Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

Thinking ahead... don't miss out this tax year

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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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HMRC undertaking a review of employment status of Associate Dentists

As you may be aware HMRC is currently undertaking a review of the employment status of Associate Dentists.  This review, according to HMRC, is to determine whether certain Associates in the profession should be treated as employed and not self-employed as they are now.

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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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Dental Acuity Winter 2018-19

Commercial, finance and tax briefing for dentists

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.

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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 1

In this short webinar Mark McRae, Director Martin Aitken &Co, explains what Making Tax Digital 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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MTD for VAT: Webinar part 2

In this short webinar (part 2), Kim Matheson, Cloud Services Manager, Martin Aitken & Co, provides an introduction to cloud accounting and runs through the MTD for VAT elements of two cloud accounting systems: Sage 50cloud and Xero. 

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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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Finance & Tax Acuity Autumn 2018-19

Our regular update on financial, investment and tax developments for investors, company directors and private clients.

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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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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?

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"

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 (now delayed until 1 Oct 2020)

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..

 

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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

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
 

Commercial Acuity Autumn 2018

Business, tax and finance matters for company directors and business owner-managers

In this edition: Stranville John joins the Martin Aitken Group. MTD for VAT registered businesses. Business grants and support available for growing SMEs. More changes for private landlords are on the way, as well as potential reforms to Pensions Tax Relief and Inheritance Tax. 

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 Click on the links below to read the articles in the latest edition.

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Stranville John joins Caledonian Accounting Services

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Johnstone-based Stranville John, a well-established independent accountancy practice founded in 1998 by Steve and Janet John, joined Caledonian Accounting Services Limited (CASL), which is further associated with the Martin Aitken Group of companies, on 4 June 2018.
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ICAS Top 100 Young CAs 2018

The Institute of Chartered Accountants of Scotland (ICAS) has announced the Top 100 Young Chartered Accountants (CAs) for 2018 and we are delighted to report that Duncan MacCaig, Manager, in our Audit & Accounts team has been included in this year's best of the best listing.  

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