Martin Aitken & Co Ltd News & Developments

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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.£1,000

Brief summary

Mr Sunak emphasised that we are only part way through the pandemic crisis and he will be coming back with further proposals later in the year – most notably in the planned Autumn Budget, when there will be a full major review of government spending (postponed from the pre-election timetable) as well as proposals for tax.

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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.

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Covid-19: Martin Aitken business operations update

Due to the escalation of the Coronavirus Covid-19 outbreak and the measures that have been announced by the Scottish and UK Governments, we wanted to make you aware of a few changes we are making to our business operations.

We want to reassure you that our priorities over the next few months will be the health and well-being of our staff, clients and business partners; continuing to support and provide an uninterrupted service to you, our clients; and ensuring that everyone at the Martin Aitken Group continues to adhere to the advice and direction of the public health experts in Scotland and acts and behaves accordingly.

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Spring Budget 2020

“….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.

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534 Hits

Coronavirus - Covid-19: Market update

Coronavirus – Covid-19 appears to be receding in China but taking hold and indeed accelerating everywhere else around the world.

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375 Hits

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> 

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299 Hits

Obituary: Adrienne Airlie CA

We are very sorry to inform you that our former Chief Executive, Adrienne Airlie passed away suddenly on Thursday 5th December 2019.

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441 Hits

Brexit planning checklist for Scottish importers & exporters

Brexit – what now for businesses that trade with the EU?

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now given the new Prime Minister's vow to deliver Brexit 'do or die' by 31 October 2019. 

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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.

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684 Hits

Tax Planning for Life 2019-20

Our Tax Planning for Life 2019-20 guide 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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Dividends wobble with 40% cuts

Recent dividend announcements have been an unwelcome reminder for some investors that peaks also have downsides.

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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.

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568 Hits

Acuity: Financial & Tax Spring 2019

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Spring Statement 2019

 

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834 Hits

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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916 Hits

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

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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1088 Hits

MAFS at NHS Scotland Event

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We've updated our Privacy Policy

We would like to inform you about updates we have made to our Privacy Policy ahead of the new General Data Proection Regulation coming into effect on 25 May 2018.

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937 Hits

Spring Statement 2018

The Chancellor's first Spring Statement

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965 Hits