Useful Information
This page is currently under construction and will be developing over the coming weeks
Budget 2020 will be published by the Chancellor and HM Treasury on Wednesday 11th March 2020. This page will be updated with the latest information as soon as possible.
National Living Wage
From April 2020:
- Over 25 year olds: £8.72
- 21-24 year olds: £8.20
- 18-20 year olds: £6.45
- Under 18 year olds: £4.55
- Apprentices: £4.15
From April 2019:
- Over 25 year olds: £8.21
- 21-24 year olds: £7.70
- 18-20 year olds: £6.15
- Under 18 year olds: £4.35
- Apprentices: £3.90
Income Tax
Standard Personal Allowance
- £12,500 (anticipated) from 6th April 2020 (Not yet confirmed by HM Government)
- £12,500 from 6th April 2019
This may vary if you are subject to the Marriage Allowance or Blind Person's Allowance.
Your allowance will be less if you earn more than £100,000.
Trading Allowance
You may be eligible for a £1,000 allowance for income from a Self Employment.
Property Allowance
You may be eligible for a £1,000 allowance for properties you rent out (unless you're using the Rent a Room scheme).
Income Tax Rates and Bands
Rates and bands from 6th April 2020 are currently only anticipated until confirmed by Budget 2020 on 11th March 2020. The rates below are for the 2019/2020 tax year.
These rates apply to England, Wales and Northern Ireland. Different rates apply in Scotland.
20% - Up to £37,500 above Personal Allowance
40% - Between £37,501 to £150,000
45% - £150,001 and above
Savings & Dividend Income rates
Personal Savings Allowance
2019/2020
- £1,000 for Basic Rate taxpayers
- £500 for Higher Rate taxpayers
- £0 for Additional Rate taxpayers
Dividends
2019/2020
Allowance £2000
- Basic Rate - 7.5%
- Higher Rate - £32.5%
- Additional Rate - 38.1%