Business Without BS

Everybody has an opinion on tax havens. But how many people actually understand what they do?
This week on Business Without Bullshit, Andy and Gemma are joined by Tom Dugdale, a lawyer who has led Harneys’ Offshore Funds team in the UK for the last eight years, working across jurisdictions including the BVI, Cayman Islands, Bermuda, Jersey and beyond.
Together, they get beyond the headlines and ask what tax havens — or international finance centres, are actually for.
Are they simply places for the wealthy to hide money? Or are they an important piece of the plumbing behind international business, investment funds and the global economy?
They discuss why offshore structures exist, the difference between tax avoidance and tax evasion, why “zero tax” doesn’t necessarily mean no tax is ever paid, the role offshore jurisdictions play in investment funds and pensions, and whether tax competition actually puts a useful limit on governments.
They also get into the Panama Papers, offshore secrecy and transparency, regulation and anti-money-laundering rules, America’s unusual position in the system, and the surprising history of Britain’s own offshore territories.
And there’s a bigger question underneath it all:
What would global finance actually look like without tax havens?
No slogans. No easy villains. Just a proper look at how the system actually works.
🎙️ Business Without Bullshit
Featuring Tom Dugdale, Andy and Jemma.

The UK has a new Prime Minister. Now come the big questions.
In this special episode of Business Without BS, Chartered Tax Adviser Andy Oury and commercial lawyer Jemma Hotta discuss the policies they hope Andy Burnham will prioritise to help Britain become a stronger place to build businesses, attract investment and drive long-term economic growth.
Think of this as a conversation with your lawyer and your accountant—you just don't have to pay for it. Honest opinions, practical insights and no political spin.
In this episode:
How can the UK attract more foreign direct investment?
What incentives should Britain offer entrepreneurs?
Can Britain compete globally in AI and innovation?
Should wealth creation be encouraged or taxed?
How can SMEs become the engine of economic growth?
What should Andy Burnham's first priorities be?
What policies would actually encourage businesses to invest?
How can Britain become more competitive internationally?

About the guests
Andy Oury
Andy Oury is a Chartered Tax Adviser, Chartered Accountant and CEO of Oury Clark. Through The Rebel Accountant, he helps entrepreneurs understand tax, build stronger businesses and challenge common misconceptions about the economy.
LinkedIn:
https://www.linkedin.com/in/andrewoury/
Jemma Hotta
Jemma Hotta is a commercial lawyer specialising in corporate law, international business and complex legal structures.
LinkedIn:
https://www.linkedin.com/in/jemma-hotta/
Listen to Business Without BS
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Website
https://withoutbs.com
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The focal premise of this podcast episode centers on the pervasive misconceptions surrounding tax havens and their perceived utility for affluent individuals. I elucidate that the notion that wealthy citizens are evading taxes through offshore accounts lacks substantive foundation, as contemporary regulations have significantly curtailed such practices. We explore the historical context of tax havens, tracing their emergence to post-war fiscal policies, and discuss the intricate balance between legal tax optimization and ethical considerations. Furthermore, I emphasize that while there may exist specific scenarios where offshore entities could be beneficial, these instances are exceedingly rare and fraught with complexity. Ultimately, we advocate for a nuanced understanding of taxation, underscoring that the current UK corporate tax framework offers several advantages that should not be overlooked.

Takeaways:
The common misconception that wealthy individuals exploit tax havens to evade taxes is largely unfounded.
Tax havens are not as beneficial for individuals and businesses as public perception suggests.
The increasing regulation surrounding offshore accounts has made it exceedingly challenging to utilize tax havens effectively.
The UK provides a favorable corporate tax environment, which can serve as an attractive alternative to offshore tax planning.

Companies mentioned in this episode:
Gary Stevenson
Tom Dugdale
Jimmy Carr

EP 430 — Investors are betting AI-native businesses will outrun traditional operators by stripping out human overhead.
Ben Thompson argues that the real divide in business is now AI-native versus everyone else. Legacy companies are still structured with humans at the centre, while fast moving AI-native firms start with agents and add people only where judgement is required.
This episode breaks down how AI-first businesses are built, why investors are pricing SaaS firms like they will not keep up, and what SMEs should actually do as AI shifts employment, recruitment and productivity. It also digs into UK and Australian policy choices that shape hiring.
What You'll Learn in This Episode:
• Build an AI stack that puts agents at the centre of operations
• Rethink recruitment workflows using AI screening and interviewing
• Spot where employment regulation increases risk for SMEs
• Prepare for labour market disruption without panicking about automation
• Understand how tax policy influences where founders build companies
This episode is for founders and operators who want a grounded, practical view of how AI is reshaping work and where SMEs can still win.
*For Apple Podcast chapters, access them from the menu in the bottom right corner of your player*
Spotify Video Chapters:
0:00 AI native businesses
02:00 Early work, first jobs
05:00 Building Employment Hero
10:00 Employment complexity and trust
15:00 Unions, awards and compliance
22:00 AI replacing labour
27:00 Building an AI stack
33:00 Recruitment, screening and agents
40:00 Remote work and scaling globally
48:00 Tax, capital gains and policy
55:00 Culture, work and incentives
1:02:00 Business or BS
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<p>EP 428 — Simon Leadbetter argues that most UK businesses are running on guesswork instead of evidence.</p>

<p>Marketing, he says, only works when you start by admitting the customer doesn’t care about you. In this fast, sharp conversation, Simon breaks down why instinct-led decisions misfire and why most firms operate without even basic knowledge of their audience.</p>

<p>Andy and Simon cover data, attribution, surveys, brand dilution, influencers, and why most online stats are bots talking to bots. It’s a full tour of how to actually understand a market before spending money on it.</p>

<p>What You'll Learn in This Episode:</p>
<p>• Use research instead of hunches to choose channels</p>
<p>• Avoid cognitive bias when deciding who your customer is</p>
<p>• Apply the five‑stage ISTAR marketing process</p>
<p>• Test ideas cheaply with real UK sampling</p>
<p>• Improve your Net Promoter Score and act on detractors</p>

<p>Perfect for UK business owners who want marketing that works because it’s grounded in evidence, not noise.</p>

<p>*For Apple Podcast chapters, access them from the menu in the bottom right corner of your player*</p>

<p>Spotify Video Chapters:</p>
<p>0:00 Customers don’t care about you</p>
<p>02:00 Data vs instinct</p>
<p>05:00 What marketing actually is</p>
<p>09:00 Surveys, sampling and bias</p>
<p>13:00 Property, portals and real behaviour</p>
<p>17:00 The five‑stage ISTAR model</p>
<p>22:00 Channels, talent and capability</p>
<p>27:00 Bots, ad fraud and bad data</p>
<p>32:00 PR, email, social and direct mail</p>
<p>37:00 Brand complexity and consolidation</p>
<p>43:00 Mental availability and sales activation</p>
<p>49:00 Creativity, crazies and guerrilla ideas</p>
<p>55:00 Influencers, niches and trust</p>
<p>1:02:00 The one thing to do this week</p>

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