It’s April, which of course means that it’s a new tax year – if you’re running a business, are self employed or pay tax through other means, you may be interested to know how you may be affected for the year ahead. As experienced and established accountants in Harrow, we understand that it’s important to keep our clients up to speed on any changes occurring in the world of taxation – so we’ve put together a short guide for you, summarising the latest tax card to have been released by HMRC this April. Take it from us, as tax advisors – you may want to keep this information handy!
Tax bands for personal income have increased. This means that for basic tax, the threshold now sits at £33,500, with higher and additional rates having increased to £33,000-£150,000 and £150,000 and above. Income tax rates are set to stay the same, but savings rates have been brought in at thresholds of 20%, 40% and 45%. Certain allowances are increasing, too – your income tax personal allowance will go up to £11,500, while Married couple’s allowances will also be on the rise. National Insurance Contributions have increased, too – only slightly – but across all four bands, meaning you should keep a close eye on your pay check or payroll this tax year.
Beyond this, tax advisors will also confirm that little is changing one the benefits front, but your ISA subscription limits will be increasing all around – meaning that if you’re set to put savings away this year, you’ll do well to keep close tabs!
As experienced accountants in Harrow, Finsol tax advisors can help businesses and individuals in the local and extended area – contact us today if you have any queries about how the changes to taxation this year could stand to affect you!