Services
Audit & Assurance
External, internal and joint venture audit services
Business Advisory
Management accounts, strategic planning, profit improvement, ESG
Corporate Finance
M&A advisory, selling a business, fundraising, valuations, due diligence
ESG
Baseline assessments, materiality assessments, carbon footprint and sustainability reporting
Hotel Accounting
Accounting function, automation, daily reconciliations and dashboards, accounts payable
Payroll & Employment
Payroll, global mobility, employee benefits, employment taxes
Private Clients & High Net Worth Individuals
Tax planning & compliance, tax residence and domicile, trust planning
Restructuring & Recovery
Business rescue, liquidations, administrations, insolvency, debt recovery
Tax
Corporate tax, customs duty, VAT, R&D, tax investigations, international tax
Virtual Finance
Bespoke service providing real-time information about your business performance
More from AAB
AAB PEOPLE
Full-service people consultancy – human resources, learning and development
AAB WEALTH
Financial planning, cash flow modelling, retirement planning
AAB Consulting
Business consultancy helping organisations with the challenge of change
Sectors
Business Services
Professional services, medical, recruitment and media
Construction & Property
Property developers, construction companies, housebuilders, landlords
Energy
Renewables, clean energy, energy producers, energy transition, exploration and production
Family Business
Specialist support for businesses owned/managed by families
Food & Drink
Food & drink producers, processors, importers, wholesalers and retailers
Industrial
Engineering, manufacturing, aerospace, automotive, shipping, distribution
Leisure, Retail and Hospitality
Fashion, entertainment, activity centres, hoteliers
Not For Profit
Charities, social housing, higher and further education institutions
Public Sector
Government, non-departmental public bodies, health boards, ALEOS
Technology
Software companies, tech start-ups, cybersecurity firms, and AI innovators.
About
AABout Us
Our story
Our Team
Meet the specialists
Careers
Join the AAB team
Diversity & Inclusion
Building a business where everyone feels they belong
Growing Sustainably - ESG
ESG – Our commitment to building a sustainable business
News
Latest news from across AAB Group
AABIE
AAB charitable initiative
AAB Wealth expands presence in Central Scotland with acquisition of Synergy Financial Planning
Insights
Blogs
Stay informed with cutting-edge news for business growth. Our experts offer industry insights and invaluable advice on accountancy and business strategies.
Case studies
Explore insightful case studies tailored to specific industries, offering invaluable lessons and strategies for success.
Webinars & Events
Engage with dynamic webinars and events tailored to your interests, offering valuable insights and networking opportunities.
ESG Diligence: The Key To Sustainable M&A Transactions
AAB / Blog / The impact of Philip Hammond’s Budget
BLOG30th Oct 2018
Philip Hammond’s budget presents a mixed bag for business….
Businesses investing in plant and machinery will be pleased that the Annual Investment Allowance has been increased from £200k to £1m pa for expenditure incurred from January 2019 for a two year period. This potentially gives additional tax savings of almost £220k (or £266k for spending on certain fixtures) over the two years by accelerating the allowances available.
Spending on new commercial structures and buildings will qualify for a new 2% annual allowance, for contracts entered into after 29 October. However the rate for long life assets and certain building fixtures has been reduced by 2% to 6% from next April.
The compliance burden for medium and large businesses continues as the “off payroll working” rules which apply in the public sector, will be rolled out to the private sector from April 2020. The onus will now be on businesses to decide whether the rules apply to any individuals who work through their own company. With businesses required to pay employer NICs, as well as deducting income tax and employee NICs from any payments to the worker’s company, the cost of incorrect categorisation is potentially eye watering. This change is significant and is expected to give rise to a number of complications. Unsurprisingly, the full detail of the rules will be subject to further consultation.
Good news for (most) Entrepreneurs
Following speculation that Entrepreneurs’ Relief would be abolished, it is welcome to see the Chancellor acknowledge the importance of this popular relief which is worth up to £1m to business owners, albeit the minimum ownership period has doubled to two years. There was a sting in the tail for certain companies which utilise ‘growth shares’ and other more complex shareholding arrangements. New measures introduced with immediate effect will now restrict this relief where the minimum shareholding of 5% does not also entitle the owner to at least 5% of the distributable profits and net assets.
Growing divide between Scottish and UK income taxpayers?
Previous commitments by the UK Government to raise the Personal Allowance to £12,500 and Basic Rate Limit to £37,500 are to being implemented one year early. From 6 April, the higher rate tax threshold will rise from £46,350 to £50,000, resulting in an annual income tax reduction of up to £860 per year for those south of the border. With income tax on earnings, pensions and property being a devolved to Scotland, where the higher rate tax threshold is currently far lower at £43,430, we must await the Scottish Budget on 13 December to complete the picture for Scottish taxpayers.
And finally Technology…
The announcement of a targeted relief for the cost of acquiring IP-rich companies being introduced in an effort to stimulate investment in business should be good news for Tech Start Ups. However in contrast, the Technology giants did not escape the Chancellor’s attention and will be forced to pay tax on the sales they generate in the UK from April 2020.
More information
For more information on any of the issues raised in the budget, please don’t hesitate to get in touch.
How AAB can help you with
Many businesses encounter challenges in implementing their strategies and generating traction. Our business advisory team provides effective tools for business owners at every stage of the lifecycle and approaches to overcome these obstacles. We offer guidance to help you achieve and maintain traction, while also ensuring accountability for you and your team. We can help you to understand your business performance and identify what you can do to improve profit and create time.
Corporate Tax covers a broad and complex area of tax legislation, so we provide a suitably broad and comprehensively experienced team to support your business with pragmatic, commercial advice. Businesses of all sizes and types, and across a wide range of sectors, benefit from our comprehensive corporate tax compliance and advisory service. We have exceptionally knowledgeable tax teams distributed across our offices, ready to support you with their wealth of experience and expertise. We can manage your global tax exposure with a coordinated response that saves you having to seek advice from separate advisors.
VAT is increasingly complex and impacts all aspects of your business. We can provide VAT advice to unravel complexity, help ensure compliance and make sure you pay no more VAT, Customs Duty, Excise Duties and various environmental taxes than necessary. Our team’s specialist skills have been acquired through supporting numerous clients, and working in HMRC and private industry. We provide comprehensive VAT advice and indirect tax services and, whether it’s compliance matters or complex restructuring, we’ll support you with practical, tailored solutions.
Related services