Full of useful information to have at your fingertips for the coming tax year.
Please find attached Pembroke’s updated Tax Tables for the 2019/20 tax year. These tables are up-to-date with everything announced in Budget 2018, the Scottish Budget 2019 and subsequent updates, giving you all the key numbers in one place.
Key changes for the forthcoming 2019/20 tax year include:
- The personal allowance will be raised to £12,500 from April 2019, one year earlier than previously planned. At the same time, the higher rate threshold will rise to £50,000, also a year ahead of schedule.
- Scottish tax bands have been revised, but the higher rate tax threshold remains unchanged at £43,430 – much lower than in the rest of the UK.
- The Junior ISA limit will rise to £4,368, although other ISA limits are unchanged.
- The pension lifetime allowance will rise to £1.055 million, with no changes to the annual allowances.
- The VAT registration threshold has been frozen for a further two years, meaning it will be £85,000 until April 2022.
- Entrepreneurs’ relief has been kept, but the minimum qualifying period has been extended to 24 months, to encourage longer-term investments.
Keith Relf, Managing Director of Independent Financial Advisers, Pembroke Financial Services commented “If you have any questions about any of the detail in your Tax Tables or, indeed, how any aspects of your personal or Company tax and financial planning may be affected in the forthcoming tax year, please call us to discuss them.”
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The value of tax reliefs depends on your individual circumstances. Tax laws can change. The Financial Conduct Authority does not regulate tax advice.