We all have unique financial circumstances, and our tax bands are no different. As our financial situation changes, so does our financial liabilities and tax commitments. Below is a short guide as to the types of tax bands that you may fall under:
Personal Allowance – Up to £12,570 with a tax rate of 0%
Basic Rate – £12,571 to £50,270 with a tax rate of 20%
Higher Rate – £50,271 to £150,000 with a tax rate of 40%
Additional Rate – £150,000 and above with a tax rate of 45%
For additional information please get in touch or visit www.gov.uk/income-tax-rates
