingdom – when they do the new minimum rates apply for pay periods commencing on or after 1st April 2024.

Real Living Wage and London Living Wage

The uprated Living Wage rates are generally announced at the beginning of November annually. These are awaited.

Isle of Man (6th April 2024)

The Isle Man Budget 2024 is yet to take place:

PAYadvice.UK Legislation Update 2024

The download of the PDF will be made available here soon.

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