SJC+0 accountants | MAY 2018
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12 Jul MAY 2018

My goal at the beginning of this year was to write a blog once a month based on what was relevant that month. So, Jan, Feb and March all progressed well then April happened. I’ve been trying to figure out trends in my company since I started four years ago and I’m sorry but I just can’t figure out when I’m busy and when I’m quiet, hence no blog in April, and blow me down May seems to have gone quiet……Normally this would be a sign for me to start worrying, anyone who is in business immediately starts to become concerned when things quieten down – am I right? But, after talking to a client about this concern, she had some sage advice for me which I’d like to share.

 Take back the time.How simply is that – so I’ve been super busy since the beginning of the year with April being silly busy and May slowing down so I’m taking the time back. I’m looking at the many hats I wear – marketing, networking, sales, accounts – and seeing if I can streamline how I deal with each role.

If anyone has any advice on how this can be done I’d appreciate it. In the meantime, I’ve decided to try and allocate certain days for certain tasks – not always 100% convenient but a start!

So, this month I’ve had a lot of queries about the new Scottish Tax System.The new system increases the total number of income tax bands from three to five.

Under the changes some basic-rate taxpayers will pay less, but those earning about £33,000 or more are likely to pay more. Someone earning £40,000 is likely to pay an extra £140 a year. The new rates apply to anyone who lives in Scotland.

The Scottish rates and bands for income tax from 6 April 2018 are set out below:

Scottish income tax rates 2018/19 Scottish income tax bands 2018/19
Scottish starter rate – 19% £11,851 – £13,850 (£2,000)
Scottish basic rate – 20% £13,851 – £24,000 (£10,150)
Scottish intermediate rate – 21% £24,001 – £43,430 (£19,430)
Scottish higher rate – 41% £43,431 – £150,000
Scottish top rate – 46% £150,001 and above

 

Although the Scottish Parliament has set rates and thresholds for income tax payable by Scottish taxpayers on certain types of income, HMRC continue to collect and administer all income tax. This means that if you have any questions about your income tax, you should continue to contact HMRC.

If you have any queries or just want some advice on the new Scottish Tax then lets chat.