The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer depends on whether the
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.
You can use the service if you are:
a VAT-registered
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?
Most businesses build an expanding customer list; each customer a separate income stream for their
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment will see thousands more low-income families benefit from free school
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000,
One of the issues you will need to consider if you are starting a new business is the business structure. There are three commonly used forms to choose from, each with advantages and
The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings income is tax-free. For higher-rate taxpayers the tax-free personal
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
1 May 2023 – Due date for corporation tax due for the year ended 30 July 2022.
19 May 2023 – PAYE and NIC deductions due for month ended 5 May 2023. (If you pay your tax electronically the due date
When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.
However, the word
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their
There is a flexible exemption from IHT for taxpayers who make tax exempt gifts and payments that are paid as normal expenditure out of income. With proper planning this can be a useful tool to enable
A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for
In general, there is no Capital Gains Tax (CGT) due on the disposal of a property which has been used as the main family residence. This relief from CGT is commonly known as ‘private residence
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