April 1 changes: The 11 law changes coming into force from TODAY
APRIL marks the end of the 2018/2019 tax year, which means a number of new laws are coming into effect. Here are the 11 law changes being implemented from April 1.
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April 6 is the end and beginning of the financial year, and many people will see their spending change slightly with an array of new tax hikes and cuts. The latest changes were announced with the last budget statement, and will on average see people gain some money. There is particularly good news for people currently operating on the minimum wage, and pensioners. After April 1 most people will see some kind of increase, with car owners the only ones likely to lose out.
Gender pay gap figures
Companies with more than 250 employees will be required to publish any pay gap figures from April 4.
Statutory sick pay
Qualifying criteria for Statutory Sick Pay will change from April 6.
Employment Tribunal payouts
From April 6, successful unfair dismissal claims in an employment tribunal could net complainants £102,194.
National Minimum and Living Wage increase
People aged 25 and over will receive gain a boost from the current £7.83 per hour, to £8.21, while the 21 to 24 bracket will receive £7.70, up from £7.38.
Those aged 18 to 20 will receive £6.15 and under 18s will receive £4.35.
Personal Allowance Increases
The amount of money you can earn before income tax is applied will rise from £11,850 to £12,500.
Student loan threshold changes
Student loan thresholds will also be changing, as the amount you need to earn before repayments on plan one and plan two will go up.
On plan one (loans from Scotland and Northern Ireland) this will rise from £18,330 to £18,930, and on plan two (loans from England, Wales or EU funding) this will go from £25,000 to £25,725.
State Pension changes
State pension will also get an upgrade, with pensioners receiving an extra £3.25 per week.
The weekly amount will be boosted from £125.95 to £129.20.
Single-tier pension changes
People on the newer single-tier pension will be granted an extra £4.25 per week.
This means the weekly amount will rise from £164.35 to £168.60.
Work pension changes
The amount of money employers and employees will contribute to auto-enrolment pension schemes is currently 2 percent for employers and 3 percent for employees.
From April 6 this will change to 3 percent for employers and 5 percent for employees.
Car tax changes
One of the few changes which will see people lose money this month is to car tax.
The Vehicle Excise Duty (VED) will increase based on carbon emitted per kilometre to as much as £65.
Payslip changes
From April 6, the right to a payslip will extend to non-employees such as contractors or freelancers.