The 2021/22 tax year in the UK runs from 6th April 2021 to 5th April 2022. Tax returns for this tax year are generally due by 31st January 2023. Here are some of the most common at-a-glance figures you might find useful for the tax year.
2021/22 Tax Rates for Self Employed in the UK
- Tax Year: 6th April 2021 to 5th April 2022
- Tax Return Deadline: 31st January 2023
- Personal Allowance: £12,570
- Basic Tax Rate: 20% (£12,571-£50,270)
- Higher Tax Rate: 40% (£50,271-£150,000)
- Additional Tax Rate: 45% (over £150,000)
- Personal Savings Allowance: £1,000 (visit this page)
- Dividend Allowance: £2,000 (visit this page)
- Trading Allowance: £1,000 (visit this page)
- Property Allowance: £1,000 (visit this page)
2021/22 National Insurance Rates for Self Employed in the UK
- Class 2 Small Profits Threshold: £6,515
- Class 2 Rate per week: £3.05
- Class 4 Lower Profits Threshold: £9,568
- Class 4 NI Rate: 9%
- Class 4 Rate above £50,270: 2%
- For full details and past rates visit this page
Other useful information for self employed in 2021/22 tax year
- VAT threshold: £85,000 turnover
- Standard VAT rate: 20%
- Corporation Tax rate (2021): 19%
- Annual Investment Allowance: £1m
- Cash Basis Limit: £150,000 turnover (visit this page)
- Payment on Account threshold: £1,000 total tax bill (visit this page)
- State Pension Age: 67 (visit this page)
- Qualifying Years Required for Full State Pension: 35 (visit this page)
Please note that the above information is just intended as an ‘at-a-glance’ quick summary summary. Please visit the relevant links for full details. You should always seek professional guidance from a qualified accountant.
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Last Updated on 14 November 2021 by Andy Mac