Personal allowance wage taxation policies

Personal allowance wage taxation policies Budget 2015

In the Budget 2015 announcement, George Osborne confirmed changes that could make quite a difference to anyone who is working hard to earn a wage.

The goals are pretty ambitious – especially given that when the current government came to office, the taxation free threshold was £6,500, but changes have been made so far during their time in government where the lower tax threshold is now £10,600.

George Osborne announced that the personal tax-free allowance will rise to £10,800 next year and go up to £11,000 the year after.

As far as higher earners go, the 40% wage tax threshold will also rise from £42,385 this year to £43,300 by 2017-18. The higher rate threshold plans are to raise it to £50,000 by the end of the next Parliament year, in 2020.

What do you think about the Conservative Party personal allowance taxation policies? Do you think that they will deliver if they win at the General Election? Do you think that they are achievable? What do you think about their plans for small business growth?

Do get in touch with us @OmnitasTax or Facebook – we would love to hear your thoughts!

As always, we are here to offer advice on all aspects of taxation issues for your business or individually; just request a free of charge call back from our website www.taxandaccountancysolutions.co.uk or click here and we will come back to you! 

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