A&M Scotland Asset Manager Briefing Note: Volume 8
Volume 8: November 2020
A&M Scotland Asset Manager Breakfast Briefing – 4th November 2020
We hosted our second Scotland Asset Manager Breakfast Briefing virtually on Wednesday 4th November.
The Breakfast Briefing covered a market update from Daniel Parry, a discussion on the recent UK tax consultation on Capital Gains Tax and how some Asset Managers are responding to this, an overview of the European Union’s DAC 6 requirements along with an update on the new IR35 rules. There were also guest presentations from Douglas Graham of NCM Fund Services and Jon Wilson of Ellis Wilson.
If you would like to listen to our presentation again or download the slides for more information, please click here.
A&M London Virtual Asset Manager Roundtable – 18th November 2020
Daniel Parry is hosting the second Virtual Asset Manager Roundtable event on Wednesday 18th November between 9am and 10.15am.
The Virtual Asset Manager Roundtable event will provide an overview of tax and commercial issues that Asset Managers may be facing in the current climate with:
- A market update being provided by Daniel Parry;
- A discussion on reporting risk for Asset Managers provided by Orion Ganase;
- An update on the new IR35 rules provided by Tracey Norton; and
- An overview of the market and the financial impact of Covid-19 provided by our Transaction Advisory Group team.
Sarah De Ste Croix, Counsel, of Stephenson Harwood LLP will also be discussing Covid-19 regulatory risk with Daniel Parry.
If you would like to register for this event, please click here.
Introduction to Tracey Norton, Senior Director at A&M Taxand
We were delighted to welcome Tracey Norton to the A&M Taxand UK team last month.
Tracey is a Senior Director within the Employment Taxes team at Alvarez & Marsal Taxand UK and is based in Scotland. She brings more than 30 years of tax experience and specialises in international employment taxes, social security and the Construction Industry Scheme. Miss Norton has worked with clients across a range of industries including oil and gas, financial services, information technology, construction and property, public sector, owner managed businesses, charities and high net worth individuals.
Miss Norton advises employers on employment tax compliance and advisory matters including tax authority audits, setting up processes and procedures, day-to-day compliance activities (payroll configuration) and employment structuring advice (insourcing and outsourcing). She also assists with remuneration planning and compliance obligations including regulatory, union and collective agreements, and national minimum wage matters.
Prior to joining A&M, Miss Norton was an Inspector at HM Revenue & Customs (“HMRC”) and worked at several Big Four and mid-tier accountancy firms, moving in-house for oil and gas and financial services companies before returning to consulting.
Contact Tracey at tracey.norton@alvarezandmarsal.com.
Update: Self-Assessment statements and 31 July 2020 Payment on Account (“POA”)
In our April 2020 newsletter, we outlined that HMRC were allowing taxpayers to defer their 31 July 2020 POA to 31 January 2021 without interest or penalties arising.
We understand that some Self-Assessment taxpayers, who chose to defer their 31 July 2020 POAs, have received a Self-Assessment statement, showing that payment is due, and interest is accruing.
We also understand that HMRC have confirmed to The Chartered Institute of Taxation that they will not impose any late payment interest or penalties on the deferred 31 July 2020 POAs, provided these are paid in full by 31 January 2021.
