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Employers beware of plans to change Scottish income tax threshold

2019-09-01T11:59:35+01:00February 18th, 2017|Categories: Taxation|Tags: , , |

Shortly before Christmas, the Scottish draft budget contained an announcement that Scottish taxpayers will start paying the 40p higher rate of income tax at a lower point than taxpayers elsewhere in the UK. This announcement means that businesses across the UK, not just in Scotland, will need to review their payroll systems to ensure that the proposed change can be accommodated. Scotland's Finance Secretary Derek Mackay confirmed that the Scottish Government intends to restrict increases in the rate at which people start paying the higher rate of income tax to inflation only. This compares with the UK Government's proposal [...]

Caps on income tax relief

2019-09-01T11:54:21+01:00December 22nd, 2016|Categories: Taxation|Tags: , |

In general terms, providing a business is undertaken on a commercial basis with a view to making a profit, tax relief should be available for trading losses incurred. It is usually possible to offset the loss against other taxable income from the same year, or the previous year. Other taxable income may include for example, a former employment (where tax was deducted under PAYE) or a pension. This relief may be particularly beneficial for someone who is self-employed on a part-time basis. For example, where an individual earns £30,000 a year from employment, and makes a £2,000 loss from [...]

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