Here are a few key points and changes effective from 6th April 2017:
- Corporation tax will reduce to 19% staring from periods beginning 1 April 2017
- Personal Allowance for Individuals is increasing to £11,500
- 20% Threshold for income tax is increasing to £33,500
- 40% threshold for income tax is increasing to £45,000
The dividend tax rate is as follows:
- £5,000 = 0.0%
- Basic rate = 7.5%
- Higher Rate = 32.5%
- Additional Rate = 38.1%
This will depend on which tax band you fall under after all your income in the tax year.
More information can be found on our previous article here >
The National Minimum wage is Increasing as follows:
- 25 and Over ( National Living Wage) = £7.50 per hour
- 21-24 years old = £7.05 an Hour
- 18-20 Years old = £5.60 an Hour
- 16-18 Years Old = £4.05 an Hour
- Apprentices under 19 or 19 and over in the first year of their apprenticeship = £3.60 an Hour
More information can be found on our previous article here >
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