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Tax Rates


The 2020–21 limits and thresholds for National Insurance Contributions (NICs) have been announced and draft regulations have been laid before Parliament.

The above inflation increase in the primary threshold and the lower profits limit is a step towards the government’s ambition to raise these amounts to £12,500.

For a full lost click here.

While the Class 1 primary threshold and Class 4 lower profits limit will increase significantly, the upper limits remain unchanged. Other thresholds will see an inflationary increase.

View the draft Social Security (Contributions) (Rates, Limits and Thresholds Amendments and National Insurance Funds Payments) Regulations 2020.

For a full list click here.


HMRC have published a comprehensive list of income tax and NIC rates and thresholds relevant to employers for 2019/2020.

The rates, which can all now be accessed from a single web page, will be useful for payroll and calculating employee expenses. Details include:

  • PAYE tax and Class 1 National Insurance contributions
  • Tax thresholds, rates and codes
  • Class 1 National Insurance thresholds
  • Class 1 National Insurance rates
  • Class 1A National Insurance: expenses and benefits
  • Class 1B National Insurance: PAYE Settlement Agreements (PSAs)
  • National Minimum Wage
  • Statutory Maternity, Paternity, Adoption and Shared Parental Pay
  • Statutory Sick Pay (SSP)
  • Student loan and Postgraduate loan recovery
  • Company cars: Advisory Fuel Rates (AFRs)
  • Employee vehicles: Mileage Allowance Payments (MAPs)

View Rates and thresholds for employers: 2019 to 2020.


The rate charged for late paid corporation tax paid by quarterly instalments rose on 13 August 2018 from 1.5% to 1.75%. The interest rate charged on late payments of all other taxes and national insurance contributions collected by HMRC rose from 3% to 3.25% on 21 August 2018.

There is currently no increase in the beneficial loan interest rate which stands at 2.5% although it is expected to rise from 6 April 2019.


Interest on late payment of the main taxes increased from 2.75% to 3% with effect from 21 November. Interest on repayments of tax is unchanged at 0.5%


HMRC has published draft regulations which set out the National Insurance contributions rates, thresholds and limits for the 2014/15 tax year - click here for more information


For changes to interest charges arising on late payment of tax and on overpaid tax please click in the title.


The 'oficial rate' of interest used to calculate the P11d benefit of a cheap loan from an employer to an employee has fallen from 6.25% to 4.75%.  The new rate comes into effect on 1st March 2009.


New Government fuel rates announced with effect from 1 August 2007 are as follows:


New Government fuel rates announced with effect from 1 February 2007 are as follows:

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