2018/19 Tax Year
- Nicola Richardson
- Mar 26, 2018
- 1 min read
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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