17.04.2018. Changes of taxes in UK from April 2018

Company News

A number of changes to the UK taxes became effective from the beginning of the new fiscal year, on April 6, 2018:

• the national living wage is going up to £7.83 an hour;
• the personal alowance is going up to £11,850; so not required to pay tax on the income earned below this amount, (exceptions for high earners). As a result of the change, a typical basic-rate taxpayer will take home £1,075 more than in 2010-11.
• The State Pension will go up by 3%. That’s a cash increase of £3.65 a week for those in retirement.
• The threshold at which graduates begin to pay back their student loan will go up to £25,000. The threshold will continue to rise in line with changes to average earnings, to help those starting out in their careers.