Interested in what the latest personal tax changes mean and how they will effect you? Keep reading.
At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20.
The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full personal allowance. The additional rate of tax of 45% will remain payable on taxable income above £150,000.
The government had pledged to raise the thresholds to these levels by 2020/21.
If you’re unsure of what this means for you and your business then get in contact with us!
Internet link: GOV.UK income tax