Mar 6, 2020

Budget 2020: What we already know about our changing finances

In recent Budgets, chancellors have increased the amount we can earn before we pay tax, known as the personal allowance. If you are living in Scotland, you have different income tax rates from the rest of the UK. Changes were announced in the recent Scottish budget. Clearly the burden of paying these higher wages is carried by employers, not the government, which should actually receive more in tax as a result. Basically, tax relief on pensions becomes less generous if annual income exceeds £150,000 a year. Many self-employed people face a higher tax bill from April, when the so-called IR35 rule is extended to the private sector.

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