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.