Murray Beith Murray LLP is a leading Scottish private client law firm.
For 175 years we have specialised in meeting the legal, financial and administrative needs of individuals and families, family trusts, charities and private companies.
Digital transformation is not necessarily a quick and easy way to deal with HMRC explains Murray Beith Murray Tax Manager, David Windram in The Scotsman today. Read the full article below, republished by kind permission of The Scotsman:
Autumn is the season of traditions. The clocks go back, spooky season comes and goes, the Christmas lights go up, and, perhaps the most eagerly anticipated tradition, the Chancellor’s Autumn Statement is delivered.
Yesterday, the autumn’s third chancellor, proposed the autumn’s second statement. Given the later-than-usual nature of the statement, it was perhaps apt that the headline for the majority of taxpayers was “freezing”.
As the end of the current tax year approaches now is a good time to review your tax and financial position. Making use of available allowances and exemptions could potentially avoid unnecessary tax payments. There are a number of options to mitigate your exposure to tax and some of these may be applicable to your individual circumstances.
In the lead up to the 2020 Budget it had been rumoured that changes to the current Pension Tapering Allowance rules would be announced. However, it was unknown whether this would be a change increasing the tapering thresholds or reducing the thresholds. In a move that Rishi Sunak advised would positively impact hundreds of thousands of higher earners, in particular senior medical professionals, the respective thresholds were increased by £90,000 from 6 April 2020.
