Tax and Accounting Services for SME

Personal Taxation & Wages

Spring Statement 2018

Personal taxation and wages

  • Tax-free personal allowance on income tax to rise to £11,850 in April 2018
  • Marriage allowance 2018-19  £1,185 
  • Tax bands
  • 1st £34,500 taxable at 20%
  • £34,501 to £150,00 taxable at 40%
  • £150,001 and above taxable at 45
  • Higher-rate tax threshold to increase to £46,350
  • Short-haul air passenger duty rates and long-haul economy rates to be frozen, paid for by an increase on premium-class tickets and on private jets
  • National Living Wage to rise in April 2018 by 4.4%, from £7.50 an hour to £7.83.
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Pensions, savings and welfare

  • £1.5bn package to "address concerns" about the delivery of universal credit
  • Seven-day initial waiting period for processing of claims to be scrapped
  • Claimants to get one month's payment within five days of applying
  • Repayment period for advances to increase from six to 12 months.