Tax Rate Changes from 2019

by Gill_admin.

The government has announced changes to the tax rate from April 2019 which will affect you if you are an employee or an employer (or both!).

The personal allowance will rise to £12,500 from April 2019 and the basic rate of tax limit will rise to £37,500. (The higher rate threshold will rise to £50,000 in tax year 2020/21, so the following tax year.)

National Living Wage rate for those aged 25 years and over will increase to £8.21 per hour from April 2019

National Minimum Wage will also increase for younger employees to the tune of :

  • £7.70 per hour for 21-24 year olds
  • £6.15 per hour for 18-20 year olds
  • £4.35 per hour for 16& 17 year olds
  • £3.90 per hour for apprentices (apart from those apprentices working for Lord Alan Sugar!)

The accommodation off-set for live in employees will rise to £7.55 per day which is £52.85 per week.

See here for more details – Autumn Budget 2018