If we were being poetic, we would be saying that April is the start of Spring, however, what April really means, is the start of the new tax year.
As previously mentioned, the minimum wage is increasing, and the personal tax allowance is going up, resulting in people being better off by £600. However, these are not the only things that Phillip Hammond is announcing changes for as we enter the 2018/19 tax year.
Council tax rates are on the rise nationwide and families on benefits could be up to £300 worse off. All these point to an ever increasing importance on gaining, and maintaining employment, as the benefits of being employed far outweigh those of not being employed.
In addition to this, student loan repayments are being restructured, so that people will have an even greater threshold to meet before they begin to pay back their loans. Not only this, but also the inheritance tax exemption rate is increasing, coupled with the pension cap going up, meaning that not only are you better off in the present, but you’ll also be better off in the future when you see how your pension value has increased and how you gain more from any estate you might inherit.This all points to how 2018 places more benefits on being employed, despite increases in certain tax, including the sugar tax, but overall being in full time employment will more and more outstrip not working. As Harvey Spector would say, “life’s like this, I like this”
Managing Director, Craig Roberts added. “Over the years we have seen more and more people come to us looking for change or to re enter the job market. I believe that this continued push to place value on employment will only further encourage people and with the wide range of sectors we work in, we look forward to finding them careers in an ever more lucrative job market.”
With more people being encouraged to take up employment, and with a stagnant retail market making more retail sector workers redundant, recruitment as an industry will become ever more important as people seek guidance to not only find jobs, but also find someone to advocate their ability and value on their behalf.