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Friday, August 23, 2019

April tax changes 2018: How do they affect you?

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The new tax year starts on 6 April 2018. National Minimum and Living Wage, Fuel Duty, State Pension, Student Loans and Income Tax all change today ( April 6 ). 

The National Living Wage is going up to £7.83 an hour

If you are aged 25 and over, and not in your first year of an apprenticeship, you are legally entitled to at least the National Living Wage.

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Those under 25 and apprentices also benefit from rises in the Minimum Wage.

The Personal Allowance is going up to £11,850

You don’t have to pay tax on the income you earn below this amount, (there are 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.

Get to know your pension

Fuel duty will remain frozen for the eighth year in a row

It will remain at 57.95 pence per litre. This will save households and businesses an extra £850 million a year in total – or £160 for the average driver.

Find out more about tax on fuel

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.

Find out more about when you start repaying your student loan

 

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