CORPORATION TAX Profits Diverted profits Years to 31/3/23 and 31/3/22 19% 25% Made in 21/22 Made in 22/23 Loans to participators 32.5% 33.75% NATIONAL INSURANCE CONTRIBUTIONS Class 1 Employee Employer NICs rate 13.25% 15.05% No NICs for employees generally on the first £242 pw† £175 pw No NICs* for: younger/veteran employees on first £242 pw† £967 pw freeport employees on first £242 pw† £481 pw NICs rate charged up to £967 pw No limit 3.25% NICs on earnings over £967 pw N/A *Employees generally under 21 years, apprentices under 25 years. Veterans in first 12 months of civilian employment. Employees at freeports in Great Britain in the first three years of employment from 6 April 2022 †£190 pw before 6 July 2022 Employment Allowance £5,000 Per business – not available if sole employee is a director or employer’s NICs for 21/22 £100,000 or more. Class 1A Employer On car and fuel benefits and most other taxable benefits provided to employees/directors 15.05% Class 2 Self-employed Flat rate per week £3.15 (£163.80 pa) Small profits threshold £6,725 Class 4 Self-employed On annual profits of £11,908 to £50,270: 10.25% Over £50,270: 3.25% Class 3 Voluntary flat rate per week £15.85 (£824.20 pa) CAR BENEFITS Taxable amount based on original list price and CO2 emissions in g/km. Zero emission cars 2% Petrol and diesel hybrids with CO2 emissions 1–50g/km Range – electric-only miles <30 30–39 40–69 70–129 130+ 14% 12% 8% 5% 2% All non-diesel cars over 50g/km CO2 51–54 55 & over 15% 16%*–37% * Increased for every extra 5g/km by 1% up to the maximum 37% Diesels not meeting RDE2: add 4% to non-diesel rates, up to max of 37% Fuel Benefit – taxable amount for private use 22/23 21/22 CO2 % charge used for car benefit multiplied by £25,300 £24,600 VANS – FOR PRIVATE USE 22/23 21/22 Zero emission: chargeable amount Nil Nil Other vans: chargeable amount £3,600 £3,500 Fuel: chargeable amount £688 £669
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