Tax bands for Income Tax for England, Wales & Northern Ireland:

Your first £12,500 of income will fall under the personal allowance and is tax free. If you have income of £50,000 then £37,500 is taxed at the basic rate and the remainder falls in the personal allowance meaning none of it falls in the higher rate.

Tax bands for Income Tax for Scotland:

Your first £12,500 of income will fall under the personal allowance and is tax free. If you have income of £50,000 then £2,085 will fall in the starter rate, £10,573 will fall in the basic rate, £18,272 will fall in the intermediate rate and the remaining £6,570 falls in the higher rate.

The Scottish tax rates don’t apply to savings or dividend income. Savings and dividends will be taxed based on the bands and tax rates the rest of the UK uses.

Personal Allowance Reduction:

Your personal allowance goes down by £1 for every £2 that your income is above £100,000. This means your allowance is zero if your income is £125,000 or above.

 
Dividend tax rates:

The first £2,000 dividends are taxed at 0% (tax-free dividend allowance).

Self-Employment rates:

National Living Wage & Minimum Wage:

Entitlement to apprentice rate:
- Aged under 19
- Aged 19 or over and in first year of apprenticeship

Apprentices entitled to minimum wage:
- Aged 19 or over
- Have completed first year of apprenticeship

Company Taxes:

If your company’s taxable turnover exceeds £230,000 in a year then you will need to deregister from the flat rate scheme.