Brexit changes for UK residents with EU properties

Following our previous blog on the personal tax impact of Brexit, it seems those who own property in France or Spain may be particularly affected by Brexit.

R&D Tax Relief: Preventing abuse of R&D for SME’s

Following our previous blog posts on HMRC’s intention to prevent abuse of the Research and Development (“R&D”) Scheme for SME’s (https://blog.aab.co.uk/rd-tax-relief-preventing-abuse-of-the-sme-scheme) here is a reminder of the upcoming changes to the scheme.

Have you considered how you will finance your latest development?

The Construction sector has seen a sustained period of challenge with weak output experienced from Q2 2020. As a result, many of the funding challenges experienced by construction developers in these months were largely relieved by extended exclusivity agreements and payment holidays. However, we have seen forward-funding and out-right purchase agreements fall through as funders struggle to get comfortable with newly proposed construction timelines and a general conservation of cash.  

2020 – The Year of Change

Prior to the global lockdown restrictions being imposed in March 2020, appreciating it is difficult to recall those days, deal flow was relatively strong with the momentum seen in the second half of 2019 translating into the successful completion of a number of high-profile transactions in Q1 2020. Examples of this including the acquisition of Rowan Manufacturing and Smith & Frater from Rowan Group by leading timber specialist James Donaldson Group and Hunting Plc’s acquisition of subsea production enhancing specialist Enpro Subsea for £28m.    

BNO status and considering a move from Hong Kong to the UK?

Moving to the UK from Hong Kong ? – British National Overseas (BNO) Status allows for new UK Visa applications, but UK Tax Advice and support should form part of an essential “to do “list..
 

Hundreds of thousands of Hong Kong individuals are expected to emigrate in the next few years, as the Chinese Government continues to restrict long held freedoms in the city, originally provided for under British Colonial rule until 1997. Many are completely disillusioned with the current political climate, Beijing consistently introducing measures that are clearly intended to move further away from democracy and which now include restrictions on freedom of speech.

Did you defer your VAT due to COVID?

*Updated 23 February 2021*

The VAT Deferred payment scheme is now open and can be applied for using the following link: https://www.gov.uk/guidance/deferral-of-vat-payments-due-to-coronavirus-covid-19

If you have any queries regarding the scheme, please contact your usual AAB contact.

Construction Reverse Charge upcoming changes - Q&A

Important VAT changes are coming to the construction and property sector from 1 March 2021. The Construction Reverse Charge is being introduced, changing who is responsible for accounting for VAT in relation to certain supplies.

But what does this mean? AAB's Alistair Duncan, Indirect Tax specialist at AAB, hosted a Q&A on LinkedIn answering the most important questions surrounding the change. We've summarised the questions and answers below.

Business Asset Disposal Relief  – When is a Preference Share an Ordinary Share?

Business Asset Disposal Relief (BADR), previously Entrepreneurs’ Relief, reduces the Capital Gains Tax rate on qualifying BADR Gains to 10%, as opposed to the current 20%.

Scottish Family Business Day - Q&A

Scottish family businesses are the engine room of the Scottish economy with many of them having been around for generations. Recent studies have shown that around 65% of all private businesses in the UK are family controlled and that family firms account for around 25% of UK GDP, over 45% of all UK employment and create significant wealth too.   

Gender Pay Gap Reporting – what do you need to do in 2021?

Gender Pay Gap Reporting was introduced in April 2017 for those companies with a headcount of 250 or more at their “snapshot date”, however in March 2020 due to the Coronavirus outbreak, the Government Equalities Office (GEO) and the Equality and Human Rights Commission (EHRC) made the decision to suspend enforcement of the gender pay gap deadlines for the reporting year 2019/20.

Is it really HMRC calling? Beware of scam callers

For a number of years, the amount of emails, texts and call scams circulating has become alarmingly increasing. With advances in technology and the ability for scams to look and sound ‘legit’, they pose a greater threat to us all. These scams often claim to be from legitimate organisations and often prompt us to provide personal details such as confidential information or bank details. In today’s world, scams, and those behind them are clever, making it even more difficult to determine whether communication is legitimate. As a result, the risk of falling victim to these scams, especially for those who are less aware of the ‘key’ signs that emails calls and text are fake, is increasing.

Deals+ Energy Deals Done in the UK Q4 2020

As featured in Energy Voice, Anderson Anderson & Brown Corporate Finance ("AABcf") is delighted to share with you our quarterly Deals+ update for Q4 2020, highlighting selected Energy M&A and Fundraising transactions across the UK. 

Resilient Scottish M&A market recovery continues

When the restrictions were implemented in March 2020, a significant number of deals were delayed, postponed or cancelled as business owners and investors quickly turned their attention to business resilience, cash flow management and adapting to rapidly changing market conditions. However, when the COVID lockdown measures began to ease in early summer 2020, there were promising signs of M&A deal flow returning as businesses moved from crisis management to planning ahead.

Why complying with CCO should still be a priority during the pandemic

The Pandemic

The Seafood Sector and Brexit - Q&A

Following on from issues the seafood sector has faced as a result of Brexit, Alistair Duncan hosted a Q&A session on LinkedIn to answer the most frequently asked questions since New Year. Below is a round up of the questions and detailed responses in case you missed it.
 
Since the Q&A was hosted, the Scottish Government has announced new financial assistance, totalling £6.45 million, to the Seafood Producers Resilience Fund. The Scottish Government estimates the fund will benefit roughly 1,000 vessels and a further 75 aquaculture businesses.
 
If your business owns both vessels and aquaculture undertakings you will have to complete two applications (combined payments will be capped at £45,600). Eligibility, payment rates and other details are different for the two kinds of business, and total payments under the scheme are capped at £45,600 for the catching sector and £40,500 for the aquaculture sector.
 
All applications concerning fishing vessels must be in before 26 February, therefore it is important to assess the criteria and complete your application carefully. If you have any questions at all, please do not hesitate to contact Alistair Duncan.
 
All available information regarding the scheme can be found on the government website: Seafood Producers Resilience Fund - gov.scot (www.gov.scot)

Countering unpredictability and uncertainty in the Energy sector

A full month into 2021 and we are past the point of making predictions for the year ahead.  Unpredictability will hopefully not be a theme that carries through from last year, however uncertainty will likely remain the case for some time yet in the Energy sector

Payroll technology in the digital age

Rapidly advancing technology in the Digital Age means organisations are increasingly moving their technology away from ERP based systems to cloud based solutions and the use of both API and AI technology is more commonly being utilised to bridge the gap when systems do not automatically integrate. Having a coherent technology strategy is critical to deal with the increased complexity of payroll operations and the increased compliance and regulatory environment.  

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