In light of the government guidelines, all our offices are now closed and our teams are all working remotely, but are on hand to help you through these challenging times.
For those who reside in Scotland, the rates of income tax are different to the rates set in the rest of the UK.
The Scottish budget is not scheduled until December, but the increase announced the higher rate threshold from 6 April 2019 to £50,000 may put pressure on the Scottish Parliament to make a change.
Whilst the rates of tax are different, everyone has the same Personal Allowance. This is due to increase to £12,500 from 6 April 2019, putting more money in your pocket.
In Scotland, there is an intermediate band for earnings between £24,001 and £43,430 paying an Income Tax rate of 21% and a higher rate tax rate of 41% on earnings over £43,431.
We have two offices in Scotland and offices located in Cumbria, Northumberland and Yorkshire. Contact our financial planning and wealth management team on 0808 144 5575.
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