Uk Tax Year 2022 To 2023

New Tax Year: Understand the Changes

Tax Rates and Thresholds for 2022-2023

The start of April marks the beginning of a new tax year, which brings changes to tax rates and thresholds. Here's a summary of the key updates for 2022-2023:

Higher Tax Rate Threshold Increased

For the 2022-2023 tax year, the higher rate tax threshold has been increased to £50,270, meaning individuals will only start paying the higher rate of tax on income earned above this amount.

Personal Allowance Remains Unchanged

The personal allowance, which is the amount of income you can earn before paying income tax, remains unchanged at £12,570 for the 2022-2023 tax year.

New Tax Year Dates

The 2022-2023 tax year runs from April 6, 2022, to April 5, 2023. It's important to note these dates for tax purposes, such as submitting tax returns and making payments.

Tax Calculator

To help calculate your tax liability for the new tax year, consider using a tax calculator. This can be a valuable tool to estimate the amount of tax you will need to pay.

Remember to consult with a tax professional or visit the HMRC website for the most up-to-date information and guidance on tax rates and thresholds. Understanding these changes can help you plan your finances effectively for the new tax year.