Calculate the tax impact of relocating to Scotland. Understand income tax rates, bands, and changes from April 2024.
Category: Tax Planning
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 […]
Interest rate rises fuelling increased tax take
The Bank of England base rate increase is impacting on the government’s tax takes, with more taxpayers paying tax on savings income due to higher interest rates. Increased mortgage rates are contributing to rocketing capital gains tax (CGT) takings too. […]
Finalising returns figures and filing early
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the same as an estimated one. […]
Agri-tax reliefs set for restrictions
Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK. Currently, property can qualify for either agricultural relief or woodlands relief if it is […]