Succession planning has been thrust into the headlines again, with Rupert Murdoch’s billion-dollar family settlement making global news. Here, Andrew Diver, Head of Tax at Beatons Group, Chartered Accountants in Ipswich, outlines why succession planning is just as relevant to port and shipping businesses as it is to global media empires.

The news this month could have come straight from the writers’ room of Succession.

Rupert Murdoch, the media mogul who built Fox News and News Corp into global giants, has finally settled the question of who takes the reins.

A $3.3 billion (£2.4 billion) deal will see three of his children receive $1.1 billion each, while control of the businesses passes to his son, Lachlan, secured through a new trust that cements his position until 2050.

At its core, it’s a story about more than just money. It’s about family dynamics, legacy, and the challenge of passing on something you’ve spent a lifetime building.

That theme is playing out much closer to home as well. I’ve been working closely with clients recently on how to pass property, pensions, and businesses to the next generation in a tax-efficient manner.

With big changes to inheritance tax (IHT) on pensions due in April 2027, there’s increasing urgency too.

We are advising a client and their business on the use of trusts to protect wealth, thereby placing assets outside of any individual’s estate for Inheritance Tax purposes. Others prefer direct gifts and using these to make the rest of the family feel more part of the business from a young age, and being involved in some of the challenging business decision-making processes.

We are also advising other owners who are planning succession arrangements with family members residing in different countries. What works in the UK doesn’t necessarily work under the tax rules of those other nations, and you can see how international succession quickly becomes a complex puzzle.

But it doesn’t always have to be so complicated.

Sometimes succession is about people, values, and making sure your family isn’t left with a tax headache when they should be celebrating your legacy.

That’s something I understand personally. My grandparents and uncle were farmers in Cambridgeshire, and I grew up surrounded by livestock and long days in the fields.

When I’ve spoken recently on the radio about potential cuts to Business Property Relief (BPR) for farmers, I’ve been reminded that succession planning isn’t just for billionaires in boardrooms – it’s for families in barns, shops, ports and offices across the UK.

For business owners – whether you run a farm, a shipping company or a professional services firm – the principle is the same. Don’t wait until death to transfer.

Think about succession planning early. Consider spreading that £1m of 100% relief across your children and grandchildren, and ensure your legacy is structured to work for your family, not against them.

The Murdoch story may have had all the glamour of global media and billion-dollar trusts. But at heart, it’s the same challenge faced by many Port Talk readers: how do you pass on the business you’ve built, in a way that’s fair, tax-efficient, and true to your values?

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The corporate calendar has just gained a new date that business owners cannot afford to ignore. Here, Andrew Diver, Head of Tax at Beatons Accountancy Firm in Ipswich, outlines the long-awaited Companies House identity verification rules that begin to take effect from November 18, 2025.

From Autumn onwards, the way UK companies manage their statutory filings will change fundamentally – and the businesses that plan will be the ones that avoid disruption.

These new requirements come under the Economic Crime and Corporate Transparency Act 2023, a wide-reaching piece of legislation designed to combat fraud, improve the accuracy of the public register and increase transparency in corporate life.

At its heart is a significant but straightforward shift: every company director, whether newly appointed or long-standing, will have to prove they are who they say they are.

Without this verification, not only will new appointments be rejected, but existing directors could find themselves unable to file key documents – with all the consequences that follow.

Timing is critical

From November 2025, the requirement will first apply to new directors, who will need to complete the verification process before they can take up their role.

For existing directors, the obligation is tied to the company’s Confirmation Statement.

The rules state that verification must be completed before the first Confirmation Statement due after November 18, 2025.

That means November 18, 2026, becomes the absolute long-stop date for compliance.

However, waiting until the last moment would be a risky strategy, particularly for companies with multiple directors or overseas appointees.

What does this mean in practice?

For the first time, Companies House will not simply accept a name and address for the public record.

Directors will need to confirm their identity through a secure online portal, which is likely to involve uploading official documents such as a passport or driving licence alongside a selfie or biometric scan.

Alternatively, the verification can be handled by an Authorised Corporate Service Provider – typically an accountant, solicitor or company formation agent – who has been registered with Companies House to carry out the checks on behalf of clients.

Once completed, a director will be issued a unique identifier, which must then be used in all future filings.

This shift represents a change in role for Companies House, moving from a passive register of information to an active gatekeeper.

Over the past year, HMRC has removed 210,000 false records from Companies House.

The aim is to make it harder for fraudsters to create fictitious companies or hide beneficial ownership behind nominee directors.

Making it simple

For legitimate businesses, the process should be straightforward – but it does add another compliance step to manage, and the consequences of overlooking it could be severe.

An unverified director may not be recognised in law, and the company could find itself unable to submit returns, which in turn could lead to penalties or even prosecution.

The scope of the new rules extends beyond limited companies, too.

Limited Liability Partnerships, certain members of Limited Partnerships and People with Significant Control over any entity will also be required to complete verification.

Overseas companies registered in the UK are not exempt, and in fact may face greater practical challenges in gathering and submitting the necessary documents. This makes early preparation essential, particularly where directors are based outside the UK.

The sensible approach is to treat the coming months as a preparation period.

Begin by reviewing your list of directors and People with Significant Control to ensure that all details are accurate and up to date.

Make sure that everyone affected understands the new obligations and the timelines.

By acting early, you can avoid the risk of last-minute problems that might disrupt your ability to file accounts, submit Confirmation Statements or make other statutory filings.

A new study has revealed that 75% of logistics businesses expect to be impacted by changes to tariffs and international trade policies. Here, Andrew Diver, Head of Tax at Beatons Group, explores how the sector is adapting under pressure.

The logistics sector is no stranger to turbulence, but the first half of 2025 has tested even the most resilient operators.

This comes as no surprise given the global reshuffling of trading relationships and the renewed uncertainty brought about by the return of President Trump and his hardline stance on trade.

While a UK-US trade agreement has now been struck, and relations between the US and China are stabilising, the aftershocks of past disruptions continue to ripple through the sector.

A shifting landscape

A new HSBC UK study surveying 92 logistics firms found that 75% believe they are likely to be impacted by tariff and policy changes, and many are already adjusting their approach.

Some logistics companies are seeing reduced demand not directly due to tariffs, but rather because of their knock-on effect on clients. For example, if a UK manufacturer finds US tariffs have priced their goods out of the market, they may pivot to serving domestic customers instead, eliminating the need for transatlantic freight.

This means logistics firms must stay flexible. Demand won’t disappear entirely – but it may shift dramatically. Companies that are too focused on one international route risk being left behind.

Adapting under pressure

At Beatons, we’ve seen a surge in logistics clients seeking advice not just on accounting, but on broader strategic questions:

• How to adjust cost models in light of changing tariffs
• Whether to bring forward or delay capital investment
• The tax implications of supply chain reconfiguration
• Structuring cross-border operations to manage risk

Some firms are stockpiling or partnering with competitors to spread exposure, while others are diversifying into new geographies or service offerings. Managing workflow is also key: if remaining tariffs soften – as hinted during recent G7 discussions between Starmer and Trump – some corridors could see a rapid uptick in activity.

Advice for logistics firms

Here are three ways logistics firms can build resilience in the face of ongoing uncertainty:

1. Review contracts and pricing models
   Tariffs can create unpredictable costs. Build flexibility into client contracts, with clauses that allow for renegotiation if duties change significantly.
2. Diversify supply routes and specialisms.
   Avoid overreliance on any single geography. If one market cools, another may open, and being agile enough to pivot quickly will give firms the edge.
3. Understand the tax consequences of change.
   Switching suppliers, routes or customers can have major VAT, customs, and transfer pricing implications. Engage tax advisors early to avoid unintended costs.

Looking ahead

While global trade remains in flux, logistics firms are well-placed to play a more strategic role, not just as movers of goods, but as enablers of adaptive growth.

At Beatons, we’re helping clients navigate these complexities with tailored financial and tax strategies. For bespoke advice or a free consultation, contact our specialist logistics team today.

On the surface, a cut in interest rates should encourage business investment.

For capital-intensive industries like shipping and freight, where large infrastructure and fleet investments are common, it could provide the ideal opportunity to reassess financing arrangements, refinance existing debt or bring forward expansion plans in automation and sustainability initiatives.

After all, even modest improvements in loan terms can result in significant long-term savings, especially for firms with high working capital requirements or long lead-time investments.

The downside of lower returns

But while borrowers benefit, cash-rich businesses face different challenges. Lower interest rates mean reduced returns on reserves and surplus cash, which can affect profitability for firms with significant liquidity on their balance sheet.

This is especially relevant for port operators or logistics companies holding large cash deposits for capital projects, insurance requirements, or seasonal fluctuations.

Corporation Tax

Even with the current reduction, interest rates are still substantially higher than they were a few years ago. In some cases, these interest earnings may now generate substantial tax liabilities, requiring proactive planning.

A hidden VAT pitfall

One lesser-known consequence of increased interest income is the potential impact on VAT recovery. Interest income, such as bank interest, is exempt from VAT – and if it accounts for more than 1% of turnover, it can reduce the proportion of input VAT a business can reclaim.

While this issue is more commonly seen in professional services firms like solicitors, it can also trip up businesses in the shipping and logistics sector – particularly those holding large cash reserves or earning notable interest returns on deposits.

This erosion of VAT recovery can be slow and subtle, but it may have a serious impact on cost management. Therefore, it’s essential to monitor closely and seek advice if thresholds are being approached.

Strategic planning in a shifting landscape

Depending on your business’s cash position, borrowing needs, or investment plans, the right strategy could involve:

• Reviewing financing terms to capitalise on cheaper borrowing
• Reassessing the tax impact of interest income on cash reserves
• Monitoring VAT partial exemption risks linked to interest income
• Exploring opportunities to redeploy excess liquidity more efficiently

At Beatons, we’re helping clients across the sector make sense of the numbers — and use them as a springboard for smarter business decisions.

If you could use some expert advice on the best strategy, please get in touch.

As the tax year closes and many businesses begin preparing their P11Ds, a shift is on the horizon worth noting and planning for. Here, Andrew Diver, Head of Tax at Beatons Accountancy Firm in Ipswich, looks at changes that will see most employee benefits in kind paid through payroll.

If you operate a large business, chances are you are well aware of your P11D obligations.

This is a form used by employers to report certain benefits or expenses provided to employees, such as company cars, private medical insurance, gym memberships, and interest-free loans.

These benefits aren’t processed through payroll, so the P11D lets HMRC know what has been provided and ensures employees pay the correct tax.

Last year, however, HMRC announced that the traditional P11D form will be phased out entirely, with employers expected to move towards real-time benefit reporting via payroll.

The P11D process usually takes place at the end of the tax year, which means many of you will be filing this shortly. But with the move to payroll, all of this will shift in the year, meaning tax will be deducted in real-time, and the need for P11D forms will disappear altogether from this time next year. However, a P11D(b) will still need to be submitted at the end of the year.

Rethinking your benefits strategy

For some employers, particularly larger companies, this won’t be a huge leap.

Many already voluntarily payroll certain benefits. But for others, this could be an opportunity to pause and reconsider what you’re offering.

With real-time tax deductions, employees will have a clearer picture of their total reward package, and employers can look to offer benefits that are both attractive and tax-efficient.

Here are some benefits that might be worth exploring as part of your offering:

• Electric vehicles – Company car tax rates are currently low for electric vehicles, and the benefit-in-kind value can be significantly more attractive than traditional vehicles.
• Trivial benefits – Gifts under £50 (not cash or cash vouchers) given occasionally and not as a reward for work can fall under the trivial benefits exemption.
• Cycle to work scheme – Employees can spread the cost of a new bike tax-free, and employers benefit from NI savings.
• Annual event exemption – Up to £150 per head can be spent on annual events like Christmas parties or summer socials, provided certain conditions are met.

What should you do now?

While the compulsory change doesn’t take effect until April 2026, larger companies or those with growing headcounts should start reviewing their benefit structures and payroll systems now.

Not only does it help ensure compliance, but it can also enhance staff satisfaction and retention.

At Beatons, we’re working with clients to help them prepare, from reviewing current benefit packages to exploring software solutions and payrolling strategies.

If you’d like to talk through the upcoming changes or review your benefits, get in touch – we’re here to help you stay ahead of the curve.