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Income Tax & Thresholds

  • Kayleigh Bate
  • Mar 26, 2018
  • 1 min read

We will discuss the extension of class 2 national insurance in our next blog, but for now we’ll explain the new tax allowance and class 4 national insurance rates.

The personal allowance will increase in April 2018 to £11,850. This is an increase of £350 per year compared to 2017/18.

The basic rate band will also increase to £46,350.

The additional rate band of 45% remains at earnings in excess of £150,000.

The National Insurance lower earning limit is now £6,032 per year with the primary threshold increasing to £8,424 and the upper threshold being £46,350, in line with the higher rate tax band.

If you would like further guidance please contact the office on 01530 414 285.

 
 
 

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