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See all News ›Scottish BudgetPosted on: 10th February 2020Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020, setting out the Scottish Government's financial and tax plans. The current Scottish income tax rates and bands for 2019/20 and the proposed rates and bands for 2020/21 on non-savings and non-dividend income are as follows: Scottish Bands 2019/20 Scottish Bands 2020/21 Band name Rate £12,501* - £14,549 £12,501* - £14,585 Starter 19% £14,550 - £24,944 £14,586 - £25,158 Scottish Basic 20% £24,945 - £43,430 £25,159 - £43,430 Intermediate 21% £43,431 - £150,000** £43,431 - £150,000** Higher 41% Above £150,000** Above £150,000** Top 46% * assumes individuals are in receipt of the Standard UK Personal Allowance. ** the personal allowance will be reduced if an individual's adjusted net income is above £100,000. The allowance is reduced by £1 for every £2 of income over £100,000. In the 2018 Autumn Budget, the UK Government announced that the UK-wide personal allowance would be frozen at its current level of £12,500 in 2020/21. The UK higher rate tax point for 2020/21 is also expected to be frozen at the 2019/20 amount of £50,000 (for those entitled to the full UK personal allowance) and the tax rates for non-savings and non-dividend income are expected to be maintained at 20%, 40% and 45% respectively. The additional rate of 45% is payable on income over £150,000. Land and Buildings Transaction Tax change to non-residential rates and bands The Government announced the introduction of a new 2% band for non-residential leases which will come into effect for contracts entered into on or after 7 February 2020. The rates and bands for non-residential LBTT transactions are as follows: Non-residential transactions (purchase price) Rate Non-residential leases (net present value of rent payable) Rate Up to £150,000 0% Up to £150,000 0% £150,001 to £250,000 1% £150,001 to £2 million 1% Over £250,000 5% Over £2 million 2% Internet link: GOV.SCOT BudgetSee all Blogs ›Off-payroll WorkingPosted on: 11th February 2020From 6 April 2020, medium and large-sized organisations outside the public sector will be responsible for deciding the employment status of contractors for tax purposes. Currently, contractors themselves are responsible for making this decision in these sectors. (A medium or large-sized organisation will have a turnover of more than £10.2million, a balance sheet total of £5.1m and/or more than 50 employees.) Plan ahead for changes to off-payroll working rules From 6 April 2020, the off-payroll working rules as they currently apply where services are provided through an intermediary to a public sector body are to be extended to the private sector. From that date, private sector organisations which are medium-sized or large and which engage workers who provide their services through an intermediary, such as a personal service company, will need to carry out a status determination. If, ignoring the intermediary, the worker would be an employee of the organisation, the off-payroll working rules apply and the organisation (or fee-payer if different) must deduct tax and National Insurance from payments made to the worker’s personal service company. The organisation must also pay employer’s National Insurance. Where these rules apply, the worker’s intermediary will no longer need to work out the deemed payment under the IR35 rules – instead the worker will effectively be ‘on-payroll’. The rules do not apply where the end client is a small private sector organisation. As now, the worker must determine whether IR35 applies and work out the deemed payment and pay tax and National Insurance if it does. Speak to us to understand how the changes to the off-payroll working rules will affect you and what you need to do to prepare.Free Accounting and Finance Resources
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