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Dental Acuity: commercial, finance and tax briefing

SDS 2018

Martin Aitken & Co will be attending the Scottish Dental Show 27/28 April at Braehead arena:Stand A12. 
 
We will be on stand A12 (same exhibition spot as previous years) and Jayne Clifford, Martin Aitken & Co and Scott Lawson, IFA, Martin Aitken Financial Services will be available on the day for 1-2-1 consultations.
 
30 min appointments can be booked on the day at our stand A12, or if you would like to get in early and book an appointment now, send an email to Megan Houston, Martin Aitken & Co: This email address is being protected from spambots. You need JavaScript enabled to view it. with your preferred appointment time and she will confirm arrangements with you.
 
If you are going along to the Scottish Dental Show on either day, do stop by our stand to say hello. Jayne and the accounting, tax and financial services team will be delighted to see you.
 
 

Dental Acuity: commercial, finance and tax briefing for dentists.Dentist

Click on the links below to read the full articles. If you have any queries or would like to discuss any of the issues raised in this edition, please do get in touch with Jayne Clifford, Director by email This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling 0141-272-0000.

Preparing for life as a new self-employed dental associate

If you are in the process of securing your first Dental Associate post, or you have already started your self-employed career then the following accounting, tax and financial suggestions and recommendations will be relevant for you >read more
 

Buying a practice? What to consider

Buying a dental practice is exciting and potentially stressful. However, with careful planning your advisers can help you to appraise the economics and keep you on the right track >read more
 

Managing the practice finances

If you have recently opened a new dental practice, taken over a practice, or have been running one for a while and would like to get a better handle on the finances, the following tips are for you >read more
 

How well is your practice performing?Performance

A recent report published by IBIS World which focused on the dental industry and dental practices across the UK highlighted some interesting trends in the NHS/private dental market and also some useful financial benchmark statistics which are worth sharing >read more
 

Cloud accounting for dentists

Cloud accounting software solutions have been built for business owners and sole traders. That’s why we are recommending cloud accounting solutions to our dental clients: principals and associates >read more
 

Save tax with capital allowances

Quite simply, capital allowances can reduce your annual tax bill. They can be claimed for some types of capital expenditure, but generally speaking anything that is used for a business purpose in the practice that has a useful life of two or more years may qualify e.g. surgery equipment, patient chairs, practice furniture >read more
 

Selling the practice or nearing retirement? MACO buying selling

With a little planning, and foresight, the seller, or retiree, can prevent a rather unexpected demand from the tax man dropping through the letterbox requesting a larger share of the proceeds than was probably necessary >read more
 

Changes for the new tax year 2018/19

A raft of new tax and other changes, some of which date back to the pre-election 2017 Spring Budget were introduced on 6 April 2018 >find out more
 

Employment taxes: changes for the new tax year from 6th April 2018

Updates include: Auto-enrolment contributions to increase this tax year and the next. Scottish Rate of Income Tax - 5 new tax bands were introducted which are applicable from April this year. New national minimum wage and national living wage rates and the new tax-free childcare scheme which will replace the childcare voucher scheme >find out more.Dental Guide 2017 18
 
 

Download our business, tax and financial guide for principals and associates in pdf form >Download pdf 

 
 
 
 
 
 
 

Preparing for life as a new self-employed dental associateOutlook

If you are in the process of securing your first Dental Associate post, or you have already started your self-employed career then the following accounting, tax and financial suggestions and recommendations will be relevant for you. 
 
Register as self-employed
 
You should register as self-employed with HM Revenue & Customs (HMRC) within 3 months of becoming self-employed to ensure you pay the correct Income Tax and National Insurance.
 
How do I pay tax and how much should I set aside each month?
 
You should pay HMRC direct. Tax payments are due at the end of January and July each year. If you become self-employed in August 2018 you may not have to pay your first tax bill until January 2020.
It is good practice to set aside 30% of your annual income for tax. Don’t forget that you will also have to pay Class 2 and Class 4 National Insurance through self-assessment and some of you may well have student loans to repay.
 
The Scottish Rate of Income Tax (SRIT) is charged on non-savings income i.e. earnings, pensions and rentals - it is not charged on savings or dividends.
 
Five new tax bands were introduced in Scotland from April 2018, ranging from 19% to 46% on incomes over £150,000. The higher rate of income tax will be 41%, not 40% as it is in the rest of the UK, and the threshold at which it starts will be £43,430, which is £2,920 below the rest of the UK.
For someone with earnings of £50,000 a year, this will mean an extra tax charge of £824 for being resident north of the border.
 
The national insurance contributions (NICs) thresholds will be increased by 3% this year. The upper earnings limit (for employees) and upper profits limit (for the self-employed) will rise to £46,350, matching the UK higher rate income tax threshold.
 
Class 2 NICs, which were originally intended to end in April 2018, will survive for 2018/19 (at £2.95 a week) before disappearing in the next tax year. 
 
See our Tax Rate Card 2018-19 for the full overview of tax rates, allowances and reliefs >Download Tax Rates 2018-19 pdf
 
Do I need an accountant?abacus
 
An accountant will act as your business and tax adviser. This will involve keeping you compliant with the law and tax regulations – submitting your annual tax return and preparing your annual accounts and providing you with advice on offsetting your taxable income with business expenditure.
 
So do keep your receipts and good records of your expenditure including any business or professional courses you attend. 
 
Your accountant should have good working knowledge of the dental sector and be aware of the nuances that only exist for those working in the NHS. We would also recommend that your accountant is a member of the Institute of Chartered Accountants of Scotland.
 
If you are thinking about buying a practice, then your accountant will help you with sourcing funding, creating financial projections in terms of your business income and meeting your liabilities as they fall due and they will also help you to structure the business to minimise your future tax bills. 
 
Lenders will look for at least 5 years post-qualifying experience and a deposit of between 10%-25% of the purchase price.
 
Turning to your personal finances: mortgages, savings and protection
 
To get a mortgage*, most lenders will require you to have 2 years of self-employed accounts as evidence of your income and your ability to repay the debt. The Help-to-Buy Individual Savings Account (ISA) is worth checking out as you save towards your deposit. (*As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.)
 
There is no tax to pay on properties purchased by first time buyers in Scotland on the first £175,000. This threshold was raised from £145,000 for first time buyers only in April 2018. The maximum relief available is £600.
 
First time buyers of residential property in England & Northern Ireland, will pay no SDLT on the first £300,000 of the purchase price, provided the property value doesn’t exceed £500,000. In Wales, there is no Land Transaction Tax (LTT) due on the first £180,000.
 
Cash ISAs are always a good option for those early in their dental careers – see our Tax Rate Card 2018-19 for the current annual maximum savings limits. You won’t pay any tax on the interest you receive from your ISA, nor will you have to declare it on your annual tax return. icon blue coins
 
Lifetime ISAs (LISA) contributions can continue up to the age of 50 and funds can be withdrawn tax- free from age 60, or earlier for the purpose of buying a first home or for use in retirement. If you are buying a home with someone else, you can both take advantage of separate Lifetime ISAs.
 
For longer term savings, Stocks & Shares ISAs are also worth considering as part of your investment strategy as both capital gains and income will be tax free. They are not suitable for everyone though, so do speak to us before investing.
 
If you arranged an income protection policy whilst still at university or at the start of your VT year you should review this policy to ensure the cover is still adequate. 
 
You should also make a Will and set up a Power of Attorney. 
 
No one likes to think about dying, however, dying without a Will can leave those you leave behind with significant financial uncertainty. Scottish intestacy law is complex, archaic and can be unfair. So, don’t leave others to deal with your finances if you are no longer around or if you are unable to deal with them yourself.
 
Where can I get advice?
 
Martin Aitken & Co run financial and tax awareness sessions in association with Dental Schools for those beginning their dental careers. We also regularly attend the FGDP (UK) Scotland Study Day in December, the Scottish Dental Show in the Spring and other BDS Undergraduate events during the year.
 
If you don’t catch us at one of the events, send Jayne Clifford: This email address is being protected from spambots. You need JavaScript enabled to view it. an email with your queries and she’ll arrange a time to meet with you.
 
 

Buying a practice? What to consider management

Buying a dental practice is exciting and potentially stressful. However, with careful planning your advisers can help you to appraise the economics and keep you on the right track. 
 
Marketing the practice
 
The first stage of the process concerns the marketing of the practice by the vendor or the selling agents. If you do contemplate a purchase, it is important to register with the agents that operate in the sector. Their knowledge of your requirements (locality, size, price, etc.) will help prioritise opportunities for you.
 
Appoint the right team
 
Having your advisers ready to assist is crucial, as they can assess the proposition and advise on the key information that is needed for the “viewing” process. By discussing the  proposal early and carrying out initial due diligence, you will be better placed to make the right decision at your own pace rather than, perhaps, in haste.
 
How much can you afford to pay?
 
Knowledge of your own resources from your Accounts and what might be available from a lender will be key to purchase negotiations and paying the right price for the practice. If a property is included in the assets being acquired, then the early use of a surveyor is vital.
 
What’s it worth?
 
You will need to examine the thoroughness of the vendor’s valuation model and the credentials of the preparer. Dental practice valuation calculations could consider various methodologies along with turnover and profits, but much can depend on the reason for the sale - retirement/illness, relocation and, of course, financial distress.
 
Agree “Heads of Terms”Maco Icons6
 
If negotiations continue, the next stage is agreeing “Heads of Terms” (HoTs). This is a summary of the terms that the buyer and seller have agreed in principle and you need to have them checked by your solicitor. 
 
Get clarity on exactly what you are buying
 
The next stages are financial and legal due diligence, following which the Sale & Purchase Agreement (SPA) will be available. A lot of this depends on whether the practice-owning company and its share capital is for sale or whether an asset sale is taking place. It is vital that this is clarified as early as possible by both sides and their advisers.
 
The Sale & Purchase Agreement (SPA)
 
The SPA should address a range of issues, including:
 
  • It will ensure that information about the business, including its Accounts, is reliable. It is essential to view up-to-date Management Accounts for the practice you wish to buy as the financial health of a practice may have deteriorated since the Annual Accounts were produced.
  • Confirmation of the number of active patients, insurance patients & hygienist patients. 
  • Damaged/old stock should be excluded from the valuation which should be carried out by an external valuer.
  • On purchasing a company, you inherit its liabilities and therefore care needs to be taken to negotiate the necessary warranties and indemnities from the seller to protect your interests.
  • Restrict the seller from directly competing with you after completion.
  • Property issues such as transfer of ownership, lease provisions, planning consents and repairs.
  • Equipment specifications, age, insurance and any software contracts.
  • All employee information (pay rates, benefits, pensions, holidays, etc.) must be disclosed so that the buyer knows what the responsibilities are going forward under the Transfer of Undertakings (Protection of Employment) regulations (TUPE). 
Raising finance to fund the purchaseMACO invest
 
If you are involving a lender in the practice acquisition, make sure that you deal with representatives that specialise in Healthcare/dentistry.
 
Your solicitor should advise you on the loan agreement obligations such as security over assets. 
 
You should also ask your accountant to prepare financial projections for three years both for the bank’s requirements and to see how the new practice will fit into your existing financial modelling. 
 
 


Managing the practice finances

If you have recently opened a new dental practice, taken over a practice, or have been running one for a while and would like to get a better handle on the finances, the following tips are for you.
 
Getting to grips with the books
 
In today’s world with everyday life becoming more digital and interactive, managing your accounts and tax is no different. The online cloud accounting environment is growing exponentially with a range of programs, add-on’s and apps available to assist you in streamlining your dental practice and its operations.
 
The flexibility of use, ease of information available and all-round slicker delivery puts cloud software miles ahead of the more traditional desktop versions and endless spreadsheets. assets liabilities
 
Cloud accounting systems can be accessed anywhere (the practice, at home, on a train or even on the beach if you can’t switch off…) and simple tasks like creating and sending  invoices, matching payments and reconciling your bank can be done by a few clicks on your smartphone or tablet.
 
You should speak to your accountant about the best package and apps for your practice. Ensuring that you have the bookkeeping in hand is often overlooked when setting up and growing the practice (especially if you have little financial knowledge) but this is one of the key controls that should be implemented from the outset – either completed internally or by engaging a bookkeeper.
 
Compliance
 
Running a dental practice brings with it a certain amount of compliance in terms of the accounts and tax. Company accounts require to be submitted to Companies House  within 9 months of each financial year end. HMRC also require payment of Corporation Tax in the same 9 month period. Sole traders and partnerships are required to pay taxes twice per year in January and July.
 
Your accountant will generally prepare the submissions on your behalf. Your accountant should also meet with you to develop your tax planning strategy taking into account your business, personal and family circumstances – it’s never too early to consider inheritance tax and creating a tax plan for your life (and beyond).
 
The government’s directive that all businesses offer workplace pensions brings an additional compliance burden upon principals both from a financial and admin perspective.compliance
 
Employers and employees are required to increase the amount of contributions into their auto-enrolment pension this year. From April 2018 the minimum employer contribution will be 2% (rising to 3% from April 2019) and the employees’ minimum contribution from April 2018 will be 3% and 5% from April 2019. So be sure to factor this in to your business expenditure projections for 2018 and 2019.
 
Managing cash and controlling costs
 
Cash flow will be the biggest challenge when opening a new practice. Unless you are in the fortunate position of having a significant amount of capital to invest, managing the cash position of the practice could be the main task as the practice grows.
 
Some suppliers may not offer you favourable credit terms in the early stages until you build up a payment history with them. So, it is important that cash movements are forecasted as much as possible to ensure that the practice is operating within its means.
 
Review costs on a regular basis to ensure that you are not overspending and look for areas where you can actively reduce costs – all this will go towards effective cash management.
 
Ideally, you should be thinking at least 6 months ahead in terms of operational activity and planning to ensure that all cash commitments can be met in line with expected income etc.
 
It is also worth considering a ‘safe’ balance in your practice i.e. what is the level of cash to  be retained at any one time. This safe balance should be enough to cover short term commitments like payroll should activity not go as planned.
 
Measuring performancearrow people
 
It’s important for dentists to understand the numbers side of the business so that they can gauge whether or not they are making good returns. As with all businesses, principals of dental practices need to recognise and be alert to trends and learn when to make changes to their operations and strategies.
 
NHS income should be monitored monthly and will highlight whether the practice’s volume is expanding or contracting. It is also useful to look at the income to payroll ratio and your gross profit %. 
 
Return on assets / capital employed – are all of your assets supporting income? Your premises, surgery equipment and fixtures and fittings should all be supporting income. This measure calculates what return you are generating from the  assets and capital you have invested in the business.You should set a target each year and measure progress against it.
 
Your accountant should be reviewing these and a few additional key measures with you on a regular basis. If you choose to go with one of the cloud accounting packages, a great deal of the above is automatically calculated and graphically presented thereby enabling you to keep an eye  on the practice’s key numbers, trends and, ultimately, your business success.
 
Don’t forget about protecting yourself and your practice against the unexpected. For instance, if you were to lose a fellow principal or a key employee to a serious illness for a period of time it could have a major impact on your ability to service patients. Speak to us about the types of cover you should have in place for yourself and the practice.
 


Cloud accounting for dentists Cloud technology

Cloud accounting software solutions have been built for business owners and sole traders. That’s why we are recommending cloud accounting solutions to our dental clients: principals and associates.
 
We understand that most dental principals want to spend more time on what they do best, practising dentistry and improving their patients’ oral health, not struggling with complicated accounting software and trying to understand how it works. 
 
Cloud accounting software e.g. Xero, Kashflow, Quickbooks,  Freeagent, works how you would expect it to work, without  using confusing jargon or complicated processes, giving  you everything you will need from invoicing to cashflow management and automatic VAT return generation and filing at your fingertips.
 
As well as making the accounting administration slightly more tolerable, a cloud accounting solution will enable you to create professional invoices, simplify credit control with automated payment reminders, make better decisions by receiving advice from us on real-time data and stay in control with a huge selection of practice management and finance reports.
 
You can also add cashless payments to enable you to get paid quicker and run patient marketing campaigns via plug-in applications such as Mailchimp.
 
The cloud accounting solutions are also well ahead in preparing to deal with HMRC’s Making Tax Digital strategy. So, by moving your practice finances onto a cloud accounting solution now it will get you ahead of the game and it will ensure that you are ready to meet the MTD  requirements when the changes come into force.Cloud meeting
 
If you are Interested to find out more, send an email to Gillian Hanlon, Cloud & Digital Manager (This email address is being protected from spambots. You need JavaScript enabled to view it.) and she’ll arrange a time to give you a quick demonstration. 
 
You can find out more on our cloud accounting website: www.maco.co.uk/cloud
 
 

Save tax with capital allowances 

Quite simply, capital allowances can reduce your annual tax bill. They can be claimed for some types of capital expenditure, but generally speaking anything that is used for a business purpose in the practice that has a useful life of two or more years may qualify e.g. surgery equipment, patient chairs, practice furniture.
 
To qualify, you must by a UK tax payer, own, use or lease a practice and have (or will have) profits against which to offset the tax relief.
 
They are treated like any other expense and can be deducted from your profits, or added to a loss, when calculating your taxable profits at the end of the financial year. The deductions recognise that assets and equipment can lose value as a result of general use, wear and tear.
 
What allowances are available?
 
Annual Investment Allowance (AIA) offers tax relief at 100% on qualifying expenditure in the year of purchase, subject to  some exceptions (e.g. cars). 
 
First year allowances (FYA) enable practices to deduct a proportion of the cost of the assets purchased in the same tax year that they were bought. The remaining proportion is carried forward to the next year.
 
Writing down allowances (WDA) come into play when you wish to claim against the cost of an asset purchased during the year, for which you have not claimed FYA. calculator hm revenue
 
When should you seek advice?
 
Providing no previous claim has been made, you can make a claim at any time whilst you own the asset. So, it often pays to review your historic assets to ensure that you have claimed all the reliefs that may be available to you. 
If you are planning to buy, build, extend, refurbish or sell the practice it is worth a call to us to discuss what may qualify before you begin the project. 
 
Similarly, if you are planning to invest in new surgery equipment or a practice refurb, give us a call and we will give you an indication on whether your investment is likely to qualify.
 
 

Selling the practice or nearing retirement? 

With a little planning, and foresight, the seller, or retiree, can prevent a rather unexpected demand from the tax man dropping through the letterbox requesting a larger share of the proceeds than was probably necessary.MACO buying selling
 
One of the key issues for practice owners planning to retire or sell a business centres on how best they plan their tax liability, specifically Capital Gains Tax (CGT) and Inheritance Tax (IHT).
 
In our experience it is never too early to consider financial planning and whilst ‘younger’ principals may not place this at the top of the agenda right now, the reality is that planning at an early stage can be structured to help with current tax liabilities as well as those on retirement or sale.   
 
Don’t hand the tax man a blank cheque
 
Both CGT and IHT need to be considered carefully as part of the planning exercise and examined in close detail – without appropriate planning for these two very real scenarios practice owners might find themselves or their ‘estate’, handing a blank cheque to the tax man.
 
CGT is payable when you sell an asset, for example, premises or a dental business, and there has been an increase in the value of the asset. Currently, CGT rates on most gains reduced from 18% to 10% for basic rate tax payers and from 28% to 20% for higher rate tax payers from April 2016.
 
However there are exceptions, gains from the sale of a residential property that does not qualify for full principal private residence relief continue to be taxed at 18%/28%. 
 
CGT liabilities can be reduced by utilising the tax allowances to which you are entitled and by careful planning of your CGT position throughout your life. If you leave it too late to consider your CGT liabilities, especially if you are planning to sell investments made many years ago.
 
It can be quite a shock to realise how large the CGT liability can be.
 
A Will is a very effective tax planning tool
 
Moreover, a priority for any practice owner should be the setting up of a Will as the first step in any estate-planning exercise, not only to make certain that matters are dealt with in a tax-efficient way, but to ensure that your exact wishes are carried out.
 
Having a Will means you avoid relying on the intestacy rules that come into play where there is no Will. Effectively the law decides what happens to the estate - remember the point above about writing a blank cheque to the tax man!  
This can lead to financial anxiety for the surviving spouse/family along with a possible immediate charge to IHT.
 
Consider setting up a trusticon family
 
If you don’t want to give directly, you could consider a trust. With a little planning, you can transfer asset(s) into a trust with minimal CGT or IHT consequences and it can also reduce your taxable estate. There are, however, some additional tax charges and costs related to trusts that may be applicable.
 
If you are interested in setting up a trust, you  should have a conversation with your accountant/lawyer first  to ensure that setting up a trust will meet your requirements.

Know your allowances and reliefs
 
Everyone has an inheritance tax (IHT) Nil Rate Band of £325,000 and this will remain frozen until 2020/21. In addition to the main nil-rate band, the Residence Nil Rate (RNRB) came into force in April 2017. 
 
The maximum RNRB allowance this tax year will be £125,000 rising by £25,000 in each of the next two tax years. This will effectively raise the IHT free allowance to £500,000 per person. Where married couples jointly own a family home and wish to leave this to their children, the total IHT exemption will rise to £1m by 2020/21.
 
Business Property Relief can, with careful planning, potentially remove the full value of a dental business – sole trader, partnership, or shares in private company from being subject to an IHT charge, either via lifetime gifts or on death.  You can gift as much cash as you like during your lifetime, in what is referred to as a ‘potentially exempt transfer’. 

You can also offset capital gains on successful investments with losses from investments that haven’t worked out so well.  Losses can also be carried forward to offset gains in future  tax years and equally important is the use of your Annual Exempt Amount (AEA). See our Tax Rate Card on maco.co.uk for the current rates and allowances.
 
Acts of benevolence have a double impact
 
Gifting income producing assets to your children, such as shares in the family business or an investment property, is also a good way of reducing the overall family income tax bill whilst at the same time conducting succession planning. 
 
Do take care to ensure there are no CGT or IHT liabilities that crystallise on the gift/transfer. The word is always to seek professional advice.
 


How well is your practice performing?COVER2 for ppt

A recent report published by IBIS World which focused on the dental industry and dental practices across the UK highlighted some interesting trends in the NHS/private dental market and also some useful financial benchmark statistics which are worth sharing.
 
According to the report published at the end of last year, the overall dental market size in the UK in revenue terms was £6.7bn in 2017-18, which is forecast to grow at around 1.1% per annum over the next five years. This is up from 0.5% per annum growth during the preceding five year period.
 
The main reason cited for the increase in growth was improving economic conditions and longer waiting times for NHS services which have led to rising demand for private services.
 
The growing ageing population and an increasingly health-conscious consumer are also likely to lead to further demand for dental services. As people grow older and live longer, natural wear and tear on teeth will raise demand for treatments, and although the population at large will consume less sugary products over the next five years, which will lead to fewer dental problems, this higher health consciousness is likely to lead to people visiting their dentist more frequently and exploring more cosmetic related dental treatments.
 
Interestingly, according to IBIS, women are nearly twice as likely to have had a dental check up in the past 12 months as men, and women are also more likely to undertake cosmetic procedures than men. With much of the focus in the media of late about achieving gender equality for women in many walks and areas of life (and rightly so), it does look like dental practices should be adopting a male gender bias in their patient communications by specifically targeting adult males to help increase demand for their services.MACO performance
 
Although revenue is forecast to grow over the next five years, many dental principles may not see this growth in revenue translated into a growth in profits. Margins are likely to be curtailed by increasing competition and rising wage costs over the next five years which makes it even more important to keep on top of the finances.
 
Principals of dental practices need to recognise and be alert to trends and learn when to make changes to their operations and strategies. NHS income should be monitored monthly and will highlight whether the practice’s volume is expanding or contracting. It is also useful to look at the income to payroll ratio and your net profit margin %.
 
Employee costs will vary from practice to practice, however, it is estimated by IBIS that payroll costs, on average, absorbed around 58% of revenue and net profit margins across the industry are around 5-6% of revenue during the last 12 months.
 
Non-labour purchases e.g. buying materials like fluoride, toothpastes, polishes, crowns, bridges, braces and other dental supplies account for around 16% of revenue expenditure in the dental industry in 2017-18. The continuing consolidation has made it easier for the larger players to achieve economies of scale thereby further increasing their profit margins.
 
Other costs, including insurances, PI cover, rates, rent and utilities are also forecast to increase over the next few years, so do take this into account when you are looking at your management accounts and forecasting cash flows and margins with your accountant at your regular meetings with them.
 
Your accountant should be able to flex the forecast model to include increases in these areas and the impact that this will have on your cashflow and profit margins. It can be quite surprising how much difference a small % increase in some of your regular outgoings can have on your net profit margin, and just as equally, how much a small but incremental price rises over the next couple of years e.g. inflationary increases can have on your bottom line.
 
 
The purpose of these articles is to provide technical and generic guidance and should not be interpreted as a personal recommendation or advice.  
 
Martin Aitken Financial Services Limited is authorised and regulated by the Financial Conduct Authority. This is based on our understanding of current HMRC & Revenue Scotland rules and guidance which may be subject to change. It is important to take professional advice before making any decision relating to your personal finances.
 
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested.
 
Spring Statement 2018 and changes for the new tax ...

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