A new tax year never felt so sexy
The take-home salary of workers in England increases today, Friday April 6.
An extra £350 of personal tax allowance, shifting up from £11,500 to £11,850 of earnings tax free, is coming into force. And pretty much everyone is eligible, apart from staff with a salary over £123,000 (who don’t get a personal allowance anyway.)
In real terms it translates to around an additional £100 of income every year. If you earn the UK’s average salary of £27,600 new take-home will be roughly £22,150, compared to £22,050 last year.
Even city ballers on more than £200,000 will get a little extra, as the top band of taxation’s threshold moves from £45,000 to £46,350.
Government plans for the personal allowance aim to keep adjusting its threshold yearly until it reaches £12,500 in 2020.
The national minimum wage has also increased this week.
Tax, explained.
