Tax year 2016/2017 – changes

We are now in the 2016/2017 tax year and many changes have taken place.

If you are employed and over 25 your minimum living wage is now £7.20 per hour – see my previous post for more information.

FOr those who are self employed the amount you are allowed to earn before paying tax in this year is £10,800 and next year will rise again to £11,000.

If you have previously paid your class 2 national insurance contributions by direct debit this will change and they will be calculated and paid along with your self assessment tax and your class 4 national insurance.

More information on the changes can be found on the HMRC website here

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