New Tax Year

Spring is here and so is a new tax year! 

For the tax year, starting 6th april 2019 - these are the news: 

• Tax-free personal allowance increases from £ 11,850 to £ 12,500
• Employee's & employer's NI becomes will be due at £ 8,424
• Total minimum pension contribution increases to 8%
• Higher tax rates becomes due at £ 46,350 
• Class 2 NI becomes due when profits surpasses £ 6,025

For student loans, things have changed as well. The threshold for plan 1 has gone up to £ 18,395 and earnings above will be calculated at 9%. Plan 2 will also rise from £ 25,000 to 25,725. 

These were the most important changes, as we see them. For Welsh & Scottish taxpayers other changes may apply.

Whether your company only have 1 employee or many, we can assist. You can contact us via the form below.