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New Tax Year, New Changes

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New Tax Year, New Changes

 

The new tax year has brought in many changes, including the tax-free personal allowance increasing from £11,850 to £12,500.

 

The basic rate limit will be increased to £37,500 whilst the higher rate tax band is going up from £46,350 to £50,000.

 

National Insurance contributions are also increasing to 12%on money earnt between £46,350 and £50,000.

 

Capital Gains tax annual exemption will be rising from£11,700 to £12,000.

 

It has been estimated that these changes will mean around 32 million taxpayers will see their tax bills cut.

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