The new tax year began on the 6th April and there have been some important changes that may be of interest and importance to you:
- From 6th April the Personal Allowance, the amount a person can earn before their income becomes taxable, will rise to £12,500.
- The Higher Rate Taxation Threshold will rise to £50,000.
- The National Living Wage has increased from £7.83 to £8.21 an hour.
- From 8th April the annual work allowances in Universal Credit will rise by over £1000, increasing the amount a household can earn before Universal Credit starts to be withdrawn.
- Small businesses with a retail property rateable value below £51,000 will be entitled to 1/3 discount on business rate bills.
Stuart said: “I am pleased to see these changes come into play for the new financial year. The tax changes will save the average taxpayer £130 for this financial year alone, which will be a much welcome boost for many. By the end of this financial year 142,000 people will have been taken out of tax in the Yorkshire region, which is a record I am proud of.”