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Analysis and commentary from AAB’s team of tax experts, identifying the key changes and outlining the practical implications of the Autumn Budget 2024 for you and your business.
Our team of tax experts have summarised some of the main changes in our guide, here’s some of the highlights:
In our Autumn Budget Guide, we explore the impact of these changes on you and your business. Navigating these changes can be challenging. Our tax experts have summarised the main changes announced by the chancellor.
Looking for commentary on Budget Ireland 2025? You can download analysis and commentary from AAB’s team of tax experts, identifying the key changes and outlining the practical implications for you and your business.
A leading professional services firm, AAB, has strengthened its position in the north of England by acquiring Bolton-based Barlow Andrews and its sister entity Beech Business Services.
Established for over 100 years and currently employs 70 people, Barlow Andrews and Beech Business Services collectively provide audit & accounts, tax, payroll, outsourcing and business advisory support to a wide range of SME clients in the North West. The businesses join AAB immediately and will continue trading as Barlow Andrews and Beech Business Services for a set transition period.
John Beevers, Head of Professional Services at AAB commented:
“We are excited to announce the acquisition of Barlow Andrews, which marks an important milestone in our strategic expansion in the North of England, helping AAB to realise our ambitious 2030 growth strategy. Combining our expertise with Barlow Andrews’ deep knowledge of the North West region and its market, we are confident we will drive continued innovation and success for our clients. We look forward to building on this strong foundation and pursuing exciting growth opportunities across the North West.”
Chris Harland, Managing Partner at Barlow Andrews added: “We are delighted to be joining forces with AAB, a company that shares our core values of collaboration and a strong commitment to client service. Over the years, we have built a strong reputation in the North West by focusing on delivering great results and fostering close relationships with our clients. In AAB we’ve found a partner that not only aligns with our vision but also offers the resources and expertise to broaden the support we can provide to our clients. Together, we will continue to prioritise the needs of our clients and continue to deliver high-quality tailored advice.”
Since securing investment from August Equity in 2021, AAB has trebled in size and now employs more than 1,000 people across the UK, Ireland and internationally. The rapid growth journey is set to continue as part of delivering its ambitious growth strategy for 2030.
Analysis and commentary from AAB’s team of tax experts, identifying the key changes and outlining the practical implications of the Budget 2025 Ireland for you and your business.
Yesterday, Minister for Finance Jack Chambers unveiled the eagerly anticipated 2025 Budget Ireland which many predicted would be a giveaway budget.
The Minister announced his first budget against the backdrop of the recent Apple tax judgment of €13bn. He said that it is imperative that this revenue is not used for day-to-day expenditure or to narrow the tax base and that it is this Government’s view that we should utilise these revenues to address the known challenges that we face in housing, energy, water and transport infrastructure.
The AAB Budget 2025 Ireland Guide will help you check the main changes that could impact you or your business. A summary of the key points are laid out below.
One significant announcement that will directly impact individuals is the increase in the entry point for the higher rate of income tax. The threshold has been raised by €2,000 to €44,000, allowing taxpayers to enjoy the 20% rate for income up to this amount.
The Capital Acquisition Tax Thresholds are increasing. The Group A threshold, which includes gifts or inheritance from parents to their children, will rise from €335,000 to €400,000.
The Minister announced a further condition for Agricultural Relief on the transfer of agricultural property. He is extending the six-year active farmer test to the person who provides the gift or inheritance. This is in response to concerns that Agricultural Relief is being used as part of tax planning strategies by wealthy individuals.
From today there will be a new 6% Stamp Duty rate for residential property sales worth over €1.5 million. The existing rate of 1% will continue to apply to values up to €1 million, and 2% on values above €1 million.
There will also be an increase in the higher rate of Stamp Duty on bulk acquisitions of houses from 10% to 15% with immediate effect.
Recognising the significance of the agricultural sector, Minister Chambers extended several agricultural stock reliefs that were set to expire. He is also broadening the scope of accelerated capital allowances for farm safety equipment by adding further qualifying farm safety equipment types.
In his speech the Minister Chambers confirms that it is the government’s priority to continue to accelerate the supply of new homes.
The rental tax credit has been increased to €1,000 for 2025, providing relief to renters.
The mortgage interest relief announced in last year’s budget is extended for another year. This means that the relief will be available assist mortgage holders in respect of the increase in interest paid in 2024 over 2022.
Relief for pre-letting expenses for landlords is extended to the end of 2027. This relief applies to residential premisses which have been vacant for at least 12 months.
To address the rising cost of living, the government has implemented several measures:
The Budget 2025 Ireland also includes some key take-aways in relation to business taxes, income tax, and VAT.
The Minister intends this budget will put in place the policies and measures to continue the positive trajectory and ensure that all our people see a promising and hopeful future in this country.
As accountants and tax advisers, we can advise on how the Budget 2025 Ireland changes will affect you and your business. For more information on this year’s Irish Budget, contact our Tax Team.
AAB’s Tax Division is made up of Tax Specialists who are based both Ireland and UK. This means our Tax Team are experts on the intricacies and complex reporting requirements of both tax jurisdictions on the Island of Ireland, ensuring we provide the best possible advice to our clients.
Talk to us now for advice on making the most of the opportunities available to you and your business.
Leading professional services firm across Ireland and the UK, AAB, has announced a new Head of Office within its Island of Ireland operations. Teresa Campbell is set to step into the role as Head of Ireland, succeeding Feargal McCormack, from 1 October 2024.
Currently employing c. 1,000 people across 12 offices globally, AAB is ranked among the top 20 Accountancy Firms by Accountancy Daily. The announcement marks the next step in AAB’s ambitious growth plans, which are driven by a commitment to empowering people and enabling clients.
Feargal McCormack, who has been instrumental in establishing AAB’s high profile, presence and expansion on the Island of Ireland, following the merger with FPM in 2022, will transition into the role of Senior Partner and Head of Family Business across Ireland and UK.
Having founded FPM in 1991, Feargal’s tenure is marked by unparalleled client service, innovation, and impactful contributions to both the community and economy. His profound expertise in the complex dynamics of family business and succession have established him as a recognised authority on the subject, and a pillar of support for many of Ireland’s top family enterprises. This wealth of experience and deep understanding positions him ideally for this vital role at AAB.
“I am incredibly proud of the legacy we’ve built, and grateful for the unwavering dedication of our team. Handing over the reins to Teresa, a leader of such calibre, assures me that our team and clients are in exceptional hands.”
Teresa Campbell, who joined the firm in 2002, has spent over two decades demonstrating key leadership in Audit and Assurance, Business Advisory, and People Development. As the new Head of Ireland, Teresa will co-ordinate closely with the Heads of Offices across AAB to enhance our ability to provide innovative, integrated solutions tailored to the distinct needs of our local market and clients.
Teresa expressed her delight at stepping into this new role at such a pivotal time for AAB: “I am honoured to take up the mantle from Feargal, and guide the wonderful Island of Ireland team into our next chapter, as we continue to work together to go above and beyond, offering clients a bespoke suite of services that cater to their evolving needs.”
Chief Executive of AAB, Emma Lancaster, added: “This transition reflects AAB’s commitment to ensuring seamless leadership continuity. Feargal has been, and will continue to be an immensely influential, highly respected and hugely knowledgeable presence at AAB, both across the Island of Ireland, and England and Scotland. A visionary leader, Feargal has been instrumental in fostering the seamless merger of FPM and AAB, and I look forward to working with him in his new role.
“I would like to extend a warm welcome to Teresa Campbell as she takes up her new role. During her 20-year career at AAB Teresa has amply demonstrated the qualities of a fine leader who is ready to build on the tremendous reputation of AAB for driving business success, and realise our exciting ambitions for further growth.”
AAB, a leading professional services firm across the UK and Ireland, is pleased to announce the appointment of Leeds-based Mark Bain as Partner within their Virtual Finance Function (VFF).
Mark’s appointment is the second significant senior-level addition to the team in as many months, reflecting not just the surge in demand for Virtual Finance services, but also AAB’s reputation for providing exceptional client service.
A Chartered Accountant whose international career spans 20-plus years, Mark has an impressive track record of propelling growth-oriented businesses toward success. His most recent tenure as COO of a prominent brand has not only sharpened his capabilities in understanding and enhancing client operations, but also positioned him to harness the benefits of AAB’s Virtual Finance Function, particularly when businesses find themselves at critical junctures.
AAB’s Virtual Finance service helps businesses to get the right support at the right time, without the commitment of hiring in-house. A fully scalable approach to business finance functions, this specialist support is tailored to the needs of each client and is delivered by a specialist team with a track-record of supporting businesses across multiple industries. The bespoke cloud-based solution allows businesses to access real-time accounting data, providing valuable insight for making strategic business decisions, with financial experts on hand to support.
Commenting on his new role, Mark said: “I am delighted to be joining the Virtual Finance team at this pivotal time. The opportunity to contribute to the exceptional growth trajectory of AAB and build on the impressive results we’ve already accomplished is exhilarating, ensuring that our clients receive top-tier, transformative financial solutions.”
Lauren McIlroy, Head of the Virtual Finance Function at AAB, commented: “We are thrilled to welcome Mark to the team. His expertise in finance technology and strategy aligns perfectly with our commitment to providing innovative and tailored financial solutions to our clients.”
James Hunt, Head of Leeds added: “Our Virtual Finance Function team now comprises thirty-five specialists who are based in offices across the UK and Ireland. With his deep insight into the challenges of owner-managed and PE-backed businesses, Mark will undoubtedly be a tremendous asset to this growing team.”
AAB, a professional services firm across the UK and Ireland, has announced a strategic consolidation of its brands, to strengthen its position as a leading provider in the mid-market.
Now employing c.1,000 people across 12 office locations, FPM will transition to be under the brand name AAB and Think People will fully integrate to trade under the AAB People brand name.
FPM was established in 1991 by Feargal McCormack headquartered in Newry. Strong growth each year since 1991 saw FPM expand into a top-tier cross border firm with 5 offices and over 120 team members. In a strategic growth deal in 2022, FPM joined AAB and marked the first private equity investment of its kind across the island of Ireland.
Think People, an HR consultancy established by Emer Hinphey and Anne Dougan in 2006 also joined AAB Group in 2022. Headquartered in Belfast, the team brought new skills to the service capabilities of AAB with the introduction of leadership and development services for clients across the island of Ireland.
This strategic move is designed to simplify and optimise the strength of the overall AAB brand, enhance market presence, and deliver a more integrated experience for clients. AAB’s strategic growth plan, which includes enhancing client engagement, expanding its service offerings and investing in technology, has continued backing from August Equity.
“Our brand consolidation marks a pivotal moment in the next step of our growth journey,” said Emma Lancaster, Chief Executive at AAB. “By bringing our diverse services together under the AAB name, we are not only simplifying our structure but also amplifying our ability to deliver integrated, innovative solutions to our clients. This alignment is crucial as we continue to pursue our ambitious growth targets and expand our footprint across the island of Ireland and the UK.”
A transition period is underway where clients can expect a seamless change with no disruption to services. The unification will enhance the firm’s ability to offer holistic professional services, reinforced by the depth of expertise synonymous with the FPM and Think People brands becoming AAB and AAB People, respectively.
“AAB’s mission has always been to provide exceptional service and value to our clients,” added Lancaster. “By uniting our brands, we will operate more efficiently and effectively, ensuring that our clients continue to receive the best possible support as they navigate their own journeys. I’d like to thank everyone in our team across the island of Ireland for their continued hard work delivering exceptional support for our clients.”
Feargal McCormack of FPM and Emer Hinphey of Think People added: “As founders of FPM and Think People, we are both immensely proud of the milestones achieved and excited for what’s to come. Transitioning to the AAB brand marks a deliberate step towards our future and highlights the collective strength and shared mission of delivering outstanding service and value to clients. Together, we look forward to navigating this exciting new chapter of growth and possibility.”
These measures are designed to support the rapidly growing business and its expanding client base which has trebled in size since 2021. In 2023, AAB ranked in the top 20 of Accountancy Daily’s Top 75 Accountancy Firms. AAB plans to continue the rapid growth journey and has heavily invested in technology and integration to support these ambitious plans.
AAB’s commitment to its clients remains steadfast, with a focus on delivering unparalleled accountancy, consultancy and advisory services that drive success.
AAB Managing Partner Feargal McCormack hosted Daniel Rooney, Director of Business of Development & Strategy at Pittsburgh Steelers (Grandson of former US Ambassador to Ireland) and former Pittsburgh Steelers quarterback Kordell Stewart who played in the only previous NFL Game in Ireland at a pre-season game involving Pittsburgh Steelers back in 1997 at Croke Park.
AAB and the Rooney family’s close association goes back over 30 years when Dan Rooney, then President and CEO of the Pittsburgh Steelers and later US Ambassador to Ireland, hosted Feargal McCormack alongside Seamas Mallon MP and Dr Tony O’Reilly CEO of Heinz Corporation, in Pittsburgh at the foundation of the Newry Pittsburgh Partnership.
In 2000, Dan Rooney became the third person in history to be presented with the Charter of Newry and at this time AAB created a Rooney Room in their Newry office in his honour. During the recent visit to Newry, Feargal McCormack was delighted to host Daniel Rooney and Kordell Stewart in the AAB Rooney Room.
To mark the success of the NFL Global Markets Programme, Six-time Super Bowl champions Pittsburgh Steelers are hoping to host an NFL game here in the future after the NFL franchise was awarded the Pittsbugh Steelers the rights to expand their brand across the Island of Ireland.
The Steelers were founded in 1933 by Art Rooney, whose great-grandparents, James and Mary Rooney, emigrated to Canada from Newry before the family eventually settled in Pittsburgh.
The Rooney family still own the Steelers and the Pittsburgh Steelers current President Art Rooney II (son of Dan and father of Daniel Rooney) said they are looking forward to “growing our fanbase and the love of American Football” on the island of Ireland through the Global Markets Programme.
The High Court in London recently sanctioned a Restructuring Plan for Houst Limited despite opposition from HMRC, one of the company’s major creditors. AAB PARTNER, SEAMAS KEATING explains the significance of the case.
Restructuring Plans were introduced as a Business Recovery and Rescue option in the Corporate Insolvency and Governance Act 2020. While a number of larger entities have already had Restructuring Plans sanctioned under the new regime, Houst Limited is the first SME to do so. The case is significant as it highlights a potential alternative rescue route for SMEs in financial difficulty.
The introduction of secondary preferential status for HMRC in December 2020 heightened concern about the feasibility of existing restructuring options such as Company Voluntary Arrangements (CVA) and Administration for companies with significant HMRC debt.
Up to now, HMRC’s position (which is clearly stated in their published criteria and reflected in HMRC practice) is that they will not accept a CVA or restructuring procedure where unsecured creditors are paid a dividend unless HMRC’s preferential liability is fully discharged.
In the Houst Limited case, HMRC adopted this approach and voted against the Restructuring Plan which proposed both a cram down of preferential debt and a dividend for other classes of creditors. However, despite voting against the Plan, HMRC did not otherwise participate in the Court process.
Although existing recovery processes such as CVA can be efficient, they do not enable a company to seek court approval for restructuring in the absence of acceptance by creditors. The significance of the Houst Limited case is that it shows Restructuring Plans may be an option for SMEs with significant HMRC liabilities. The Judge highlighted that HMRC obtained a better return through the Restructuring Plan than would have been obtained had the business failed.
Hopefully, the outcome in this case may encourage HMRC to take a more commercial approach to voting and consider accepting CVAs and Restructuring Plans, which although they may compromise the return on preferential debt, give a better overall return than the alternative insolvency process.
In a related development, HMRC recently issued guidance stating their intention to be more proactive in exercising their voting rights around proposed insolvency arrangements. However, the guidance does not state whether they will reconsider their position on cram down of preferential debt where this results in a better return to HMRC and gives the company the possibility of being rescued.
When deciding on the best rescue option for an SME in financial difficulty, the pros and cons of both Restructuring Plans and CVA will need to be weighed up. The type of creditors, and the potential return that can be achieved, will determine the most appropriate rescue mechanism. As always, the earlier a company in distress obtains professional advice, the better the chances of formulating a successful recovery plan. For further information and/or advice, contact our Restructuring & Recovery team.
If you want to know more about Restructuring Plans for SME’s, give us a call on 028 9024 3131. We’d be happy to help!
The resilience of the business community in the Greater Newry Area has been celebrated at a glittering awards ceremony. The biennial event took place at the Canal Court Hotel & Spa on Thursday 7th October and honoured the achievements of 27 individuals and organisations.
The awards were organised by the Newry Chamber of Commerce & Trade and sponsored by Newry, Mourne and Down District Council and Shelbourne Motors.
Chamber President, Emma Mullen-Marmion commented: “There is no question the last 18 months have been amongst the toughest times faced by businesses and society in general. However, from the over 200 award applications received by the Chamber, we can clearly see that the local economy is being driven by many successful, ambitious and talented enterprises.
The strength of this year’s awards clearly illustrates a confident, determined business community, focused on creating jobs and generating wealth and prosperity for our region. We were delighted to present a Special Recognition Award to the Southern Health and Social Care Trust to honour their commitment during the Covid-19 pandemic. Newry Chamber wanted to thank all Health Care staff for the vital role they played in helping to care for our citizens and keeping us all safe.”
The Award for Outstanding Contribution to the Greater Newry Area went to Ciaran Rafferty. The highly respected Solicitor has for over four decades been involved with charity and community sector organisations. Most notably Newry Credit Union, Clanrye Group and St Vincent de Paul Society.
Best Businessman was awarded to Connaire McGreevy of CTS – Connect Transform Sustain, with the Best Businesswoman award going to Gemma Murphy from Jack Murphy Jewellers.
Congratulating all the winners, Emma Mullen-Marmion said: “The Greater Newry Area is recognised as a place synonymous with entrepreneurship, innovation, excellent service, product quality and customer care. This year’s awards have recognised the very best that this region’s business community has to offer. Well done to all companies that entered and congratulations to the winners.”
AAB hosted over 450 guests at the AABIE Charity Ball, held for the first time in Newry on Saturday night (June 8)
Held in the city’s Canal Court, the Ball raised an astonishing £100,369 for the AABIE Charitable Initiative (known as ‘AABIE’) with all funds going directly to the charity.
Feargal McCormack, AAB Managing Partner – Ireland commented “We are incredibly grateful to everyone who played a part in making the AABIE Ball such a success. To our connections who made such generous donations, our table hosts and guests who joined us on the night and to every person that made our event possible, thank you so very much.
“One of the driving forces behind joining AAB back in 2022 was the synergy across both our teams. Being active members of our local communities and giving something back through AABIE is key to this. We are truly thrilled, and incredibly proud, of what we have achieved together for AABIE this weekend.”
Formed in 2016, AABIE is AAB’s very own charity, and is the platform which enables everyone across AAB, including AAB team members, to invest in their local communities through grant funding and volunteer time. This approach means that the support AABIE provides is varied and widespread, and the charity is well-placed to help many people.
To date, AABIE has supported over 180 charities across the United Kingdom and Island of Ireland. The latest grant round (ended 31 March 2024) saw AABIE pledge over £38,000 to 28 different charities, the largest amount the charity has ever pledged in a single grant round.
Some of the recent charities AABIE has supported include donating over £10,000 to Down Right Brilliant (Newry and Mourne), Fighting Words Northern Ireland (Belfast) and the Gary Kelly Cancer Support Centre (Drogheda). The funding enabled Down Right Brilliant to provide an overnight residential trip to an outdoor activity centre for adult members of DRB, and to provide a workshop for siblings of members with Down Syndrome. Fighting Words Northern Ireland ran an after-school creative writing course for local teenagers with their funding, and the Gary Kelly Cancer Support Centre was able to cover the cost of therapists providing three months of reflexology therapy for clients who have a cancer diagnosis.
Following these donations, AABIE reached the milestone of pledging over £300,000 of vital grant funding since the charity was launched. Another recent milestone achieved by AABIE was reaching over 6,000 hours of volunteer time delivered. All AAB team members are entitled to a day of volunteer leave each year to support community projects and causes close to their hearts.
Sheena Anderson, AABIE Chair said “When we launched AABIE in 2016 we only had one community we worked within, which was Aberdeen, and it is fantastic to see how we have managed to increase the reach and impact AABIE has in new and different communities as AAB has grown.
“Raising over £100K is a wonderful result and will enable AABIE to continue to support so many charities and worthy causes across the United Kingdom and Island of Ireland. It is a privilege to work with my fellow AABIE Trustees and see what a significant impact grant funding and volunteer time can have on the lives of so many people.”
Emma Lancaster, AAB Chief Executive added: “AABIE is a very special charity, and the way we operate is that bit different. Everyone across AAB is involved with AABIE, and it is our team members who truly make the work AABIE does possible through volunteering and raising almost all money donated through grant funding.
“We are very proud of AABIE, and proud of the work our teams do to ensure AABIE is successful. But we know there is so much more we can do to continue to support the communities we operate in, and we can only do that if AABIE has the funds available to support the charities and worthy causes who need our help. Achieving what we have this last weekend will enable this amazing charity to continue to carry out its great work, and we are so thankful to everyone for their support and generosity.”
The current AABIE grant round closes on 30 June 2024. More information on how to apply for funding or volunteer time can be found at aabgroup.com/about/aabie/.