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Important changes from April...

Posted by Admin Posted on 29 Mar 2018

There will be various changes to pay, tax, National Insurance and pensions all taking effect from April. The most relevant ones are -

1. Minimum Wage - From 1st April 2018 the hourly rate will rise to £7.83 for those aged 25+. For 21-24 year olds it will be £7.38. For 18-20's it will be £5.90 and £4.20 for 16-17 year olds. The apprentice rate will be £3.70.

2. Tax codes will change from 6th April. For 2018/19 L codes will increase by 35, M codes by 39 and N codes by 31. The personal allowance will be £11,850, giving a basic tax code of 1185L.

3. Also from 6th April the National Insurance Primary Threshold will be £8,424 per year (or £702 per month / £162 per week).

4. Minimum pension contributions under automatic enrolment also increase from 6th April to 5% (3% employees and 2% employers).

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