Income tax rates remain unchanged in Scotland

The Scottish Government has decided to freeze all income tax rates, plus the higher and top-rate thresholds for 2020/21. Assuming the personal allowance remains at £12,500, only the basic and intermediate thresholds in Scotland are set to rise in line with inflation....

‘Most workers are unsure of pension pot value’

Most employees do not know the current size of their pension pots, according to research. Opinium polled 983 workers on behalf of the Pension and Lifetime Savings Association (PLSA) and found 54% did not keep track of their savings. Knowledge levels among workers...

MPs propose inheritance tax reform

In the latest proposed change to what's often seen as the least popular tax in the UK, a cross-party group of MPs has called for radical reform to inheritance tax ahead of next month's Spring Budget on 11 March 2020. The all-party parliamentary group on inheritance...

Most businesses are failing to benefit from MTD for VAT

It's been more than 10 months since Making Tax Digital (MTD) kicked in for VAT-registered businesses, and research suggests that it's been far from plain sailing for those involved in the transition. UK businesses with an annual taxable turnover of more than £85,000...

National insurance thresholds rise to £9,500

The Treasury is to raise the national insurance thresholds for 2020/21, saving the average employee around £104. According to legislation approved in parliament on 30 January 2020, the £8,632 threshold at which employees start paying class 1 national insurance...