Income tax The structure of Scottish income tax will change in 2024/25: Scottish taxpayers – non-dividend, non-savings income 2024/25 2023/24 Tax Rate Tax Rate Starter rate on taxable income up to 19% £2,306 19% £2,162 Basic rate on […]
Author: Simon Murrison
The Scottish Budget – 19 December 2023
Introduction The Deputy First Minister and Cabinet Secretary for Finance, Shona Robison, faced some difficult decisions in drawing up her first Budget. Inflation had taken its toll on spending, to which had been added new commitments such as a promised […]
Scottish Budget: Economic Update
The Scottish Budget arrived against a backdrop of mixed UK economic news in the previous week: · On the Thursday the Bank of England had announced its third consecutive interest rate freeze. The day before the US Federal Reserve had […]
Is the cash basis right for you?
Ten years ago, HMRC introduced the cash basis accounts preparation system for the self-employed to calculate their trading profits. It’s voluntary, but take-up remains low, so HMRC plans to expand its availability. Why might businesses prefer traditional accruals basis over […]
Impact of rental sector shake-up for landlords
The Renters (Reform) Bill has finally been introduced into Parliament, almost five years after it was first promised. It will only apply across England, because various reforms have already been introduced in Scotland and Wales. There is a common denominator, […]
Exciting News: Ammu Accounting Continues to Grow with MCC Accountants Joining the Team
We are thrilled to share some exciting news with all our clients, partners, and friends. As of 1 June Ammu Accounting has been joined by the highly respected MCC Accountants, a Giffnock-based practice known for their exceptional service and trusted […]
Energy support boost for home-based businesses and employees
The energy price guarantee of £2,500 was extended in the March Budget for a further three months, which is welcome news for employees and any small business owners who work out of residential accommodation. The extension of the energy price […]
Spring Statement 2023 Introduction
The first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets. Not only did […]