Companies House is introducing wide-ranging reforms. Directors need to get ready for the first tranche of measures.
Category: All News
Moving to Scotland – the cost in tax
Calculate the tax impact of relocating to Scotland. Understand income tax rates, bands, and changes from April 2024.
Business rates relief: extensions and cuts
2024/25 UK business rates relief: 75% discount for eligible properties and Scotland’s 100% relief for island-based hospitality businesses.
Making Tax Digital small business review
MTD for income tax won’t extend to earnings under £30,000. Implementation starts April 2026 for £50,000+ incomes, 2027 for £30,000-£50,000.
ISA reforms from April
April 2024 ISA reforms bring user-friendly changes, allowing multiple subscriptions and greater flexibility in cash and investments.
The national insurance tax cut
UK employees benefit from a 2% NIC rate cut, effective Jan 6, 2024, as the government shifts toward treating NICs as taxes.
Scottish Budget: Additional Announcements
Some other announcements worth sharing include: You can read our Scottish budget economic summary and Scottish budget tax announcements Get in touch today for expert accounting and tax advice.
Scottish Budget: Tax Announcements
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 […]
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 […]
Planning for directors and employees
Bringing forward income could be a sensible approach if you are not currently an additional rate taxpayer but expect to become one next year. You could consider a similar strategy to keep your income below the level at which you […]
Income tax saving opportunities
Switching income from one spouse or partner to the other can help save tax. Everyone should make sure they use their personal allowance (a maximum of £12,570 in 2023/24, and frozen at this level until 2027/28). For couples, if either […]