Income Tax Articles

Changes to Scottish Income Tax rates 2024-25

Here’s a reminder: Scottish Income Tax rates will change for the 2024-25 tax year. The Scottish Budget measures announced a new tax band, the advanced rate band. This band will apply a 45% tax rate to annual income between £75,000 and £125,140, starting from 6 April 2024. Moreover, the top rate of tax saw an addition of 1p. The starter and basic rate bands increased in line with inflation (6.7%,...

Basis Period Reform: Changes for sole traders and partners

What is Basis Period Reform? Basis Period Reform is a change in the way that income tax is calculated for unincorporated businesses in the UK. It means that from the tax year 2023/24 onwards, the taxable profits of a business will be aligned with the tax year, which runs from 6 April to 5 April, regardless of the accounting date chosen by the business. Outlined below is a summary of the key...

Claim tax relief if working from home

Claiming Tax Relief for Home-Based Work If you are an employee who is working from home, you may be able to claim tax relief for part of your household bills that are related to your work. If your expenses or allowances are not paid by your employer, you can claim tax relief directly from HMRC. You can claim if you have to work from home, for example because: the job requires you to live far...

Taxable employment benefits from April 2026

From April 2026, the UK government will mandate real-time reporting and payment of taxes through payroll software, ending the filing...

Changes to Scottish Income Tax rates 2024-25

For the 2024-25 tax year, Scottish Income Tax rates will change with a new 45% advanced rate band for income...

Payrolling employee expenses and benefits

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax...

Tax Diary May/June 2024

1 May 2024 – Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024...

Settling energy disputes

The Energy Ombudsman offers free support to businesses, especially small ones, in disputes with energy suppliers. The service covers 99%...

COVID Bounce Back abuse

The Insolvency Service banned 831 directors in 2023-24 for abusing the Covid Bounce Back Loan Scheme, an increase of over...

by James MacDonald

Basis Period Reform: Changes for sole traders and partners

Basis Period Reform is a change in how income tax is calculated for unincorporated businesses, such as sole traders and...

Paying VAT on goods from EU to Northern Ireland

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern...

VAT retail schemes

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are...
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