What was in the Budget « Accountants Sheffield | Martin Milner & Co

What was in the Budget

Our government have selected their top-ten tax changes that come into effect from 6 April 2016. Just in case you need a refresher they are:

1.The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000.

2.The marriage allowance, the tax free amount which people can transfer to their husband, wife or civil partner will increase to £1,100

3.People renting out a furnished room in their home won’t pay tax on the first £7,500 of this rent; up from £4,250 last year

4.Fuel duty remains frozen for the sixth year in a row

5.A new National Living Wage of £7.20 an hour for workers aged 25 and above was introduced from 1 April 2016

6.A new personal savings allowance of £1,000 (or £500 for higher rate taxpayers) is being introduced for the income that people earn on savings

7.Savers will now be able to take money out of an ISA and put it back in later in the year without losing ISA tax benefits

8.Employers will no longer pay employer National Insurance Contributions (NICs) for apprentices aged under 25 who are paid less than £43,000 a year

9.Businesses and charities will have their employer National Insurance bill cut by another £1,000 from April 2016, as the employment allowance rises from £2,000 to £3,000

10.Charities will be able to claim a 25% government top up through the Gift Aid Small Donations Scheme on up to £8,000 – a £3,000 increase.