Aberdeen only UK city to create more wealth this year

26 March 2012

  • Edinburgh beats London to become most productive UK city
  • Scottish cities storm ahead – with three of top five most productive UK cities based north of the border

Aberdeen has overtaken London to become the only major city in the UK that managed to grow its economy during the recession, reveals our research.

Our analysis of official calculations of ‘Gross Value Added’ – the measure of a region’s contribution to the UK economy according to the value of the goods and services it produces – shows that Aberdeen become the fastest growing UK city in the year to January 1 2010.

Aberdeen is the only Top Ten UK city where GVA per resident grew, rising 1.1% from £28,442 to £28,731 in the year to January 1 2010.

Our findings explain that as the centre for the UK’s oil & gas industry, Aberdeen benefitted from a booming energy sector as global demand for oil continued to power away.

Marc Waterman, partner at our London office, says: “The situation in Aberdeen is unique within the UK. It’s the only major city in the UK that has an economy based almost entirely around the oil and gas industry. Not only is it benefitting from a revival in North Sea exploration but Aberdeen is now a global leader in oil services companies.”

“Many Aberdeen headquartered oil & gas exploration companies and oil services companies operate on a global basis. Aberdeen has become a global centre of excellence for oil services companies so it directly benefits from the exploration boom in emerging markets.”

“While the economies of all other major UK cities suffered as a result of the financial crisis, Aberdeen was able to remain largely unaffected.”

Residents of Edinburgh are the biggest per capita contributors to the UK economy, generating £34,950 per head in the year to 1st January 2010, down 0.52% on the previous year. Londoners came second, with an average contribution of £34,779 per head, down 0.53% year on year. Belfast takes third place with £29,816 per head per year, down by 3.25% compared to the previous year. (See table below for the UK’s Top 40 towns and cities)

According to our findings, GVA for the British economy as a whole contracted by -2.7% in the year to January 1 2010 and the average Briton generates £20,341 per year.

London economy loses economic edge to Scottish cities

Scottish cities as whole performed well, with three places in the top five towns & cities going to Scotland– Aberdeen, Edinburgh and Glasgow.

Our research explains that this is the first time that London has lost its economic edge both in terms of productivity per person and economic growth.

Marc comments: “For years London easily outpaced other UK towns and cities in its economic contribution, driven by its huge wholesale financial services industry. But the credit crunch hit this sector hard and has damaged London’s ability to generate wealth for the economy.”

“Although Edinburgh also boasts a large financial services sector, it was never as dominant as London’s and so the downturn did not have the same devastating result.”

“Thousands of high paying banking jobs, along with advisers, such as lawyers, have been shed in London. The capital also has significant areas of poverty and high unemployment.”

According to Government figures, in 2010 unemployment in London stood at 9.1% while in Edinburgh it was only 6.3%. The figure for the UK as a whole was 7.7%.

Marc comments: “It might sound obvious, but people who are out of work do not contribute to the economic wealth of the country. London’s comparatively high unemployment rate will have had a sharp impact on its wealth creating potential.”

UK’s Top 40 towns and cities by growth in gross value added (GVA)

(Latest figures available are for the year to 1st January 2010)

Rank

Town/City

GVA 2008
(£ per head)

GVA 2009
(£ per head)

Change
%

1

Aberdeen

             28,422

             28,731

1.09%

2

Edinburgh

             35,134

             34,950

-0.52%

3

London

             34,964

             34,779

-0.53%

4

Liverpool

             19,956

             19,821

-0.68%

5

Bournemouth

             21,293

             21,142

-0.71%

6

Glasgow

             29,897

             29,472

-1.42%

7

Swindon

             28,036

             27,616

-1.50%

8

Stoke-on-Trent

             15,067

             14,808

-1.72%

9

Leicester

             19,987

             19,620

-1.84%

10

Blackpool

             12,036

             11,809

-1.89%

11

Nottingham

             25,795

             25,277

-2.01%

12

Derby

             22,878

             22,413

-2.03%

13

Northampton

             20,242

             19,812

-2.12%

14

Bradford

             15,289

             14,958

-2.16%

15

Dundee

             17,393

             17,011

-2.20%

16

Preston

             16,071

             15,714

-2.22%

 

Chester

             20,860

             20,371

-2.34%

 

Top 40 average

              21,195

             20,694

-2.36%

17

Milton Keynes

             29,361

             28,668

-2.36%

 

Sittingbourne

             17,625

             17,185

-2.50%

18

Bristol

             25,872

             25,216

-2.54%

19

Birmingham

             19,584

             19,074

-2.60%

20

Brighton

             21,169

             20,611

-2.64%

21

Hull

             15,977

             15,546

-2.70%

 

UK Average

              20,911

             20,341

-2.73%

22

Southampton

             20,538

             19,972

-2.76%

23

Sheffield

             18,011

             17,510

-2.78%

24

Plymouth

             16,669

             16,197

-2.83%

25

Swansea

             15,412

             14,974

-2.84%

 

Wrexham

             16,531

             16,061

-2.84%

26

Sunderland

             16,953

             16,469

-2.85%

27

Portsmouth

             21,003

             20,390

-2.92%

28

Coventry

             18,595

             18,032

-3.03%

29

Newcastle

             18,267

             17,697

-3.12%

30

Southend-on-Sea

             15,965

             15,449

-3.23%

31

Belfast

             30,819

             29,816

-3.25%

32

Manchester

             18,177

             17,567

-3.36%

33

Cardiff

             21,599

             20,864

-3.40%

34

Leeds

             23,487

             22,671

-3.47%

35

Telford

             18,996

             18,336

-3.47%

36

Peterborough

             24,238

             23,394

-3.48%

37

Wolverhampton

             15,653

             15,072

-3.71%

38

Dudley

             15,210

             14,622

-3.87%

39

York

             21,111

             20,221

-4.22%

40

Luton

             22,941

             21,829

-4.85%

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The biggest increases in tax have fallen very clearly on higher earners. They will face more than £5.5billion in extra taxes over the next five years as a result of the Autumn Statement 2012.
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Swiss bank account holders risk huge penalties if they fail to respond to bank letters

Following the October 2011 Swiss-UK tax agreement, which enters force on 1 January 2013, Swiss banks have begun to send thousands of letters to UK account holders requesting permission to send their account details to HMRC via the Swiss government. UK taxpayers will face huge financial penalties however, if they refuse their bank permission.
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Swiss Bank Accounts and Investment Portfolios

As a consequence of the UK-Swiss tax agreement that was signed in October of last year, the Swiss banks have now embarked upon the massive task of writing to all account holders who have a connection with the UK.
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Number of companies offering Save As You Earn schemes for ordinary workers plunges

The number of UK companies offering ordinary employees Save As You Earn share option schemes has plummeted 15% in one year, according to our research. Save As You Earn (SAYE) schemes allow employees to invest in the company they work for, at a discounted price. Deputy Prime Minister Nick Clegg has called repeatedly for increased employee share ownership.
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HMRC investigation yield jumps by a third to a record £21 billion

HMRC’s total yield from investigations into tax avoidance and evasion jumped by a third to £21 billion in 2011-12 (year end March 31).
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HMRC target British clients of HSBC in Jersey

If reports in today’s Daily Telegraph are accurate, it would seem that HMRC are now in possession of the names, addresses and account balances of every British client of HSBC in Jersey
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UK tax burden on high earners one of the heaviest in the world

Tax rises have left the UK penalising its top earners with one of the highest personal tax burdens in the world, according to our research.
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The High Income Child Benefit charge

This week HMRC will start writing to people who it believes will have income in excess of £50,000 in the current tax year and who may be liable to pay the High Income Child Benefit Charge.
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Volume of shares traded on AIM shows greater resilience than the Main market in the face of Eurozone crisis

The daily value of shares traded on AIM has shown greater resilience than the Main market in the last year, even as the Eurozone crisis has deepened.
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Academy Update - October 2012

All academies that were unable to include their FRS 17 LGPS valuation as at 31 August 2012 in their WGA returns because the information was not available in time before 28 September should ensure that they complete and file the LGPS Valuation Statement by 31 October.
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HMRC income from personal tax investigations jumps 64% in one year

HMRC is taking an increasingly aggressive stance on self-assessment personal tax returns, taking in 64% more revenue in 2011-2012 through investigations than in the previous year.
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Investor income from buy-to-let property jumps by over a £1billion in a year

Private investors’ income from property has increased by another £1.3billion in the last year.
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Yield from tax investigations into small business jumps 39% in a year

The extra tax yield from compliance investigations into small and medium sized businesses by HM Revenue & Customs jumped 39% in the last year.
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Academy schools facing extra reporting burden from financial regulator

Academy schools are being ordered to provide extra sets of accounts to the Education Funding Agency (EFA) – the Government’s financial regulator for the academy sector – on top of those already being prepared.
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HMRC senior management resignations jump 45% in a year

Resignations by senior managers at HMRC have jumped sharply during a year in which the organisation’s performance lapses drew sharp criticism.
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AIM departures at lowest level since 2005-6

Only 102 businesses left AIM in 2011-12 (year end September 30), an 18% fall from a year ago and the lowest level since 2005-6.
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Workplace perks fall under weight of taxes and business cuts

The use of traditional workplace perks, such as the company car, has continued to slump in the wake of tax increases and business cutbacks.
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HMRC challenges to valuations for Inheritance Tax increase tax take by 26%

HMRC has increased by 26% the amount of extra inheritance tax (IHT) it takes in by challenging the valuations of properties passed on to heirs.
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HMRC slash interest rates on all Save As You Earn (SAYE) schemes to zero per cent

HMRC has cut the interest rate paid on all SAYE employee share schemes to zero per cent, which UHY Hacker Young, the accountancy group, says will discourage employees from investing in the companies they work for.
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UK increasingly reliant on property investment

Britons are becoming more dependent than ever on property investments, despite the role that the property market bubble played in creating the financial crisis, according to our research.
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Academy Accounts Direction 2011/12

Our analysis of the recently issued EFA 2011/12 Accounts Direction.
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York taxpayers see fastest increase in tax of all the top 50 UK towns and cities during the recession

York taxpayers have seen their tax bills increase the fastest of all the Top 50 towns and cities in the UK since the start of the financial crisis, according to UHY Hacker Young.
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Many farmers working until death due to tax anomaly

Many elderly farmers are being forced to work through their retirement, or run the risk of their estates facing huge inheritance tax bills on their farmhouses.
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AIM sees lowest level of company departures in six years

AIM continues to shrug off the worst effects of the Eurozone crisis, with the most recent quarter seeing the fewest number of companies to depart the market since Q2 2006.
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A tax amnesty for you?

Tax amnesties are like buses – you wait for ages and then a group of them come along all together.
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Watford FC sold to Pozzo family

The immediate future of Watford FC has been secured through today’s purchase of the club by an SPV controlled by the Pozzo family.
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Farmers urged to apply for Government grants

The department for environment, food and rural affairs (Defra) is now inviting applications for grants of up to £25,000 to enable businesses to buy new machinery and develop green projects.
read more...

UK has one of the highest tax burdens in the G8

The UK collects 34% of GDP in tax, much higher than both the G8 and “BRIC” average.
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HMRC take from enquiries into Capital Gains Tax leaps 43% in 2011

The amount of tax collected by HM Revenue & Customs (HMRC) from Capital Gains Tax (CGT) enquiries has leapt 43% over the last year.
read more...

Newsflash for academy schools: WGA return arrangements

The long awaited arrangements for the WGA return for the financial year 2011-12 have finally been confirmed, and full details will be published on 20 June.
read more...

Low interest rates wipe £18 billion from UK savings accounts

UK savers are losing nearly £18 billion a year as inflation continues to erode away the interest earned by their savings and current accounts.
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Just one UK city creating more new businesses than it's losing

Aberdeen was the only major UK city to create more businesses than it lost when the UK emerged from recession in 2010, according to our figures.
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Latest publications

SRA Board retain accountant's report

The SRA Board retained the requirement of law firms to commission an accountant's report following the negative feedback obtained in the recent consultation on proposed changes to their reporting accounting requirements.
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Taxflash: Mileage rates - September 2014

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HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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VATflash September 2014

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If your business is involved in the area of digital downloads, or electronically supplied services to give it its more accurate label, you will need to prepare for the new VAT rules coming into force on 1 January 2015 across the EU.
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2014 Academies Financial Handbook

Download our summary and comments on the newly released 2014 Academies Financial Handbook.
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Doing business in the UK

A detailed report providing key issues and information for investors considering a business operation in the UK.
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Experience with stock market clients

Our Capital Markets specialists have significant experience advising and supporting fully listed, AIM and ISDX clients. This document provides a list of stock market clients as at August 2014.
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Academy schools update: August 2014

Download our most recent academy schools update which concentrates on the risks involved with academy governance, the academies Risk Protection Arrangement, your impending auto enrolment staging date, the recent EFA investigations into academies and handy tips for the lead up to your audit.
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Taxflash: Users of tax schemes face large tax bills this Summer

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Our dedicated tax investigations team can provide impartial and practical advice in how to deal with the very real consequences of participating in a tax scheme.
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UK tax guide 2014/15

Download our guide for practical tax tips to guide you through the tax system and help you plan to minimise your liability.
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UHY's AIM Review 2013/14

As part of our commitment to the small cap community we have developed a review of the AIM market.  
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Tax update, issue 43

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Our regular summary of all the latest tax issues that will affect you and your business.
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Cryptocurrencies: Bitcoin explained

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Why Bitcoin has taken the financial spotlight this year.
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VATflash July 2014

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Our July VATflash discusses the changes to customs procedures for imports of goods into the European Union.
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Dealsflash: London Nusantara Plantations plc

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We recently acted as reporting accountants for the admission to ISDX of London Nusantara Plantations plc.
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UHY Insights: Financing Growth, June 2014

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Following our recent FD Forum we would like to share with you the UHY Insights paper on Financing Growth. This document highlights the importance to businesses of being informed and prepared and contains useful information and recommendations to help achieve this.
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UHY International Business issue 29

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The latest issue of our twice-yearly publication featuring articles on current business affairs in countries & business cultures around the world.
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UHY service offering to Academy schools

Whether you are thinking of converting to academy school status or have already done so, we can help you with the complex array of issues you will need to deal with from best value audit and accounts to preparation to fundraising and VAT issues.
read more...

Taxflash: Mileage rates - June 2014

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HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Why UHY?

Corporategraphic 14

UHY is a cohesive international network of independent member firms providing audit, accounting, tax and business advisory services across the globe.
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Academy schools: Multi-academy trust services

School 4

Our academy specialists can advise and support you and your MAT from initial set-up and ongoing as auditors.
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Buy to let properties - tax considerations

Property

Should properties be owned personally or through a limited company?
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Rural and agriculture sector outlook 2014/15

This booklet provides our perspective, as accountants, on some of the issues facing the rural and agriculture sector for the 2014/2015 fiscal year.
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Academy schools: Multi-academy trusts factsheet

Download our summary guide to understanding multi-academy trusts.
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Natural resources: Oil, gas and mining sector

Our specialists have been active in the natural resources industry for many years and have experience advising clients across the spectrum of the sector.
read more...

Academy schools update: April 2014

School 4

Download our most recent issue of our regular academy schools updates.
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Auto enrolment: workplace pensions

Our financial management specialists can help assist you in preparing your business for auto enrolment and ensure you comply with all your duties as an employer.
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Tax card

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Our pocket-sized tax card is a handy little publication which outlines all the latest tax rates, allowances and some useful key dates for the 2014/15 tax year.

 
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Tax card

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Our pocket-sized tax card is a handy little publication which outlines all the latest tax rates, allowances and some useful key dates for the 2014/15 tax year.
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Compliance services for the legal sector

Our legal sector specialists at UHY have the technical understanding of the SRA Accounts Rules 2011 combined with legal sector experience to enable us to support you with your compliance needs.
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UHY Insights: Cyber Security, March 2014

Following our recent FD Forum we wanted to share with you the UHY Insights paper on Cyber Security which highlights the importance of protecting the critical information assets.
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UHY Hacker Young Associate Accountant Scheme

Designed exclusively for sole practiitioners who want to provide 'big firm' services without employing more staff.
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A new breed of accountant for the new economy

Helping to move you and your business from where you are now, to where you want to be.
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Patent Box

Businesses which have avoided designing their own products in the past now find it an attractive venture.
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Taxflash: Partnership crackdown

If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.

 
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Tax card 2014/2015

Many of the tax rates and allowances are fundamental to our business and personal lives and the main ones are summarised here. We are sure that you will find it a useful point of reference throughout the coming tax year.
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Taxflash: Partnership crackdown

If your partnership or LLP has a range of capital and profit sharing arrangements, you will need to review the robustness of your position.
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UHY Global Directory 2014

UHY is a world leader in audit, accounting, tax and business advisory services. Download the UHY Global Directory for more information about our global offices and resources.
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Corporate governance behaviour review

In this report we have benchmarked corporate governance disclosures made by small and mid-size quoted companies against the 2013 QCA corporate governance code.
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Taxflash: Mileage rates - March 2014

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
read more...

SMEssentials - Winter 2014

This latest issue of SMEssentials provides articles on capital allowances changes in relation to property acquisition, research and development tax relief, the increase in National Minimum Wage, cyber security and data protection, and support for SMEs overseas.
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SMEssentials - Spring 2014

This latest issue of SMEssentials provides articles on capital allowances changes in relation to property acquisition, research and development tax relief, the increase in National Minimum Wage, cyber security and data protection, and support for SMEs overseas.
read more...

Tax update, issue 42

Our pre-Budget and year end tax planning issue of our Tax Update outlines several steps you can take to organise your affairs and legitimately minimise your tax burden ahead of the Budget and tax year end. 
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Rural and agriculture

We act for a range of landed estates, farming, horticultural and rural businesses, advising them on a range of issues affecting their businesses.
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We are exhibiting at The Academies Show, London: 30 April

Come and visit us at The Academies Show to learn more about the many ways in which we are supporting and advising academy schools.
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UHY's academies benchmarking report

We have produced our second benchmark report for academies, this time covering the whole country.
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Academy schools: Transition to academy school status

Download our brochure for details of how we can assist your school in taking on the increased freedom and responsibility that comes with becoming an academy. 
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Academy schools: Considering the right structure for your school

When considering conversion to academy status it is important to choose a structure that best supports the educational needs of your school.
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Academy schools: Specialist services

Our experts are well versed with the wider issues that commonly impact upon academies, as a result, we can offer the specialist advice required.


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Academy schools: Audit and assurance

Our team of academy school specialists is experienced in providing an effective and economic audit service.

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Academy schools: Payroll services

Download our brochure for details of how our payroll software has been specifically developed for the education sector.
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Academy schools: VAT FAQs

There are a number of common questions our clients ask us regarding VAT when considering academy school status. Within this brochure, we have provided answers to some of the most common questions asked.
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Academy schools: Governance services

Our team of academy school specialists is experienced in providing an effective and economic audit service.
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UHY service offering to academy schools

We can help you deal with an array of issues from best value audit, accounts preparation, fundraising and VAT issues.
read more...

The Strategic Report

New Parliament Regulations amend the Companies Act 2006; requiring all UK companies, other than qualifying small companies, to produce a Strategic Report.
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The Strategic Report Technical Bulletin 2014

In this bulletin we focus on the Regulations and briefly summarise the currently draft FRC guidance.
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Taxflash: Capital allowance changes

With effect from 1 April 2014, if you are considering any commercial property acquisition you will require an additional level of tax due diligence.
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Business support services

As an extension to your business, we can replace or supplement your existing support function.
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Academy schools update: January 2014

Our most recent academy schools update concentrates on important changes to the education services grant, Value for Money, Academies Capital Maintenance Fund and more.
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Charity and not-for-profit

Download our brochure for details of how we provide comprehensive charity audit and accounting services, allowing you to focus on meeting the core objectives of your charity.
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UHY's comments on the Exposure Draft Charities SORP

In July 2013, the Charity Commission issued an exposure draft of the new ‘Charities Statement of Recommended Practice (SORP): Accounting and Reporting by Charities’ for consultation. The new SORP will have a significant effect on the future of UK financial accounting and reporting for charities and other not-for-profit organisations. We at UHY Hacker Young are well aware of this and, therefore, submitted our comments to the Charity Commission during the consultation period.
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UHY International Business issue 28

The latest issue of our twice-yearly publication featuring articles on current business affairs in countries and business cultures around the world.
read more...

Taxflash: Mileage rates - December 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
read more...

Research and Development Tax Relief

Research and development tax relief is an incentive from the government to encourage companies to invest in research and development activities. There is a common misconception that these incentives are aimed only at the technology sector, however, that is certainly not the case. This document outlines how research and development tax relief is more widely available than most companies realise.
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2013 Autumn Statement

George Osborne delivered his 2013 Autumn Statement on Thursday 5 December 2013.

In his statement he announced that economic growth forecasts for this year have more than doubled from 0.6% to 1.
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VATflash November 2013

Our November VATflash discusses the complicated VAT treatment of tripartite arrangements. Although tripartite arrangements are not in themselves unusual, they cause difficulties when determining who can reclaim the VAT on relevant costs since the person contracting and paying for the service may not actually be the person receiving it.
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Tax update, issue 41

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the Child Benefit charge for high earners, inheritance tax changes, Partnerships and LLPs, taxation of company cars, tax relief changes for Landlords renting furnished properties and tribunal cases involving principal private residence.
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Third sector update: Autumn 2013

This update brings you the most recent developments for charities and not-for-profit organisations including forthcoming changes to financial reporting, Gift Aid declaration wording, auto-enrolment, fraud awareness and Charity Commision news and guidance.
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UHY International capability statement 2014

Our 2014 capability statement demonstrates our worldwide presence and capabilities. This year’s capability statement includes eight great case studies, with a range of international clients across a variety of market sectors including engineering and industrial, education and training, healthcare, leisure, media and communications.  
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Academy schools update: September 2013

Download our most recent academy schools update which concentrates on value for money, ways to maximise income, implications of a retiring Headteacher, a warning on fraud and tips for year end and preparing for your audit.
read more...

Dealsflash: Macromac Plc

We acted as reporting accountants for the admission to AIM of Macromac Plc.
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New UK GAAP: Preparing for change

For many entities that currently report under UK GAAP, annual accounts prepared under the new regime will be different, and perhaps substantially so. Entities that currently prepare their accounts in accordance with existing FRSs and SSAPs must change their financial reporting framework, and need to prepare and plan for the change.
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Taxflash: Mileage rates - September 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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UHY's reaction to HMRC's consultation on the taxation of Partnerships and LLPs

Professional practices

We have summarised our reactions to HMRC's consultation outlining their view on tackling alleged abuse through the use of partnership and LLP structures. 

 
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Taxflash: New tax on residential premises - tax implications

Is your main residence or holiday home in the UK owned by a company or corporate investment vehicle and worth at least £2million? If so, now that the Finance Act 2013 has been passed the company will need to file an Annual Tax on Enveloped Dwellings (ATED) return by 1 October 2013.
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Taxflash: New tax on residential premises - company implications

Does your company or corporate investment vehicle own UK residential premises where any single dwelling interest was worth at least £2million on 1 April 2012 or at subsequent purchase? If so, now that the Finance Act 2013 has been passed the company will need to file an Annual Tax on Enveloped Dwellings (ATED) return by 1 October 2013.
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UHY deals summary 2012-13

Our latest UHY deals summary covers a range of deals that took place during 2012-2013 which were supported by the corporate finance specialists across our UHY Hacker Young Group offices.
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Dealsflash: RapidCloud International Plc

We acted as reporting accountants for the admission to AIM of RapidCloud International Plc.
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Dealsflash: Frontier Resources International

We acted as reporting accountants for the admission to AIM of Frontier Resources International.
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International Business issue 27

The latest issue of our twice-yearly publication featuring articles on current business affairs in countries and business cultures around the world.
read more...

Academy schools update: July 2013

This issue of our academy schools update brings you a summary of our in-depth review of the Academies Accounts Direction 2013, which became available on the EFA's website on 30 May 2013. We highlight the changes since last year's edition of which there are more than there would initially seem.
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Tax update, issue 40

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the General Anti-Abuse Rules, the annual tax on enveloped dwellings, the statutory residence test, announcements surrounding Limited Liability Partnerships and employees' NIC, the impact of the XBRL two years on and the guidance issued by HMRC for the new system of Real Time Information.  
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Taxflash: Loan and beholden

Our June Taxflash discusses changes to the rules on the taxation of loans made by close companies to their participators, which were introduced in the Finance Bill 2013 and took effect from Budget Day, 20 March 2013.
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VATflash June 2013

Our June VATflash discusses the VAT concept of single vs. multiple supplies and the implications for your business' VAT position. It also discusses some recent cases relating to this matter for a company selling caravans, a supermarket selling disposable BBQs, and a French undertakers business.
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Taxflash: Mileage rates - June 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 June 2013.
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Academy schools update: May 2013

This issue of our academy schools update brings you the latest information for academy schools, in particular the deadline for claiming free land and buildings valuations, increasing National Insurance Contribution costs, an update on the 2013 March Accounts Return, the second round of the Academies Capital Maintenance Fund and more.Download this Update for more information.
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FRS 100

FRS 100 is the conceptual framework for the new UK GAAP reporting requirements, giving many entities a choice as to which reporting standard to adopt, depending on factors such as size and whether or not they are part of a listed group. It also introduces some changes to FRSSE, which will be effective from 1 January 2015, with early adoption permitted. Download our fact sheet for further information.
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FRS 101

In November 2012, the FRC published FRS 101, “Reduced Disclosure Framework”, which together with FRS 100 (published in November 2012) and FRS 102 (published in March 2013) forms part of the new UK GAAP regime. Download our fact sheet for information about the purpose of this FRS. 
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The future of UK reporting: an introduction to FRS 102

Following the publication of the new FRSs by the FRC in November 2012 and March 2013, it has been clear that the reporting landscape will look very different. Download our fact sheet for information on the future of UK reporting.
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Investment in UK residential property for non-residents

With the current government wanting to be seen as tackling tax avoidance and in particular the use of offshore structures, we have seen a series of measures designed to alter the behaviour of non-resident investors in UK property. Read our fact sheet for information regarding these measures which include Inheritance Tax, Income Tax, Stamp Duty Land Tax, the Annual Tax on Enveloped Dwellings and Capital Gains Tax.
read more...

SMEssentials - Spring 2013

Our newsletter for SMEs gives a run-down of the latest tax, payroll, HR and general business news for small and medium-sized businesses.
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Statutory residence test

The statutory residence test will provide much needed certainty to an area of law that is unduly complex and lacks clarity. Download our fact sheet for the latest changes to the rules on UK tax residence and information about how the changes may affect you.
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Academy schools update: April 2013

This issue of our academy schools update brings you the most recent developments for academy schools, in particular an update on payroll for schools, P11Ds and dispensations.Download this latest update for more information.
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Taxflash: The Annual Tax on Enveloped Dwellings

Download our latest taxflash for information on the Annual Tax on Enveloped Dwellings, which came into effect on 1 April 2013.
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Why UHY?

Why UHY? outlines the reasons why we believe UHY is the perfect partner to do international business with.
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UHY Global Directory 2013

UHY is a world leader in audit, accounting, tax and business advisory services. Download the UHY Global Directory for more information about our global offices and resources.
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Financial update: March 2013

This issue of the UHY Financial Planning update covers a series of articles including how to make the most of your tax relief, allowances and exemptions, information on the increase of the limit on income drawdown and a warning to watch out for pension fraudsters due to a recent pension scam.
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Budget summary 2013

Download George Osborne's Budget presented on Wednesday 20 March 2013.
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Tax card 2013/14

A summary of all the tax rates for 2013/2014 as set in the Chancellor's Budget on 20 March 2013.
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Charities update: Spring 2013

This update brings you the most recent developments for charities and not-for-profit organisations including information about Charitable Incorporated Organisations (CIOs) and the new online service from HMRC, Charities Online, which will make repayment claims for charities and CASCs quicker and easier by filing online.
read more...

Taxflash: Mileage rates - March 2013

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 March 2013.
read more...

Taxflash: Thinking of changing your car?

If you own your own business and are thinking of changing your car in the not too distant future delaying your decision could potentially lead to a substantial reduction in your tax relief.
read more...

Tax update, issue 39: Pre-Budget and year end tax planning

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on tax planning: for the Budget; for your year end; for your business; for individuals and families; for UK or offshore trusts; for foreign domiciliaries; and for estate and inheritance tax.
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Real Time Information

The system of Real Time Information (RTI) is mandatory for all employers and is to be implemented from April 2013.
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Academy schools update: February 2013

This update brings you the most recent developments for academy schools including information on the Accounting Officer, the Audit Committee, changes to the Responsible Officer role and the new Academies Financial Handbook.
read more...

VATflash January 2013

This month’s VATflash focuses on the changes to the research exemption and the long-term hire of means of transport, updates from the courts and a number of other VAT related issues.
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Rural and agriculture case study: Land restructuring

When it comes to minimising your taxes, there is often more than one way that a transaction can be undertaken. In this case, a complex trust arrangement meant that a successful large farming company needed to divide up its assets and realise some cash. By enlisting our help, £313,000 in tax was saved.
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Rural and agriculture case study: Tax savings

In this case, a client in our Royston office was delighted to discover that two recent court cases lost by HM Revenue & Customs (HMRC) created a big opportunity for them.  Our agriculture specialists advised the client to take advantage of the resulting ruling from these cases, and their taxable profit figures were adjusted accordingly saving them £6,200.
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Rural and agriculture case study: Structural change

A large and successful farming partnership client had worked hard to increase profitability, but would soon push themselves into the, then, newly introduced 50% personal tax bracket.  Our agriculture specialists proposed a structural change in order to keep earnings away from that harsh 50% tax level and as a result saved a huge 30% in taxes.
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Rural and agriculture case study: Expanding the partnership

A family farming partnership, spanning two parents and their son, wanted to take action to avoid paying 40% tax.  The introduction of a new partner meant that their earnings would be split across four partners instead of three, reducing the income levels for everybody, bringing them all below the 40% tax threshold.
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Rural and agriculture case study: Farmers averaging

A new client came to us from an accounting practice that did not specialise in the agriculture sector and asked if we could help reduce their tax bill.  A special tax rule can be used by farms to help out when they experience two dramatically different years in terms of profits; this is called averaging.  Our specialists suggested applying the averaging rules and as a result one partner comfortably saved over £500.
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Rural and agriculture case study: Anaerobic digestion

Anaerobic digesters can be used to generate heat, green electricity and useful fertiliser from various unwanted waste products. Two of our clients, one a start-up enterprise, the other an agricultural college, understood the benefits to be gained from anaerobic digestion plants and so, both came to us wanting to install one. We assisted them both with the preparation of business plans and forecasts for their plants, as well as, helping the enterprise with grant funding applications.
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Rural and agriculture case study: Branching out

Two clients came to us wanting to branch out beyond farming activities. The first wanted to start a sandwich shop chain using produce from their farm as the sandwich fillings. The other was considering using a wind turbine as an investment to generate funds while slowing down farming activities before retirement.
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Financial update: January 2013

This issue of the UHY Financial Planning update covers a series of articles including the new child benefit charges, year end tax planning advice, changes brought about by the Retail Distribution Review and more.
read more...

International Business issue 26

The latest issue of our twice-yearly publication featuring articles on current business affairs in countries and business cultures around the world.
read more...

SMEssentials - Winter 2012

Our newsletter for SMEs gives a run-down of the latest tax, payroll, HR and general business news for small and medium-sized businesses.
read more...

Taxflash: Mileage rates - December 2012

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed with effect from 1 December 2012.
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Taxflash: HMRC's Business Records Check

HMRC have announced the re-launch of their business records check program. A pilot scheme began back in April 2011 and by February 2012 had found that 36% of businesses had some issue with their record keeping. The process was then suspended to allow HMRC to redesign the approach.
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VATflash November 2012

This month's VATflash discusses the ongoing Tribunal of Sub One, the changes to the Business Records Checks project, HMRC's latest taskforce launches, extending the higher education VAT exemption to commercial providers, input VAT on the theft of goods, information on the tax gap, VAT registration for non-resident businesses and recent appointments.
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Taxflash: HMRC's Tax Amnesty for direct sellers

HMRC have recently announced the launch of their latest tax amnesty, this time for direct sellers. This amnesty, or ‘campaign’ as HMRC now prefer to refer to them, however, has a particularly short period for disclosure, with the amnesty door closing on 28 February 2013. If you are a direct seller you need to consider your position immediately and, if you engage direct sellers, prepare for HMRC’s call.
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UHY deals summary 2011-12

Our latest UHY deals summary covers a range of deals that took place during 2011-2012 which were supported by the corporate finance specialists across our UHY Hacker Young Group offices.
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VATflash October 2012

This month's VATflash discusses a recent case at the European Court looking at the VAT treatment of discretionary investment services, the VAT treatment of property broker's services, updated HMRC guidance on land-related services, a recent Tribunal decision in relation to grant funding and reasonable care and penalties.
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Tax update, issue 38

Our regular summary of all the latest tax issues that will affect you and your business. In this issue we concentrate on the major changes to PAYE, share option schemes, the dissolution of dormant companies, the new tax return penalties, issues relating to company car use, tax enquiry insurance, HMRC morality and the tax implications of selling an Olympic torch.
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Taxflash: Mileage rates - September 2012

HMRC regularly publish approved ‘fuel only’ rates which have, again, changed.
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Academy schools update: August 2012

This update brings you the most recent developments for academy schools including information on the WGA and Budget Forecast, a counter party balance statement reminder, updates on financial management and governance evaluation validation visits and many other issues.
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Academy schools VAT update: summer 2012

This update brings you the most recent VAT developments for academy schools.
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VATflash Summer 2012

This month's VATflash discusses the Littlewoods compound interest case, transfers of going concerns, vehicle leasing, imported gifts and retrospective planning permission.
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