What does the Conservative Election win mean for you?

After the Conservatives recent victory in the General Election, we thought we would share some of the financial changes this will bring …

  • Firstly, it is expected that the personal allowance will raise from £10,600 to £12,500 over their term. This means that employees can earn up to 12.5k tax free

  • Are you a higher rate tax payer? If so, you will be pleased to know that the conservatives plan to raise the 40% tax bracket to £50,000 from £42,386 per year

  • They have pledged to not raise income tax or VAT for the next five years

  • The party have vowed to raise the national minimum wage to approximately £8 per hour for over 21’s

  • Are you a working parent? The conservatives plan to double to the amount of free childcare available to working parents of 3 and 4 year olds. This will enable workers to have up to 30 hours of childcare per week, free of charge

  • And finally, parents can pass down a property worth up to £1million free of inheritance tax

If you have any queries about what the new Government plans mean for you, then please feel free to contact Kayleigh on 07525 421 454 or Kayleigh@darceyandbateaccountants.co.uk

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