United Kingdom Tax Agency Issues Guidance on Rates, Thresholds for Employers for Tax Year 2023-24

The United Kingdom HM Revenue and Customs Feb. 27 issued guidance on tax year 2023-24 rates and thresholds for employers, effective from April 6, 2023, to April 5, 2024. The guidance includes: 1) Class 1 employee (primary) and employer (secondary) national insurance contribution (NIC) rates; 2) Class 1 national insurance thresholds; 3) Class 1A NIC rates for expenses, benefits, termination awards, and sporting testimonial payments; 4) pay-as-you-earn (PAYE) tax rates; 5) Class 1B NIC rates for PAYE Settlement Agreements (PSAs); and 6) standard employee personal allowance rates. [United Kingdom, Government Portal, 02/27/23]

Reference: View Guidance.