Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

Martin Aitken & Co Ltd is one of Scotland’s leading independent firms of chartered accountants and business advisers.

Financial health checks for pharmacists

Helping you to manage, comply, plan and grow the pharmacy's profits.

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Have you recently made a breakthrough?

If you have been undertaking R&D to develop new products, processes or services and incurred costs you may be able to make a R&D Tax Credits claim.

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Brexit planning checklist for Scottish importers & exporters

Brexit – what now for businesses that trade with the EU?

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now given the new Prime Minister's vow to deliver Brexit 'do or die' by 31 October 2019. 

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Doctors tapering off as pension tax rules bite

Measures designed to limit the cost of pensions tax relief to the Treasury are having some unwelcome consequences, as some senior doctors have found their incomes disappearing.

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How well do you understand inheritance tax?

A survey by HMRC published in May 2019 concluded that the public have a relatively poor knowledge of inheritance tax (IHT) rules and lack of confidence in what they do know.

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Acuity: Financial & Tax Spring 2019

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Spring Statement 2019

The Chancellor found himself presenting his second Spring Statement sandwiched between a series of crucial Brexit votes. His speech was peppered with references to the need to achieve a smooth exit from the EU. Beyond that, Mr Hammond chose to keep the Statement a low‐key affair.

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VAT update: reverse charge from Oct 2019, things to watch out for in your VAT return, MTD for VAT and VAT explained video series.

Please note: on Friday 6 September HMRC announced that the introduction of the Reverse Charge would be delayed for a year, until 1 October 2020 >read more. HMRC say the delay is to give affected businesses more time to prepare.

The existing rules (i.e. no Reverse Charge for construction supplies) will continue to apply until then. If you have any query regarding this please contact our VAT Manager This email address is being protected from spambots. You need JavaScript enabled to view it..

 

VAT change coming for construction industry

The new measures are being introduced to reduce VAT fraud and evasion by placing the responsibility for VAT on the customer. HMRC believe that some small VAT-registered suppliers are charging VAT to their customers, but not then paying the VAT on to HMRC.

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ScotHot 2019 13-14 March 2019

Martin Aitken will be at Scotland's premier showcase for food, drink, hospitality and tourism on 13-14 March 2019.

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Martin Aitken & Co @ The Gathering 2019

The Gathering 2019

 

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Martin Aitken posts record growth as Airlie signs off as Chief Executive

Ewen Dyer Adrienne Airlie Feb 2019
Glasgow based accountant and business adviser Martin Aitken is preparing for further expansion as they record their biggest increase in turnover since the partnership converted to a limited company in 2013.
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Thinking ahead... don't miss out this tax year

Growth support
To ensure you don’t miss out on valuable allowances and exemptions that you are entitled to, you should plan and take advice now rather than leaving it until the end of the tax year, or the end of your financial year. Here are some suggestions for you to consider.
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MTD for VAT explained

In a series of short webinars, Mark McRae and Kim Matheson from our Cloud Accounting team explain what Making Tax Digital (MTD) is, who it applies to and what you need to do to prepare to submit your first digital VAT return post 1 April 2019 to HMRC.

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Charity Acuity Winter 2018-19

charityA round up of the accounting, finance, risk and tax matters facing charity trustees, finance directors and financial managers.

Click on the links below to read the full articles and briefing notes. We do hope you find the information and forewarnings contained within this edition useful.

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Scottish Budget 2019-20

Outlook iconDerek Mackay MSP, Cabinet Secretary for Finance and the Constitution delivered his Scottish draft budget for 2019-20 in the Scottish Parliament on 12 December 2018. 

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MTD for VAT: Webinar part 3

 In this short webinar (part 3), Mark McRae, Director Martin Aitken & Co, provides a short demonstration of the MTD for VAT elements of Clearbooks Micro. This software solution may be suitable for smaller/micro businesses using spreadsheets to record their financial transactions and who require a digital solution to submit their VAT returns post 1 April 2019. 

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MTD for VAT: Are you ready for 1 April 2019?

If you will be using the MTD system from 1 April 2019, you must use approved accounting software which will enable you to send regular updates to HMRC.

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What is VAT and the importance of VAT awareness

In this short video, Iain Johnston, VAT Specialist at Martin Aitken & Co, provides an introduction to VAT and explains why businesses and charities need to ensure that they deal with this tax correctly.

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Reclaiming Input VAT

One of the most common questions we’re asked is whether or not VAT incurred on expenditure – known as “input VAT” - can actually be reclaimed or not.

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VAT rates explained: standard, zero-rate & reduced rate.

In this short video, Iain Johnston, VAT Specialist at Martin Aitken & Co, provides an introduction to the different VAT rates: standard (20%), reduced rate (5%) and zero-rated (0%) and where they apply.

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