If your business is VAT registered, and the turnover for the last year has exceeded £85,000, you should soon receive a letter from HMRC stating that you must comply with the making tax digital (MTD) rules from April 2019. The MTD regime requires you to keep all records relating to VAT in a digital format and submit VAT returns through MTD-compliant software. The online VAT return form on gov.uk will be closed to all businesses required to comply with the MTD for VAT regime. This is because HMRC wants to minimise the risk of human error in submission of VAT… more
Following the Scotland Act 2016, the income tax rates and thresholds for Scottish taxpayers differ from those in the rest of the UK. Since income tax is only partly devolved to Hollyrood, these rates apply to non- savings and non- dividend income (which are still taxed in line with the rest of the UK). Although Scottish income tax is collected by central government, it is paid to the Scottish Government. The rates for 2018/19 are shown in the following table: The table shows the 2018-19 tax rates you pay in each band if you have a standard… more
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