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Thursday, 01 November 2018 08:39

Personal Tax - keep more of what you make

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One of the key "headline grabbers" in Monday's budget, which affects the majority of earners, employed, self employed, pensioners, those with rental income and dividends, was the increase in the personal allowance from £11,850 to £12,500 This was a "giveaway" in the sense that it amounted to an increase in the amount of tax free income. In addition, the start of the 40% tax bracket goes to £50,000 (from £46,350).

 

The government promised to do this in a previous election manifesto by 2020-21, so in effect it you are getting it one year earlier than planned. It has already been confirmed that the tax free allowances, which has traditionally been increased on an annual basis, will be frozen next year, so at this stage (and this may all change dependent on Brexit) it is a "one year giveaway"

For those who complete a personal tax return, and for any reason miss the deadline and receive the automatic £100 fine, this system is changing to a "points based system". Miss one deadline and you won't be fined automatically ( as with the current system), but receive a "penalty"point. However, points make prizes for HMRC and, for serial offenders, the points ( and financial penalties) will mount up quickly.

Read 500 times Last modified on Friday, 16 November 2018 12:43

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