New Payroll Rates from April 2018

The 2018-19 tax year means you need to know all the new payroll rates from April 2018.

* The personal allowance increases from £11,500 to £11,850 per year, making the standard tax code 1185L
* The 20 per cent basic rate tax band increases from £33,500 to £34,500 per year
* The lower earnings limit for National Insurance contributions increases from £113 per week to £116 per week or from £490 per month to £503 per month
* The National Minimum Wage increases from £4.05 to £4.20 per hour for 16-17 year olds
from £5.60 to £5.90 per hour for 18-20 year olds
from £7.05 to £7.38 per hour for 21-24 year olds
from £3.50 to £3.70 per hour for apprentices
* The National Living Wage increases from £7.50 to £7.83 per hour for those 25 years old or older
* Statutory Sick Pay increases from £89.35 per week to £92.05 per week
* Statutory Maternity, Adoption and Paternity Pay increases from £140.98 per week to £145.18 per week
* Minimum Automatic Enrolment pension contributions increase from 1% to 2% for employers and from 1% to 3% for employees
* Student loan thresholds increase to £18,330 for Plan 1 loans and to £25,000 for Plan 2 loans

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Tania

Tania

Tania has over 30 years payroll experience, 21 with a UK Top 10 accountancy firm.
Tania

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