So the Scottish government has used the powers Westminster granted it a couple of years back to dictate the tax rate on half of the income tax paid by Scottish residents. These powers mean 10p in every pound earned over the threshold (£11,850 as of April 2018) will go to Westminster and the rest of the tax amount to Holyrood to spend on services in Scotland.
The Scottish government has put the following tax brackets in place for Scottish residents from April 2018.
Put simply if you earn up to £23,999 you will be £20 year better off. £24,000-£25,999 you will se no difference. Any one earning £26,000 upwards will pay more tax. At £33,000 you will pay an extra £70 a year, at £40,000 you will pay an extra £140 a year an so the difference will climb (for more details on the differences past £40,000 please see the chart at the bottom of this blog).
Ultimately however JGBC’s advise remains the same look at what your expect to earn and what tax bracket that falls in and tax percentage that bracket has. Then take that percentage of earnings each month and place it in a separate bank account. when the tax bill comes you will have more than enough to cover it and maybe some left over for a nice treat?
For any tax related questions please get in touch with JGBC on 01738 657230 or at firstname.lastname@example.org