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Where 2018/19’s tax year changes don’t champion contractors

The pitter-patter of rain at your window reminds that it’s definitely April, but it’s also the time that contractors rightly wonder if there’s clouds on the horizon from the new shower of tomorrow’s tax changes.

But before you even delve into the pitfalls and footholds of the 2018/19 contracting landscape — a landscape which no longer needs to wait until the new tax year to significantly alter, there’s some general changes which will likely affect you once today’s ‘old’ tax year ends.

The Personal Allowance for example is increasing to £11,850 which many will welcome. But, if you live in England, you’re going to need this extra £350. That’s because council tax is going up by an average around the UK of 5.1% (average increase of £86 for the year).

And this increase comes at a time when ISAs are not going up — you’re still going to be limited to £20,000. It could be a real blow considering potential relief via Help to Save is being postponed until October. This Help to Save scheme would have helped by offering regular savers the ability to deposit £50 a month, with a view to receiving up to £1,200 in tax-free bonuses.

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