Personal tax planning for 2020/21

With less than three weeks to spare before the end of 2019/20, Westminster finally delivered the 2020/21 tax rates. All of that, however, pales into insignificance somewhat when you consider the people and businesses affected by the coronavirus. Since the Spring...

Changes to Pension Annual Allowance charges 2020/21

Tapered annual allowance for pensions – The pensions annual allowance is the maximum amount of tax-relieved pension savings that can be accrued in a year. For those on the highest incomes, the annual allowance tapers down from £40,000. HM Treasury has reviewed the...

Scottish Budget 2020: Scandal lights up dull affair

What preceded the Scottish Budget 2020 was more entertaining than the speech itself earlier this month.  Calamity unfolded on the eve of the Draft Budget on 6 February 2020 after revelations broke in the papers.  Finance Secretary Derek Mackay quit hours before...

Draft Budget: how will it affect you?

When Derek Mackay revealed his last Draft Budget in December 2018, not many people predicted the introduction of two new income tax bands. Nothing as radical was announced this time around, following the finance secretary’s decision to freeze the income tax rates for...