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Tax Codes, Allowances and Thresholds for April 2018

Personal Tax Allowance From 6th April 2018, the new annual Personal Allowance for income tax purposes is £ 11,850. An Employee’s tax allowance is divided up according to how often he/she is paid. Using the 1185L tax code / £11,850 annual allowance as an example: Monthly paid Employees can earn £988 per month before paying… Read more →

Auto Enrolment Pension Contribution Increases April 2018

From 1st April 2018, the minimum pension contributions under Auto Enrolment will increase to: Employer: 2% Employee: 3% (for a majority of pension schemes 2.4% will be taken due to the tax relief) The Earnings Trigger (the amount an Employee has to earn to qualify for Auto Enrolment) remains at: £ 10,000 per annum /… Read more →

National Living and Minimum Wage Rates from 1st April 2018

From 1st April 2018: National Living Wage (Employees aged 25 and over) – £ 7.83 per hour The new National Minimum Wage rates are going up to: 21-24     £ 7.38 per hour 18-20     £ 5.90 per hour 16 & 17   £ 4.20 per hour The Apprentice rate (Under 19 or… Read more →