As the new tax year rolls in, the British government has
come up with several new policies that could have both positive and negative
impacts on different individuals and organisations.
So many people are going to be affected by the new law which
has to do with their household income and cost of living.
Below are some of the various new legislations:
Rise in minimum wage is one that almost all workers in the
UK had always looked forward to see, as the country’s national minimum wage is
billed to be increased to £7.50 per hour. This is seen in deferent quarters as
a means of achieving the government’s desire to increase minimum wage to £9 per
hour by 2020.
Also from April 2017, only cars which are 100% electric with
zero-emission will be given road tax exemption, in order words all those wo
bought low-emission vehicles with aim of avoiding the said tax may be disappointed
with the new rule in place.
Starting from April sixth, consumers could also earn up to
£500 tax-free allowance for employer-funded pension advice. When this is joint
together with the Pensions Advice Allowance, , people could as well get up to
£1,000 worth of advice.
Good news for nursing mummies and daddies as well, with the
new increase of the weekly statutory maternity, paternity, adoption and shared
parental pay goes up to £140.98, while statutory sick pay will also be
increased to £89.35.
Another pay that will see a rise, is the statutory
redundancy payments which is going to now be £489, which means a £10 rise,
while the highest redundancy pay will also rise from £14,370 to £14,670.
Sad news for some companies as the government introduces a
new levy on businesses to fund an immigration skills charge which takes effect
from April. A policy which will help the government to raise about £3bn
annually from firms with a salary bill
of over £3 million per year, in order not to let it affect smaller businesses.
Such monies when collected will be channelled to any
business that shows the willingness offer apprenticeships and on-the-job training
for over 16s, in order to make it easier to get paid while learning a new skill
this year.
The government is also coming up with a new immigration
skill charge from April 6, as a means to "reduce Britain’s reliance on
migrant workers". This fee will be imposed
on firms that engages the services of migrant workers in skilled roles which
will cost big businesses £1,000 annually, while charities and small
establishments will be charged at the rate of £360.
Also coming into effect from April 28 is the new Tax-Free
Childcare plan for parents of children within the age bracket of less than two
years.
The Government also said of its readiness to cut childcare
costs for working families by up to £2,000 per child, or £4,000 for disabled
children annually. A scheme, which has the possibilities of being rolled out to
children below 12, or under 17 for young people who have disabilities.
Also starting from September, parents who have 3 and 4 year
olds in England could also be allowed to apply for a 30 hours’ free childcare
offer worth about £5,000.
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