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Blog Tax Small business tax: a simple guide

Small business tax: a simple guide

14 min. read
16 Aug 2019
16 Aug 2019
14 min. read

Band

Taxable income

Tax rate

Personal Allowance

Up to £12,570

0%

Basic rate

£12,571 to £50,270

20%

Higher rate

£50,271 to £150,000

40%

Additional rate

over £150,000

45%

Employed

2021 – 22 National Insurance

How much you earn

Class 1 rate

Less than £9,568

0%

£9,568 – £50,270

12%

More than £50,270

2%

Self-employed

How much you earn

Class 2 and 4 rates

Less than £6,515

0%

£6,515 – £9,569

£3.05 per week

£9,569 – £50,270

9% + £3.05 per week

More than £50,270

2% + £3.05 per week

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