Tag Archives: personal allowance

5 key takeouts from Budget 2016

tax-hat-300How will #Budget2016 affect you?  The Chancellor said “we have to act now so we don’t have to pay later”, and we’ve heard proposals for cuts, funding and changes that could affect all of us around the country in different ways.

We’ve picked out 5 key areas from #Budget2016.

–          Changes to income tax – As promised in last year’s summer budget, tax-free personal allowance will rise from £10,600 in 2015/16 to £11,000 from April. It will then go up a further £500 in April 2017 to make it £11,500 that you can earn before you have to start paying income tax.

The 40p tax threshold rises from £42,385 to £43,000, with a further increase to £45,000 in April 2017 as the Chancellor speeds up attempts to increase it £50,000 by 2020. Continue reading

So how might Budget 2015 impact you?

How will the Budget impact you?

How will the Budget impact you?

The final Budget before the General Election is here, and what does it have in store? We’ve seen announcements on pensions, tax, housing and much more that will affect all of us around the country in different ways.

Some of the headlines from Budget 2015 were:

Income tax
One big win for many is that the amount you can earn before being taxed – personal tax allowance –  was already due to increase from £10,000 to £10,600 from April, and is set to rise further  – up to £10,800 next year, and then to £11,000 the year after.

Some people will also benefit from the higher tax rate threshold – in other words, the moment you start paying 40p in the pound – being raised from £42,385 in 2014-15 to £43,300 by 2017-18, although some speculation had suggested it would go as high as £50,000. Continue reading