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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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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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UK Budget 2018

UK Budget 2018

The Chancellor has laid out details signalling the end to austerity in a statement delivered between key meetings in the Brexit negotiations. Expectation leading up to the Budget had been for tax rises, with various revenue raising options discussed ahead of the statement.

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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 

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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Scottish Budget 2018-19

Scottish Budget 2018-19

n 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.

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International Tax Compliance

International Tax Compliance

International Tax Compliance (Client Notification) Regulations 2016

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Investing in residential property in 2017?

Investing in residential property in 2017?

If you are considering an investment in residential property this year, or if you already have residential property investments, you should consider the impact that the tax changes coming into play from April 2017 could have on your investment return.

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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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Autumn Statement 2016

Autumn Statement 2016

The Chancellor presented his first, and last, Autumn Statement against a background of reduced growth forecasts and the urgent need to tackle the long-term weaknesses of the UK economy. His declared ambition is to make UK ‘match-fit’ for Brexit.

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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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