HMRC update: Personal Allowance will rise next year - impact for Britons
HMRC, formally known as Her Majesty’s Revenue and Customs, is responsible for helping Britons to get their tax right, and collecting levies throughout the year. One of the areas under its remit is Income Tax, which affects millions of people right across the country. Income Tax is a levy which is paid on earnings, and can differ from PAYE employees to those who are self-employed.
A common thread, however, is Personal Allowance, which is the threshold for when Income Tax begins to be levied.
Above a level of Personal Allowance, tax is required to be paid relevant to what is earned.
While Personal Allowance currently stands at £12,500, the government has confirmed this sum will rise next year.
Personal Allowance will increase in accordance with inflation, otherwise known as the Consumer Prices Index (CPI).
READ MORE: Self-employed people to face tax reform charge – details explained
