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🏢 Company Taxes2024/25 — Archived
Company Tax Rates 2024/25
6 April 2024 – 5 April 2025
Corporation Tax
Financial year April 2024
| Profits | Rate | Notes |
|---|---|---|
| Up to £50,000 | 19% | Small profits rate |
| £50,001 – £250,000 | 19%–25% | Marginal relief applies |
| Over £250,000 | 25% | Main rate |
Employer National Insurance
Class 1 Employer contributions 2024/25
| Earnings Per Employee | Rate |
|---|---|
| Up to £9,100 (Secondary Threshold) | 0% |
| Over £9,100 | 13.8% |
Note: From April 2025, the Secondary Threshold dropped to £5,000 and the rate increased to 15%. The Employment Allowance also increased from £5,000 to £10,500.
Employment Allowance 2024/25
Eligible employers could reduce their NIC bill by up to £5,000 per year.
National Minimum Wage
Rates from 1 April 2024
| Category | Hourly Rate |
|---|---|
| National Living Wage (21+) | £11.44 |
| 18–20 year olds | £8.60 |
| 16–17 year olds | £6.40 |
| Apprentices | £6.40 |
Statutory Pay Rates
From 6 April 2024
| Type | Weekly Rate |
|---|---|
| Statutory Maternity Pay (first 6 weeks) | 90% of average weekly earnings |
| Statutory Maternity Pay (remaining weeks) | £184.03 or 90% AWE if lower |
| Statutory Paternity Pay | £184.03 or 90% AWE if lower |
| Statutory Sick Pay (SSP) | £116.75 per week |
Mileage Allowance Payments
HMRC approved rates 2024/25
| Vehicle | First 10,000 miles | Over 10,000 miles |
|---|---|---|
| Cars & vans | 45p per mile | 25p per mile |
| Motorcycles | 24p per mile | 24p per mile |
| Bicycles | 20p per mile | 20p per mile |
VAT
2024/25
| Rate | Applies To |
|---|---|
| Standard – 20% | Most goods and services |
| Reduced – 5% | Energy, children's car seats, some home improvements |
| Zero – 0% | Food, children's clothing, books, public transport |
| Registration Threshold | £90,000 turnover in 12 months |
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