On November 22nd, HMA Tax hosted an evening at the Gleneagles Townhouse in Edinburgh, extending a warm welcome to Scottish partners and clients who have been instrumental in the company’s success throughout the year. The event was led by Andy Milnes, Associate Director, who used the opportunity to thank all our Scottish partners for the steadfast support they have given HMA Tax over the years.
The guests comprised our partners, most of whom are directors of major law firms, accountancy practices, finance brokers, and property firms. The occasion served not only as a celebration of shared achievements but also as a platform to share exciting updates and future ventures.
A Milestone Year
Andy Milnes, in his address to the attendees, expressed gratitude for their contribution to HMA Tax’s recent accomplishment: claiming over £500 million in Capital Allowances for clients. He also unveiled HMA Tax’s latest initiatives, including confirming the latest office openings in Dubai and Melbourne, and the establishment of HMA Tax Offshore. This new venture involves collaboration with leading offshore trust companies to optimise their tax positions concerning UK property assets.
Autumn Statement 2023
James Telling, who leads our London office and specialises in large development claims, provided valuable insights into the Autumn budget’s impact on Capital Allowances. He highlighted Chancellor decision to make full expensing allowances a permanent fixture in corporate tax planning.
This monumental decision, following the introduction of the 130% Super-Deduction and Full Expensing, has positioned the UK with the lowest corporation tax rates in the G7 and the most generous Capital Allowances regime. Notably, the Chancellors announcement of making Full Expensing permanent has been hailed as the largest permanent business tax cut in modern history. This move empowers businesses to plan for future capital expenditure more strategically, fostering investment and growth.
Local and Overseas
As HMA Tax embraces these transformative changes, the focus on the offshore sector through HMA Tax Offshore represents a strategic move to navigate evolving legislative landscapes. The increased partnerships with accountants in this field indicate a growing advisory role for HMA Tax, particularly in advising Family Office clients both in the UK and overseas.
Looking Forward To 2024
The evening at Gleneagles Townhouse was not just a celebration of past achievements but a forward-looking embrace of industry shifts. The commitment to maximising tax positions for clients, combined with strategic expansions and partnerships, positions HMA Tax as a leading force in the world of Capital Allowances.
As we continue to witness increased acquisitions, constructions, and fit outs across all commercial property asset classes, HMA Tax eagerly anticipates sustained growth and collaboration in the coming year.