AAB’s VAT team grows fee income by 85% in three years
Anderson Anderson & Brown (AAB) has announced that the revenues generated by the firm’s VAT team have almost doubled in the last three years to £750,000.
The firm has consistently grown year on year for the last 30 years, due to the diverse and comprehensive services it offers clients across the UK.
The indirect tax team, which covers VAT, duty and environmental taxes, is led by director Alistair Duncan and now has a complement of five indirect tax specialists following the recruitment of a graduate trainee earlier this year, with further recruitment currently ongoing to meet the increasing client demand in the central belt.
AAB’s team of indirect tax specialists delivers innovative solutions for clients to help them minimise their VAT liabilities in a tax compliant manner. In addition to providing VAT compliance and planning services, the team has seen an increase in specialist advisory services across other indirect taxes such as customs duty, excise duty and the various environmental indirect taxes which can impact businesses on a daily basis.
AAB has also successfully assisted several clients with indirect tax investigations and dispute resolution cases with HMRC.
To address a particular risk area for the Energy sector, a bespoke ‘VAT Place of Supply’ Tool was developed to assist businesses in determining the appropriate VAT treatment. This is an area that is drawing increasing interest from HMRC and which is becoming even more complex as the industry diversifies into Renewables and other green energy solutions.
Alistair Duncan, director and head of indirect taxes at AAB, said: “The revenue growth we have achieved has been driven purely based on client demand as businesses recognise that this area of tax is becoming increasingly complex. Badged as the ‘simple tax’ when it was introduced, VAT, along with the other indirect taxes, are no longer a simple matter and clients require specialist support to suit their individual needs.
“This increasing demand has been met thanks to our dedicated, highly experienced team. Collectively, we have a broad range of specialist skills as a result of working in practice, HMRC and private industry. We are delighted to be adding to this with the recruitment of an experienced Indirect Tax Manager which is currently underway.”
With significant changes to indirect taxes due next year, Mr Duncan expects another year of strong financial performance from the Indirect Tax team.
2021 will see the delayed changes to Making Tax Digital and the domestic reverse charge for construction services coming into effect. More specifically, the end of the Brexit transition period in December will see businesses requiring greater support to meet their VAT and customs reporting obligations.
Mr Duncan added: “Brexit poses a number of challenges to UK businesses wishing to trade with the rest of the EU, and EU businesses looking to trade in the UK. The complexities surrounding areas such as the movement of goods, import and export procedures and the supply of services should be on the radar of these businesses. They must ensure that they have taken all available steps to be prepared, some of which can be taken now.”