Happy and Tax aren’t often seen in the same sentence as each other but a New Tax Year is normally a happy event with increases to personal allowance bands meaning contractors can normally see a bit more in their take home pay each week.
Personal Allowances Articles
The Chancellor in his Autumn Statement that was delivered yesterday proposed the following tax changes that will affect contractors working through an umbrella company.
As with most budgets there is good and bad news! Here we look at the changes that are most likely to effect people contracting in the UK.
Good news for married couples and qualifying Civil Partnerships is that from 6th April 2015 they may be able to claim additional tax relief in respect of their partners unused tax allowance.
No huge shocks with duty increases on high value home purchases and the usual culprits: beer, tobacco and petrol!
Income Tax and Personal Allowances. No change to rates previously announced. The changes previously announced mean the following changes from 6th April 2010: