MyFinanceFuture now supports Scottish income tax

Wrestling with Scottish income tax in your financial plans? Then there’s good news: the MyFinanceFuture Planner now supports Scottish income tax throughout its tax calculations and tax-planning features.

Building Scottish tax rates and bands into your financial plan

In a somewhat co-incidental mirroring of sport’s recent shift in focus to Glasgow and the Commonwealth Games, the MyFinanceFuture team has recently been getting to grips with Scotland’s income tax rates and bands, incorporating them into the Planner’s tax calculations and associated features.

As a result—and in response to many requests from Scotland-based customers interested, understandably, in improving their financial plans—we’re delighted to announce that support for Scottish taxes is now available in Planner Premium.

Incorporating all six Scottish income tax bands

So, however many of the six Scottish income tax rate bands—Starter, Basic, Intermediate, Higher, Advanced and Top—you pay tax in, the Planner can now:

• Calculate your projected annual income tax over your lifetime
• Automatically model investment contribution and withdrawal strategies
• Help you create a more tax-efficient lifetime financial plan.

Welsh tax rates and future tax-changes

While the focus of the new release is Scottish income tax, it includes enhancements for people elsewhere in the UK too.

The release includes support for Welsh tax rates, should the Welsh Government decide to diverge from Westminster in future. We have also enabled overrides to the default tax rates and bands, so anyone interested in understanding the potential effect of future tax changes can do so.

Try Scottish income tax planning in MyFinanceFuture

So, with the MyFinanceFuture Planner now including features enabling you to model your taxes no matter where in the UK you live, why not give it a try for yourself? (You’ll be prompted to create an account first if you don’t already have one; the new tax features described in this news item are available in the Planner's Premium version)