2018/19 Tax Year

The new tax year is approaching with new rates and new thresholds. Following the publication of the Finance Bill, HMRC's Software Developers Support Tea, (SDST) has provided the rates and thresholds for the 2018-19 tax year.

Personal Allowance:

• £11,850

Standard tax code:

• 1185L

Higher rate threshold (rUK):

• £46,350

Income Tax rates (rUK):

• Basic rate 20% £1 – 34,500

• Higher rate 40% £34,501 – 150,000

• Additional rate 45% £150,001 and above

Tax code uplifts:

• Suffix L: 11500 to 11850 = 350 increase, therefore uplift 35

• Suffix M: 12650 to 13035 = 385 increase, therefore uplift 39

• Suffix N: 10350 to 10665 = 315 increase, therefore uplift 31

National Minimum Wage (NMW) and National Living Wage (NLW) rates from 1 April 2018:

• Aged 25 and above (NLW rate) - £7.83

• Aged 21 to 24 inclusive - £7.38

• Aged 18 to 20 inclusive - £5.90

• Aged under 18 (above compulsory school leaving age) - £4.20

• Apprentices aged under 19 - £3.70

• Apprentices aged 19 and over (first year of apprenticeship) - £3.70

Student Loan thresholds:

• Plan Type 1 £18,330

• Plan Type 2 £25,000

Employment Allowance:

• £3,000

Apprenticeship Levy:

• Allowance £15,000

• Rate 0.5%

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