2
3
1
4
Search
  • Angelika Ostrowska

New Tax Year from 6 April 2019. What should I be aware off?

Updated: Apr 28, 2019

Tax Year 2019/2020 has started on 6 April 2019. Below you can find lots of useful information about changes in Personal and Business Tax.



Personal Allowance has increased to £12 500 from £11 850, what leads to tax saving of £130.

Also the higher-rate threshold which is 40% increased to £50 000 from £46 350 comparing with previous year.


The National Minimum Wage and National Living Wage has increased for about 5%.




The Dividend Allowance remains the same as in the previous year at £2000.

Once it is reached, basic rate taxpayers will pay 7.5% tax on dividends and higher rate taxpayers will pay 32.5%.  Additional rate taxpayers will be charged 38.1% tax on dividend.


The Capital Gains Tax Annual Allowance has increased to £12 000.


Pensions


The Lifetime Pensions Allowance has been increased in line with inflation (CPI) for the 2019-2020 tax year and stands at £1,055,000, from £1,030,000.


The Workplace Pension. The minimum amount which needs to be paid into employee's workplace pension increased from 5% to 8% with employer minimum contribution of 3%.


ISA

The Junior Isa allowance is £4,368 for the 2019-2020 tax year, up from £4,260.


If you would like to receive more information, please do not hesitate to contact us !




17 views
07895-408-693

Angelika Ostrowska is licensed and regulated by AAT under licence number 1003407

Southam