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