Business Advice

Start-ups

We have in-depth knowledge of business start-ups and will deal with all the necessary formalities of establishing a new business on behalf of a client for example:

• choice of business vehicle structure;
• registrations with the authorities;
• company secretarial matters if appropriate;
• provision of ongoing support should it be needed.

With the 2023/24 tax year having begun on Thursday 6^th April, we wish to remind Scottish taxpayers what Holyrood’s decisions on income tax will mean for them in the coming year.

The changes proposed by the Scottish Government in the December Scottish Budget and agreed by MSPs in February will see:

• The threshold for paying the top rate of tax reduced from £150,000 to £125,140 (mirroring an equivalent change introduced by the UK Government that also takes effect from the same date);
• The higher rate of tax (paid on income between £43,663 and £125,140) increased by 1p to 42p;
• The top rate of tax (paid on income above £125,140) increased by 1p to 47p.

This means that from Thursday 6^th these changes will see Scots with earnings above £43,663 paying more income tax than they did last year, with the decision to increase the higher and top rates widening the difference in income tax liabilities between those on equivalent earnings in Scotland and the rest of the UK.

A Scottish taxpayer earning £50,000 in 2023/24 will pay £63.38 more than if they had earned the same amount in 2022/23. They will also be paying £1,552.48 more in 2023/24 than someone earning the same £50,000 salary in other parts of the UK.  For someone earning £150,000, those figures will be £2,432.08 and £3,857.88 respectively.

It must be pointed out that in 2023/24, as in the previous tax year (2022/23) taxpayers with income under £27,850 will pay up to £21.62 less tax than someone with equivalent earnings in the rest of the UK, due to the 19p Scottish starter rate of tax.