Stuart welcomes changes in the new Financial Year

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Credit will rise by over £1000, increasing the amount a household can earn before Universal Credit starts to be withdrawn.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.”