New-Blog-OnPoint Accounting Accounting|Bookkeeping|Payroll & Taxes|business advice consultancy|start up|micro and small businesses|quickbooks|quickbooks online uk|new business ideas

The Scottish tax rates for 2018/2019 tax year explained

Scottish Income Tax 2019/2020

In December’s Scottish government’s budget, The SNP decided to maintain the five tax bands it rolled out in 2017 for 2018/2019.

This means that Scottish taxpayers will continue to pay slightly different amounts to taxpayers in England and Wales. Those earning between £43,430 and £50,000 will now pay a higher rate of income tax than those in England at a rate of 21%.

Taxpayers that are earning £0.00 to £26,990 will pay less income tax than taxpayers in England and Wales taxpayers.

Taxpayers that earn over £50,000 will pay more than £1,500 per annum in additional tax compared to people earning the same amount in England and Wales with the difference increasing to nearly £200 per month for anyone earning £120,000.

If you need more support in understanding your tax please get in touch here


Leave a Reply

Your email address will not be published. Required fields are marked *