Tax Tables for 2023 to 2024


Please download a copy of our 2023-24 tax tables for your reference. This details all the new rates and changes from the recent budget.

If you require information or assistance with any item detailed in here or want to know how it applies to you more how you can benefit please contact us on

01942 322767 or email info@mcgintydemack.co.uk

One of the team would be pleased to assist you

Record 11.7 million tax returns received on time


A record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed.

The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for filing on the day was between 4pm and 4:59pm, when 68,462 customers submitted their tax return.

More than 12 million customers were expected to file a self assessment tax return for the 2021/22 tax year. HMRC is urging customers who missed the deadline to submit theirs as soon as possible or risk facing a penalty.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘Thank you to the millions of customers and agents who got their tax returns in on time. Customers who have yet to file, and who are concerned that they will not be able to pay in full, may be able to spread the cost of what they owe with a payment plan.’

Internet link: HMRC press release

‘Digital pound’ likely to launch this decade, says Treasury


The Treasury and the Bank of England (BoE) have suggested that a state-backed ‘digital pound’ is likely to be launched this decade.

Both the Treasury and the Bank said that the public should have access to ‘safe’ digital money that can be used easily.

A central bank digital currency (CBDC) would use similar technology to cryptocurrencies, but the digital pound would be ‘less volatile’, according to the BoE.

Andrew Bailey, Governor of the Bank of England, said:

‘As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow. A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.

‘However, there are a number of implications which our technical work will need to carefully consider. This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.’

A consultation has been launched on how the CBDC would work.

Internet link: BoE website

HMRC urges eligible couples to claim Marriage Allowance


HMRC has reminded married couples eligible for the Marriage Allowance to make use of the tax relief.

Over 2.1 million couples currently benefit from the Allowance, HMRC said. Married couples could save up to £252 a year, it added.

Eligible couples are those who are married or in a registered civil partnership; one spouse or partner does not pay income tax, or their income is below the Personal Allowance of £12,570; and the other spouse or partner pays income tax at the basic rate.

It is possible to backdate claims to include any tax year up to 6 April 2018, which could be worth up to £1,242 in tax relief.

Angela MacDonald, Deputy Chief Executive at HMRC, said:

‘We want every eligible couple to benefit from marriage allowance tax relief. Couples whose circumstances have changed – perhaps one of them has stopped working or taken a lower paid job – may not realise they are entitled to claim.

‘It’s easy to find out what you may be due – search ‘Marriage Allowance calculator’ on GOV.UK to get started. By applying on GOV.UK rather than through a third party, you get to keep 100% of the tax relief due.’

Internet link: GOV.UK

UK economy narrowly avoided recession last year


The UK narrowly avoided falling into recession in 2022 after the economy saw zero growth between October and December, according to the latest figures from the Office for National Statistics (ONS).

Although the economy shrank between July and September, a recession is defined as when the economy contracts for two consecutive three-month periods.

Over 2022, GDP grew by 4%, compared to 7.6% growth in the previous year and the UK economy is still 0.8% smaller than it was before the Covid-19 pandemic.

In December alone the economy fell by 0.5%, partly due to strikes.

Ben Jones, Lead Economist at the CBI, said:

‘We may have avoided a technical recession late last year, but we probably won’t avoid one this year. While we expect that the downturn will be shallow, if we act now, we can make the recession even shorter than predicted.

‘All eyes are on the Chancellor’s March Budget, when businesses will be looking for a bolder approach to tackling labour and skills shortages and falling business investment. In particular, firms will be looking for a permanent replacement to the super-deduction, as well as a focus on innovation and the green economy to help boost economic growth in the years ahead.’

Internet link: ONS website

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