2018/19 main tax rate changes

2018/19 main tax rate changes

From April 2018 your main tax allowance is increasing to £11,850, you can then earn another £34,500 at the basic rate (20%) before entering the upper rate of tax (40%). The tax free dividend allowance is reducing from £5,000 to £2,000 per year, again hitting all those taking dividends from their own Limited companies. The tax free savings allowance remains at £1000 for basic rate tax payers and £500 for upper rate tax payers, with the Corporation tax rate at 19% this year.

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