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New tax year approaching

Published: 11/03/2019 By Drupen Patel

Here is a breakdown of some of the new allowances and thresholds for the 2019/20 tax year:

Income Tax
                                                                 
Personal Allowance                         £12,500
Basic Rate Band                               20% on annual earnings above the personal allowance and up to £37,500
Higher Rate Tax                               40% on annual earnings from £37,501 to £150,000
Additional Tax Rate                         45% on annual earnings £150,000


Class 1 National Insurance Thresholds
                                                               
Lower Earnings Limit                       0% up to £6,136
Primary Threshold (PT)                    12% between £8,632 and UEL
Upper Earnings Limit (UEL)              2% above £50,000

The 2019/20 tax year has brought many more tax rate changes and allowances – why not call turpin barker armstrong to ensure you're making the most of all available allowances.