Income Tax Articles

What your tax code means

First, your tax code’s letters show if you qualify for the annual tax-free personal allowance. This allowance is a set amount of income you can earn each year tax-free. Every year, employers use updated codes to calculate tax deductions from an employee’s pay. The current and next tax year’s basic personal allowance is £12,570. The tax code 1257L corresponds to this allowance. It’s common for...

Income Tax in Scotland

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 is based on whether the taxpayer has a 'close connection' with Scotland or elsewhere in the UK. The liability to SRIT is not based on nationalist identity, location of work or the source of a person’s income e.g., receiving a...

Are you claiming the marriage allowance

Married couples and those in a civil partnership can claim the marriage allowance if one spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax. In other words, one of the partners must currently earn less than the £12,570 personal allowance for 2024-25.   Maximising Benefits with the Marriage Allowance The allowance allows the lower...

Company filing obligations

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of...

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the...

Labour win landslide election result

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14...

Exit plans

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning...

New government

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our...

Statutory redundancy pay

If you have been in the same job for two years or more and are made redundant you will usually...

Claim full expensing or 50% FYA

Full expensing offers a 100% first-year capital allowance for qualifying plant and machinery assets, reducing taxes for companies subject to...

Late night taxi for an employee

Employers have a duty of care to ensure employee wellbeing, which can include providing transport home during unsocial hours. While...

Income Tax in Scotland

The Scottish rate of income tax applies to non-savings and non-dividend income of Scottish taxpayers, defined by their close connection...
Load More

Need Income Tax Advice?

Our experts are on hand to discuss your specific needs or concerns