Important Information
There are key aspects of financial regulation and taxation legislation that you should be aware of.
You will find below some information that we consider very important to the health and long-term prosperity of your firms.
The Scottish Budget 2023/24
Income Tax Rates and Earnings Bands
Business Rates
Land and Buildings Transactions Tax
The Additional Dwelling Supplement
The summary can be downloaded by clicking on the following link – Scottish Budget 2023/24
If you would like further information on how this impacts you or your business please do not hesitate to contact us.
Autumn Statement 2022
Personal Taxation and Employed Income
How is Income Tax different in Scotland?
Business Taxes
Innovation
Stamp Duty
The summary can be downloaded by clicking on the following link – Autumn Statement
If you would like further information on how this impacts you or your business please do not hesitate to contact us.
𝑺𝒄𝒐𝒕𝒕𝒊𝒔𝒉 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑨𝒘𝒂𝒓𝒅𝒔
We Have Moved!
𝗛𝗮𝗽𝗽𝘆 𝗡𝗲𝘄 𝗧𝗮𝘅 𝗬𝗲𝗮𝗿!
As we enter the new tax year, we would like to remind you that today, Wednesday 6th April, marks the start of the 2022/23 tax year. With the start of a new tax year comes the countdown to the prior year’s self-assessment deadline.
As of today, self-assessment returns can be submitted to HMRC to reflect the tax year 6 April 2021 to 5 April 2022. The deadline for submission and payment of any tax due is 31 January 2023. We would like to remind you that no matter how early your self-assessment is submitted, the payment deadline remains the 31 January 2023. This means that you can submit from now and pay when it suits you best: you do not have to pay when you submit your return.
Please remember that this year’s self-assessment return is similar to last year’s in that any grants received from 6 April 2021 to 5 April 2022 MUST be included in your self-assessment return as these have not been taxed at source.
𝙍𝙤𝙨𝙚𝙨 𝙖𝙧𝙚 𝙧𝙚𝙙, 𝙫𝙞𝙤𝙡𝙚𝙩𝙨 𝙖𝙧𝙚 𝙗𝙡𝙪𝙚,
𝙃𝙚𝙧𝙚 𝙞𝙨 𝙜𝙧𝙖𝙣𝙩 𝙛𝙪𝙣𝙙𝙞𝙣𝙜, 𝙩𝙝𝙖𝙩 𝙘𝙤𝙪𝙡𝙙 𝙗𝙚 𝙛𝙤𝙧 𝙮𝙤𝙪.
Late filing and late payment penalties are to be waived for one month for self-assessment taxpayers.
On 6 January, HMRC announced a number of temporary measures designed to help those who submit self-assessment tax returns.
Headline Measures
- HMRC will not charge late filing penalties for those who miss the 31 January deadline but manage to file online by 28 February 2022.
- HMRC will not charge late payment penalties for those who pay their tax due in full or set up a payment plan before midnight on 1 April 2022. This will give customers and their representatives additional time if they need it and will operate in the same way as the equivalent waivers last year.
- Time to Pay options are still available to assist customers. Once they have filed their 2020-21 tax return, customers can set up an online payment plan to spread self-assessment bills of up to £30,000, in up to 12 monthly instalments.
Worth Noting
However, the payment deadline for self-assessment is still 31 January, and interest will be charged from 1 February on any amounts outstanding. For full details we recommend that you click on the link below.
The Scottish Budget 2022-23
Yesterday (9/12/21), Public Finance Minister, Kate Forbes outlined the Scottish budget for 2022-23. It will need to be approved by Scottish Parliament and receive royal assent before it can come into force. Here are the tax points from her speech.
Income tax rates and earnings bands changes for 2022-23.
- Personal Allowance – no change in top limit (£12,570).
- Starter Rate of 19% – earnings top limit increased from £14,667 to £14,732.
- Basic Rate of 20% – earnings top limit increased from £25,296 to £25,688.
- Intermediate Rate of 21% – no change to top limit (£43,662).
- Higher rate of 41% – no change to top limit (£150,000).
- Top rate of 46% – no change.
A tax cut for house buyers applicable during the first lockdown will end on 1 April 2022, with the starting point for Land and Buildings Transaction Tax returning to £145,000. Relief for first-time buyers will continue.
Non-domestic rates relief for retail, hospitality and leisure businesses will be extended by at least another three months. Non-domestic rates are to be cut to 49p in the pound.
Scottish Councils have been given the freedom to change Council Tax as they see fit.
As always if you have any questions regarding these changes or anything else do not hesitate to contact us.
Fifth SEISS Grant
As you may already know, the UK Government’s Self-Employment Income Support grants scheme is now open to allow you to apply for the fifth grant. Unfortunately, we can’t apply for you or on your behalf, you have to apply personally. However, to make it easier for you to apply we have included the links below for you to click on to make it easier for you to claim.
https://www.tax.service.gov.uk/…/enter-unique-taxpayer…
Claim a grant through the Self-Employment Income Support Scheme – GOV.UK (www.gov.uk)
Work out your turnover so you can claim the fifth SEISS grant – GOV.UK (www.gov.uk)
Before you click on the link please be sure that you have the following information handy:
Your UTR number, your NI number, your Government Gateway login
If there is any way in which we can support you in making your application please don’t hesitate to get in touch.
Further Support
The UK government has introduced a number of measures to help self-employed workers and businesses during the coronavirus outbreak. If you are not eligible for SEISS and you would like further details on current grants which you may be eligible for please contact us at [email protected]
Furlough Changes
Chancellor Rishi Sunak unveiled the coronavirus Job Retention Scheme (JRS), known as furlough, at the start of the coronavirus outbreak in March 2020. The idea was that the government would support companies hit by the pandemic and lockdowns by helping to pay workers’ salaries. Up until now, workers on the scheme received 80% of their current salary for hours not worked, up to a maximum of £2,500. However, the way it is funded changes as of today.
What is changing?
After numerous deadlines and extensions, furlough is now scheduled to finish at the end of September. The amount of government support will be scaled back as of today, today (1/7/21) when businesses will have to start contributing 10% towards furloughed payments, rising to 20% in August and September.
July and August
From 1st July the level of government support will reduce to 70%, up to a maximum of £2,187.50 for hours not worked. However, the government is keeping the 80% rule for employers. This means that employers will have to top-up the remaining 10%, up to £312.50 per week, to continue to receive JRS support. The government contribution is set to drop again to 60% in August with employers required to top-up the balance of 20%.
Employers must still pay national insurance and pension contributions and are able to top-up the salary to 100% with their own money but do not have to.
Who can be furloughed?
For any furlough claims up until 30th April, you need to have been on your employer’s PAYE payroll on or before 30th October 2020. Employees being furloughed from 1st May until 30th September must have been on a PAYE payroll on 2nd March 2021. Workers can be on any type of contract, meaning you could still be furloughed if you are part-time or a contract worker.
As always if you have any questions regarding these changes or anything else do not hesitate to contact us.
Fourth and Fifth SEISS Grants
Fourth Grant
The fourth SEISS grant is now open for applications and you no longer have to wait for an allocated time slot. Please remember the grant will close for applications at midnight on 31 May. If you are unsure if you are able to apply just follow this link and it should advise you;
https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme
If there is any way in which we can support you in making your application please don’t hesitate to get in touch.
Fifth Grant
The government has also announced that there will be a fifth and final grant covering May to September. You will be able to claim from late July if you are eligible. Further details will be provided on the fifth grant in due course. Please note these figures are subject to change should HMRC deem it necessary.
Further Support
The UK government has introduced a number of measures to help self-employed workers and businesses during the coronavirus outbreak. If you are not eligible for SEISS and you would like further details on current grants which you may be eligible for please contact us at [email protected]
Happy New Tax Year
Budget 2021
We have sent out a summary of the main points of last week’s budget to all our clients. The summary highlights the main ways in which the budget will impact upon their businesses. If you are not an existing customer but would like to receive a copy of this summary please contact us.
New Government Grants Available
As you may be aware, the Scottish Government opened up 2 new funds to provide additional support to those businesses affected by COVID-19. The funds are;
- The Newly Self-Employed Hardship Fund
- The Mobile and Home-Based Close-Contact Services Fund
The Newly Self-Employed Hardship Fund is designed to help alleviate financial hardship for newly self-employed people. The scheme offers a one-off £4,000 payment for those whose status as being newly self-employed makes them ineligible for the UK Government’s Coronavirus (Covid-19) Self-Employment Income Support Scheme (SEISS). The fund will be open to applications for four weeks.
The Mobile and Home-Based Close-Contact Services Fund is for owners and operators of mobile and home-based close-contact service businesses and for registered driving instructors. It is not for employees of those businesses. You must operate your business primarily on a mobile basis or from home. “Mobile” means that you routinely (more than 50% of the time) operate your business from multiple locations, and not exclusively from fixed premises used solely for business purposes.
Third SEISS Grant Applications Now Open
As you may already know, the UK Government’s Self-Employment Income Support grants scheme re-opened to allow you to apply for the third grant.
Unfortunately, we can’t apply for you or on your behalf, you have to apply personally. However, to make it easier for you to apply we have included the link below for you to click on to enable you to claim.
https://www.tax.service.gov.uk/…/enter-unique-taxpayer…
Before you click on the link please be sure that you have the following information handy:
Your UTR number
Your NI number
Your Government Gateway login
If there is any way in which we can support you in making your application please don’t hesitate to get in touch.
Self-Assessment Deadline
COVID-19 Update
In the First Minister’s most recent announcement (17 November), the following measures were announced.
In addition to the UK furlough scheme, all businesses that require to close, at any level, are eligible for a four-weekly grant of £2,000 or £3,000, depending on rateable value.
Grants of £1,400 or £2,100 are available to businesses that are open, but subject to trading restrictions.
Eligible businesses can apply for these grants now through their local authorities.
In addition to this, a £30 million discretionary fund has been established to enable local authorities to provide additional support for businesses where they consider that necessary or justified.
There will be an additional £15 million available for newly self-employed people who have not been able to access other forms of support.
An additional £15 million will be made available to local authorities to help with the community and social impact of a move to level 4.
More details of these funds will be made available shortly. As soon as the details emerge, we will be in touch with customers.
Anti-Money Laundering (AML) Legislation
As a provider of financial services and support, we must comply with all legislation and regulations pertaining to anti-money laundering and the proceeds of crime.
This regulation is comprehensive and detailed and we make every effort to ensure that we comply with it. To find out more about the legislation and regulations, click on the links below.
https://www.fca.org.uk/firms/financial-crime/money-laundering-regulations
