Spring Statement 2018: Increase to Personal Allowance

2 mins
UK money

UK money

UK tax expert David Redfern today welcomed news that the personal tax-free allowance is to be raised in the next tax year, as announced in the Spring Statement by the UK government yesterday. Commenting on the announcement that the personal tax-free allowance is to be raised to £11,850 from next April, tax preparation specialist and founder of DSR Tax Refunds Redfern stated that he welcomed the increase, which will allow taxpayers to keep more of their earnings before they are required to pay income tax.

Although major changes to taxation and government spending now only take place in November’s Autumn Budget, the Spring Statement sets out the government’s economic plans going forwards and as well as providing an update on the UK economy to date. Tuesday’s statement also set out the government’s intention to increase the personal tax-free allowance to £11,850 in tax year 2018/19 – up from £11,500 for tax year 2017/18. Noting the government’s assertion that the average taxpayer will pay around £1,075 less in tax than in tax year 2010/11, Redfern stated that “I am committed to campaigning for a fairer tax burden for the average taxpayer and this change to the personal allowance is a small step in that direction – this personal tax-free allowance increase will help workers and their families by allowing them to keep more of their hard-earned income”. He also urged the government to consider the tax proposals put forward in last week’s Institute of Public Policy Review (IPPR) proposal, stating that a modern economy needed a taxation system that was fair for all.

Speaking of his campaign for fairer taxes, Redfern commented that “I welcome any step in the right direction and applaud efforts to make the tax system fairer for all but there is still a long way to go. The government still needs to clarify the terms of IR35 as well as ensuring that the tax burden doesn’t fall disproportionately on those least able to afford it”. Noting the proposed digital tax in the Spring Statement, as well as the consultation on taxation in a cashless society, Redfern noted that it was reassuring to see taxation matters becoming more prominent in both government action as well as public consciousness.

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About DSR Tax Refunds
DSR Tax Refunds are a firm of tax rebate specialists serving clients nationwide. DSR Tax Refunds are tax preparation experts who specialise in identifying potential allowable expenses for tax rebates for clients. Their specialist team can help employed and self-employed subcontractors with all relevant paperwork to ensure their claim is handled in an accurate and efficient manner.

For more about DSR Tax Refunds, visit https://tax-refunds.co.uk/

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