Scottish Budget: ‘now is a time for stability’
The Scottish government announced its Budget on 28 January stating: “now is a time for stability, certainty and targeted support”. Income Tax rates were unchanged, with the starter, basic rate and higher rate thresholds increased in line with inflation (0.5%). Unlike the rest of the UK, Scotland will not add a 2% surcharge for non-residents on Land and Buildings Transaction Tax from 1 April 2021.
Brexit edition of HMRC Agent Update
On 27 January, HMRC published a Brexit edition of its update for agents highlighting new rules imposed at the end of the Brexit transition period. The update provided guidance on postponed VAT accounting alongside updates that were also covered in latest Employer Bulletin (trading with Europe, business travel, social security coordination and cash declarations). Like the Employer Bulletin the Agent Update has also changed format and is now only available as an HMTL page.
Sign up to TAXwire
Sign up to the Tax Faculty newsletter which provides weekly updates on developments in tax practice and policy.
Register nowICAEW Know-How from the Tax Faculty
This guidance is created by the Tax Faculty – recognised internationally as a leading authority and source of expertise on taxation. The Faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.
Learn more about the Tax Faculty
