2024 Business Unit Year In Review

As we close the chapter on another year, it’s the perfect moment to reflect on the progress, milestones, and opportunities that shaped our journey. Across our business units, 2024 has been a year of collaboration, growth, and delivering value where it matters most. From embracing innovation to overcoming challenges alongside our clients and partners, we’ve built on our shared success and strengthened the foundations for an even brighter future. Here’s a look back at the highlights that defined our year and the steps we’ve taken to keep pushing boundaries together, along with the 3 words each of our client service teams believe summarise 2024. Business unit heads – over to you! 

AUDIT

Unity. Efficiency. Growth

“As we wrap up 2024, it’s been another fantastic year of growth and progress for AAB’s Audit team. This year, we welcomed two new Audit Directors: Jordan Taylor in Edinburgh, and James Snape in London. James marks an exciting milestone as our first Audit team member based in London, and his presence has already started to open doors for us in this key market. Having a dedicated team member on the ground in London not only enhances the service we can provide to existing clients but also lays the foundation for further growth in the region—a testament to how far we’ve come in recent years.

Our continued expansion has driven the need for a refreshed leadership structure, with new regional and functional leads helping to guide the team. This structure has been designed to keep us running as efficiently as possible, ensuring we maintain the high standards of service our clients expect while continuing to share knowledge and expertise across the team. Alongside this, we have continued to integrate offices with our IOI offices successfully transitioning onto caseware, and a full process review commencing to consider further efficiency improvements.

As we look ahead to 2025, the landscape of audit regulation continues to shift. With changes to accounting standards on the horizon, we’re already working to prepare our clients for the changes these may bring. Navigating a world of evolving regulations is part and parcel of what we do, and staying ahead of the curve remains a key priority. Our team’s expertise and proactive approach are what set us apart, and these qualities will undoubtedly drive another successful year.

With a healthy sales pipeline and a team that’s constantly growing in capability and reach, we’re confident that 2025 will bring more opportunities to deliver for our clients and to continue building on the successes of 2024. Here’s to another year of growth, innovation, and collaboration!”- Jim Pirrie

Business Advisory

Collaboration. Focus. Motivation

“I am delighted to be delivering my first annual review as Business Unit Head for the Business Advisory. I was extremely proud to take on the role in April this year and with the continued support of our Leadership team we have a renewed focus on our key priorities which are to be trusted advisors to our clients, delivering exceptional service, and empower our teams by upskilling, innovating and progressing positively in all that we do.

After 2 years of change, acquisitions and integration, 2024 has been a year of collaboration, consolidation and building a sustainable platform for future growth. Throughout 2024 our skills and service lines have evolved and our teams have achieved a deeper level of integration which has presented us with many opportunities to deliver excellent client service by utilising our multi-disciplinary teams from all regions to best service our client’s needs.

Looking ahead to 2025 we recognise the challenges our clients face in the economy and through increased business costs, however we already see the entrepreneurial spirit of SME businesses and business owners, adapting and engaging in activities to grow their businesses and remain sustainable. We look forward to supporting our clients in all their activities, guiding them to achieve their objectives and adapt to the challenges they face – ultimately enabling them to unlock success. Internally we are excited to integrate further and learn from our new colleagues that have recently joined through the acquisition of Barlow Andrews and to continue the development and integration of our fantastic team across all regions.”- Neil Robb

CORPORATE FINANCE

Partnership. Reward. Excitement

“As we look back on 2024, the last twelve months have been buoyant for our Corporate Finance team helped in part by the snap election but also due to increased economic stability. Building on the strong momentum of H2 2023, the team has delivered a standout year of deal activity with deal volumes returning to the levels we last saw in 2022, reaffirming our position as trusted advisers in a dynamic and ever-evolving market.

Notable completed transactions include, advising on the sale of Kick ICT to LDC, ANM’s acquisition of Sweeney Kincaid, providing transaction support to Allied Vehicles in the purchase of Fix Auto Wigan and Sirus Automotive together with acting as lead advisors to J&S Subsea and Solarfix NI in the raising of growth capital from Foresight and Whiterock Finance, respectively.

Throughout 2024, the team has continued to find innovative ways to structure and execute transactions that genuinely create value where it matters most—for our clients. We have embraced the challenges from advising on complex cross-sector transactions to supporting local businesses with bespoke solutions. We’ve been privileged to work across key sectors including Agriculture, Automotive, Hospitality, Healthcare, Industrial, Logistics, Energy, and Technology, showcasing the diversity of our expertise, ability to meeting client needs and achieving their objectives.

A key highlight this year was the expansion of our Corporate Finance team into Leeds with the addition of Patrick Lynch as well as Andrew Wheelan joining as a Senior Manager to the Aberdeen team. We are pleased they have hit the ground running, making an immediate impact by supporting new to firm and existing clients. In recruiting Patrick and Harris this has strengthened our presence in the North of England, complementing our well-established teams in Scotland and across the Island of Ireland. This growth underscores our commitment to delivering tailored, local support for clients wherever they are, now and in the future.

The team’s hard work has also been recognised in 2024 with two accolades. In March, we were named N.I Transaction Services Team of the Year—well done to Ashok Thomas and the Ireland team for this fantastic achievement. We were also recognised by Experian as the top financial adviser for M&A activity in Scotland, a testament to the trust our clients place in us.

As we look ahead to 2025, the pipeline remains strong, and we anticipate another active year for deal-making. Our focus will be on generating new opportunities for both existing clients and businesses new to AAB as we continue to grow and deliver results that matter. Here’s to another exciting year ahead!”– Gordon Steele

CORPORATE TAX

Opportunity. Cohesion. Dynamic

“It’s a pleasure to bring you my first year in review as Head of Corporate and Indirect Tax. As I reflect on everything we’ve achieved together in 2024, I’m struck by the level of collaboration within the team, navigating an increasingly complex tax landscape and how much potential lies ahead.

Our Transaction Tax team has worked closely with Corporate Finance on numerous interesting and complex deals, and seeing the positive impact we create for clients when we come together as one team has been many highlights.

We’ve also grown our teams significantly this year, bringing in additional specialisms to compliment the wide range of services we provide and meet growing demand. This expansion reflects both the increasing complexity of tax regulations and our commitment to delivering exceptional service to more clients than ever before. I’m proud of the strides we’ve made and excited about the opportunities this growth presents for 2025 and beyond.

The Autumn Budget, as expected, brought significant changes. Although the major announcements around Capital Gains Tax (CGT), Business Relief, and Agricultural Relief are personal tax measures, our clients will need joined-up support to provide a holistic approach that considers the full picture for businesses and their owner. Our clients are facing some critical decisions in the months ahead and as ever, we’ll be working closely with other AAB teams to help them navigate these major announcements.

Looking ahead to 2025, the Corporate Tax Roadmap unveiled in this year’s budget offers welcome predictability and stability for businesses. With increased employer NIC costs expected to impact many of our clients it will be more important that ever that they are maximising all the reliefs that remain available. As we enter a new year our focus remains the same: to demystify the challenges, provide clear, practical advice, and ensure our clients are well-positioned for what’s next and plan for the future with confidence.

As we close out 2024, I’d like to thank our clients and teams for their trust and hard work. It’s been an inspiring year, and I look forward to continuing this journey together as we tackle the opportunities and challenges of 2025.”- Alan Campbell

HOTEL ACCOUNTING

Innovation. Change. Potential

“2024 has been a year of transformation, innovation, and opportunity for AAB’s Hotel Accounting team. While we’ve navigated some challenges along the way, the real story of this year has been about pushing boundaries to better serve our clients. A standout achievement for us was the launch of our own purchase-to-pay system. Fully automated and designed with simplicity in mind, this system centralises everything clients need in one intuitive platform, making their processes smoother, faster, and more efficient. The feedback from clients has been fantastic, and it’s rewarding to see how this solution is already making a difference.

This year, the hotel industry has continued its dynamic recovery and evolution. Post-pandemic trends, shifting guest expectations, technological advancements, and rising operational costs have all played their part in reshaping the landscape. While these changes have presented challenges, they’ve also created exciting opportunities for growth and reinvention. By embracing innovation, streamlining operations, and diversifying revenue streams, hotels are finding ways to thrive in an ever-changing market—and we’ve been proud to support them every step of the way.

Looking ahead to 2025, a key focus will be preparing for the implementation of the 12th Revised Edition of the Uniform System of Accounts for the Lodging Industry (USALI), which becomes mandatory on 1 January 2026. These updates bring an increased emphasis on transparency and modernisation, including more detailed tracking of labour costs and clearer distinctions between management and non-management roles. While the changes are still a year away, 2025 will be a critical time for hotels to start planning, adapting, and laying the groundwork for compliance. Our team will be there to guide clients through this process, ensuring they’re fully prepared for what lies ahead.

As we reflect on 2024, it’s clear that the hotel industry is in a period of exciting transformation. By staying agile and forward-thinking, we’re ready to help our clients not only adapt to change but seize the opportunities it brings. With the momentum we’ve built this year, we’re confident that 2025 will bring even more opportunities to innovate and deliver results that truly make an impact.”- Ian Bremner

PAYROLL & EMPLOYMENT

Development. Expansion. Strength

“2024 has been a transformative year for our Payroll and Employment Taxes team. We’ve significantly expanded our capabilities, welcoming new experts who bring specialised knowledge to our international mobility, relocation, and immigration coordination services. This growth means we now offer an even more comprehensive suite of services, supporting clients across a wider range of challenges. As Head of the team, I’m incredibly proud of what we’ve achieved this year and excited for the opportunities ahead as we continue to grow and deliver for our clients.

The first Labour budget has introduced a wave of changes that will have a profound impact on payroll, reward, pensions, and employment taxes now and in the coming years. With significant updates on the horizon, such as the FIG (Foreign Income Gains) rules reshaping how non-UK domiciled individuals are taxed, it is a pivotal moment for businesses and individuals to get ahead of the curve. Our team are proactively monitoring developments to assist with planning opportunities, in line with ongoing developments.

One of the most significant opportunities for our clients in the near term lies in taking a forward-thinking approach to address the National Insurance Contribution (NIC) changes taking effect in April 2025. While these adjustments may impact costs, particularly for businesses with large or global workforces, they also present a chance to review spending and refine internal processes. Our team are here to support you every step of the way, helping to identify efficiency opportunities, optimise payroll strategies, and create solutions that ease financial pressures while positioning your organisation for success. Together, we can turn these changes into a strategic advantage.

Lastly, the recent US election results indicate that a number of existing US tax rules are likely to remain in place. However, with a Republican majority House and Senate, it also opens the door to a wider opportunity for US policy changes as we move into 2025, which is likely to have a global impact on employee movement. Staying agile and informed will be essential for businesses to adapt and capitalise on these shifts effectively and we will continue to share more on how we can support in the new year.

Adapting to new tax regulations, managing cross-border employment complexities, and enhancing employee reward to stay competitive all present opportunities to refine strategies and drive success. Our team are here to provide expert guidance every step of the way, helping you stay ahead as we approach 2025. Together, we can transform complexity into opportunity, ensuring both your business and your people are well-prepared for the future.”– David Purse

PRIVATE CLIENT

Resilience. Potential. Teamwork

“As I reflect on my first full year as Head of Private Client, I’m incredibly proud of what we’ve achieved—not just within the Private Client team but across AAB as a whole. The past year has brought significant change, and our team has worked tirelessly to ensure we remain ahead of the curve, supporting our clients through an evolving tax landscape.

In October the new Labour government delivered its first budget, introducing key tax reforms aimed at stimulating economic growth through increased investment. While these changes are positioned as long-term measures, the impact on private clients is already becoming clear. Policies targeting wealth redistribution, adjustments to Capital Gains Tax, and a stronger focus on inheritance and property taxes mean individuals and families are facing growing complexity in managing their financial affairs. UK resident clients with International connections, trusts or associated businesses are affected on many levels by the abolishment of Domicile, as well as new UK arrivers via the new ‘FIG’ tax regime.  These changes bring challenges and opportunities, but they also highlight the importance of proactive, informed planning.

At AAB, we understand that periods of significant change can feel overwhelming. That’s why our focus has been on delivering holistic, bespoke planning tailored to each client’s unique circumstances. From restructuring wealth to optimising tax efficiency, we’re helping clients make sense of these changes while ensuring their plans remain robust for the future.

Although many of the major changes outlined in the budget won’t take effect until 2026/27, the next 18 months will be critical for preparation. Now is the time to review financial plans, consider the potential impact of the reforms, and take steps to secure long-term objectives. Our team is already working closely with clients to navigate this period of uncertainty, ensuring they feel confident and well-prepared for what lies ahead.

The first Labour budget has undoubtedly reshaped the private client landscape, but it also presents opportunities for thoughtful, strategic planning. As we head into 2025, we’re ready to help our clients adapt, thrive, and make informed decisions in this new environment. Together, we can tackle the challenges ahead with clarity and confidence.”- Paula Fraser

SUSTAINABLE BUSINESS & ESG

Impact. Transformation. Progress

“2024 has been a transformative and exciting year for our Sustainable Business & ESG team. In April we launched across the UK, this service line was initally launched in 2023 to meet the growing needs of our clients and reflect the integrated nature of sustainability within everything we do. Sustainability is no longer a standalone consideration—it’s a core component of how businesses operate, and we recognised the opportunity to support our clients on their sustainability journeys with a fully integrated, collaborative approach.

We’ve grown the core team to operate across all regions, and that’s just the beginning. What sets us apart is not only the expertise within the core team but our ability to tap into the wider AAB matrix of skills and service lines. We operate as part of a powerful, cross-functional network, aligning sustainability services with the broader needs of our clients. Whether it’s tax, corporate finance, payroll, or audit, sustainability is seamlessly woven into our offering. This approach ensures that we’re not just responding to sustainability challenges—we’re helping clients secure real competitive advantages through integrated, impactful solutions.

2024 has been a year of optimism grounded in real opportunities. Increasing regulatory pressures, such as the upcoming UK Sustainability Reporting Regulations, and rising stakeholder expectations have prompted businesses to act with urgency. Many of our clients are not just reacting to these changes but embracing the broader benefits of sustainability- positioning themselves to lead in what we see as a ‘golden age’ for sustainable business. Conversations with our clients are no longer about if sustainability should be a priority but how it can be embedded to drive growth, resilience, and purpose.

As demand continues to rise, we’re planning further growth in 2025. This means strengthening our expertise with more specialists and continuing to align with market needs. The momentum we’ve built this year is only the beginning—we’re committed to growing our capacity and evolving alongside our clients, helping them navigate this critical time for sustainability and ESG. Together, we’re ready to embrace the transformation required to address our shared global challenges and turn them into opportunities for lasting success.”- Alasdair Green

VIRTUAL FINANCE FUNCTION

Stability. Advancement. Influence

“2024 has been a year of exciting expansion for our Virtual Finance Function (VFF). We were delighted to welcome a new partner to the team this year: Niall Pirie in Aberdeen. This appointment marks a significant step forward, strengthening our presence in these regions and bringing additional commercial finance expertise to our clients. It’s incredible to reflect on how far we’ve come—from a small team in 2018 to a growing network of specialists delivering high-quality, bespoke services across the UK, Ireland and internationally.

This growth isn’t limited to senior appointments. We’ve also added talented new team members this year, ensuring we have the capacity and expertise to meet our clients’ needs as demand for our services continues to rise. These additions allow us to remain flexible and deliver the tailored, high-quality support our clients rely on, no matter how complex their challenges may be.

The challenges facing the accountancy profession this year have been significant, with many businesses struggling to recruit resources at the right level amidst rising labour costs. These pressures are making it increasingly difficult for businesses to sustain large in-house teams, creating a real need for technical accounting expertise—exactly the gap our VFF team has worked hard to fill. By offering scalable and expert solutions, we’ve enabled clients to bridge these resource gaps while controlling costs.

Looking ahead to 2025, one of the key focuses will be preparing for the FRS 102 changes set to come into effect in 2026. 1 January 2025 is the first comparative period, so it’s imperative to start planning particularly if you have significant covenants in place. Many of these changes are aligned with IFRS and are a significant move away from UK GAAP. Our team has a wealth of experience helping our clients navigate this period of transition. Supporting our clients through uncertainty and ensuring compliance will be at the heart of what we do in the months ahead.

As we reflect on this year, it’s clear that our Virtual Finance Function has grown not just in size but also in impact. With a strong team in place and a commitment to innovation and adaptability we’re ready to help our clients tackle 2025 with confidence and clarity.”- Lauren McCluskey

PEOPLE

Change. Consolidation. Synergy

“2024 has been an extraordinary year for the People Consultancy team. Following our significant growth we’ve united as a single team under the People banner. Together, we’ve created a full-service people consultancy that delivers expertise in HR, Health & Safety, Learning & Development (L&D), Organisational Development (OD), and Whistleblowing. Operating across the UK and Ireland, our combined approach ensures we can support clients in even more impactful and innovative ways.

This year wasn’t just transformative for us—it’s been a year of major change for the people consultancy landscape as a whole. Driven by regulatory shifts, evolving workplace dynamics, and technological advancements, businesses are facing new challenges and opportunities in managing their people. In HR, reforms such as the Worker Protection Act and the Employment Rights Bill introduced under the new Labour government have reshaped employment law, creating a need for businesses to adapt to ensure compliance while protecting and supporting their teams.

In the Learning & Organisational Development (L&OD) space, demand for tech-driven, flexible training solutions has surged. Organisations are seeking scalable and personalised programmes designed to enhance both employee skills and the wider employee value proposition. Similarly, health and safety strategies have evolved, with businesses embracing proactive, holistic approaches that integrate physical and mental well-being to foster safer, more resilient workplaces.

Whistleblowing services have also seen significant growth, with new legislation placing greater accountability on employers to protect employees from workplace issues such as harassment. This has increased demand for secure, anonymous reporting solutions, which are becoming essential tools for fostering a culture of accountability and trust.

Throughout these changes, our team has worked tirelessly to support clients. From delivering updates and hosting interactive events—such as mock tribunals and performance management panels—to providing tailored advice, we’ve been there to help businesses navigate this shifting landscape with confidence.

As we move into 2025, our focus remains firmly on supporting our clients. With the workplace and regulatory environment continuing to evolve, we’re committed to staying ahead of the curve, offering expert guidance and practical solutions for every people-related challenge that comes their way. Together, we’re shaping stronger, more resilient organisations for the future.”- Louise McCosh

WEALTH

Success. Achievement. Enthusiasm

“As we approach the end of another year, I wanted to take a moment to reflect on 2024 and the milestones we’ve achieved together. It’s been an incredible year of growth and success for AAB Wealth, and we couldn’t have done it without the continued trust and partnership of our amazing clients and the hard work of our teams. Here are just a few highlights:

This year marked a significant step forward in our growth journey, with the acquisitions of Synergy Financial Planning and WealthFlow. These milestones strengthened our presence in Central Scotland and propelled our assets under advice to beyond £1 billion —a milestone we’re immensely proud of.

Our growing team was named one of the Top-Rated Financial Advice Firms for 2024, a reflection of the care and commitment we strive to deliver to every client. In addition, eight of our Financial Planners were also recognised among the Top Financial Advisers across the UK, an accolade based on feedback from those who matter most—you.

A special congratulations to Debbie Connolly, shortlisted for Financial Adviser of the Year – Scotland & NI for the fourth consecutive year, and to Vikki Venerus, who achieved Fellowship status, the highest accolade in our profession. Investing in our people is central to how we best serve our clients. This year, our team completed 37 professional exams, resulting in three new Diplomas, 2 achieving Chartered status, and even a Fellowship.

As always, our priority remains – helping clients to achieve their financial goals with clarity and confidence. Every milestone we celebrate is a testament to the relationships we’ve built and the trust placed in us.”- Andrew Dines

Wrapping Up the Year

As we wrap up this year and look to the next, we want to thank our clients, partners, and teams for being at the heart of everything we do. We are proud of what we’ve achieved together in 2024 and look forward to continuing to support our clients, and teams, in achieving their goals in 2025. We will continue to share more insights on topical news and developments, so make sure you’re following us on LinkedIn to keep up to date.