As part of Menzies commitment to sharing #BrighterThinking our teams of accounting and business advisors have been providing their opinions on some of the leading hot topics raised within some of the UK’s leading national, regional and specialist press titles.
Here follows a summary of Menzies in the media for August 2019.
Insider Media Wales – 5th August 2019
Insolvency Partner Beth Evans explains what “winding up” really means for an SME business and how it could be a valuable exit option.
“For business owners approaching retirement age, winding up is a common exit option. A solvent liquidation can prove a tax-efficient way of extracting assets while also wrapping up the organisation’s affairs.”
Read Beth’s feature via Insider Media Wales.
Non-domicile exodus falls hitting Treasury revenues
London Loves Business – 8th August 2019
Senior Trust Manager Chris Gillman reviews the impact of Brexit upon the number of non-doms leaving the UK and the knock-on impact to the UK Treasury.
“The rule changes effective from April 2017, which mean people are treated as domiciled in the UK far sooner than before, have begun to have an impact on non-dom numbers and in some cases, we are finding that non-doms are considering leaving the UK sooner than otherwise planned.”
Read Chris’ feature via London Loves Business.
The Finance Bill and Demergers
ICAEW – 12th August 2019
Senior Tax Manager Peter Mills explores what the Finance Bill means for business owners considering going their separate ways and how demergers could help.
“Two of the most common approaches, particularly where property or other investments are involved, are capital reduction demergers and liquidation demergers, the former often being preferred because it is more straightforward to implement and avoids the stigma associated with liquidations.”
Read Peter’s feature via the ICAEW website.
Being a good data custodian
Fintech Finance – 14th August 2019
Senior Manager Mike Ayres explores what makes a good data custodian and analyses how and why SME businesses can take data protection more seriously.
“All firms have an ethical responsibility to protect customers’ data. Regardless of their current position, taking steps to raise awareness of the importance of cyber security and using technology to transact with customers in a secure environment, are key to being a better data custodian, and winning customers’ trust.”
Read Mike’s feature via Fintech Finance.
Legal sector KPIs
Fintech Finance – 14th August 2019
Partner and legal sector specialist Peter Noyce highlights the financial and non-financial key performance indicators (KPIs) that should matter to the legal sector.
“For forward-thinking law firms, deciding to take a step back and review KPIs could bring significant rewards, including helping to boost profitability along with retaining and attracting talented people.”
Read Peter’s feature via The Law Gazette.
Various – August 2019
Following the news that British Steel could be sold to Turkish Military Pension fund, Insolvency Partner John Cullen’s comments were serialised by a number of publications on the potential impact for the business and employees.
“Ataer requiring more steel for its ‘downstream’ plants, means production in the UK could increase post-sale, which would be very good news for the domestic workforce. The sale could also open the door to more export opportunities in Europe.”
Digital Tax and the Tech Sector
IDG Connect – August 2019
Corporate Tax Partner and Tech specialist Stephen Hemmings reviews what the proposed new digital tax impact could be on the UK tech sector.
“Unveiled as part of the 2018 Budget, the tax will come into force in April 2020 and result in search engines, social media platforms, online marketplaces and other technology companies paying a 2% levy on their revenues.
According to the government, the tax will mainly affect “large multinational enterprises with revenue derived from the provision of a social media platform, a search engine or an online marketplace to UK users.”
Read Stephen’s feature via IDG Connect.
Protecting customer funds
Fintech Futures – 2nd August 2019
Director Sarah Hallam outlines what the Financial Conduct Authority’s (FCA) recent review of PSP’s found and the recommendations made for non-bank PSPs.
“Non-bank PSPs have received a letter from the regulator asking them to provide a written declaration that they are compliant with the 2017 regulations by 31st July 2019. These regulations are designed to ensure that the claims of electronic money holders or payment service users are prioritised over other creditors in the event that a non-bank PSP becomes insolvent.”
Read Sarah’s feature via Fintech Futures.
Self-Employed Workers and MTD
Total Business – 20th August 2019
Private Client Partner David Truman reviews the impact of Making Tax Digital on the self-employed and why so many may miss the first VAT submissiondeadline.
“It is widely recognised that self-employed individuals with a taxable income above the VAT threshold of £85,000 are required to join MTD, however, those below the threshold can choose to join voluntarily, should they wish.”
Read David’s feature via Total Business.
HP and Autonomy
Financial Director – 28th August 2019
Corporate Finance Director Ross Wiggins and Forensic Director Matt Haddow review the HP and Autonomy deal and why having robust and accurate financial data in the deal-making process is so critical.
“Now adjourned until September, this case comes at a time when the accountancy profession is facing greater scrutiny over the quality and reliability of financial statements. As such, it is becoming even more important for businesses embarking on any deal-making process to take steps to ensure the financial data upon which they are basing their decisions is robust and accurate.”
Read Ross Wiggins and Matt Haddows feature via Financial Director.
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