by | Apr 27, 2023 | Income Tax
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 depends on whether the taxpayer has a 'close connection' with Scotland or elsewhere...
by | Apr 20, 2023 | Income Tax
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is...
by | Apr 20, 2023 | Income Tax
The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings income is tax-free. For higher-rate taxpayers the tax-free personal savings allowance is £500. Anyone earning over...
by | Apr 13, 2023 | Income Tax
A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply in the...
by | Apr 13, 2023 | Income Tax
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that boosts your income over...
by | Apr 13, 2023 | Income Tax
Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of tax they need to pay on the basis that the students would be working for the rest of the tax year. This means that an overpayment of Income Tax can...
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