Income tax The personal allowance for 2024/25 to 2027/28 will remain at £12,570 and the higher rate threshold will stay at £50,270, as previously announced. In Scotland, for 2024/25, the starter and basic rate bands will grow by 6.7%, while […]
Category: All News
Another lesson learned in equal pay
Avoid pitfalls in equal pay rules; understand associated employers, comprehensive equality, and job value assessments.
HMRC, eBay and second-hand news
The media storm surrounding HMRC taxing eBay and other online sellers from the start of 2024 was, in fact, itself counterfeit goods.
Increased income – the double-edged sword
Increased income means more than just taxes. Lost benefits & higher tax rates loom. Pensions & ISAs can help navigate the tax trap.
Companies House reform brings tougher company checks
Companies House is introducing wide-ranging reforms. Directors need to get ready for the first tranche of measures.
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.
ISA reforms from April
April 2024 ISA reforms bring user-friendly changes, allowing multiple subscriptions and greater flexibility in cash and investments.
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.
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 […]
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