Today’s news in brief – 05/12/2024

The Institute of Chartered Accountants of Scotland (ICAS) acknowledged positive investment plans in the Scottish budget but criticized its lack of long-term solutions. CEO Bruce Cartwright called it a “relief” that no additional income tax bands were introduced, though he described the budget as uninspiring, failing to address structural reforms for public services or tax strategies. Cartwright highlighted Scotland’s limited tax base and urged comprehensive income tax band reviews. ICAS emphasized the need to end fiscal short-termism and introduce strategies that provide certainty for businesses and public services to plan beyond the next 12 months. FRP Advisory facilitated Pylon One’s transition to an Employee Ownership Trust (EOT), ensuring long-term stability for its 15 employees. FRP’s team, led by James Cooper, provided share valuation, tax advice, and financial modeling while securing HMRC clearance for the transaction. Pylon One, an ICT infrastructure specialist for global events, identified employee ownership as a natural progression to sustain company culture and share success. Founder Mark Lyons credited FRP’s guidance in enabling a smooth transition. FRP’s Cooper highlighted the growing popularity of EOTs as an alternative business exit route, ensuring continuity and future growth under the new structure. Champion Accountants has strengthened its operations with three strategic hires. Dale Swift joins as a senior tax planning manager in Manchester, specializing in acquisitions, tax efficiencies, and employee share schemes. Heather Stockton returns to the Chester office as a senior manager, bringing expertise in cloud accounting and automation gained as a financial controller. Liam Thompson joins the Preston office as audit and accounts senior, focusing on SME services. Group managing partner Ged Cosgrove emphasized the value of these appointments, reflecting the firm’s commitment to growth, client service, and supporting evolving SME needs across the North West. Interpath Advisory has been named joint administrators for Stenn Assets UK Limited and Stenn International Limited after a High Court order. Part of Stenn Technologies, a London-based fintech and trade finance provider, the companies employ over 200 globally and have deployed $10bn in capital since 2016. Administrators Jim Tucker and Joshua Dwyer aim to stabilize operations, engaging employees, suppliers, and stakeholders while exploring recovery options. Stenn Technologies focuses on supporting international SMEs with digital finance solutions. Interpath urged debtors to continue payments as they work to maximize value and assess future opportunities for the companies.