Personal Tax
Tax affects us all, and knowing what to pay and when can be complex. At McKellar Accountancy, our team of tax accountants is here to ensure you understand all the issues surrounding personal tax and guide you through the process.
Not all accountancy practices view tax issues from the business owner’s perspective or consider how money can be efficiently extracted from the business to benefit you.
We do things differently.
Our expert team of tax accountants will work closely with you to understand your unique financial objectives. We provide comprehensive tax planning tailored to your specific needs, ensuring that we maximise the profits available for distribution to you. Whether your goals are to reinvest in your business, plan for retirement, or manage personal wealth, our personalised approach helps you achieve these objectives efficiently and effectively.
At McKellar Accountancy, we pride ourselves on staying at the forefront of our industry. We are always on top of our game, keeping up to date with the latest developments and legislation. This commitment ensures that you receive the most accurate and beneficial tax advice possible, allowing you to make informed decisions and optimise your financial outcomes.
Scottish Income Tax Rates
| Band | Taxable Income | Tax Rate |
|---|---|---|
| Starter rate | Over £12,571 to £14,876 | 19% |
| Scottish Basic Rate | Over £14,877 to £26,561 | 20% |
| Intermediate rate | Over £26,562 to £43,662 | 21% |
| Higher rate | Over £43,663 to £75,000 | 42% |
| Advanced rate | Over £75,001 to £125,140 | 45% |
| Top rate | Above £125,140 | 48% |
Self Assessment – Do I need to complete a Tax Return?
The main reason you would be required to complete a return would be because you are self-employed. However, there are many other reasons for being required to complete one. For example, if you earn money that hasn’t already been taxed, your State Pension was more than your Personal Allowance or you didn’t pay enough tax in previous years, and these are not the only other reasons!
