From April 2019 the individual tax free personal allowance will be rising to £12,500 with the basic rate of tax allowance rising to £37,500. This means that everybody can earn up to £50,000 for 2019/20 before they begin to pay the higher rate of tax.
Spring Budget 2024 – please read on for the main points of note.
If your 2023 tax is not paid by 1st March 2024 there is a 5% penalty based on the outstanding tax amount, if not paid by 1st August 2024 then another 5% penalty and if still unpaid by 1st Feb 2025 yet another 5%.
Remember to pay your balancing personal tax payment for 2023 plus your first account payment for 2024 by 31st January 2024. You can pay this by going to www.hmrc.gov.uk/pay-self-assessment-tax-bill