The Group is a fast-growing offshore wind developer with a particular focus on floating offshore wind.
Headquartered in Spain, they work on projects in collaboration with local partners; the UK subgroup (comprising of multiple UK entities) manages a number of these offshore wind farms. The subgroup has also established a number of joint ventures to date with their local partners to specifically operate the UK wind farms.
01 Solution
02 Benefit
03 Tax support
Flexible advisory support across technical and operational challenges
Advisory matters on an ad hoc basis encompass a range of issues, such as excess cash/profit extraction, establishing
a permanent UK presence, concerns related to overseas Directors, and providing accounting advice tailored to specific IFRS standards, including intangible assets, joint ventures / associates, and leases.
We also offer ongoing practical guidance on scalability and provide implementation support for the finance function to meet the evolving needs of the Group as it expands.
Given the Group’s size and operations, reporting deadlines, especially at quarter-end, are stringent.
To ensure smooth operations, we clarify the timeline and client expectations in advance, allocate adequate resources pre-emptively, and maintain regular communication with the client throughout the process leading up to the deadline.
Clear communication and cross‑team alignment at every stage
We offer a sector expert and partner-led service, ensuring the client has direct access to essential contacts across different PKF teams to promptly address queries and meet agreed deadlines.
Internally, we hold monthly meetings involving key representatives from each department to foster collaboration, share updates on group developments, and ensure alignment with our client’s evolving needs. Through regular bi-weekly
virtual meetings, we’ve developed a robust client relationship, allowing us to efficiently address ongoing and ad-hoc action
points and provide proactive advice.
We provide the following services to our client:
- Setting up accounting systems using Xero and Dext
- Transition of accounting systems from Xero onto the Group system, Microsoft Business Central
- Bookkeeping & Bank Reconciliation – 250 transactions per month across the group
- Bi-weekly payment runs – 10 bank accounts across the group
- Monthly Management Accounts – due by 14 WD
- ONS Reports/Returns
- Statutory financial statements (prepared under IFRS).
Comprehensive tax compliance and cross‑border advisory support
We offer tax compliance services (annual corporate tax and quarterly VAT returns) to the UK subgroup and to the joint venture entities (set up between the UK subgroup and local partners) that operate the UK wind farms.
Our service to the JVs, includes periodic provision of tax information to the local partners to assist them with their own tax compliance matters. Our role as the UK companies’ direct tax advisors enables us to identify potential cross-border taxation issues (such as withholding taxes on payments of interest, or international movement of employees/directors) and provide timely advice to the group.
We have also undertaken extensive work in respect of recoverability of VAT. In particular, we have undertaken a detailed place of supply exercise for both vendors and recharges as well as close liaison and negotiation with HMRC to confirm the place of establishment – for VAT purposes – for
holding companies within the group. In addition we have advised on the content of management services agreements to ensure that the correct VAT treatment is applied and
that sufficient detail is included.
Our combined outsourcing/tax offering provides a joined-up approach, which allows for a streamlined tax return reparation
process.
Contact our experts
Contact our experts
