Cash Chats

It's the start of a new tax year and with it are a fair few changes to your finances. Here's a quick run through of the major things you need to know. I've put some bullets below of the main points, but I've gone into more detail in this week's podcast episode. Changes affecting your earnings Tax threshold increases Personal allowance up to £12,500 from £11,850 Higher rate threshold up to £50000 from £46,350 In Scotland the personal allowance is also rising to £12,500, but above that tax rates are different so check it out National Insurance thresholds also going up. You'll now start paying 12% NI after you earn £8,632. But you pay it until you earn £50,024 (when it drops to 2%). Minimum wage aka the National Living Wage increases across all age groups Pension auto-enrolment levels to increase Employees 3% to 5% Employers 2% to 3%  Price rises Council tax  BBC report increase of 4.5% in England on average It’s less in Scotland. Half increasing by 3% but some going for the cap of 4.79%. In Wales c