Payroll 2023-24: Allowances, Rates and Thresholds from 6 April 2023

Dear IReeN.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 

Class 1 NICs 2023 to 2024 v1.0 (002)Download

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 

NLW_NMW 2023 to 2024 v1.0 (002)Download

Student Loan & Postgraduate Loan Thresholds and deduction rates:

See attachment

SL_PGL 2023 to 2024 v1.0Download

Employment Allowance:

£5,000

Statutory Payments rates:

See attachment 

SP_SSP 2023 to 2024 v1.0Download

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Apprenticeship Levy:

£15,000

0.5%

Kind Regards,

Part of tax year 2023/2024 resources

IReeN.UK from PAYadvice.UK 30/11/2022

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