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AAB / Blog / Scottish Income Tax Rates – Additional Burden on Self-Employed Dentists
BLOG21st Sep 2018
The 2018/19 tax year will herald the introduction of the much-maligned Scottish rates of Income Tax and all the added complications that these bring. This is particularly relevant to Scottish resident, self-employed dentists who will now be charged to tax at very different rates compared to the rest of the UK.
The Scottish Rates of Income Tax will only apply to non-savings income and therefore the tax payable on self-employed profits will be affected. Examples of the impact this will have on Scottish taxpayers is as follows:
Assumes individuals are in receipt of the Personal Allowance
It can therefore be seen that the introduction of these rates will have a detrimental effect on higher rate taxpayers.
Whilst this transition sound simple enough, the real complications occur where an individual also receives dividends from shares or any other investment income as, you guessed it, these will be taxed at the same rates as the rest of the UK. In some circumstances, a mammoth eight different rates of income tax will have to be considered!
Additionally, Classes 2 & 4 National Insurance Contributions will also have to be paid on self-employed profits and these will remain in line with the rest of the UK.
We are perfectly placed to help you negotiate these particular Scottish tax challenges and explore all tax mitigation strategies, including incorporation for self-employed and partnership businesses, in order to narrow the broadening tax gap between Scotland and the rest of the UK.
SPEAK TO US ABOUT INCOME TAX
How AAB can help
Our team support a diverse array of individuals such as employed professionals, business owners, families and international sports stars. As AAB clients, they all benefit from absolute confidentiality and share a unified goal of optimising and safeguarding their personal wealth. Our services extend far beyond mere tax return completion. In addition to standard personal tax compliance, our dedicated team of personal tax specialists delivers dependable and practical tax advice, ensuring full compliance and optimal positioning.
How AAB can help you with
Corporate Tax covers a broad and complex area of tax legislation, so we provide a suitably broad and comprehensively experienced team to support your business with pragmatic, commercial advice. Businesses of all sizes and types, and across a wide range of sectors, benefit from our comprehensive corporate tax compliance and advisory service. We have exceptionally knowledgeable tax teams distributed across our offices, ready to support you with their wealth of experience and expertise. We can manage your global tax exposure with a coordinated response that saves you having to seek advice from separate advisors.
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