Daily Archives: December 5, 2014

What the 2014 Autumn Statement means for you? 1

With the Autumn Statement coming out this past Wednesday, I thought this would be a great time to summarize the different taxes changes that will affect you. Personal Tax Personal Tax Allowances 2015-2016 From 6 April 2015 the Income Tax personal allowance will increase from £10,000 to £10,600.This essentially means that you will be £120 better off. The basic rate limit will be £31,785 so the higher rate threshold above which individuals pay Income Tax at 40% will be increased to £42,385. National Insurance Contributions – Employer contributions From April 2016 employer National Insurance Contributions up to the upper earnings limit for apprentices aged under 25 will be abolished. National Insurance […]