Reference · FY2024
The rates you'll practise against
A quick reference for UK Corporation Tax and VAT for the financial year to 31 March 2025. These are the figures ReturnDeck checks your returns against.
Corporation Tax · FY2024
Small profits rate
19%
Profits up to £50,000 (the lower limit).
Marginal relief band
19–25%
Profits between £50,000 and £250,000, tapered by marginal relief.
Main rate
25%
Profits over £250,000 (the upper limit).
£0£50,000£250,000profit →
19% flatmarginal relief25% flat
Marginal relief — the formula
(Upper limit − Augmented profits)
× (Taxable profits ÷ Augmented profits)
× 3 ÷ 200
× (Taxable profits ÷ Augmented profits)
× 3 ÷ 200
Tax the whole profit at 25%, then subtract the relief above. The standard fraction for FY2024 is 3/200.
Remember
Both limits are divided by the number of associated companies, and pro-rated for short periods.
Capital allowances
100%
Annual Investment Allowance
On the first £1,000,000 of qualifying plant & machinery.
100%
Full expensing
First-year allowance for companies on new main-rate plant.
18%
Main pool WDA
Writing-down allowance, reducing balance.
6%
Special rate pool WDA
Integral features, long-life assets.
Value Added Tax
Standard rate
20%
Most goods and services.
Reduced rate
5%
Domestic fuel & power, children's car seats.
Zero rate
0%
Most food, books, children's clothes.
Registration threshold
Taxable turnover in any 12 months.
£90,000
Deregistration threshold
When turnover falls below.
£88,000
Self Assessment · Income Tax (England & NI)
Basic rate
20%
Taxable income up to £37,700.
Higher rate
40%
£37,701 to £125,140.
Additional rate
45%
Taxable income over £125,140.
Personal allowance
Tax-free band before any rate applies.
£12,570
Allowance taper
Reduced £1 for every £2 of income over £100,000 — nil by £125,140.
£1 : £2
Dividends (8.75 / 33.75 / 39.35%) and savings have their own allowances and rates. Scotland sets its own income tax bands.
Key deadlines
Pay Corporation Tax (non-large companies)
9 months + 1 day after period end
File the CT600
12 months after period end
Submit & pay a VAT return (standard quarterly)
1 month + 7 days after quarter end
File online & pay Self Assessment
31 January after the tax year
Put the rates to work.
Open a return and apply them to real figures.
