Personal tax allowance and basic rate band increases
At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20.
The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full personal allowance. The additional rate of tax of 45% will remain payable on taxable income above £150,000.
The government had pledged to raise the thresholds to these levels by 2020/21.
Robinsons London Accountants – accounting done differently
At Robinsons we work hard to understand, communicate, interact, engage and, above all, to connect with each and every one of our clients – from entrepreneurs to established businesses, from every area of London and from every sector you can imagine.
MEET THE TEAM to find out more about Joseph, Richard and Matthew.
For us, it’s all about building long-term relationships and really getting to know what makes you tick and what your goals are. We do all this using the latest accounting software. We also have great packages to help start-ups. Remember, we care about your business, not just your accounts.
Personal tax allowance and basic rate band increases
Personal tax allowance and basic rate band increases
At the Budget, the Chancellor announced that increases to the personal tax allowance and basic rate band for 2019/20.
The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are entitled to the full personal allowance. The additional rate of tax of 45% will remain payable on taxable income above £150,000.
The government had pledged to raise the thresholds to these levels by 2020/21.
For more information please visit: GOV.UK income tax#
Robinsons London Accountants – accounting done differently
At Robinsons we work hard to understand, communicate, interact, engage and, above all, to connect with each and every one of our clients – from entrepreneurs to established businesses, from every area of London and from every sector you can imagine.
MEET THE TEAM to find out more about Joseph, Richard and Matthew.
For us, it’s all about building long-term relationships and really getting to know what makes you tick and what your goals are. We do all this using the latest accounting software. We also have great packages to help start-ups. Remember, we care about your business, not just your accounts.
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