Managing Principal Viewpoint
AND THE BEAT GOES ON
Time for a change
Regular readers of Shipshape Viewpoint will spot that, unusually, this time it’s a double-act – no comparisons please!
Having completed my second term as Shipleys’ Managing Principal, I passed on the baton to fellow Principal, Steve Foster, on 1 November.
It’s been a real privilege and very rewarding to have led the ﬁrm over the past six-and-a-bit years. As many businesses would I’m sure testify, the past 18 months have been quite a challenge and I am enjoying my return to full-time client work. It’s reassuring, though, that the ﬁrm has maintained a strong position and, looking forward, it is certainly in good hands.
If you haven’t met Steve, he trained and qualiﬁed with Baker Tilly and then spent six years as director of ﬁnance at a London-based media business. He joined Shipleys LLP as a Principal in January 2008 and advises a diverse portfolio of clients, ranging from ambitious start-ups to public companies.
In the role of Managing Principal, he will lead the ﬁrm’s strategic direction and overall management. He will also oversee the development of our people and ensure our top-quality client service is maintained.
A heartfelt thank you
I and my fellow Principals are hugely grateful to Simon for all his hard work as Managing Principal over the past six years. During that time the ﬁrm has grown both organically and by acquisition. It also adapted quickly to the working challenges of the pandemic.
I’m really looking forward to further building on Shipleys’ success to date and guiding the ﬁrm in its future development. It’s an exciting time, as we support clients as they adapt to the post- pandemic landscape. Our focus will remain to help clients thrive and it’s a privilege to take on this leadership position.
Moving on up
Since our last issue, there have been more positive signs that the economy is recovering. The Chancellor’s Budget in October was a case in point. With better Oﬃce for Budget Responsibility forecasts for projected economic performance, the Chancellor was in a spending rather than taxing mood.
You can read more about the key implications of the Budget in our Autumn 2021 Budget Summary.
We’ve also highlighted some key VAT developments to be aware of on page 7.
While the Chancellor didn’t initiate the capital gains tax oﬀensive some people were fearing, there have been some changes regarding CGT on property – see page 2. Also, if you’re considering purchasing or selling property in France, be mindful of new implications following Brexit – see page 10.
Waiting on the world
Climate change was brought into sharp focus as politicians from across the globe descended on Glasgow for COP26. To coincide with the event, new Sustainability Disclosure Requirements for larger companies have been announced. Find out more on this and other environmental considerations for businesses on page 4.
Climb that hill
As the economy slowly recovers, many businesses are assessing how to grow in still challenging conditions. Speed of growth is often inﬂuenced by access to ﬁnance and on page 5 you’ll ﬁnd a summary of diﬀerent ﬁnance options now that many government-backed schemes have closed.
Growth also comes from being able to draw on the right talent. As there’s a tougher recruitment pool in many sectors post-Brexit, on page 9 there’s a summary of tax- eﬃcient beneﬁts to help incentivise staﬀ and boost retention.
Shipleys has a long tradition of supporting the media industry and it’s been great to see the output of the ﬁlm, TV, animation and video games sectors increase over 2021, despite tough conditions. A recent change to the reliefs for ﬁlm and TV production is worth noting – see page 6.
Also, we are delighted to feature our video games sector specialism (page 6) and the achievements of one of our clients – Unit 9 (page 8).
With a little help from our friends
2021 has been another year few will forget. We’ve been delighted to work closely with clients to help them survive and thrive in tough conditions.
Throughout, we’ve been very proud of the agility and professionalism all our colleagues have shown. As a case in point, we’re also pleased to announce that Sarah Leek, who some of you will know, was recently promoted to Director.
Furthermore, we’d like to congratulate all our staﬀ who passed their professional exams in 2021. It was a challenging year in which to study, and we are very proud of the results they achieved.
And ﬁnally, thank you to all our clients and contacts for your support over the past 12 months. On behalf of everyone at Shipleys we wish you good health, prosperity and happiness in 2022.
Shipshape articles are intended to create awareness of issues and specific advice should be obtained before taking action, or refraining from taking action in relation to the topics covered. If you would like advice or further information, please speak to your usual Shipleys contact.
Copyright © Shipleys LLP 2021