As the new tax year rolls around, here are the major changes that may hit your pocket from April 6 for the 2019-2020 tax year.
The personal allowance, or the amount you can earn tax-free before you start paying income tax, will rise by £650 to £12,500. Pensioners won’t receive a higher personal allowance than other age groups.
You will pay basic rate tax (20%) on your taxable income between £12,500 to £50,000. This means you can earn up to £50,000 before you start paying higher rate tax (40 per cent).