Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

New VAT penalties regime on the horizon

The existing penalty regime for VAT returns has the advantage of simplicity, but it’s something of a blunt instrument.

The new system coming in for return periods beginning on or after 1st April 2022 will be fairer, but some businesses will find themselves caught up in a complex web of escalating penalties.

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What is VAT and the importance of VAT awareness

In this short video, Iain Johnston, VAT Specialist at Martin Aitken & Co, provides an introduction to VAT and explains why businesses and charities need to ensure that they deal with this tax correctly.

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Reclaiming Input VAT

One of the most common questions we’re asked is whether or not VAT incurred on expenditure – known as “input VAT” - can actually be reclaimed or not.

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