The new tax year is coming up. Your financial plan could be impacted by these key dates in your 2019 financial diary.
- National Living Wage (for age 25+) rises to £8.21.
- National Minimum Wage rises to £7.70 (21 – 24-year olds), £6.15 (18 – 20-year olds), £4.35 (16 – 17-year olds), and £3.90 (apprentices under 19 or in the first year of their apprenticeship).
- Council tax bills rise up to 4.99%
- Universal Credit for households with children and those with disabilities will to go up £1,000.
- End of the 2018/19 tax year. Have you used all your allowances?
- Start of the 2019/20 tax year
- ISA allowance remains at £20,000
- Junior ISA allowance goes up to £4,368
- Minimum auto-enrolment contributions go up to 8% (at least 3% from the employer and 5% from the employee).
- State Pension rises by 2.6%. Recipients of the old State Pension will get an extra £3.25 a week, those with the new State Pension will get an extra £4.25.
- Lifetime allowance for tax free pension saving rises to £1,055,000
- Personal allowance rises to £12,500
- Higher rate tax threshold goes up to £50,000
- Mortgage interest relief for landlords goes down to 25%
Call us on 01480 357100 if this impacts you.
- National Savings and Investments index-linked savings to CPI
- Go Home on Time Day: part of a national campaign to highlight the importance of having a good work-life balance. Leave on time and do something you love!
- New rules mean mobile phone providers must make switching easier.
- Tax credit renewal deadline for anyone who claims Working Tax Credit or Child Tax Credit.
- Payment Protection Insurance (PPI) Deadline day – you have until 11.59pm to claim for mis-sold PPI.
- Paper self-assessment deadline for your return to be with HMRC.
- Help to Buy ISA closes to new savers.
Your financial plan could be impacted by these key dates. Talk to us for advice.
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HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.