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CGT - Emergency Budget
In the budget on the 22nd June we will be watching for substantial relieves for both entrepreneurs as well as employee shore ownership.
Passive share holders in small companies and buy to let investors will also potentially suffer.
Also, will there be any relief for inflationary gains - it seems sensible to reintroduce these relieves.
The final question is the timing of these changes with an immediate rate rise is likely.
Most Trusted Tax Adviser 2009 - Acquisition Finance Global Awards
Olivine is delighted to have won Most Trusted Tax Adviser of the Year – UK, further recognition of the high quality of advice and service provided by the firm.
Commenting, Vanessa Rush says: "We are delighted to have been awarded Most Trusted Tax Adviser of the Year. This award is testament to the growing strength of Olivine. The aware reinforces the quality and style of work we have undertaken over the past 5 years.”
VAT - exchange of timeshare rights
A VAT case has just been decided at the European Court of Justice (3 September 2009) concerning the place of supply of membership, subscription and other fees for the exchange of timeshare rights within the EU which decided the services of organisers are sufficiently closely related to the property concerned to be subject to VAT where the timeshare property is found. This case relates to membership schemes but could be of wider application.
This could be a blessing and a curse:
• if the membership organisation is based in the UK but the property is elsewhere UK VAT should not be charged on the fees but UK input VAT is recoverable, and
• the membership organisation may be required to be registered for sales tax in the EU member state in which the timeshare property is located. This imposes an administrative burden and if missed could result in penalties. It could benefit the membership as they may be able to reclaim the VAT charged by the member.
At present some organisations are suffering double taxation i.e. VAT in the UK and other EU member states.
Non compliance with the rules could result in penalties.
Wavetrend Holding Limited, a world leader in the deployment of track and trace solutions, secures USD $5 million in funding.
SURREY, UNITED KINGDOM – April 21, 2009) Wavetrend Holding Limited, a world leader in the deployment of track and trace solutions, announced today that it has secured USD $5 million in funding and completed a successful management buyout. Wavetrend remains a private company, now owned by its management team and new financial backers. The executive management team will continue to be led by Saleem Miyan, Wavetrend’s incumbent Chief Executive Officer.
Wavetrend’s new investors include established technology investors with a deep understanding of global business management, having successfully launched and grown businesses in diverse industries, including retail, construction and secure global logistics. Access to this business expertise provides Wavetrend with additional resource to assist in the strategic extension of its solutions offerings into new vertical markets.
“This investment in Wavetrend is a validation of the quality and marketability of the solutions we offer. Wavetrend has established itself as a leading provider of solutions to monitor and track critical high-value assets, people and vehicles, and we are well-positioned to build on our record of success,” said Mr. Miyan.
The latest round of funding provides Wavetrend with the resources required to respond to its growing customer opportunities. Wavetrend’s commitment to intelligent and cost effective innovation has led to the development of a market leading product and solutions portfolio that allows the company to offer applications directly addressing its customer business
requirements. The company also has the advantage of an established track record in regions, such as the Middle East, and industries, such as secure logistics, oil and gas, automotive and construction, where active RFID is being increasingly deployed and where Wavetrend has an expanding customer base.
“At a time when the world is facing an incredibly difficult economic downturn and budgets are being tightly managed, Wavetrend, with its successful business model, growing roster of implementations and committed management team, represented an outstanding investment opportunity for the investor group,” said Francis Firmstone, a Director of Gulf Capital which led the investment round.
About Wavetrend:
Operationally headquartered in the United Kingdom and regional offices in United States, South Africa and Asia, Wavetrend is a world leader in the deployment of Active RFID solutions. Wavetrend technology enables enhanced management of people, assets, and logistics for improved business performance while optimizing customer return on investment and payback time. Through both its direct Professional Service teams and its global network of accredited solution and integration partners, Wavetrend delivers a wide selection of proven, superior-performing Active RFID products and solutions to customers around the world and supports a variety of industries including healthcare, construction, transport, logistics and automotive. For additional information, visit Wavetrend at www.wavetrend.net.
VAT on unpaid rent
Landlords are increasingly experiencing hardship due to slow payment or non payment of rent. That hardship will be worsened if, where VAT is chargeable on the rent, the VAT on unpaid rent is due to be paid across to HMR&C. The only remedy available to the landlord in this circumstance is VAT bad debt relief. However, this requires the landlord to wait for 6 months from the due date for payment of the rent before the VAT paid to HMR&C can be reclaimed from HMR&C. Landlords may be able to resolve this in either of the following ways:
• opting into the cash accounting scheme, with the result that VAT is only accounted for on payment, or
• by treating rent as a continuous supply, again with the result that VAT is only accounted for on payment.
Each option has advantages and disadvantages and eligibility requirements must also be considered. Advice specific to your circumstances should always be sought.
VAT on temporary staff costs
Plans to add VAT to the wages of temporary social care and charity workers, locum doctors and financial services staff will lead to a significant fall in the use of agency staff, according to a new study.
The Recruitment Employers Confederation has warned that the government has ‘grossly underestimated’ the costs involved.
The new VAT arrangements were announced in the Budget earlier this year and are set to come into effect in April 2009. Key findings reveal the impact will hit:
Health care sector: costs will soar as VAT is charged on the wages of locum doctors and specialist medical staff supplied through agencies.
Charities: one charity has estimated the cost at £1.6 million a year.
Social Housing: it is estimated that the cost to the sector could be £135 million.
Further education: the annual cost to English Colleges could be £20 million.
Financial services sector: the cost to investment banks is estimated at £50 million and in the retail banking sector over 25, 000 jobs are caught up in temporary staffing.
Athshe attracts seed funding to develop the P2 powder press
A Swansea company has developed the technology to make a range of strong plastic panels from virtually any mix of waste material – including discarded plastic bags, old milk cartons, discarded drinks bottles, metal components and old clothes.
Athshe, a plastic engineering company from Penclawdd, say they can even supply armoured, bullet proof and fire proof doors using the same technology.
The panels, which can be provided in a range of colours and sizes, can be used to replace plywood hoardings around building sites, used for pallets, partition walls, desk pods, contoured for shed roofing or used as partition walls.
The outer skin of the panels is made from recycled plastic such as recycled drinks bottles or milk cartons while the core material in the centre can be made from a range of different waste materials.
This waste is reprocessed and mixed with a foaming agent which fuses the materials together to create a cellular foam structure which is used as the core material.
The panels can be strengthened by adding Kevlar or Glass Fibre – a material used in bullet proof vests or made fire proof by adding anti inflammable agents.
The investment is from a group environmental investors.
The company has been supported by the Welsh Assembly Government with an investment grant towards the design, development and manufacture of the new P2 powder press which is currently being patented.
Ieuan Wyn Jones, Minister for the Economy and Transport, said the technology had the potential to play an important role in recycling and reusing materials that would normally end up in landfill.
“Not only does it encourage environmental good practice but the range of applications for these ‘green’ panels is quite extensive. It is another example of a small Welsh company developing new technology that has far reaching potential and I am pleased the Assembly Government has been able to play a part in supporting Athshe.”.
www.olivinepartners.com - New website
Olivine is delighted to launch its new website which reflects its individual, innovative and progressive nature.
The site will be updated regularly with news of deals and the comments from the Olivine team on current issues. The new site also sees the launch of the plog - the blog from the much-loved Olivine office dog, Pongo, giving a dogs eye view on the world around him.
CorporateUK magazine article - MBO
“The corporate finance adviser plays a pivotal role in an MBO transaction, essentially project managing the entire deal, sometimes right from its conception along the often bumpy road towards completion.” Click here to read the full article.
Olivine event - May 2008
Olivine will be hosting another event at Thompson's art gallery in Marylebone, treating over 100 clients and contacts to delicious canapés and refreshing drinks whilst surrounded sculptures being shown for the first time.
Ekay PLC – acquisition of communications agency WFCA
Ekay PLC reported an increase in its first-half pretax profit on higher revenue and said although trading has been more difficult in the first quarter of 2008, the pipeline of work suggests that the second quarter will show an improvement.
For the first half to end-Dec, Ekay said its pretax profit was 253,934 stg after an exceptional credit of 115,000 stg for legal fees, while sales improved 30.3 pct to 23.1 mln stg.
The advertising and marketing agency also said it has acquired full service marketing communications agency WFCA Integrated Ltd for 8.5 mln stg in cash and shares.
For the deal, it has raised 2.5 mln stg by placing 41.67 mln shares at 6 pence per share, and will pay 4 mln stg cash to WFCA as interim payment.
Owing, inter alia, to the size of the acquisition, which constitutes a reverse takeover under the AIM Rules for Companies, Ekay said it plans to raise it share capital to 2 mln stg from 1 mln stg.
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