Sector Focus
Finance Sector Focus The latest news from the sectors that matter to business Steve Johnson
FAANGS have bite left in them
Shares in the world’s most popular hi-tech companies may have taken a bit of a dive recently – but a Birmingham- based wealth specialist says that these firms will still be a great bet for investors over the medium term. Steve Johnson, managing
partner of Ward End-based investment specialist S Johnson Wealth Management LLP, said that although the FAANGS - the market's six most popular and best- performing tech stocks, namely Facebook, Apple, Amazon, Netflix, Alphabet’s Google and Samsung – had had some teeth drawn recently, they still had plenty of bite left in them. He said: “Recent market
falls have been particularly hard on tech stocks, and the FAANGS have certainly been hit. However, the FAANGS remain hugely important to those investors that remain in the market for the medium term (five years plus). “These investments are
volatile and high risk – but they have huge potential, and if as an investor you don’t have some money in them, then you are missing out.” Mr Johnson said the key to
using FAANGS in investment portfolios was to forget about the short term, and instead focus on the medium term. He said: “Timing is important
when investing but very difficult to get right – but it becomes far less important when your timescale is measured over a number of years. “In spite of our general
concerns about timing, we are now viewing the recent falls in tech sectors as opportunities – I cannot see a scenario in the future that does not rely increasingly on technology.
68 CHAMBERLINK February 2019 FT Foods acquires KFC restaurants
Smith Cooper Corporate Finance, which has an office in Birmingham, has helped a London company in the multi-million acquisition of seven KFC fast-food restaurants. The establishments – all in
London – have been bought by FT Foods Limited from KFC UK & Ireland. FT Foods Limited is part of Tahir
Group, a London-based property development and investment group which operates a string of KFC
restaurants and Starbucks Coffee shops. The group was launched in 1978
by Fazan Tahir and now operates 25 KFC outlets. Mr Tahir said: “This deal is a significant step in my journey from my start in 1994 to what is today a multi-award- winning, multi-million-pound sales KFC business.” Smith Cooper food and beverage specialists John Farnsworth and David Crump handled the deal.
Mr Crump said: “It is easy to see
why Tahir selected KFC as their flagship brand – owned by Yum! Brands, an international business that also operates the Taco Bell and Pizza Hut brands, KFC is one of the world’s most recognisable brands. “It was started by Colonel
Sanders in the 1950s, since growing a portfolio of over 21,000 restaurants globally. It is undoubtedly a leader in the QSR (quick service restaurants) field.”
Midlands companies not prepared for VAT overhaul
Four in 10 Midlands businesses are unprepared for new digital VAT rules which come into force on 1 April. That’s according to a new poll of Midlands-based finance directors, carried out by accountant RSM. The survey of 640 finance
directors found that 44 per cent of respondents in the region said they were either ‘somewhat’ or ‘very unprepared’ for the new ‘Making Tax Digital for VAT’ rules, while only one per cent described themselves as ‘very prepared’. The regional figures reflect the
UK-wide concerns. In total, 41 per cent said they were ‘unprepared’ with only four per cent saying they felt ‘very prepared’. Making Tax Digital (MTD) is the
Government’s ambitious plan to bring the UK’s tax system into the 21st Century by transforming the way taxpayers interact with HMRC. With only a few exemptions, VAT-
‘It’s concerning that so many businesses appear to be so unprepared’
registered businesses trading over the VAT threshold of £85,000 will be required to keep records in a digital format, ensure that the transfer or exchange of VAT information is digitally linked and submit their VAT return information to HMRC using MTD compatible software. To be ‘compatible’ the software
must include an Application Programme Interface (API). The API will create a link between the business’s accounting software and HMRC’s systems. HMRC has indicated that there
will be a ‘soft landing’ between April 2019 and April 2020 for ‘non- complex’ organisations.
During this time there will be no financial penalties for failing to have digital links in place between the accounting and the API- enabled software. There must, however, be an API
creating a digital link from the outset between the accounting records of the business and HMRC. Steve Hodgetts, VAT partner at
RSM, said: “With just a few months to go before Making Tax Digital becomes a reality, it’s concerning that so many businesses appear to be so unprepared. “There are still some people who
believe that Making Tax Digital has been shelved amid uncertainty surrounding the Brexit outcome, but this isn’t the case. The only delay has been for more complex organisations who will have an additional six months to get ready. For everyone else, the 1 April 2019 still applies.”
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