Chartered Accountants
Personal tax rates and allowances


National Insurance rates and allowances

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Corporation tax rates

Successive Governments have added layers of complexity to what should be a very straight-forward tax system and sometimes the calculations can be daunting. There are essentially three ways of operating a UK business - you can be self-employed (including partnerships) or work as an employee of your own company or receive dividends from your own company. You can of course operate under all three if you wish.

Self-employed people pay Income Tax and National Insurance every six months; employees have Income Tax and National Insurance deducted by the employer before they receive any money (a different rate of National Insurance applies).

For those operating in a corporate structure, the company pays corporation tax nine months after the year end; dividends are paid out of post tax profits. The person receiving the dividend will also suffer tax, but at a lower rate than the employed and self employed.

The links on the left will take you to the relevant HMRC pages for the rates appropriate to each area. These are subject to amendment from year to year.

We've summarised the 'take home' pay for the self-employed, the employed and the shareholder for 50,000 income here.