Are you ready for the new Tax Year?
Updated: Jan 18, 2018
Here are some of Key points for payroll
The tax-free personal allowance will increase in April 2017 to £11,500. Also confirmed is that higher-rate threshold will increase to £45,000 in 2017-18.
The National Minimum Wage and National Living wage will increase from 1st April 2017.
The National Living Wage for those aged 25 and over increases from £7.20 to £7.50 per hour.
The National Minimum Wage rates increase as follows:
21-24 year olds – from £6.95 to £7.05 per hour
18-20 year olds – from £5.55 to £5.60 per hour
16-17 year olds – from £4.00 to £4.05 per hour
Apprentices aged 16-18 and those aged 19 or over in their first year – from £3.40 to £3.50 per hour.
The 2017/2018 automatic enrolment thresholds have also been approved and come into effect from 6th April 2017.
The annual threshold for the lower level of qualifying earning will be £5876
The annual threshold for the earnings trigger for automatic enrolment will be £10,000
The annual threshold for the upper level of qualifying earnings will be £45,000
If this all sounds a little confusing why not give us a call about outsourcing your payroll and let us deal with all the changes!
