A Cardiff office has undergone a major refurbishment as a growing accountancy and business advisory firm invests in the future. The detached three-storey building – Ty Derw at Lime Tree Court, Cardiff Gate Business Park, Pontprennau – is leased to Azets. In an eight-week refurbishment project, the 10,042 sq ft building was stripped back to a shell before being redecorated in Azets’ blue and green colours. New carpets and energy-efficient lighting have been put in, with breakout areas and pods installed at the ends of the first and second floors. Due to the scale of the works, staff moved out of the Grade A building, which is near junction 30 of the M4. They used temporary workspace close to the office or worked from home. With the work now complete, staff have just moved back in. Constructed in 2010, the building is named Ty Derw – Welsh for ‘house of the oak’.
Ashley Bryan is Office Managing Partner, Accounts & Business Advisory Services (ABAS), at Azets, a UK top 10 accountancy and business advisory firm. He said: “Our Cardiff office with 130 staff continues to grow, and the refurbishment, in a significant investment by Azets, is a vote of confidence in the future. The revamp has modernised the working environment and created collaborative working and breakout space for the teams. As well as our service lines such as ABAS and business taxes, we are a national hub for Azets for personal tax. An additional 18 desks have been added in the redesign project, which we anticipate will be filled with new hires amid increasing demand for support from businesses and individuals.”
There is also customer demand for support in relation to The Making Tax Digital for Income Tax scheme, rolled out by HMRC on 6 April. From that date, landlords and sole traders who earn more than £50,000 from property income and self-employment must start keeping records using authorised MTD software, submitting quarterly updates. The update deadlines for online submissions are 7 August, 7 November, 7 February and 7 May. HMRC has introduced “points-based penalties” – there is one penalty point for each tax return submitted late, with a £200 penalty for two points and then a £200 penalty each time another tax return deadline is missed.
The overhaul will bring the tax system closer to real-time, closing the tax gap between what is owed and what is paid, and affects 864,000 individuals and landlords nationwide, with numbers predicted to rise to 2.9m within three years. Under the phased roll-out, from next April those with a qualifying income of £30,000 will fall into scope. From April 2028, those with qualifying income over £20,000 are be included. However, a poll by Azets showed that most businesses are unprepared for what is the most significant change to the UK tax system since self-assessment was brought in nearly 30 years ago. MTD applies to the 2024-25 tax year and onwards.
Separately, Azets’ Swansea office is also becoming a MTD hub, with 20 jobs being created and support from colleagues in Cardiff.