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.

Spring Statement 2019

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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ScotHot 2019 13-14 March 2019

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

VAT update: reverse charge from Oct 2019, things to watch out for in your VAT return, MTD for VAT and VAT explained video series.
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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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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Brexit planning checklist for Scottish importers & exporters

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.

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MTD for VAT explained

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

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?

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

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

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.

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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Are charities reclaiming all the VAT they are entitled to?

Are charities reclaiming all the VAT they are entitled to?

VAT for charities is a bit of a minefield and there seems to be a lot of confusion in this area. People may think that if something is a charitable activity, then it will have nothing to do with VAT. But this actually isn’t the case.

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VAT on Land & Buildings: "Option to Tax"

VAT on Land & Buildings: "Option to Tax"

Many of the queries we deal with relate to whether VAT is due on the sale, purchase or rental of a property and the answer to this question is usually dependent on whether there is an “Option to Tax” on the property.

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VAT: Construction Industry Reverse Charge 1 Oct 2019

VAT: Construction Industry Reverse Charge 1 Oct 2019

One of the biggest changes to the VAT legislation in recent years is expected to come into force in October 2019 and will affect companies, contractors and subcontractors in the construction industry.

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Trailblazing in the Fourth Industrial Revolution

Trailblazing in the Fourth Industrial Revolution

Manufacturing 4.0 Seminar    6 December 9am-12pm          AFRC, Inchinnan

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Thinking ahead… don’t miss out this tax year

Thinking ahead… don’t miss out this tax year
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. Tricia Halliday, Tax Director, provides some tips and suggestions for you to consider. (1) The impact of bringing expenditure into this financial year, or deferring to the next, can have a significant impact on your tax position and financial results. (2) Maximise and use of all allowances, credits and exemptions you are entitled to, for instance, capital allowances can represent a valuable tax deduction for your business. They can be claimed on a wide variety of capital assets including plant, machinery, equipment, fixtures & fittings and vehicles. Timing of expenditure should be considered carefully. (3) If you are thinking about selling a business asset and a gain is likely to accrue – before you do, make sure you tax advantage the sale. For instance, tax due on an asset sale can be delayed by reinvesting the proceeds in another qualifying asset. (4) Research & Development is another very valuable tax relief available to businesses involved in qualifying projects.  Business involved in developing new products, processes or services or enhancing existing products may qualify for additional relief. Check out the position as you might be surprised what can qualify and how much it could be worth to you. (5) Any dividends you currently take in excess of the £2,000 dividend allowance will attract an income tax liability. Any dividends above that threshold but still in the basic rate tax band will be charged at 7.5%. Those in the higher rate band will be charged at 32.5%, and those in the additional rate band at 38.1%. If you haven’t already considered changing the way in which you balance your income and dividend payments, please get in touch to discuss your options. (6) Contributing to a pension is an opportunity to benefit from tax relief. Company pension contributions can also be useful. (7) Although not specifically a tax planning issue, there are a range of private and public sector grants available to businesses at all stages: pre-start, start-up, early stage and those looking to scale up to achieve their full potential. If you are creating jobs, safeguarding jobs, developing new products, services or processes or undertaking R&D in 2018-19 then it is worth a conversation with us to find out if your project will qualify for any grants or incentives. (8) Making improvements to how you manage the business finances and record keeping can also improve profitability and cash flow.  So make a resolution for 2019 especially if you will be using the Making Tax Digital system from 1 April 2019 to investigate a cloud accounting package >MTD for VAT more