Category: Tax Planning

Raising tax rates is a traditional government strategy to increase tax receipts for HMRC, but this may not be the case for capital gains tax (CGT).

With the dividend allowance now cut to just £500, the number of taxpayers paying tax on dividend income for 2024/25 is expected to be double what it was three years ago.

Basis Period Reform, introduced on 6 April 2024, changes how taxable profits for unincorporated businesses (sole traders and partnerships) are calculated.

With allowances frozen or cut, you may have underpaid tax for 2023/24.

Around 1.1 million taxpayers who failed to submit the self assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC.

HMRC is currently busy with several ongoing checks. They are looking at IHT accounts, targeting undeclared dividend income

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 […]

Increased income means more than just taxes. Lost benefits & higher tax rates loom. Pensions & ISAs can help navigate the tax trap.

Calculate the tax impact of relocating to Scotland. Understand income tax rates, bands, and changes from April 2024.

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 […]