Reminders for the new tax year

The start of the new tax year on 6 April marks several changes to tax and related matters that could make you richer… or poorer.

The start of the new tax year on 6 April marks several changes to tax and related matters that could make you richer… or poorer.

The absence of a Spring Budget does not mean that the usual raft of changes at the start of the new tax year have disappeared. Most of the important changes were announced in the Autumn Budget, in November 2017. However, Scotland has also recently approved a new set of income tax rates and bands.

Here is a list of the more important changes that take effect for 2018/19:

The number of changes, both positive and negative, can make April pay checks a puzzle if you are an employee. This is one reason why the start of the tax year is a good time to talk to your financial adviser.

The value of tax reliefs depends on your individual circumstances.
Tax laws can change.
The Financial Conduct Authority does not regulate tax advice.