Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

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 

Finance & Tax Acuity Winter 2017-18

Finance & Tax Acuity Winter 2017-18

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.

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International Tax Compliance

International Tax Compliance

International Tax Compliance (Client Notification) Regulations 2016

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UK Spring Budget 2017

UK Spring Budget 2017

The Chancellor announced on 15 March that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution rates for self-employed people.

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Scottish Budget December 2016

Scottish Budget December 2016

There were no real tax surprises, nor any significant changes announced on the 15 December that were not already trailed before in earlier statements by Scottish Ministers.

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Financial & Tax Acuity

Financial & Tax Acuity
Finance and tax matters for company directors, business owner-managers and private individuals.

In this edition:

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Martin Aitken & Co boosts tax team

Martin Aitken & Co boosts tax team

We are delighted to welcome two highly experienced tax professionals, Derek Hanlan, Associate Director and, Jennifer Hutchison Personal Tax Adviser to Martin Aitken & Co.

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New Dividend Tax: How the rules work

New Dividend Tax: How the rules work

The taxation of dividends is set to undergo a fundamental change from the start of the new tax year this April. The old dividend tax credit regime is consigned to history, and will be replaced by a new allowance which means that the first £5,000 of dividend income will be tax free. This allowance will operate in practice like a nil-rate band for dividends.

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Chancellor's Budget 2016

Chancellor's Budget 2016

Lots of announcements were made in the latest Budget - his third in 12 months. How will they affect you?

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Buy-to-let: a future tax trap?

Buy-to-let: a future tax trap?

Changes to SDLT, introduction of LBTT 3% supplement for 2nd homes and any CGT due on sale to be brought forward.

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HMRC waives tax return penalties under mitigating circumstances

HMRC waives tax return penalties under mitigating circumstances

Tax officials may become more lenient with appeals for late tax returns fine waivers, providing the excuse is reasonable.

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What can we expect from the Budget?

What can we expect from the Budget?

The Chancellor has hinted a variety of new measures in recent weeks, so what can we expect on 8th July?

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Three things to consider before withdrawing pension cash

Three things to consider before withdrawing pension cash

Following the introduction of the new pension freedoms on 6th April 2015, pension providers have overwhelmed with enquiries.

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UK Business & Personal Tax Rates 2015-16

UK Business & Personal Tax Rates 2015-16

Unsure of the current UK Tax rates, allowances and available reliefs?

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Tax Planning For Life 2015-2016

Tax Planning For Life 2015-2016

Our Tax and Wealth Planning Guide 2015-16 navigates you through a wide range of planning opportunities and strategies for all stages and facets of life: from childhood to working/business life and onwards to those happy golden years of retirement and semi-retirement.

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