diff --git a/src/hmrc.ts b/src/hmrc.ts index 1e9d757..0e9acba 100644 --- a/src/hmrc.ts +++ b/src/hmrc.ts @@ -47,8 +47,8 @@ const taxRates: Record = { STUDENT_LOAN_PLAN_2_WEEKLY_THRESHOLD: 524, STUDENT_LOAN_PLAN_4_WEEKLY_THRESHOLD: 487.98, STUDENT_LOAN_PLAN_5_WEEKLY_THRESHOLD: 480, // Note: this was only introduced in 2023/24, so technically isn't relevant to 22/23 - STUDENT_LOAN_POSTGRAD_WEEKLY_THRESHOLD: 403.84, STUDENT_LOAN_REPAYMENT_AMOUNT: 0.09, // People on plans 1 or 2 repay 9% of the amount you earn over the threshold + STUDENT_LOAN_POSTGRAD_WEEKLY_THRESHOLD: 403.84, STUDENT_LOAN_REPAYMENT_AMOUNT_POSTGRAD: 0.06, // People on postgrad plans repay 6% of the amount you earn over the threshold // National Insurance NI_MIDDLE_RATE: 0.1325, @@ -56,7 +56,6 @@ const taxRates: Record = { NI_MIDDLE_BRACKET: 242, NI_UPPER_BRACKET: 967, }, - // As of 6th April 2023 "2023/24": { // Income tax DEFAULT_PERSONAL_ALLOWANCE: 12_570, @@ -71,8 +70,8 @@ const taxRates: Record = { STUDENT_LOAN_PLAN_2_WEEKLY_THRESHOLD: 524, STUDENT_LOAN_PLAN_4_WEEKLY_THRESHOLD: 532, STUDENT_LOAN_PLAN_5_WEEKLY_THRESHOLD: 480, - STUDENT_LOAN_POSTGRAD_WEEKLY_THRESHOLD: 403, STUDENT_LOAN_REPAYMENT_AMOUNT: 0.09, // People on plans 1, 2, 4 + 5 repay 9% of the amount you earn over the threshold + STUDENT_LOAN_POSTGRAD_WEEKLY_THRESHOLD: 403, STUDENT_LOAN_REPAYMENT_AMOUNT_POSTGRAD: 0.06, // People on postgrad plans repay 6% of the amount you earn over the threshold // National Insurance NI_MIDDLE_RATE: 0.1, // Changed from 12% to 10% on 6th Jan 2024 (out of normal cycle) @@ -80,6 +79,29 @@ const taxRates: Record = { NI_MIDDLE_BRACKET: 242, NI_UPPER_BRACKET: 967, }, + "2024/25": { + // Income tax + DEFAULT_PERSONAL_ALLOWANCE: 12_570, + HIGHER_BRACKET: 50_270, + ADDITIONAL_BRACKET: 125_140, + BASIC_RATE: 0.2, + HIGHER_RATE: 0.4, + ADDITIONAL_RATE: 0.45, + PERSONAL_ALLOWANCE_DROPOFF: 100_000, + // Student loan repayments + STUDENT_LOAN_PLAN_1_WEEKLY_THRESHOLD: 480.57, + STUDENT_LOAN_PLAN_2_WEEKLY_THRESHOLD: 524.9, + STUDENT_LOAN_PLAN_4_WEEKLY_THRESHOLD: 531.92, + STUDENT_LOAN_PLAN_5_WEEKLY_THRESHOLD: 480, + STUDENT_LOAN_REPAYMENT_AMOUNT: 0.09, // People on plans 1, 2, 4 + 5 repay 9% of the amount you earn over the threshold + STUDENT_LOAN_POSTGRAD_WEEKLY_THRESHOLD: 403.84, + STUDENT_LOAN_REPAYMENT_AMOUNT_POSTGRAD: 0.06, // People on postgrad plans repay 6% of the amount you earn over the threshold + // National Insurance + NI_MIDDLE_RATE: 0.08, + NI_UPPER_RATE: 0.02, + NI_MIDDLE_BRACKET: 242, + NI_UPPER_BRACKET: 967, + }, }; export const getHmrcRates = (taxYear?: TaxYear) => { diff --git a/src/types.ts b/src/types.ts index 674c2a6..a79c6a7 100644 --- a/src/types.ts +++ b/src/types.ts @@ -6,4 +6,4 @@ export interface IncomeTax { export type StudentLoanPlan = 1 | 2 | 4 | 5 | "postgrad"; -export type TaxYear = "2022/23" | "2023/24"; +export type TaxYear = "2022/23" | "2023/24" | "2024/25";