April 2017 is set to see some big law changes that will affect most people. Here’s a roundup of the all the laws that come into place from next month:

 

National Living wage Rise

Its’s good news! If you’re on minimum wage you’re in for a raise. If you’re over the age of 25 you’ll see it rise to £7.50, if you’re between 18 and 20 you’ll
get a rise to £5.60 and lastly if you’re between 21-24 you’ll also get a rise of 5p to £7.05.

This is all part of the government’s scheme to get the minimum wage up to £9 by 2020 for over 25’s.

 

A Prepayment meter price Cap

Another law that will save some of us some money – anyone with a prepayment meter will have a cap on their bills – this applies to domestic customers only. It’s a transitional cap and is due to be in place until 2020 by which time all houses will be fitted with smart meters. OFGEM has estimated that it will save 4 million people £80 off their energy bills.

 

Personal tax allowance changes

On April 6th, the threshold for a personal tax allowance will increase to £11,500. Earning below this amount are not liable to pay any income tax. Again, this is all part of the government’s plans to raise the threshold to £12,500 by the end of the 2019/20.

 

ISA Allowance Increase

The amount you can store in you cash ISA has been increased to £20,000. Good news for anyone looking to make further savings and make tax reductions.

 

Employment Law Changes

New laws to fight the gender pay gap are coming into force next month. Companies with over 250 employees will have it provide data on current pay of male and female employees as well as bonus payments, promotions, and rates.

 

Apprenticeship Levy

The apprentice levy comes into force on the 6th of April.  Companies with a pay bill of more than £3 Million will have to pay up the levy to receive funding. Those who don’t have to pay will also have access to funding. With the opportunity for a growth in apprenticeships, you could find it will be easier to find more roles in varied fields.

 

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