Personal Tax Return
Self-Employment
We offer full-service bookkeeping and personal tax return solutions to type of businesses, including quarterly bookkeeping, filing tax return on annual basis, we plan your taxes each financial year e.g April to April.
Personal Allowance
The standard employee personal allowance for the 2023 to 2024 tax year is: £242 per week. £1,048 per month. £12,570 per year.
Self-Assessment Taxes
Each UK residence is entitle to 12,570 each financial year, the personal allowance rate announced by HMRC each financial year,
Band Taxable income
Tax ratePersonal Allowance Up to £12,5700%
Basic rate £12,571 to £50,270
Higher rate £50,271 to £125,140
Additional rate over £125,140
Class 2 & 4 Self employment NI Contribution
Self-Employed business persons will pay class 2 and class 4 national insurance contributions
a self employed person will pay class 2 NI contribution if there earnings exceed £6,725, The contribution will be £3.45 per week for 2023-24 financial year.
Additionally if the income is exceed £12,570 they will pay 9% above the lower threshold