Personal Allowance & Tax changes - EA Assist
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Personal Allowance & Tax changes

Personal Allowance & Tax changes

Changes to personal allowances and income tax for the years ahead.

 

Are you aware of the changes to personal allowances, income tax rates for 2016 to 2017 and 2017 to 2018?

We have detailed below the changes following the summer budget announcements:

For the tax year beginning 6th April 2017

  • The personal allowance will increase to £11,000
  • The basic rate limit will be increased to £32,000
  • The higher rate threshold will be increased to £43,000

Did you know: from April 2016 there will only be one income tax personal allowance regardless of an individuals date of birth.

For the tax year beginning 6th April 2017

  • The personal allowance will increase to £11,200
  • The basic rate limit will be increased to £32,400
  • The higher rate threshold will be increased to £43,600

 

Other changes in the summer budget:

 

The employment allowance will be increased to £3,000 for some employers – will this apply to you? Contact us to find out.

If however as a director you are the sole employee, you will be excluded from receiving this allowance.