HMRC is currently busy with several ongoing checks. They are looking at IHT accounts, targeting undeclared dividend income
Category: Tax Planning
PERSONAL TAXATION
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 – 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.
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.
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 […]
Get ahead on capital gains tax planning
Some careful forethought can help minimise your capital gains tax (CGT) bill. Everyone has an annual CGT exempt amount, which in 2023/24 makes the first £6,000 of gains free of tax. For 2024/25, this amount will be halved to £3,000. […]
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 […]
Autumn Statement – 22 November 2023
Introduction Jeremy Hunt’s second Autumn Statement was set against a much less financially turbulent background than his first. However, politics still loomed large with a likely election in the next 12 months prompting calls for tax cuts from within the […]
Autumn Statement – Personal Tax
Income tax The personal allowance will remain at £12,570 for 2024/25 and the higher rate threshold will stay at £50,270, both levels that first took effect in 2021/22. The blind person’s allowance will be increased to £3,070 for 2024/25. In […]
Are You Owed Money? Exploring Unclaimed Pension Tax Relief in the UK
Did you know that over £1.3 billion of pension tax relief has gone unclaimed by the highest earners in the UK? The pension provider PensionBee analysed unclaimed pension relief between 2016 and 2021, and revealed a staggering amount of unclaimed […]
Deferring your state pension
You do not have to take your state pension at state pension age The current state pension age (SPA) – the earliest age at which you can draw your state pension – is 66. It will be gradually increased to […]