Sophie Kwiatkowski provides a snapshot of some of the updates announced for the 2019/20 tax year. Although you may be in the process of having your 2018/19 tax return completed for the 31 January 2020 deadline, we are currently in the 2019/20 tax year. This runs from 6 April 2019 to 5 April 2020. So, what is new for the 2019/20 tax year? Personal tax The personal allowance is £12,500. The budget announced that the personal allowance will be frozen at £12,500 for 2020/21. The basic rate band limit has been increased to £37,500, with tax rates staying the same (basic rate is 20%, higher rate is 40% and additional rate is 45%). The lifetime allowance for pensions was increased to £1,055,000. Employment tax These points will be of interest if you have employees with benefits. From 6 April 2019,
from http://besthealthnews.com/2019/09/talking-tax-changes-benefits-and-news/?utm_source=rss&utm_medium=rss&utm_campaign=talking-tax-changes-benefits-and-news
from
https://healthnews010.tumblr.com/post/187915892413
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