{"id":77,"date":"2018-04-09T11:32:33","date_gmt":"2018-04-09T10:32:33","guid":{"rendered":"https:\/\/www.sound-financial.co.uk\/financialblog\/?p=77"},"modified":"2018-11-29T15:06:34","modified_gmt":"2018-11-29T15:06:34","slug":"tax-year-2018-19","status":"publish","type":"post","link":"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/","title":{"rendered":"The Main Changes This Tax Year 2018-19"},"content":{"rendered":"<p><a href=\"https:\/\/www.sound-financial.co.uk\/financialblog\/wp-content\/uploads\/2018\/04\/tax_1999411b.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"alignnone size-full wp-image-80\" src=\"https:\/\/www.sound-financial.co.uk\/financialblog\/wp-content\/uploads\/2018\/04\/tax_1999411b.jpg\" alt=\"\" width=\"620\" height=\"388\" \/><\/a><br \/>\nThe new tax year began on Friday with a bigger than usual set of changes to income taxes, personal allowances, pensions, buy-to-let taxation and dividend taxation. Here\u2019s what to expect.<\/p>\n<p><strong>Personal allowance<\/strong><br \/>\nThe amount you can earn without paying income tax rises from \u00a311,500 to \u00a311,850, which works out as a tax cut of \u00a370 for most people.<br \/>\n<strong>Income tax <\/strong><br \/>\nThe starting point for paying 20% basic rate tax will be \u00a311,850, while 40% tax will start on earnings above \u00a346,350 (up from \u00a345,000).<br \/>\n<strong>Scotland <\/strong><br \/>\nIt\u2019s different in Scotland. The \u00a311,850 personal allowance is the same, but the first \u00a32,000 of earnings after that are taxed at 19% rather than 20%. After that, it\u2019s 20% tax until your earnings hit \u00a324,000, when it rises to 21%. Then above \u00a343,430 the rate is 41%. Both have an upper rate above \u00a3150,000; in England it\u2019s 45%, in Scotland 46%.<br \/>\n<strong>National insurance <\/strong><br \/>\nWill be charged at 12% of income on earnings above \u00a38,424, up from \u00a38,164 until you are earning more than \u00a346,350, after which the rate drops to 2%. It\u2019s the same in Scotland.<br \/>\n<strong>Auto-enrolment<\/strong><br \/>\nAuto-enrolment Pension contributions start racking up from this week. From Friday workers must pay a minimum of 3% of salary into a pension (up from 1%), while the employer contribution rises from 1% to 2%.<br \/>\n<strong>Buy-to-let landlords<\/strong><br \/>\nWill only be able to offset 50% of their mortgage interest when calculating their tax bill, compared with 75% before.<br \/>\n<strong>Dividends <\/strong><br \/>\nUntil now you could earn \u00a35,000 in dividends tax-free. This drops to \u00a32,000 for 2018-19.<\/p>\n<p>Source: <a href=\"https:\/\/www.theguardian.com\/money\/2018\/apr\/06\/welcome-to-the-new-tax-year-heres-the-main-changes\">https:\/\/www.theguardian.com\/money\/2018\/apr\/06\/welcome-to-the-new-tax-year-heres-the-main-changes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new tax year began on Friday with a bigger than usual set of changes to income taxes, personal allowances, pensions, buy-to-let taxation and dividend taxation. Here\u2019s what to expect. Personal allowance The amount you can earn without paying income tax rises from \u00a311,500 to \u00a311,850, which works out as a tax cut of \u00a370 &hellip; <a href=\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Main Changes This Tax Year 2018-19&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":116,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[11,2,16,3,4,15,12,5,17,7,6,13],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Main Changes This Tax Year 2018-19 - Sound Financial Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Main Changes This Tax Year 2018-19 - Sound Financial Blog\" \/>\n<meta property=\"og:description\" content=\"The new tax year began on Friday with a bigger than usual set of changes to income taxes, personal allowances, pensions, buy-to-let taxation and dividend taxation. Here\u2019s what to expect. Personal allowance The amount you can earn without paying income tax rises from \u00a311,500 to \u00a311,850, which works out as a tax cut of \u00a370 &hellip; Continue reading &quot;The Main Changes This Tax Year 2018-19&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\" \/>\n<meta property=\"og:site_name\" content=\"Sound Financial Blog\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-09T10:32:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-11-29T15:06:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sound-financial.co.uk\/financialblog\/wp-content\/uploads\/2018\/04\/Inflation-Vs-cash-3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"940\" \/>\n\t<meta property=\"og:image:height\" content=\"788\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Our News Hound\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our News Hound\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\",\"url\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\",\"name\":\"The Main Changes This Tax Year 2018-19 - Sound Financial Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/#website\"},\"datePublished\":\"2018-04-09T10:32:33+00:00\",\"dateModified\":\"2018-11-29T15:06:34+00:00\",\"author\":{\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/#\/schema\/person\/43d0c94e53b67744505145bc926ffa07\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/tax-year-2018-19\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Main Changes This Tax Year 2018-19\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/#website\",\"url\":\"https:\/\/www.sound-financial.co.uk\/financialblog\/\",\"name\":\"Sound Financial Blog\",\"description\":\"Retirement, investments, mortgages, tax, trusts, protection. 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