Martin Aitken & Co Ltd News & Developments

Martin Aitken & Co: news and comment

Our Tax & Wealth Planning Guides.

Applying the temporary VAT cut

In the Summer Statement 2020, the Chancellor announced a temporary VAT cut for food and non-alcoholic drinks and a temporary VAT cut for accommodation and attractions >read more Summer Statement 2020.

Continue reading

Summer Statement 2020

Key highlights from the UK Chancellor's Summer Statement 2020.

  •  In his Summer Statement, the Chancellor confirmed that the Government is introducing a new Coronavirus Job Retention (CJRS) bonus to reward and incentivise employers who continue to employ their furloughed employees through to the end of January 2021. The bonus will be a one-off payment of £1,000 for every furloughed employee who remains continuously employed through to 31 January 2021.
  • A new Kickstart Scheme will cover employers’ costs for the first six-month for those taking on 16-24 year olds for a minimum of 25 hours per week at the NMW.
  • A £1,000 payment will be made to employers for each new trainee aged 16-24-year.
  • Employers who hire new apprentices will receive payments of up to £2,000.
  • There will be a temporary cut to Stamp Duty Land Tax on residential property in England, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000.
  • In Scotland, starting point for land and buildings transaction tax is to rise temporarily from £145,000 to £250,000, although this reduced threshold will not apply to second homes purchases.
  • The rate of VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses.
  • An ‘Eat Out to Help Out’ Scheme will offer 50% meal discounts, up to £10 per head during August.

 

Continue reading

Temporary VAT zero-rating of PPE

The Treasury has announced a zero-rate of VAT will apply to sales of PPE for Covid-19 from 1 May 2020 until 31 July 2020, in a move it says will save care homes and businesses more than £100m.

Continue reading

Covid-19 Support for businesses, charities and individuals

We have summarised the various announcements that have been made by the UK and Scottish Governments to support businesses, employers, employees and the self-employed during this period of disruption.

Continue reading

Chancellor extends furlough scheme until October

The UK Government’s Coronavirus Job Retention Scheme will remain open until the end of October 2020. 

Continue reading

Tax Planning for Life 2020-21

Our annual Tax Planning for Life navigates you through a wide range of tax planning opportunities and wealth planning strategies for all stages and facets of life.

Continue reading

Spring Budget 2020

Key highlights from the Spring Budget and a Coronavirus rescue package for Scottish businesses.

“….get it done” was a recurrent phrase in the Budget speech of the new Chancellor, Rishi Sunak. It could equally have been “get it spent” or “get it borrowed” as Mr Sunak announced a raft of spending initiatives with few supporting tax increases. New £320m rescue package announced for Scottish businesses on 14 March 2020 >read more

Continue reading

Acuity Financial & Tax Spring 2020

Tax, finance and investment matters for company directors, owner-managers and private individuals. 

What will the future look like for you?  Click on the links below to read the full articles. We do hope you find the information within this edition useful.  

Inside this issue:  

Investments, business and work in the 2020's: Ian Finch and Tricia Halliday provide their thoughts on the markets, doing business and working in the 2020's. Click here to read their insights> 

Continue reading

Have you recently made a breakthrough?

If you have been undertaking R&D to develop new products, processes or services and incurred costs you may be able to make a R&D Tax Credits claim.

Continue reading

Doctors tapering off as pension tax rules bite

Measures designed to limit the cost of pensions tax relief to the Treasury are having some unwelcome consequences, as some senior doctors have found their incomes disappearing.

Continue reading

How well do you understand inheritance tax?

A survey by HMRC published in May 2019 concluded that the public have a relatively poor knowledge of inheritance tax (IHT) rules and lack of confidence in what they do know.

Continue reading

Acuity: Financial & Tax Spring 2019

Continue reading

Spring Statement 2019

The Chancellor found himself presenting his second Spring Statement sandwiched between a series of crucial Brexit votes. His speech was peppered with references to the need to achieve a smooth exit from the EU. Beyond that, Mr Hammond chose to keep the Statement a low‐key affair.

Continue reading

VAT update: reverse charge from Oct 2019, things to watch out for in your VAT return, MTD for VAT and VAT explained video series.

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..

 

VAT change coming for construction industry

The new measures are being introduced to reduce VAT fraud and evasion by placing the responsibility for VAT on the customer. HMRC believe that some small VAT-registered suppliers are charging VAT to their customers, but not then paying the VAT on to HMRC.

Continue reading

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.
Continue reading

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. 

Continue reading

Finance & Tax Acuity Autumn 2018-19

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

Continue reading

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.

Continue reading

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. 

foresight

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

Continue reading