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Acuity: Financial & Tax Spring 2019

Acuity: Financial & Tax Spring 2019

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

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Spring Statement 2019

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.

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

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

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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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Finance & Tax Acuity Autumn 2018-19

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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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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MTD for VAT: Are you ready for 1 April 2019?

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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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 

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.

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Tax Planning for Life 2018-19

Tax Planning for Life 2018-19

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

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Spring Statement 2018 and changes for the new tax year 2018/19

Spring Statement 2018 and changes for the new tax year 2018/19

Mr Hammond made it clear some while ago that he wanted his Spring Statement to be a short financial briefing rather than a mini-budget, complete with rabbit-out-of-hat announcements.

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Auto-enrolment contributions increase

Auto-enrolment contributions increase
As of 6 April 2018, employees and employers are required to increase the amount of contributions into their automatic enrolment pension.

Currently, until 5th April 2018, the total minimum contribution rates are 2%, with the employee and employer minimum contributions being 1% each.

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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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UK Autumn Budget 2017

UK Autumn Budget 2017

The Chancellor has announced a 'steady as you go' Autumn Budget.

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Commercial Acuity

Commercial Acuity
Business, tax and finance matters for company directors and business owner-managers.Click on the icons and links below to read the articles in the latest edition.  

 

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Selling the pharmacy or nearing retirement?

Selling the pharmacy or nearing retirement?

In his last article for the Scottish Pharmacist magazine, Mark Tenby, Audit & Accounts Director, examined the key considerations when buying a pharmacy >more. In the latest edition, August/September 2017, he takes a look at the other side, with a specific focus on the tax impacts on the seller.

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International Tax Compliance

International Tax Compliance

International Tax Compliance (Client Notification) Regulations 2016

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Employment taxes: changes for the new tax year from 6 April 2017

Employment taxes: changes for the new tax year from 6 April 2017
Scottish Rate of Income Tax (SRIT).

From 6 April 2017, there will be a change to the basic rate tax band for Scottish taxpayers. The Scottish rate of tax is 20% and is charged on income above £11,500, up to a Scottish basic rate limit of £43,000. >Find out more about the SRIT  >Scottish Budget 2016 key announcements

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