Following introduction of the updated IR35 Off-Payroll Working legislation in the Private Sector 10 months ago, we can now take stock and reflect on how these rules have impacted businesses utilising contractors as part of their workforce and explore some recent developments.
With the first 12 months of post-Brexit trade under our belts, now is an ideal time to take stock and consider the report card for Brexit. Alistair Duncan, Head of Indirect Tax, looks at which strengths can be highlighted and gives his views on some of the “areas for development” from the last year.
Perceptions of venture capital have changed for the better over the years – and deservedly so. If we go back a couple of decades, there was probably deserved criticism around the heavy-handed approach of some private equity houses, resulting in the not so affectionate nickname vulture capital. It was felt by many that such investors latched onto the assets of a firm in distress and ruled with an iron fist.
We have been encouraged by the level of private equity deals being completed in recent months in Scotland, particularly in the Central Belt, in comparison to historic levels. We have seen investment across a wide range of levels, from very early stage up to Aggreko being taken private following its £2.3 billion takeover by TDR Capital and I Squared Capital in the spring of this year. Overall, there has been very promising activity from private equity houses in Scotland than has been seen in some time.
For many, the COVID pandemic has been a catalyst to press re-set on everything from our social values to health, well-being and sustainability. It has given us the opportunity to assess and evaluate our personal lives. It has been no different for businesses.
HMRC have announced they will effectively push back the Self Assessment filing deadline for submission of the 2020/21 Self Assessment Tax Returns from 31 January 2022 to 28 February 2022. For the second year in a row this gives the taxpayer additional time to complete their tax return and pay any tax due. The late filing penalty of £100 will not be charged unless the tax return is submitted after 28 February 2022.