The start of the new financial year last week resulted in a number of changes which will affect people across Crawley.
Perhaps the change which will affect the most people in our town is the increase in the tax-free personal allowance, from £10,600 to £11,000.
It is estimated that 54,000 Crawley residents will benefit from this tax cut, and over 1,100 of the lowest-paid will be taken out of paying income tax entirely.
Also from last week, employer National Insurance contributions for apprentices under the age of 25 have been abolished, saving a firm employing an apprentice on the National Minimum Wage over £500 a year.
The new National Living Wage of £7.20 an hour for workers aged 25 and over will ensure a full-time worker on the National Minimum Wage sees a cash earnings increase of £900 a year.
I welcome the fact that the personal allowance for someone who pays income tax will continue to rise, and is to reach £12,500 by 2020.
Fuel duty will be frozen for the sixth consecutive year, meaning the average driver will save around £75, and a small company with a van can save about £270 a year – compared to pre-2010 Labour plans for fuel duty.
Changes to the State Pension are also coming in. Those eligible reaching retirement age will receive the new State Pension, with the full rate set at £155.65 per week, or more than £8,000 a year.
From now on, both men and women will build up the new State Pension in the same way. More than 75 per cent of women and over 70 per cent of men will gain in the first 15 years of the new State Pension. By 2030 over three million women stand to gain an average of over £550 extra a year as a result of these changes.
Charities will also be able to claim a 25 per cent government top-up through the Gift Aid Small Donations Scheme on up to £8,000; representing an increase of £3,000. This means that a charity will be able to claim up to £2,000 of government support each year, compared to £1,250 previously.