Scottish Tax Rates 2018/19

On 20 February 2018 the Scottish Parliament passed its Budget Bill for 2018/19 which saw the introduction of five tax bands for non-savings income. This includes earned income and benefits, profits from self-employment, rental profits and pension income (including State Pension). The Scottish tax rates do not apply to dividend or savings income as these[…]

The Residence Nil Rate Band and Downsizing

Downsizing your home can come at a cost.   The Residence Nil Rate Band (RNRB) did not initially include provisions for downsizing. But, following a consultation, new provisions were introduced for those downsizing their home after 8 July 2015. These provisions take account of downsizing in two cases:- The deceased downsized to a lower value[…]

The Residence Nil Rate Band

It’s important that your accountant is there to give you the best advice when you need it, in good times and in bad. When a loved one passes away it can bring a number of important decisions that will affect the surviving family. That is why it’s important to develop a relationship with your accountant[…]

New Scottish Income Tax Rates and Bands

From 6 April 2018, new Scottish income tax rates and thresholds will apply:   Income (£) Name Rate (%) Below £11,850* N/A 0 £11,850** – £13,850 Starter 19 £13,851 – £24,000 Basic 20 £24,001 – £44,273 Intermediate 21 £44,274 – £150,000*** Higher 41 Above £150,000*** Top 46   *No tax is payable on income below[…]

Cloud Accounting

We are in a digital age.  For many people social media updates are replacing letter writing, groceries are delivered to our door at a click of a button and we keep up to date with the latest news via a tweet! The way we live our lives is more efficient, and resisting this change is[…]

Jenna Gauld - MMG Archbold Staff

In Jenna’s Shoes

Our chartered accountant and tax adviser, Jenna Gauld, is the star of this week’s In Your Shoes blog. This popular blog series from Dundee and Angus Chamber of Commerce puts the spotlight on local business people to find out how they spend their time: Jenna Gauld is a Chartered Accountant and Tax Adviser at MMG Archbold[…]

Dividend changes: are you ready?

In his 2015 Budget, Chancellor George Osborne introduced significant changes to the taxation of dividends. Owners of small businesses need to take note. It’s quite usual for directors of small companies to extract profits as dividends, which form a regular income. The main reason is tax efficiency, as when the dividend is paid out to[…]