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[…]

Off payroll public sector workers – is it worth it?

If you provide services for the public sector, you could be paying double taxation on your PAYE/NIC.   The Public Sector Body assesses the status of a contract when it is awarded to a company, or when the first payment after 6 April 2017 is made. This assessment will normally involve HMRC’s employment status tool and[…]

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[…]

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[…]

In a partnership or LLP? New tax rules have BIG implications

Partnerships have long been an attractive structure for people running small businesses. They’ve been particularly favoured by owners of professional practices – from solicitors and accountants through to architects and dentists. The fluidity of the arrangement allows partners to change with few tax implications – something that becomes more problematic within the confines of the[…]