Are you wondering how the Autumn Budget will effect you or your business? If so, I hope that you will find the attached newsletter helpful! Please let me know if you have any questions relating to anything contained within the newsletter.
Welsh taxpayers will pay Welsh income tax from 6 April 2019, but the Welsh tax rates and bands have initially been set to align with those in England and Northern Ireland. Welsh taxpayers should soon receive PAYE codes with a pre-fix "C" (Cymru).
There was good news for individual taxpayers in the Budget; the personal allowance will rise from £11,850 to £12,500 on 6 April 2019. This will provide taxpayers on the basic rate (20%) with an income tax saving of £130 per year. Those who pay tax at the higher rates will also be pleased that the 40% band will effectively start at income over £50,000 for 2019-20.