An uncertain economy meant the cost of living crisis continued in 2023. This has led to several measures coming into place that will impact pay for workers.
In this article, we’ve covered all the key changes coming into effect in the 2024-25 tax year. Plus, download our free tax calendar PDF.
Download the 2024-25 tax calendar PDF
Click here to open and download the PDF. No details required!
Key tax dates (April 2024 to April 2025)
We’ve already started seeing some key changes in early 2024. From 6 January, Class 1 National Insurance contributions were reduced by 2 percentage points, from 12% to 10%.
As for the new tax year:
- From 1 April 2024, National Living Wage (NLW) and National Minimum Wage (NMW) will increase. NLW will be £11.44, while NMW for ages 18-20 will be £8.60 and £6.40 for ages 16-17 and apprentices.
- From 6 April 2024, the main rate of employee National Insurance will reduce by 2 percentage points from 6 April 2024, dropping from 10% to 8% (down from 12% last year!).
- From 6 April 2024, Class 4 National Insurance contributions will be reduced by 3 percentage points, from 9% to 6%.
- From 6 April 2024, the Dividend Allowance will reduce from £1,000 to £500. Tax rates on dividend income will remain the same.
- From 6 April 2024, Scotland will introduce an ‘Advanced’ tax rate at 45% for an individual’s income between £62,431 and £125,140. Other Scottish tax thresholds will change slightly too.
- From 6 April 2024, the repayment threshold for Postgraduate loans will be £21,000.
- The income tax personal allowance remains frozen until April 2028.
Previous tax calendars
Information included in this article may be subject to change. Please refer to the date of publication. We endeavour to keep an up-to-date reflection of changes during the 2024-25 tax year.
