Blog Post
Tech Talk with Omar - February 2020 update
March 2, 2020
Is anyone else in trouble for forgetting Valentine's day?
I’m holding out for the day some Start-up invents an app that can think of, buy and deliver all of my present needs! Until then… what else has happened this month:
- It will be very interesting to see how US states set up and implement real-time sales tax remittances. From this we can certainly envisage how technology & AI will be able to help businesses obtain real-time data and improve cash flows. Read more
- Can WeWork differentiate their business model from other service office providers like Regus? That would be a question for their new CEO to clarify. Read more
- High time for Asana (founded by Facebook co-founder) as they go public. It would be worth keeping a close eye on their valuation to see if they are not overvaluing their share price as we previously witnessed in the recent IPO failures. Read more
- Without doubt, an Independent Director, or NED, plays a fundamental role within company structure as they can constructively challenge the executive directors and provide independent oversight. We have learned that Facebook recently added Dropbox’s CEO to their board - surely this may raise concerns about “impartiality”. Read more
- Even Netflix couldn’t escape MP scrutiny! Yes I agree that international tax reform is needed for each country to receive their fair share of tax, but on the other hand will this be at the cost of more layoffs? Or will big companies simply find new ways to avoid paying corporate tax (e.g. transfer price, profit shifting). Read more
- Viva España!! Spain is becoming the number 1 choice for Latin American startups looking to expand in Europe. Language and cultural similarities are of course very important factors when it comes to overseas expansion. I now have another reason to retire in Spain, Gracias amigos! 🙂. Read more
- Pod Point who crowdfunded 3 times with Crowdcube has now been acquired by EDF Energy. A great move for EDF showing their commitment and interest in cleantech.
- If you haven’t already read the 2019 deal report (UK) published by Beauhurst, this is definitely one to catch up on. AI is still ahead in the funding war, and Starling Bank, founded by leading female entrepreneur and banking veteran Anne Boden, has closed yet another funding round.
- N26 has decided to close its UK operations due to increased regulatory requirements following Brexit. I would love to find out how other UK challenger banks like Revolut, who currently hold a European Banking Licence, are preparing for the Brexit transition period.
- Looker data analytics software, targeted at medium-sized businesses, has now acquired part of the Google family. The move definitely seems to show how Analytics and BI will be shaping the future of finance and investment decisions.
Thank goodness there’s no romantic holidays in March! Wait a second… isn’t it my wife’s birthday?? Does that happen every March now?! Where’s that present idea app!!
In the realm of employee share schemes, understanding the tax implications is crucial for both employers and employees. One significant aspect to consider is the Section 431 election, a provision under the UK's Income Tax (Earnings and Pensions) Act 2003. This election plays a pivotal role in determining how employment-related securities, particularly restricted shares, are taxed.
In today's rapidly evolving business environment, intangible assets have become central to a company's value and growth potential. Traditional accounting standards, however, have struggled to keep pace with the diverse and complex nature of these assets. Recognising this gap, the International Accounting Standards Board (IASB) and the UK Endorsement Board (UKEB) are embarking on a comprehensive review of IAS 38: Intangible Assets, a standard that has remained largely unchanged for over 26 years.
The UK government has been generous in supporting research and development (R&D) through tax relief schemes. However, with increased scrutiny from HMRC, many businesses are seeing their claims rejected, even after initial approval.
