I have been reflecting on the range of excellent conversation that took place during the recent International Week. Of particular interest was Scotland’s position as a leading destination for inward investment.
Everyone is suddenly talking about Making Tax Digital for VAT (“MTD”), but many rural businesses may not be fully aware of what it means or how it will impact them, let alone what they might have to do to ensure they comply. From 1 April 2019, if you are VAT registered with a turnover greater than £85,000, you will no longer be able to log onto HMRC’s Government Gateway to submit your VAT Return and must be able to file your VAT return by using (what HMRC refer to as) only ‘functionally compatible software’ (digital records). This means that the underlying records need to be digitally linked, without the need for manual intervention. Businesses are now becoming aware of the extent to what functionally compatible software really means and the changes they will need to make to their financial record keeping just to be able to carry on doing something they had no problems with for years.
AAB are proud to be sponsoring the Scotland Food & Drink Leadership Dinner series in partnership with Morisons LLP and Livingston James. There are seven events being held across Aberdeen, Glasgow, Inverness, Shetlands, Edinburgh, Oban and Ayr which provide a platform for industry leaders to come together for vigorous discussion about, and input into, the future of the food and drink industry, helping to shape Scotland Food & Drink’s strategic direction. Additionally, it gives those in the industry and opportunity to network with peers and engage with national food and drink strategy.
The current trading environment is presenting attractive opportunities for a number of businesses to grow through acquisition. We commonly find that some acquirers have a cavalier attitude to risk and overlook the value that can be realised during the due diligence process, quite often to their detriment. Investing adequate time/resources and properly assessing the financial, legal or commercial aspects of the target business is paramount to securing value enhancement.
The deadline for responding to HMRC’s consultation document on extending the off-payroll rules to the private sector has expired. We are all now eagerly awaiting their report on the responses given and the subsequent details of the chosen approach.
With the price of oil hitting a near four-year high, the North Sea has an exciting and prosperous outlook for 2019 and beyond with an increase in activity expected in the oil and gas sector. In Norway alone, Equinor are aiming to drill between 20 to 30 wells every year for the foreseeable future. We are also seeing many businesses diversifying from the oil and gas sector into the fast-growing renewable energy industry within the North Sea.