TODAY’S HEADLINE

Government consultation day shows economic optimism is alive and well in the North

Northern Futures was a recent Government consultation day held at Newcastle’s Toffee Factory, facilitated by Northumbria University, Newcastle, to ask how economic growth can be stimulated in the North. We asked some local business leaders for their … [Read More...]

TURNAROUND AND INSOLVENCY

Is an IVA always the best option? – 10 points to consider

Lynn Marshall from our Turnaround & Insolvency team discusses some important points about IVAs: Determine whether an IVA is the best option An IVA (Individual Voluntary Arrangement) may not be the only available option; therefore a full discussion should take place BEFORE any decision is made. Don’t consider an IVA in isolation We frequently arrange to meet individuals to discuss options and are told that they will not consider anything other than an IVA. Any decision is yours, but all options should be considered based upon your unique situation. Avoid a blinkered view Different options work best dependent upon individual circumstances e.g. whether you own a house, if you’re a Company Director or employed, and your area of work. Be prepared to listen to all options with an open mind as the one best suited to you may be a surprise! Be honest when seeking advice Sometimes only half the story is provided at the initial meeting. The correct advice can only be provided if … [Read More...]

Government consultation day shows economic optimism is alive and well in the North

Northern Futures was a recent Government consultation day held at Newcastle’s Toffee Factory, facilitated by Northumbria University, Newcastle, to ask how economic growth can be stimulated in the North. We asked some local business leaders for their thoughts: Rob Charlton, CEO of Space Architecture “My view on this is that the North East must invest in skills. We must take a long term view and ensure our young people have the best skills to compete in the digital age. We have some excellent universities and we must work hard to retain that talent in the region. We should also work hard to promote the quality of life the region provides and focus on exports to other parts of the UK and further afield.” Jonathon Stokes, Head of Dispute Resolution at Gordon Brown Law Firm “For as long as the North is seen to stop at Leeds it is difficult to be optimistic about any support that is not self-generating. The recent suggestion that HS3 would create a ‘powerhouse in the North’ is … [Read More...]

Taxation & Payroll

Major changes to the taxation of buying property in Scotland

Increasing numbers of North East businesses are acquiring property in Scotland as part of their expansion into areas such as Aberdeen, Edinburgh and Glasgow. However, recent announced changes will impact upon property acquisitions completed after 1 April 2015. For some, the new Land and Buildings Transaction Tax may increase the tax payable on acquisition and for others the new regime may reduce taxes. North East based purchasers of property in Scotland should consider whether they will be affected and may wish to seek to accelerate or delay purchases accordingly. Angel Haig of our MHA affiliate firm Henderson Loggie has summarised below the major changes. The first of the devolved taxes, land and buildings transaction tax (LBTT) comes into force on April 1 2015, replacing stamp duty land tax (SDLT) in relation to transactions involving land in Scotland. LBTT is similar to SDLT in many ways, however, where SDLT is a slab tax (i.e. the whole price is taxed at a fixed rate) LBTT … [Read More...]

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