Our regular update on financial, investment and tax developments for investors, company directors and private clients. Click on the links below to download a pdf of the latest edition of Financial & Tax Acuity.
In this edition:
First budgets of a new parliament are traditionally the dramatic ones in which the Chancellor dispenses the unpalatable medicine of tax increases, because they are at the furthest point from the next election. However, for a variety of reasons, Mr Hammond did not follow the norm >more
Derek Mackay MSP, Cabinet Secretary for Finance and the Constitution delivered his Scottish draft budget for 2018-19 in the Scottish Parliament on 14th December 2017. There were some headline announcements on the new rates and bands for the Scottish Rate of Income Tax, as well as some positive funding announcements to help boost the Scottish economy, and help for first time buyers >more
What lies ahead for investors in 2018?
2017 has so far been interesting, to say the least. We have all become much better at expecting the unexpected; experience has certainly taught us that >more
Inheritance tax: The Government rakes in £5bn
The amount of revenue that the government raises from inheritance tax (IHT) continues to rise year by year. In 2016-17, the figure rose again to over £4.9bn according to recent report published by HMRC, with experts expecting it to be even higher in this financial year. Don't get caught out - what early IHT planning matters >more
Alternative approach to business finance
Small businesses struggling to access finance from major banks have received almost £4 million of funding thanks to an innovative scheme. Over the past nine months, 230 small businesses from beauticians to forklift truck training companies, which were rejected for loans by some of the UK’s best-known banks, have received £3.8 million from alternative lenders >more
Baby boomers set to pass on a wall of wealth
It’s never too early to consider how you wish to pass on your wealth to the next generation to ensure that you don’t pay HMRC a penny more than owed, nor a day before it is due. Our financial advisers and tax experts will guide you on how you can pass on your wealth to the next generation in a tax efficient manner >more
Will your pension go to the wrong person?
It can come as a surprise to many people to learn that their pension doesn’t form part of their estate on death. Unlike property, savings and investments which can all be dealt with under the terms of your Will, who gets your pension savings depends on who you nominated when you were asked to complete an ‘expression of wishes’ form by your pension provider >more
Why it pays to keep an eye on your portfolio
Whether you are a newcomer or a seasoned investor, one of the keys to successful investing is having an annual portfolio review. It’s essential if you want to ensure that the stocks and shares you hold are still in line with your investment objectives >more
Auto-enrolment moves to the next stage in April
From next April employers and employees will find their auto-enrolment contributions rising. Are you ready for the changes? >more
Simple assessment – ending the tax return?
Around 11 million people currently have to complete a tax return every year to provide HM Revenue & Customs (HMRC) with information about their income.
With greater use of existing data, HMRC can now find the information for some of those taxpayers elsewhere without needing them to complete a tax return. This new system is called simple assessment, and HMRC have just begun issuing assessments for the 2016/17 tax year >more
The Bitcoin and cryptocurrency tax conundrum
At the start of the year, one Bitcoin was worth just under $1,000, but the price has since peeked at nearly $8,000. Some other cryptocurrencies, of which there are now more than 1,200, have resulted in gains of a much higher magnitude for those investing in the currency’s initial coin offering (ICO) >more
Cheetham & Co joins Martin Aitken & Co
Chartered Accountants Cheetham & Co has joined Martin Aitken & Co Chartered Accountants & Business Advisers with effect from 1 November 2017. Cheetham & Co staff have relocated from their offices in Quarriers Village, Bridge of Weir to Martin Aitken & Co’s offices in Glasgow. David Cheetham has joined Martin Aitken & Co as a Director >more
If you would like to discuss any of the finance, tax or investment issues in this edition get in touch with us to arrange an appointment. >Get in touch