Chartered one autumn 2014

Chartered One // Issue 10 // Autumn 2014

NewCampaignLiverpool’s Accounting History

The ICAEW has recently launched a new exciting new campaign called ‘No Ordinary Business Minds’

Liverpool’s accounting history uncovered

BASE awardsWinners at the biggest final of ICAEW’s business skills competition

ANNUAL CONFERENCE - BOOKING DETAILS INSIDE

Chartered One // Issue 10 // Autumn 2014 3

LSCA Business

ContentsLSCA BusinessPresidents Words 5Insight from the editor 9Diary of Events 13LCASA New Leader 13Annual Conference 16Chester and Northwales Chair Andrew Lloyd 19Working with HMRC 19Officers and Members 19No Ordinary Campaign 23Chester Dates 23Mr Harmood Banner 27ICAEW Coucil 31Liverpool Law Society 35

Professional ServicesMartyn Best IT Matters 39Martin Bisset 45HMRC’S Powers 49

Education Skills and trainingBASE Awards 53dot-art Schools 56

Out of OfficeLiverpool Society Annual Dinner 63Behind the Mask 65Student News 65Students take aim 67CABA Support 67Young Chartered Accountants Group 71

Advertising/Features:Roger Swift: [email protected]: 0845 643 5551 / 07739046573

Editorial: Martyn Best: [email protected]

Chartered ONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Crosby Associates Ltd.

www.crosbyassociates.co.uk© All rights reserved. Cover Photo by Martyn Best

27 LSCA History 45 Martin Bisset 53 BASE Awards49 Ben Roseff

Liverpool Society of Chartered Accountants

The Liverpool Society of Chartered Accountants was founded in 1870 and is the oldest district society in the Institute of Chartered Accountants in England & Wales, and was one of the four founding societies of the ICAEW.

The Society has an illustrious history and has provided in Harmood Banner, Arthur Green and Ian Morris, three National ICAEW Presidents.

Awarded the Freedom of the City of Liverpool in 2012, the Society continues to play an active role in local and ICAEW issues.

As a world leading professional accountancy body, the ICAEW provides leadership and practical support to over 138,000 members in more than 160 countries, working with Government, regulators and industry in order to ensure the highest standards are maintained.

Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued. Because of us, people can do business with confidence.

The ICAEW is a founding member of the Global Accounting Alliance with over 775,000 members worldwide.

Inside this issue


LSCA Business

I hope that, like myself you have all had a good summer, and are amazed at how quickly the run towards Christmas appears. One of the key highlights within any President’s year is our Annual Dinner, and I am delighted to confirm that we shall be returning to the Crowne Plaza on Friday 28th November, and further pleased to let you know that this year we shall be supporting a charity very close to my heart, Macmillan’s Nurses. The event is always very popular with members and our colleagues from the other professions attending in good numbers. So, to borrow that famous phrase “Book Early!”, and I hope you will be pleased with my choice of guest speaker, Steph McGovern the renouned busines breakfast TV presenter. A key highlight of my year so far was the International Festival for Business, which was a great success for the City, and I’m pleased to report that both the Liverpool Society and the ICAEW played an interesting and very engaged part in many aspects of the IFB. In Professional Services week where the ICAEW launched its Business Futures program which was hosted by Jonathan Dimbleby with Sir Terry Leahy,

former CEO of Tesco, as the key note speaker. I’m already looking forward to 2016 when the IFB will return bigger and better.

I am keen to restart our Younger Members group during my year of office and so a personal highlight to me during the IFB was our relaunch event for our Younger Members one sunny evening on the terrace of the IFB Hub. This was well attended and hopefully is the first of many more events to come. Please contact Alex Pilkington ([email protected]) if you are interested in getting involved or finding out more about future events.

I mentioned in the last issue that your Committee has been developing a Strategic Review for the future direction of your Society, and this is nearly complete. If you wish to contribute in any way, please drop me a note, and I intend to share this in more detail next issue. Finally, if you want to join me and a good few others from the Society, in the Santa Dash on 7th December it would be very good to see you. Kind regards,John NolanPresident

The President’s WordsGreetings fellow members – winter approaches and with it, our famous Annual Dinner.

And, whilst there have been improvements in the aesthetics of these panels over the past couple of years (for example, the price premium attaching to all black panels has virtually fallen away), some still do not like the idea of erecting large panels on rails above their existing tile/ slate roof covering – particularly if the installation is for the front of their property. Whilst the counter argument may be that these traditional roof coverings are not that aesthetically pleasing themselves, the solar industry has taken on board this view, and are starting to produce systems like the one below, which we installed earlier this summer and has received many positive comments. Whilst these systems are undoubtedly more expensive they add

to the appearance of the property, and the added value more than outweighs the additional cost.

Further improvements are also arriving in the way in which we are able to use the energy that the systems produce. As outlined in the last

edition of Chartered One, it is to the system owners bene� t to use as much of the generated energy as possible, and there are a number of ways of achieving this – from basic behavioural changes (such as switching on appliances when it is sunny), through to more sophisticated automated solutions. We installed one of these more comprehensive solutions earlier this year, whereby:

• The energy produced by the system is used in the fi rst instance to power the appliances that are already on in the house;

• Excess energy then charges a set of batteries (as much as possible is sent to the batteries); and then

• Any further excess is redirected to the immersion heater; before• The fi nal balance is then sent to the National Grid.

At any point during the day when the requirement of the house is greater than the generation of the system, and of an evening, the house is then powered by the batteries, until they reach a prede� ned level of discharge – before the system then automatically reverts to power from the National Grid.

The system was connected through to the internet, from where the home owner can monitor what the system is doing (the monitoring is just for information – everything is automated).

Examples of the reporting available through an app include this one, which shows the power that the system is generating at a moment in time, along with how this energy is being used, and the state of charge of the battery system:

….and this one, which shows historic generation data, by the day, week, month or year

The PC/ Mac portal contains even more detailed data, such as this snapshot of live data..

…..through to chart reporting. The one below shows that from 7am until 11pm hardly any energy was drawn from the grid (the house “self used” the generated energy during the day, and then primarily ran o� batteries from 7pm until 11pm) – meaning a much reduced electricity bill. A larger battery storage set up would provide su� cient to power the property throughout the night – meaning virtual self su� ciency, at least during the summer months.

A � nal advantage of this system is that it also provides a back-up supply in case of any outages of the main electricity grid – automatically switching over if the grid goes down to battery power – it would even power your front door bell for when the neighbours call around to ask you to store their frozen food!

For more information on any of the above, please call our o� ce and ask to speak with Tony Edwards – see our advert opposite.

THE CHANGING FACE OF SOLARAs over 99% of the solar installations in the UK are of the traditional panels, it’s not surprising that most people think this is the only form available for the technology that converts daylight into electricity.


LSCA Business

The mainly sporting disappointments of the World Cup, Wimbledon, Tour de France, mixed cricket results, tempered by the highlights of our Ladies rugby team were a good contrast for the excellent performance of our two local schools in the ICAEW BASE game. Wirral Grammar School for Boys and a mixed Merchants Taylors School delivered outstanding results, and many congratulations to them, and our report lies within. The International Festival for Business which ICAEW and the Liverpool Society were actively involved went exceptionally well, and we are looking forward to becoming further involved when it returns in 2016, so please express any interest you may have in becoming involved in the future. This month, we are delighted to announce the launch of the first ever app for the Liverpool Society. There are some good details about it inside, and may I express my thanks to Crosby Associates for their hard work in developing this for us. Other items which may be of interest in this issue are details of an exciting Schools Art project run by dot-art Schools and for anyone connected with a school I would encourage you to look at this. Our links with LJMU continue with an interesting article on the early days of LSCA and Harmood Banner, and much more topically, our very own John Tiernay was recently elected as Chairman of the Council of ICAEW and he discusses the context of that. Finally, our Annual Conference will be held on 10th October and promises to be full of interest for all members. It is being held at the very modern and prestigious Museum of Liverpool and I hope you will be able to attend. Full details inside. That’s it for now – our tenth issue – and I hope you enjoy it. Have a good Autumn.

Kind regards,Martyn BestEditor Chartered ONEPast President

Insight from the EditorSummer is not quite a fading and happy memory, and I hope it has been good for you all, as we now enter a productive few months before the onset of Christmas

Thoughts for coming issues include:≥Members professional and personal news ≥Firm’s News ≥A spotlight on...

≥Social Activity ≥Comments/Feedback ≥Charity Corner ≥Student News

You can also join our Society’s LinkedIn group.

Pension Led Funding

Whilst the term pension led funding is relatively new, the concept is not. Its relevance though has gained in importance during the credit squeeze of the last � ve years. A small self-administered pension scheme (SSAS) is a niche type of pension arrangement that can make loans to businesses subject to certain criteria being met. These pension vehicles, as well as the more well-known SIPPs, can also purchase assets from companies at a fair market value thereby releasing cash which could be used for company projects. For a loan to be an authorised pension investment, it would need to meet � ve criteria: a maximum loan of 50% of the pension fund value, adequate security by way of a � rst charge over an asset, a term of no more than � ve years with capital and interest paid throughout, a commercial interest rate which in all circumstances should be at least 1% over base rate, and the borrower must be a sponsoring employer using the loan for the purposes of its trade.

Our research shows that providing adequate security is the biggest hurdle, followed by the � ve year repayment plan which clearly frustrates � nance needed for long term projects. Where there is no tangible asset either to sell to the pension fund or to put up as security, intangible assets that have a value can be considered. Examples include intellectual property such as registered trademarks. The key here is to make sure that the valuation is

one that is relevant to the lender – i.e. the pension trustees – rather than the company seeking funding.

If the loan conditions can be met and there is suitable security, then the client will need a SSAS as a receiving pension vehicle for their existing pension arrangements. A SSAS is a form of trust set up by the client’s company under a trust deed, and then lodged with HM Revenue & Customs as a registered pension scheme. The scheme members act as trustees and it is usual for a professional trustee provided by the pension � rm to act alongside them to aid compliance with pension legislation. This is more relevant following new legislation introduced to curb mal administration of pension arrangements by those deemed not � t and proper to look after pension arrangements.

There are a handful of companies in the Merseyside area that can guide you through the process and provide the documentation needed to set up a SSAS and make a loan. It’s worth making enquiries early as a SSAS can take longer to set up than an off the shelf pension plan such as a SIPP. Ultimately though, a SSAS can be worthwhile for business owners wanting to pay loan interest to their own retirement plan rather than the bank.

Andrew RobertsPartner, Barnett Waddingham LLP@andrewddroberts

Pension led funding is a term coined to describe the use of pension monies to � nance a business. In particular, a business owner with existing pension savings may want to use those savings to help their business rather than keep it invested in more traditional ways, such as with insurance companies or a portfolio of stocks and shares.

a true partnership approach

Pension Led Funding

Whilst the term pension led funding is relatively new, the concept is not. Its relevance though has gained in importance during the credit squeeze of the last � ve years. A small self-administered pension scheme (SSAS) is a niche type of pension arrangement that can make loans to businesses subject to certain criteria being met. These pension vehicles, as well as the more well-known SIPPs, can also purchase assets from companies at a fair market value thereby releasing cash which could be used for company projects. For a loan to be an authorised pension investment, it would need to meet � ve criteria: a maximum loan of 50% of the pension fund value, adequate security by way of a � rst charge over an asset, a term of no more than � ve years with capital and interest paid throughout, a commercial interest rate which in all circumstances should be at least 1% over base rate, and the borrower must be a sponsoring employer using the loan for the purposes of its trade.

Our research shows that providing adequate security is the biggest hurdle, followed by the � ve year repayment plan which clearly frustrates � nance needed for long term projects. Where there is no tangible asset either to sell to the pension fund or to put up as security, intangible assets that have a value can be considered. Examples include intellectual property such as registered trademarks. The key here is to make sure that the valuation is

one that is relevant to the lender – i.e. the pension trustees – rather than the company seeking funding.

If the loan conditions can be met and there is suitable security, then the client will need a SSAS as a receiving pension vehicle for their existing pension arrangements. A SSAS is a form of trust set up by the client’s company under a trust deed, and then lodged with HM Revenue & Customs as a registered pension scheme. The scheme members act as trustees and it is usual for a professional trustee provided by the pension � rm to act alongside them to aid compliance with pension legislation. This is more relevant following new legislation introduced to curb mal administration of pension arrangements by those deemed not � t and proper to look after pension arrangements.

There are a handful of companies in the Merseyside area that can guide you through the process and provide the documentation needed to set up a SSAS and make a loan. It’s worth making enquiries early as a SSAS can take longer to set up than an off the shelf pension plan such as a SIPP. Ultimately though, a SSAS can be worthwhile for business owners wanting to pay loan interest to their own retirement plan rather than the bank.

Andrew RobertsPartner, Barnett Waddingham LLP@andrewddroberts

Pension led funding is a term coined to describe the use of pension monies to � nance a business. In particular, a business owner with existing pension savings may want to use those savings to help their business rather than keep it invested in more traditional ways, such as with insurance companies or a portfolio of stocks and shares.

a true partnership approach

Slater & Gordon’s group litigation team has recouped more than £34 million in redress on behalf of clients that have been mis-sold Interest Rate Hedging Products (IRHPs). But with the rundown of the FCA scheme, do not assume the swaps battle is over.

The ability of the banks to replace the mis-sold swap for a shorter term swap – a so called “swap for swap” – has had the effect of dramatically reducing the amount of redress payable to a customer. Slater & Gordon has been successful in challenging a number of these swaps for swap decisions.

Consequential loss decisions have resulted in average pay-out of only £2,000 per customer,

demonstrating that the banks just do not accept that depriving small businesses of hundreds of thousands of pounds has led to substantial losses. If you or your clients are unhappy with the offer of a replacement swap by the banks or had a substantial consequential loss claim rejected by the banks then Slater & Gordon may be able to assist.

The Slater & Gordon group litigation team is currently investigating a range of other claims in the arena of fi nancial mis-selling. These include, mis-selling of merchant credit card payment facilities, Traded Life Policy Investments, mis-description of Unregulated Collective Investment Schemes (UCIS), mis-sold pension scheme investments, misleading shareholder information, mis-sold time share investments and many other areas.

If you believe that you have been mis-sold a fi nancial product, call and speak to an expert.

Visit www.slatergordon.co.uk to fi nd out more.

Law fi rm’s battle continues after swaps success


LSCA Business

Diary of Events 2014Below are details of forthcoming events. Please check the website for further updates, including ‘early bird’ discounts and season ticket offers at icaew.com/north-west-events

Date Start Event Venue Speaker

24 September 12:45 Chester Town Group Pursglove & Brown, Chester N/A

25 September 09:30 Acting for Doctors & Dentists Haydock Park Racecourse Jeanette Brown

10 October 09:30 LSCA Annual Conference Museum of Liverpool Various

16 October 09:30 Financial Reporting Update Britannia Adelphi Hotel, Liverpool Bruce Cowie

22 October 13:00 Acting for Farmers Park Royal Stretton Robert Wharton, Dodd & Co

12 November 12:45 Chester Town Group Pursglove & Brown, Chester N/A

20 November 09:30 Tax Update Britannia Adelphi Hotel, Liverpool Marion Hodgkiss

25 November 09:00 Sole Practitioners Conference Haydock Park Racecourse Various

28 November 18:45 Liverpool Society Annual Dinner Crowne Plaza Hotel, Liverpool Steph McGovern

Liverpool Chartered Accountants Student Association welcomes new leaderThe Liverpool Chartered Accountants Student Association has a new president. Paul Cochrane, Director at McEwan Wallace Chartered Accountants & Business Advisers in Birkenhead, has been appointed President of the Liverpool Chartered Accountants Students Association (LCASA).

LCASA unites students who are studying for their ACA accreditation across Merseyside. There are currently over 200 members of the association – all of whom are working in accountancy firms across the Liverpool City Region whilst studying for their ACA exams.

Paul’s role is to act as a conduit between the Liverpool Society of Chartered Accountants and LCASA. He will attend regular technical and networking events, discussion groups, the annual dinner as well as representing the interests of the LCASA to the Liverpool Society of Chartered Accountants and the wider business community.

Paul was President of the Liverpool Society of Chartered Accountants in 2013/2014 and will be supported in this new role by Ryan Sheppard who is the Student Chairman of LCASA.

Paul said: “It is a real honour to able to work with members of LCASA and represent the next generation of Chartered Accountants here in Merseyside.

“McEwan Wallace runs its own apprenticeship scheme and we are an approved ICAEW training office and have been training chartered accountants for over 80 years. We are therefore passionate about nurturing talent in our industry and as President I hope to encourage more local members to engage with LCASA to ensure that the views of the students are promoted effectively amongst the local business community.”

Slater & Gordon’s group litigation team has recouped more than £34 million in redress on behalf of clients that have been mis-sold Interest Rate Hedging Products (IRHPs). But with the rundown of the FCA scheme, do not assume the swaps battle is over.

The ability of the banks to replace the mis-sold swap for a shorter term swap – a so called “swap for swap” – has had the effect of dramatically reducing the amount of redress payable to a customer. Slater & Gordon has been successful in challenging a number of these swaps for swap decisions.

Consequential loss decisions have resulted in average pay-out of only £2,000 per customer,

demonstrating that the banks just do not accept that depriving small businesses of hundreds of thousands of pounds has led to substantial losses. If you or your clients are unhappy with the offer of a replacement swap by the banks or had a substantial consequential loss claim rejected by the banks then Slater & Gordon may be able to assist.

The Slater & Gordon group litigation team is currently investigating a range of other claims in the arena of fi nancial mis-selling. These include, mis-selling of merchant credit card payment facilities, Traded Life Policy Investments, mis-description of Unregulated Collective Investment Schemes (UCIS), mis-sold pension scheme investments, misleading shareholder information, mis-sold time share investments and many other areas.

If you believe that you have been mis-sold a fi nancial product, call and speak to an expert.

Visit www.slatergordon.co.uk to fi nd out more.

Law fi rm’s battle continues after swaps success

The role of trusts in estate planning is under attack from legislation and tax changes in the UK and the EU, so we are helping clients with their planning options.

As an Isle of Man based corporate and trust service provider, we pride ourselves on building sustainable business relations, both onshore and o� shore, with fellow professionals and intermediaries, speci� cally accountants and IFAs.

Although our main base is in the Isle of Man, we diff erentiate our service off ering by having a strong presence in the North West. This ensures we can nurture both professional and client relationships e� ectively.

This year is an exciting time for Fortress as we celebrate our 20th year of business. We marked this milestone with several events including a race evening at Chester Race Course in July and charity e� orts for our chosen charities of the year, Macmillan Cancer Support and The Manx Stroke Foundation, of which over £1,000 has already been raised.

To meet growing demand for professional trustee services in the UK, we are pleased to announce that we have decided to expand our trust services in the UK providing;

• UK trust design• professional trustee services• trustee assistance for those clients who manage trusts

themselves and • a review and ‘take on’ service for existing trusts or trusts linked

to tax schemes, both in the UK and off shore.

Working with you in partnership for 20 years!Trust is at the centre of our businessIHT accounts for only 3% of the UK’s total tax take, but the amount raised is increasing rapidly. The reason for the increase is primarily down to a population obsessed with property. We were a nation of shopkeepers, but now there is £1,000bn of housing equity owned by people aged over 65. In view of this, we are seeing a signi� cant increase in enquiries concerning succession of property assets and the use of trusts and other planning vehicles.

Andy Lee, Marketing Director of Fortress Management Services Limited

Case StudyUtilising holdover relief for property into trust.1. Edward and Karen Fortune own 3 investment properties jointly. They would like to pass these down to their children, Jake and Adam, without triggering a CGT liability.

2. Edward and Karen no longer require the income from these properties but would like to shelter the assets from IHT, potential marital disputes and ensure the assets are retained in the bloodline.

3. They create a family trust in the UK with themselves as trustees and Fortress as a UK professional trustee.

4. The discretionary trust gives the trustees the power to appoint the income and capital of the trust to categories of bene� ciaries including their children and grandchildren, but excluding spouses, ensuring the property stays in the bloodline.

5. The properties are transferred to the trust, relying on hold over relief. The transfer is a chargeable transfer for IHT purposes but their value is below the nil rate band (currently £325,000 per spouse), so no IHT is payable.

Discover how working with us can boost client retention and provide you with an additional income stream.

Register for one of our three FREE North West, tax and trust planning master classes in November 2014 by going to this webpage http://www.offshore-iom.com/news.asp.

What would it look like?

If you have clients that are in a similar situation as Edward and Karen and would like to discuss solutions in more detail, please contact us via http://www.o� shore-iom.com/contact.aspquoting ChartONE in the details section.


LSCA Business

BUSINESS WITH CONFIDENCE icaew.com/liverpool

Annual Conference – 10 October 2014 The Museum of Liverpool, Pier Head, Liverpool, L3 1DG Friday 10 October 2014, 09:30 for 10:00–16:30 Price: £70 per person plus VAT – includes conference, refreshments and lunch Presenting: 100 Topical Top Tips for Accountants - 10 categories with 10 top tips in 10 speedy sessions for accountants at all levels, in practice, industry and the not-for-profit sector Programme 09:30 Registration and refreshments 10:00 Welcome from the President (John Nolan, LSCA) 10:15 Business Growth: ten ways GrowthAccelerator funding can support your clients and your own business

(Brian Dormand, Winning Pitch) 10:45 Financial Reporting: the top ten ‘need to knows’ for the year ahead (John Nolan, LSCA) 11:15 De-mystifying IT: ten top tips from BYOD to the cloud and the latest on apps (Martyn Best, Document

Direct) 11:45 Coffee 12:00 Employment Law: what’s new, times ten (Bernadette Worthington, Weightmans) 12:30 Ten ways for ICAEW members to access free help and support (Joanne Butler, CABA) 13:00 Lunch and networking, talking tables on request 14:00 Professional resilience: ten ways to develop this key 21st century business competency (Carol McLachlan,

The Accountants Coach) 14:30 Sage in the clouds: what’s it all about, to the power of ten (Sage) 15:00 Compliance: ten risks and how to mitigate them (QAD, ICAEW) 15:30 Tax – personal: ten changes you can’t ignore 16:00 Tax – corporate: the ten big ones for the year ahead 16:30 Close The conference will provide invaluable CPD in the important topical areas for accountants in all sectors. The event is also designed to give you a valuable opportunity to network with fellow members in a lively but relaxed atmosphere, exchange experiences and ideas and share problems. Venue: The Museum of Liverpool The Museum of Liverpool reflects the city's global significance through its unique geography, history and culture. Visitors can explore how the port, its people, their creative and sporting history have shaped the city. There will be the opportunity for visitors to explore the exhibits during the day. The museum opened on 19 July 2011| in a purpose-built landmark building on Liverpool's famous waterfront. Since then it has won a number of awards, most recently the Council of Europe Museum Prize for 2013.

ICAEW


LSCA Business

BUSINESS WITH CONFIDENCE icaew.com/liverpool

Event DLIVCOR141010 The best way to book is online at icaew.com/north-west-events Otherwise, please fill in the booking form below.

Annual Conference, Friday 10 October 2014 Ticket type Price Places

Individual £70.00 +VAT (£84.00) per person

I enclose my cheque for £ made payable to LSCA

Name

Position

Organisation

Dietary requirements

Names of guests and dietary requirements

ICAEW membership number (if applicable)

Address

Postcode

Telephone

Email

Please return this form to Regions Central Events, PO Box 6083, Milton Keynes, MK10 1PG E [email protected] T 01908 248179

Event booking conditions If you book for the event and find that you are unable to attend you may nominate an alternative person for no extra charge. However, if you are unable to find a replacement, the following cancellation charges apply:

• 10 working days or more before the event – no charge • Less than 10 working days but more than 48 hours before the event – 50% cancellation charge • Less than 48 hours before the event – 100% cancellation charge

At Alpha we are able to o� er a unique service for businesses and individuals; Alpha has established its brand by being one of the fi rst companies to provide Emergency 24-48 hours bridging to the Intermediary market. Many of our loans have been completed within 48 hours as we understand that speed and e� ciency are important to our clients.

Alpha’s head offi ce is located in Kent, we have a second offi ce situated in St Katherine’s Dock London, and both have been operational for 3 years. Our aim is to provide a cash fl ow solution to businesses as well as on a personal level. Our service is individual to each customer; we are able to o� er a

boutique facility that meets the client’s requirements. Loans can be serviced from 1 day up to 1 year and depending on the value of the security we off er loans up to £1,000,000. Unlike any other lender we are able to look at a variety of assets that may be used as collateral, such as Property, Cars, Jewellery and Watches.

Typically, Alpha off ers up to 60% LTV on But to Let and Commercial properties. On other assets we are able to go up to 70% subject to our expert internal valuation. We understand that the access to funds is very important to our clients and that is why we pride ourselves on speed and e� ciency.

Contact UsEmail - [email protected] - 0800 011 4702 / 01474 330 160O� ce Hours – 9.00am – 5.30pmLondon Address - M/Y Helena, St. Katherine’s Dock, London, E1W 1LAKent Address - Unit A3, Lion Business Park, Gravesend, Kent, DA12 2DN


LSCA Business

John Nolan PresidentPhilip SilverDeputy PresidentAndrew MossVice PresidentPaul CochraneImmediate Past PresidentMarion HodgkissCouncil Member, Past PresidentJohn TiernayICAEW Council ChairAmanda FaircloughHon. TreasurerRob YoungHon. SecretaryAndrew Lloyd Chairman, Chester & N Wales

Katharine ThompsonChair, Southport BranchMartyn Best Editor, Chartered ONE & Past President

Paul ChristianPast PresidentMandy Haslinger

Andrew LoveladyPast PresidentCarol McLachlanChair - LPD CommitteeJan McDermottWirral Town Group, Past PresidentEileen QuinnPast PresidentMichael SalePast President

Officers and membersAt the recent AGM the following were elected and re-elected as Officers and members of the Committee.

Chester and Northwales announce new chair (Apologies to Andrew for the slight mis-spelling oh his name in the last issue)

Andrew Lloyd, who has served on LSCA committee for many years was recently elected as Chair of our Chester & North Wales branch.Asked about his appointment, background and thoughts for the future, Andrew commented:

After graduating from Worcester College, Oxford with a degree in Mathematics, I joined Price Waterhouse in Liverpool under a training contract in the Audit Department. Immediately after taking my final exams, I was seconded to the Tax Department and I have specialised in tax ever since. As well as gaining a thorough understanding of tax while at Price Waterhouse, I met my wife, Janet (nee Skinner), who was also a tax specialist there. In 1996, I joined Kidson Impey’s Liverpool office, being admitted as a partner in 2000 and subsequently becoming a partner in Baker Tilly following the merger of the two firms. I am currently Head of Tax for Baker Tilly in the North West which covers our six locations in the region – Liverpool, Chester, Warrington, Manchester, Preston and Stoke. Although I still consider myself a Lancastrian, being born in Blackburn and brought up in Preston, I now feel ‘more Welsh’ having lived near Wrexham in North Wales for the last 23 years. We have three teenage children and I am confident that at least one of them will follow in the family footsteps! I play badminton in a local league and am a member of both Wrexham Golf Club (where I am the Junior Organiser) and Porthmadog Golf Club. I am always up for a challenge and have completed the London Marathon three times. I have served as a member of the Main Committee of the LSCA for the last 6 years and I am very much looking forward to the next 12 months as the Chairman of the Chester and North Wales branch.

Working together with HMRCPhilippa Stedman ACA, the technical manager of the ICAEW’s Practitioner Support Group manages elements of the Institute’s relationship with HMRC.

HMRC is currently looking for volunteers to test and provide input into its digital developments.

Please let her know if you are already involved in any HMRC testing indicating which areas of work and if not if you would be interested in helping going forward. In particular she is looking for volunteers for helping HMRC develop its new Agent online self serve(AOSS), and input into various aspects of this work, as well as the transition of HMRC website to GOV.UK. The work may involve telephone calls with HMRC or GOV.UK digital staff, workshops or online testing. As background this link about the latest developments New

digital services from HMRC: June 2014 update. Provides much more detail.This work should keep you up to date with digital developments at an early stage, give you a chance to help shape them into something that will work best for agents and you may find it interesting As each new initiative starts or develops she will e mail those that have expressed an interest to see if you would like to take part Please contact her directly: Philippa Stedman ACATechnical Manager, Practitioner Support

E: [email protected]

LSCA Officers & Committee 2014/2015

Crowdfunding is here to stay’

As any entrepreneur will tell you, getting a business idea o� the ground isn’t easy - there are challenges along every step of the way. Who are my audience and how can I best communicate with them? How can I anticipate, and importantly achieve growth? And of course, how can I � nance my business through the early stages?

In 2009, a new concept grew from the US and gave entrepreneurs and business owners across the globe an alternative option for raising investment. Crowdfunding a� ords enterprising individuals a platform to access millions of would-be investors, and enables individuals to group together to invest into a business opportunity that they would not otherwise have been able to.

Statistics indicate that around 95% of business plans are thrown out when they reach the investment phase, with creative, artistic and charitable sectors being among the most a� ected. The crowdfunding model then, was much welcomed by many.

The concept of crowdfunding is easy and convenient. Generally one pitch is made online to vast and varied audiences through specialist websites or across social media platforms.

As well as the potential to gain important investment, crowdfunding o� ers entrepreneurs the advantage of road testing their product or service before taking it to market; if there is an appetite to invest, there is likely to be a similar appetite from customers. By projecting your ideas into a public realm, you can obtain useful real-time feedback to help shape your ideas prior to launching.

It is little wonder then that crowdfunding has become not just a valid, but an attractive option for budding business owners. Since 2009, a number of niche crowdfunding sites have appeared online, providing an avenue for entrepreneurs in need of cash to take their idea directly in front of those who have it, and are actively seeking opportunities to � nance.

Initially crowdfunding was primarily rewards-based, where investors would pay for products or experiences, or in some cases donate their money in good will, waving their right to any shares. But early examples of rewards-based crowdfunding left a bitter taste in the mouths of many investors.

More recently, there has been a shift and loan and equity crowdfunding now generates millions of pounds from investors online. The UK is leading the way in equity stakes ventures and is fast becoming recognised as leading the � eld in crowdfunded businesses.

In a market that has experienced such rapid growth and turns over a growing amount of capital, the safeguarding of both project initiators and project investors was imperative and the right protection had to be in place for both.

Of the � ve main types of crowdfunding, two are now regulated by the FCA, as set out in the Crowdfunding and the Promotion of Non-Readily Realisable Securities Instrument 2014. While a discussion of regulation is outside the scope of this article, the regulation is relatively light touch as

the Government has been keen to promote alternative sources of � nance and not in any way seek to constrain this developing marketplace.

Crowdfunding is being experimented with as a funding mechanism for creative projects, philanthropy and civic projects, consumer goods and even real estate, with new and niche sites launching every day. There are some fantastic examples of where crowdfunding has worked well, but it is still only new as a concept and certainly the risks of total loss of investment is somewhat higher than with traditional funders backed by security over the business or personal guarantees from the directors.

In summary, crowdfunding is a relatively quick and easy way of raising monies and is here to stay.

MSB Solicitors work with a number of businesses across the North West which are raising monies via crowd funding platforms. These range from loans to fund a particular project through to taking shares in the business to fund business growth. MSB Solicitors also work with crowdfunders and are advising on compliance with the FCA regulations.

Mark Forman is commercial partner at MSB Solicitors in Liverpool and deals with commercial law; commercial litigation and employment matters.

Mark FormanPartnerMSB Solicitors

Accountants are oft en seen as a source of sound advice and support on the many and varied issues that can aff ect businesses of all shapes and sizes. Its not surprising – you are trusted by your clients, with whom you have oft en have had a long term business relati onship. Whilst this is excellent as far as it goes, what happens when your client needs a more specialist approach but they don’t know who to turn to for reliable, accurate advice?

Kirsty Craig Associates (KCA) are experts in all things people within a business – whether large or small. What we do is geared completely to helping companies grow – achieving their goals through…

• Making sure the right people are in the right job • Creati ng a brilliant culture for people to thrive in• Managing performance for business growth• Ensuring that HR systems and processes are fi t for purpose –

providing ti mely, compliant and relevant support for everyone in the business

Working closely with accountants or other professional partners means that we get to understand the history of the company, the people who drive the business and their vision forward. This level of understanding is both essenti al and invaluable because it means we can provide advice and support that has immediate impact.

If you are an Accountancy fi rm who feel that you and your clients would benefi t from working in partnership with Kirsty Craig Associates do please get in touch with Kirsty or Catherine on 01244 515548 or email Kirsty direct:kirsty@kirstycraigassociates.co.ukwww.kirstycraigassociates.co.uk

Helping Companies grow


LSCA Business

The campaign’s aim is to build awareness and understanding of what makes a chartered accountant different and valuable - in turn encouraging more organisations to train and employ chartered accountants.

A new ICAEW initiative….that you can take part in!I am contacting you about an important ICAEW initiative to build awareness and understanding of what makes a chartered accountant different and valuable; to encourage more organisations to train and employ ICAEW Chartered Accountants, and ultimately more students to become ICAEW Chartered Accountants.

Our members have told us that they consider the promotion of ICAEW Chartered Accountants to be ICAEW’s most important role – to protect the status of the qualification, and highlight the role our members play, and their relevance, in the world of business.

What we are trying to do?Demonstrate the benefits of the chartered accountancy qualification, and showcase the leadership, quality and impact of our members. The campaign will promote ICAEW Chartered Accountants as ‘No Ordinary Business Minds’, with a particular focus around the theme of ambition – and what it takes to realise ambitions in the world of business and finance.

For this campaign to be successful we would like to be able to feature the stories, insights and viewpoints of our members. …..which is why we need your help.

What will be appearing?The campaign will feature advertising appearing from 29 September in the FT, the Economist, City AM, and across a variety of finance, business and news websites. In addition we will be developing:

≥Campaign pages (www.icaew.com/ambition - available from 29/9) which will demonstrate why being chartered matters, and the benefits of training and employing a chartered accountant

≥We have produced videos to sit on the campaign pages, featuring companies such as Vodafone, Mitie, BBC and ManU whose participants talk about their organisational and personal ambitions, why being an ICAEW Chartered Accountant matters to them, how to build an effective finance team, and their top tips for career success.

≥News features and articles in our member and student print and online publications

≥A social media campaign

How can you get involved?We will be starting the social media campaign from 8 September.

≥8-29 September – we will be posting in LinkedIn, Twitter and Google+ asking you to tell us about your career journeys and ambitions, and also about the value of being chartered

≥29 Sept to end Nov – we will be posting more of the above, but also facts about chartered accountants and video clips, quotes and tips of members we have interviewed that you can comment on and share.

ICAEW is really excited about launching this campaign, and we hope you will be able to give us some time to support the profession and promote your chartered accountancy qualification. We are sure you have some interesting stories to tell about what being an ICAEW Chartered Accountant means to you and your career, and personal insights about your experiences.

We’d love you to get involved - check it out, join in and post, or simply share through your personal accounts #icaewAmbition

No ordinary campaign The ICAEW has recently launched a new exciting new campaign called ‘No Ordinary Business Minds’.

Chester Town Group Dates 2014/2015The Chester Town Group is a lively discussion group for members in practice based in Chester. It creates an ideal opportunity for members to get together in an informal and relaxed atmosphere.

The group meets quarterly throughout the year in the centre of Chester over lunch, to get together and discuss issues of common interest.

The forthcoming Town Group dates up to February 2016 are as follows:-2014Wednesday 24 September Wednesday 12 November2015Wednesday 4 February Wednesday 29 April 2015Wednesday 23 September Wednesday 4 November2016Wednesday 3 February

All the meetings will be at the offices of Pursglove and Brown in Chester (24 Castle Street, Chester, CH1 2DS) as usual at 12.45pm, with the exception of the February meetings which will be our New Year lunches at venues to be confirmed. Further details and to confirm your attendance please contact Nick Ledingham, Morris & Co 0151 348 [email protected]

New UK regulations are about to go live, that seem to have gone almost unnoticed. However, you will likely have clients that are affected, if not your fi rm itself.

The Foreign Account Tax Compliance Act (FATCA) is the fi rst of many new inter-governmental agreements (IGAs) heading our way. It creates a regulatory framework with a deadline for registering, reporting obligations and a penalty regime.

This fi rst agreement relates to US ex-pats and creates a reporting structure for notifying the IRS of worldwide income. However, the new regime affects you and your clients whether you have US connections or not.

Every entity in the UK will either have to register or will not register, and so will be categorised as a “Financial Institution” or FI (needing to register) or a “Non-Financial Foreign Entity” or NFFE (not needing to register). The banks and other fi nancial institutions will insist on declarations of an entity’s FATCA status – FI or NFFE. The banks won’t advise on your clients’ status, so who are they going to turn to for advice? You guessed it… you! Yes, this is yet another regulatory regime, but it’s also another client problem that you can help to solve.

The suggested deadline for registration is 25 October 2014, to allow for the application to be processed before the real deadline of 31 December 2014. Registration includes a declaration that you have adequate systems in place to identify US connections and report on US income.

Foreign Account Tax Compliance Act – Are you ready?


LSCA Business

Mr Harmood BannerThe history of the LSCA is steeped with references to fine people who in the late 19th century helped establish our profession and the Society itself.One in particular stands out, Mr Harmood Banner, and here Dr. Aneirin Sion Owen FCA, of Liverpool John Moores University has delved into his past to create this fascinating profile.

The official history of Harmood Banner and Co., recognised that the firm’s founder was “deeply involved in philanthropic works”, a “prototype of the Victorian professional gentleman” (page7), but, what did Mr. Banner actually do?

In 1814 he was on the committee of the Liverpool Lyceum Library, one of the first of its kind, and he rose to President in 1819. He was involved with Liverpool Opthalmic Infirmary (1824), Liverpool Dispensary (1829), Liverpool Female Orphans Asylum (1841), Liverpool Eye and Ear infirmary (1845) and Liverpool Infant Orphans Asylum (1859). His role was raising funds to build these new hospitals and orphanages, and, as Treasurer and Auditor, he was involved in operational management. One source describes, “Day by day, Mr. Banner may be found visiting the fatherless in their affliction, and giving to hundreds of destitute orphans that paternal council which he well knows how to bestow.”

Cholera is an acute onset, water born, disease, leading to death by diarrhoea, and outbreaks occurred in Liverpool in 1832, 1849 and 1854. At this time, Liverpool’s water was drawn from wells and, as sewage seeped, disease spread. Harmood Banner raised money to help the afflicted and worked to improve Liverpool water supply. He wrote a pamphlet on the issue in 1845, and a copy is held at Liverpool Central Library and Archive. The problem was finally solved by the building of Toxteth reservoir, opened in 1853.

Notice of the first AGM of Liverpool Female Orphans Asylum was posted by Harmood Banner in Liverpool Mercury in 1841, and a full account of the 1842 AGM was printed. More than 100 women attended the meeting at the Royal Institution, Colquitt Street. Mr Banner, as treasurer, gave a financial report and he was at pains to point out that the institution was not just for the “respectable poor”, as some had alleged. He was congratulated for his “zeal in the

cause”.

The trust that Mr Banner built up, both in practice and charitable work, was a catalyst for charitable giving and

action.

The fact that his accounting was meticulous, gave subscribers confidence. To indicate transparency, many charities sent a full set of account to subscribers, e.g., the Opthalmic Infirmary, and this raised awareness of the effectiveness of financial management. Harmood Banner’s integrity and ethics enabled him to galvanise groups of charitable givers, and today we would call it “social entrepreneurship”. Harmood Banner’s role as auditor is mentioned several

times in historical records. It is often argued that Limited Liability legislation in 1855 boosted the

importance of auditors. The evidence of Mr Banner’s charitable work suggests that social causes and fund

raising were influential in spreading understanding of independent oversight. Mr Banner performed the role of

auditor well before Limited Liability legislation, and his auditing is first mentioned in 1829 in connection with Liverpool Dispensary.

Mr Banner was at the heart of new type of commercial and financial elite and he shaped their thinking. Through his charitable work he was well known, trusted and loved in Liverpool. Although he died in 1865, the foundation for Liverpool Society of Chartered Accountants, formed in 1870, was already in place, and it was his son, Harmood Walcott Banner, that carried on the legacy. John Sutherland Harmood-Banner, Harmood W. Banner’s son, became President of the Institute of Chartered Accountants in England and Wales in 1904.

Southport Branch Annual Dinner Friday 13th March 2015 The Metro, Southport www.themetrosouthport.co.uk

Chester Branch Annual Dinner Friday 6th March 2015 Chester Grosvenorwww.chestergrosvenor.com

You will no doubt already be aware of the bene� cial tax regime in place on the Isle of Man (IoM). Combine this with its stable economy, can-do government and excellent professional services infrastructure and you can see just why the Island is such a great place to do business. This article explains some of the key features of the IoM’s tax system that will really appeal to entrepreneurs.

In addition to the comparably low personal tax rates imposed of 10% and 20% it is possible to elect for an annual maximum tax cap to apply. This caps the tax liability in a tax year to just £120,000 for an individual, or £240,000 for a jointly assessed couple, regardless of the amount of income earned. This could create a substantial saving for people with substantial personal income.

It is necessary to elect for the tax cap to apply in advance for a � ve year period. However, once the election is made, the annual liability is guaranteed to stay at the amount of the cap at the start of the election for the whole 5 year period it is in force. This gives an individual certainty as to their tax exposure over the medium term. It is also possible to renew the election at any time so as to extend the period covered and gain further certainty.

To add further appeal there are no capital taxes on the Island. This means that the future disposal of homes and/or business would attract no capital gains tax a� ording greater fl exibility in arranging an exit strategy. In addition, there are also no inheritance tax or stamp taxes to be concerned with.

Although it has been in place for several years, the Assessor of Income Tax has recently

reaffi rmed the availability of the Key Employee Concession in the IoM. This is a benefi cial arrangement in place for certain individuals coming to the Island who will create new business here. This could be by taking up employment in an existing business or setting up an approved business here themselves.

The concession applies for a maximum of three tax years and whilst the individual will be classed as resident in the Isle of Man they will be taxed as if they were non-resident. The result is that they will only pay Manx tax on their employment income, bene� ts in kind and Manx rental income. All other sources of income, Manx or otherwise, will not be subject to IoM income tax. This should make an appealing proposition to encourage those with the right skills and experience to make the move.

The combination of these key features will enable entrepreneurs to enjoy a picturesque and safe place to live that is ideal for business whilst keeping their tax exposure low.

For more information please contact

Nicola Jackson of PwC at [email protected].

The Isle of Man – a great place to do business

Who we are?

Estate Planning Solutions “EPS” are a specialist estate

planning company focusing on wealth preservation. The

business is run by a qualifi ed accountant and has 11

employees and nationwide coverage but is based in the North

West.

We are very experienced, having written over 20,000 Wills,

Trusts and Lasting Powers of Attorney. We are fully qualifi ed

(STEP affi liates and full IPW members) and insured.

What we do?

Most people put off writing Wills and considering estate

planning because they don’t know where to go to get good

advice, think they can do it later or because it forces them to

face their own mortality. We’ve spent 10 years developing

a client friendly system of delivering our services and pride

ourselves on delivering excellent customer service. Our

services include Wills, Will Trusts and Lifetime Trusts, together

with Lasting Powers of Attorney.

Why accountants?

Business owners face very specifi c issues when it comes to

estate planning. BPR trusts can be used in Wills to mitigate

IHT and specifi c Lasting Powers of Attorney may be needed.

How do we work with strategic partners?

We can work in one of two ways: -

• Referral made to EPS. We book the appointment and visit

the client when it is convenient for them (often evening, even

the weekend if necessary). We pay a commission.

• We can train a member of your practice to become the

estate planning specialist. You pay us a fee to process the

instructions and we produce the documents.


LSCA Business

The Role of the Council of the ICAEW“I suspect that, to many members, the role of Council holds a fairly low priority in their lives,” says John Tiernay

Members will be aware that Council exists, but what it does and how it functions will be only vaguely understood. This is, perhaps, understandable, but is, nevertheless, a shame.

The ICAEW, as a members’ organisation, is dependent on the involvement of active members, without which it would cease to work effectively. All Council members are volunteers, who serve a four year term with the possibility of re-election. The percentage of members who vote in Council elections is, in my opinion, appallingly low, but I am advised that it is not untypical for elections to professional bodies. Compared with some District Societies, Liverpool actually has a fairly consistently high turnout – at about 9%! Council votes its chairman, which, to my amazement, I won in the election for a new chairman in June 2014. I follow in the footsteps of my former colleague, John Anderson, a past President of the Liverpool Society and Council member, who encouraged me to stand for election as Chairman.

Liverpool, as a Founding Society, used to have three Council members, but this was reduced to two in a recent reorganisation to give greater involvement to international members. Marion Hodgkiss is our other Council member, who retires in 2015.

As far as possible, the membership of Council should be representative of the membership as a whole. This is achieved by a mix of members elected by each of the District Societies, some international representation with co-opted members seeking to fill any obvious imbalance in membership. There are currently 88 members of Council. Periodic soul-searching has attempted some reorganisation of Council, but it has always proved very hard to reduce numbers and still satisfy the expectations of the District Societies.

Council members are expected to provide a two-way communication channel between the ICAEW and its membership. We should be available to the members we represent and should be informed about issues

affecting them. I am approached from time to time to help members with an issue that has arisen, but we are not able to help with disciplinary matters. Finally, Council members should act as ambassadors for the ICAEW strategy.

Council meets four times a year with a two day conference in July. Council is responsible for the ICAEW’s high level strategy and budgets, including significant financial approvals. Council meetings, which are fairly informal, follow an agenda largely set by the Executive, but with specific issues on the agenda requested by Council for debate. Presentations are given by persons of interest and standing on topical issues – for example, we have twice received presentations by Lin Homer, head of HMRC – and have given her a hard time, particularly on HMRC’s proposal to be able to raid taxpayers’ bank accounts. Do not, therefore, imagine that Council is a “toothless tiger”. We are also capable of rejecting a proposal by the Executive if not satisfied that it has been well formulated.

In addition to Council, the ICAEW has a Board, well actually a number of boards, but the top level Board is comprised of the three Office Holders (the President, the Deputy and Vice presidents), the chairmen of the principal departmental boards, 2 members elected by Council and a member from Europe. The departmental boards report to the Board, the Board to Council.

My brief as Chairman is to try to make debates as full and challenging as possible, for therein lie not only the success of Council in meeting its objectives but also the reward of its members. When I joined Council about 9 years ago, Ian Morris (past national president and past president of the Liverpool Society) described membership of Council as being a member of the best Club in London. Long lasting friendships are made by members of Council. It plays an important part in the ICAEW’s operations, but it also offers an opportunity to members of the ICAEW to be part of the high level strategy referred to above. There is an opportunity for an election to Council next year. Why not consider it – you may well be surprised by how interesting it is!

John Tiernay the newly elected chair of the council of the ICAEW

Forget slow and ine� cient servers, in� exible work solutions and large IT expenditures, Martin Cottam at Lancashire based Chartered Accountants, Whittles LLP, believes that moving to the cloud is one of the best moves that they made with regards to their IT infrastructure.

Cloud servers and hosted desktops fi rst caught the interest of Whittles at an IRIS World event. They were considering replacing their server, as it was showing signs of age, so they investigated if a traditional server or cloud solution would best suit their needs. Martin said “The hosted desktops looked quite good. When we considered what we would be paying for a new server and IT support versus the time it takes to do the back ups, a hosted desktop would not only save us money, it would remove our system ineffi ciencies. We found Iris quite expensive but then we came across Key Computers.”

Initially, Whittles were concerned that someone else would be in control of and protecting their data. After a lot of reassurances on how the back ups and fail safes work as well as a visit to the data centre, which is UK based, Martin was more than happy that his data would be much more secure with Key Computers than on their own server.

As well as being a less expensive option, Whittles fi nd the hosted solution more fl exible. Their computers and software run faster with downtime being virtually non existent. Sta� members � nd it so much easier working from home as well as being able to swap computers to cover workloads internally. Martin commented “The effi ciency savings to us are massive, it’s gained us a few days a month in extra work time alone.”

Martin is more than happy with his hosted solution, “It is one of the best moves we made with regards to our IT infrastructure. It gives us so much more fl exibility compared to our old server and it is much easier with all costs relating to back up, IT support etc. rolled up in to one monthly fee. I would de� nitely recommend a hosted server solution from Key.”

With accountancy practices relying on IT systems and software applications like never before. The need to increase management control and effi ciency of practices, plus the requirements to meet mandatory compliance and legislation changes, are challenging enough. Add to this the headache of ensuring your IT systems and software applications are physically secure, well maintained, backed up and have a disaster recovery plan, IT infrastructures can be complex and costly. A CloudServerPlus hosted desktop will remove your IT headaches and could reduce your IT spend by up to 60% as well as negate the need for costly infrastructure investments such as a new server. Key Computers remain a family run business and have been providing superior, reliable and cost eff ective IT solutions to accountants since 1984.

To see the benefi ts of a CloudServerPlus hosted desktop for yourself visit www.cloudplushosteddesktop.co.uk.

A Hosted Desktop Helps Whittles LLP to Save Money and Work Smarter


LSCA Business

The links between the Liverpool Society of Chartered Accountants and the Liverpool Law Society continue to be strong and to this purpose we thought it useful to describe how the Law Society are constituted and what sort of engagement they have with their own members.

Liverpool Law Society is a membership organisation for legal professionals in Merseyside and the wider North West area. Founded in 1827, it has over 2300 members who come from all branches of the legal profession. The Society plays an active representational role, runs a large CPD seminar and conference programme for professionals, and provides networking opportunities at various events including social activities.

Glenys Hunt, President of Liverpool Law Society 2013-2014, comments:

“As I’m sure you are all aware Liverpool Law Society was instrumental in Liverpool Society of Chartered Accountants being set up in 1870. This was the first example of co-operation between the two groups, and the two Societies continue the alliance to the present day which makes good

business sense as the two groups of professionals often have to work together. The alliance between the two Societies means they can also train together, and play together. As President of Liverpool Law Society I do hope you have been able to come along to some of the joint social / networking and training events that we have held recently - and will come along to future events. I look forward to meeting you.”

Liverpool Law Society runs a full, year-round legal CPD accredited training programme (120+ seminars and conferences in 2013-2014), to ensure individuals maintain a level of competence appropriate to their work and level of responsibility and comply with applicable legislation, including anti-money laundering and data protection legislation. With events accredited by APIL Training and others held in conjunction with: ICAEW, LeO, SRA & STEP Liverpool there are plenty of opportunities to network as well as learn. As a sample, here are some events in the Autumn which we hope will be of interest to you. For full details on the Society’s training programme please visit www.liverpoollawsociety.org.uk. Non-members are welcome to attend the events.

This course aims to give non-specialists a practical grounding in the complex area of corporate insolvency. It will include; Statutory demands, overview of receivership, administration, CVA and liquidation, Fraudulent and wrongful trading & more. Speaker, Chris Beanland qualified in 1992 with Eversheds, where he continued to practice in the Insolvency Department, has previously been described as ‘Probably the best speaker I have ever seen. Interesting, extremely knowledgeable and able to answer all questions thrown at him’.

Accountants and Lawyers in the city have always had a close and cordial relationship, and as fellow professional bodies there has always been a good rapport.

Spotlight on Liverpool Law Society

Friday, 24th October 2014 1.30pm – 4.45pm at Liverpool Law Society

Corporate Insolvency: A Practical Guide by Chris Beanland

Chaired by Jo Morris who has thirty years’ experience working in solicitors’ practices and is a Diploma member of the Institute for Legal Finance and Management, this conference is aimed at: cashiers, COFAs, practice managers, solicitors, Finance Directors and accountants. The Society is delighted to have secured VAT specialist Darren Whelan to speak at this conference. It includes sessions on financial stability, trends, series & volumes of cases seen by the SRA, money laundering, credit control & more.

Wednesday, 12th Nov 2014 9.30am – 4.30pm at Liverpool Law Society

One Day Conference for Legal Finance Professionals

Glenys Hunt

As recently showcased at Liverpool’s IFB event, the Isle of Man (IOM) is the North West’s closest neighbour with a wealth of advantages to encourage foreign direct investment into the region.

The Island is recognised as a well-regulated International Finance Centre, having achieved 30 years of continuous growth and with local laws almost completely infl uenced by and following precedents set under English Common Law.

With a central dedicated Customs & Excise division on Island, a long standing Double Taxation Agreement with the UK and the basic rate of income tax applicable to most Trusts, Companies and Foundations resident in the Isle of Man at 0% (and no Capital Gains tax, no Stamp Duty on share transfers, or Withholding Taxes on dividends) the IOM is a diverse centre of opportunity for businesses, investors and international clients with interests across a number of sectors.

IQE is a provider of corporate and trustee services, o� ering director, trustee and full administration support and governance services for listed companies, multinational and private property developers, private equity backed vehicles and overseas family o� ce investors undertaking a range of activities including:

UK Real Estate and DevelopmentsIOM vehicles are used to hold portfolios of properties and for short term, commercial UK developments/redevelopments, where the management and control of a company (and all strategic decisions in respect thereto) is exercised outside of the UK.

Capital Gains on uplifted values (through planning or change of use applications for example) and pro� ts from the property development can be segregated through the use of separate limited liability companies.

GB VAT Registration can be achieved within 10 days and Non Resident Landlord status (to receive gross rentals) is also possible.

Whether acquiring UK property with a view to redevelopment, purchasing commercial or industrial

property or dealing with distressed assets, IQE has the necessary experience to provide full governance support.

Capital Markets (Listed/Quoted & REITs)The reputation of the jurisdiction in which a vehicle is incorporated and/or controlled is equally as important as the choice of advisers, trading platforms and likely investor support.

IOM vehicles have a proven track record for admission on AIM and the Main Market, as well as the NYSE and the HKSE amongst other exchanges. UK REIT approved status is also achievable.

IQE has dealt with 14 admissions to AIM and the Main Market with experience in rights issues, secondary capital raisings, reverse merger, dual listings and conversion to a UK REIT.

IP and Group Head O� cesIOM off ers strong IP protection in law (being largely based on UK legislation or extensions thereof ), in a tax e� cient environment. We are seeing a number of international companies (notably in the tech and pharma sectors) utilising the Island as an IP holding jurisdiction, to exploit the IP Rights in Europe and looking at the Island as a corporate Head O� ce location.

Talk to us IQE has an international client base facilitating foreign direct investment into the UK and is licensed and regulated by the Isle of Man Financial Supervision Commission. With our experienced and valued relationships in all our key markets, talk to us to work together.

Steve McCa� erty, Directorsmcca� [email protected] +44 (0) 7624 490561

We hear the term ALTERNATIVE LENDER a lot these days.

It’s a term used to generalise anything that isn’t seen to emanate

from high street “BIG BANKS”.

Alternative Lenders are non-bank lenders, who disrupt the way

that small business can access additional cash.

BIG BANKS DO NOT WANT SMALL BUSINESS CUSTOMERS

• In Q12014, the Big Banks accounted for some 70% of the

lending to business - but, lending to business in the quarter

continued to contract

• There are some 4.8 million UK businesses. The reporting

banks do not have a clear delineation between small and

medium sized businesses - but generally it is split at levels of

turnover of circa £2m

• 96% of these, some 4.6 million, are actually employing less

than 10 people, and are thus MICRO-SME BUSINESSES

Merchant Money is an Alternative Lender. We are supported by

private equity investors who are encouraging us to grow and

expand rapidly into the developing Micro-SME sector.

Our offering is simple and straightforward – we focus on

unsecured lending to £50,000 over periods of up to 24 months.

We charge interest on the daily reducing balance and there are

no other fees – with just a month’s interest fee as our minimum.

We offer speed and effi ciency by utilising our intelligent decision

platform.

Merchant Money is a people centric business, supported by

dialogue that we establish in understanding our clients business

needs. We expect to hear passionate owners explaining their

plans, rather than reading their fabricated business plans.

So if you are looking for an Alternative Lender that has strong

customer focused values and a large appetite for growth – and

that provides an online facility with fast decisions and instant

payment transfer.. call 0800 848 8480 now!

Alternative Lenders


Professional Services

As such he comes across many complex areas of technology as he and his team integrate them into their processes. Here he looks at what a “hosted desktop” is and gives you an idea of some of the benefits of adopting a remote working environment.

He is Founder and CEO of Document Direct, a business that uses many different technologies to deliver typing, transcription and document production services across a secure web-based environment.

Martyn Best, our Editor and Past President, also has a day job.

Martyn Best

So, let me give some clear non-technical explanations, and start to highlight some of the huge benefits of introducing some elements of these technologies. Use your imagination to picture just a keyboard, a mouse and a screen sitting at your desk, with obviously just a few leads connecting you to the power sockets, and connecting you to essentially your computer, and all associated software, but without the physical computer actually being anywhere nearby – well, that’s basically a hosted desktop. All the swan-like hardware and activity is located and maintained elsewhere, and you are just presented with what you need to perform your work. Once you have this environment, the logical conclusion is that any means of logging-in will give you access to what you need, and so you then don’t need to be bound and shackled to your specific and unique desk. You could be at home, at a clients, a coffee shop, a beach, or really anywhere in the world – and what liberation that should give. All software, applications, files and documents can be accessed, used and saved as if you were at your office desk.

Once this configuration is established, the benefits can easily be identified:

≥Savings on hardware costs, and the associated property and maintenance costs of things like servers, air-conditioning and physical security

≥Savings on costs of maintenance and software upgrades

≥Savings on trooping into the same office or desk each day, or several times a day, and the subsequent increase in productivity

≥Improvements in data security, back-up and comfort on disaster recovery situation

≥Greater ease in taking on more staff The cost of such a configuration is usually reflected in a monthly charge by the server provider who will integrate the hardware and necessary software and applications, and then ensure that it is related to the actual number of users you need. Issues around choice of supplier and security are vitally important, but today’s technologies should help you be more productive, profitable, and provide more time to be on the beach – even if you’re still working.

I am sure you will have heard of the phrase “hosted desktop”, or perhaps “hot desk” or indeed “remote working” and you will almost certainly heard of the “cloud”. After a while all these terms become part of the generally accepted language that we use, but do not have any real meaning. Certainly we can easily fail to appreciate their relevance to our perhaps more traditional method of working.

Document Direct has a free iPhone app available in the Apple app store.

Local IT Support Providersets itself apart from the rest. With over 15 years’ experience providing business IT Support to clients across Merseyside, ranging from small IFA’s to multi million pound service companies, IT Support North West now off er a monthly rolling contract, for a � xed monthly cost.

Clients are never committed for any longer than one month at a time. Managing Director and owner, Tony Walker, explains that the company’s ethos is to provide prompt, expert support and advice from a technical team member, every time a client contacts the dedicated telephone support desk.

Tony, who has over 25 years’ technical experience working in the IT industry, is passionate about building long term relationships with his clients, based on trust, reliability, expert advice and the fact that they will ‘go the extra mile’ whenever necessary.

Concerned by the way the sector routinely lets people down, IT Support North West off ers monthly contracts, believing that clients’ custom should be retained solely by providing a quality service, at all times, rather than tying clients in to long term contracts unnecessarily.

Monthly IT Support Contracts start at £199 +VAT per month(for a network comprising of up to 15 workstations and a server )

There’s no catch and they have nothing to hide - they will be happy to provide you with contact details of existing clients, for you to contact, ahead of working with them.

IT Support North West can be contacted on 0151 920 6097 or via email - [email protected]

1) Service ContractsWhat is the problem? It is fairly usual for businesses to sign two or three year contracts when procuring � xed line services, however many are not aware of the hidden automatic rollover clauses in contracts. This can leave a business stuck on out of date rates with hefty exit penalties.

How to avoid this situation? IP Advance would always suggest signing supplier contracts that are 12 months long and insist that the automatic rollover clauses are removed. If they want your business they will often oblige.

2) Check your billsIt may seem an obvious, but businesses do not regularly check their bills and are often over charged. Just because you signed a contract for new prices or cancelled a service does not mean it will automatically get applied to your bill.

Whilst working with a 150 site retail chain we identi� ed that they were still paying for 55 stores they had sold o� months earlier. Also an agreed tari� reduction had not been applied properly to their account.

Having identifi ed all of the billing errors IP Advance obtained a refund of c£80,000 and thee client’s bills reduced by c£7,000 per month.

3) Mobile Data BundlesBusinesses are familiar with sharing a bundle of minutes amongst their mobile users; however mobile data bundles are not shouted about as individual data packages are more pro� table.

We � nd that most sta� only use a small proportion of their allowance with a few high users exceeding theirs and receiving hefty overspends.

We restructured a tari� for a 140 user client who was spending £1,260 per month on 1Gb allowances. They also had 22 staff regularly exceeding their 1Gb resulting in up to £1,000 per month in overspends. By switching them to a 50Gb bundle shared by all users we reduced their annual costs by over £16,000 and eliminated overspends.

4) The £100 million telecoms fraudPhone Hacking is a growing crime that is estimated to be costing British businesses up to £100m per annum.

So what is it? Criminals will take over a phone system and use it to sell airtime to expensive international destinations. Systems are targeted at weekends and businesses are unware it has happened until they get a bill.

How do they get access? Modern phone systems have remote access so that maintainers can provide remote support, however the passwords are often still set to the factory default or something obvious like ‘Password’. Hackers try the default and obvious passwords to gain access to a system.

So what are the potential costs? A Manchester business was recently hacked one weekend and over 10,000 calls were made costing almost £30,000. We know of cases as high as £100,000.

Do I have to pay the bill? If your system is breached your phone call provider will bill you for them. It is not their fault, it is your cost.

How do I protect myself against phone hacking? Criminals always look for easy options so ensure that all remote access points to your system have very secure passwords that are changed on a regular basis.

These are just a few of the areas a business needs to consider so if you want see how IP Advance can help your business or that of your clients, please contact Andy Poar at [email protected] for a free telephone based initial consultation.

Are your telecoms costs really under control?IP Advance Ltd is a North West based independent consultancy that specialise in telecoms procurement, cost reduction and supplier management. Here, Andy Poar of IP Advance discusses some key considerations business must take to keep telecoms costs under control

A� rmative Finance has recently celebrated its 10th Birthday. Bridging and short-term � nance is now a key component within the � nance industry and is seen as a mainstream option. Many mortgage brokers, independent � nancial advisers, lawyers, banks and accountants utilise the option of bridging � nance on a daily basis. We at A� rmative stand out. We are authorised and regulated by the Financial Conduct Authority and a Member of the Council of Mortgage Lenders. We are the fi rst choice for many of the mortgage networks. We are constantly thinking outside the box.

You can use bridging � nance for numerous reasons (not just buying before a property sells). A few examples:-• Tax bills• Cash fl ow• Unmortgageable properties e.g no bathroom or kitchen, non-

standard construction• 100% of purchase price (with additional security)• Barn purchases and conversions• Refurbishment of property• Self-build fi nance• Development fi nance• Auction fi nance and much more.

Ian Harrison, Operations Director. Ian has been with the company since inception and can be contacted on 07786 370 523.

10 years of A� rmative Finance



Instead, you need to be investigating, developing points of discussion, and make sure there is something to discuss before you begin. If, for example, the prospect has an adequate compliance service in place and you’ve offered them the alternative of another adequate compliance service, then what is there to discuss – price?

There’s no valid reason for them to switch to you. You need to offer them something superior than they currently have. In short, you are allowing the prospect to want what you’ve got by making what you’ve got fit their needs.

Winning your first client In order to ‘sell’ with confidence, to attract the type of clients you’ve identified as ideal for your practice and to practise this type of relationship-based differentiation, you must believe in yourself and in what you are offering.

The phrase ‘winning your first client’ doesn’t mean what you may think. I’m not talking about your first client acquisition. ‘Winning your first client’ means selling yourself to yourself — becoming comfortable in the belief that you are the right fit for this prospective client.

When you can develop this confident self-belief, your self-esteem is not riding on acquiring any given client. The approach towards a potential new client becomes,

“Let’s have a conversation and see where it takes us. If we can take it further, fantastic. If not, all we’ve done is spend 45 minutes of our time and you’ve had an independent view of your business free of charge. It’s a win-win in either case, so let’s relax and enjoy our conversation.” That is differentiation. Now “selling” matures into “attracting”.

So What Is Proven To Be A More Effective Approach For All Concerned?

‘Sell’ is a Four Letter WordMany partners will look you in the eye and tell you they convert 95% of all the opportunities they are given. And it’s true — that is their conversion ratio. What isn’t said is that those opportunities were referred businesses, clients that were going to do business with them unless they did something horrendous to turn them off.

Martin Bissett, FounderThe Upward Spiral Partnership

USP’s founder, Martin Bissett, spent 14 years at one of the UK’s leading marketing consultancies for the professions. In that time he worked with several hundred accountants from sole practitioners through to some of the UK’s top 30.

When USP was founded, it was aimed solely at the education sector but we were soon contacted by various accounting firms in the UK and US, looking for professional ‘hands on’ assistance from someone they trusted.

By demand therefore, USP has developed a specialism in working within the accountancy profession, delivering a ‘quasi’ sales director role in a select number of practices in order to transform that firm’s business development efforts into delivering tangible and desirable new fees.

So that’s like saying they walked through 95% of doors that were already open. But present those same partners with a need to actually seek out prospects and then take them through the process to becoming fee-paying clients, and it’s a different story.

So in short, those in the profession struggle to sell, and there are three basic reasons for this.

History: Despite the uncertain nature of referrals, once turned into clients the vast majority result in predictable, regular work. Those recurring fees have traditionally provided a warm security blanket for so many firms that there hasn’t been a perceived urgency to take control of producing more. Thus, historically, accountants have not been taught to sell.

Fear: Another major reason the profession struggles to sell is fear, because they believe it is too difficult and they won’t be able to do it. And the fact is, selling accountancy services beyond compliance work can be a hard nut to crack — unless you know how to go about it.

The type of selling required to bring in new accounting clients is based on relationships. There’s an old saying that we’re not in the accounting business — we’re in the relationship business. This is a good philosophy on which to base your sales efforts.

Stigma: For many years, conventional thinking was that selling was beneath professionals,

including accountants. Selling was something other people did, people who didn’t mind being seen as a little shady — but certainly not those qualified to practise accountancy. So of course accountants didn’t want to sell — who would want to be seen in such a light?

To be successful in growing a firm, partners and senior managers need to overcome all three of these barriers and build a culture of selling. Unless that happens, it will always be an uphill struggle to bring in new clients.

For those who fear or hate selling for any of these reasons, though, here’s a useful thought to keep in mind. If

you truly believe in your services and your value to your clients, then aren’t you actually helping people by offering them your services? So instead of even thinking of it as selling, try reframing the process as the first way you help a business before they even sign on with you.

If you don’t have a value proposition that is clearly defined in your own mind, you’ll fall into the trap of simply selling the same services as every other accountancy firm on the planet. Too many in our profession get in front of a potential client and start rhyming off the services they provide — we do audits, we save you money on taxes, we do year end statements, and so on and so on ad nauseam. Then for good measure they throw in their generic website promises — we put our clients first, we are your trusted advisor, blah blah.

To learn more about the key ingredients of success of winning professional services work, apply for a free copy of Martin’s new guidebook, ‘Winning Your First Client’ by emailing yourname and address to [email protected]

Huxley Corporate Finance is an independent company that has the expertise to o� er you a range of customised funding packages. The team at Huxley knows that one size does not fi t all, so it ensures all its fi nance solutions are tailored to meet your precise needs. Not being tied to any one funder means it can constantly monitor and asses the market, allowing it to pinpoint the best options and create the package that best meets your business’s speci� c needs.

With expertise in business � nance, Huxley Corporate Finance experience covers working with a wide range of businesses, from start ups to well established fi rms, from sole traders to PLCs. It provides a range of solutions, from factoring, hire purchase, property � nance to capital release schemes, along with an array of other o� erings. It can carry out an assessment of your current � nancial position, provide completely independent advice on the best way to raise � nance and search the market and negotiate for the best funding available, managing the whole funding process on your behalf.

An initial consultation costs nothing and Huxley Corporate Finance would be pleased to discuss any requirements. To � nd out what the team can do for you, e-mail [email protected] or call 01829 730062.

Huxley Corporate Finance

Situated in the middle of the Irish Sea is the beautiful island of the Isle of Man. With its own government, law, regulators and taxation regime, the Isle of Man lives up to its slogan of “Freedom to Flourish” for both individuals and corporates. It is truly an international business centre. Deloitte has been on the Isle of Man for over 30 years and we pride ourselves in being unique. Our o� ce is a branch of the UK fi rm, which allows us immediate access to a range of specialists that will help us address particular needs, such as, IPO readiness, real estate, taxation planning, restructuring or risk services. This ensures that we always put forward the right people with the right technical expertise to deliver the best service.

Deloitte provides audit, tax, consulting, and fi nancial advisory services to public and private clients spanning multiple industries across the globe. With a globally connected network of member � rms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to achieving the highest standard of excellence.

At Deloitte we approach every assignment with a distinctive team that we can tailor to speci� c needs . We make clever use of technology, bring valuable insight and are forward thinking so we can be so much more than just your auditors. We are truly business advisers.

If you would like to discuss this opportunities that Deloitte and the Isle of Man can bring to you or your business then please do not hesitate to call Cathy Craine at Deloitte Isle of Man on 01624 641252. We look forward to building a relationship with you.

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Cashflow advantage shifts to HMRC By now most people who deal with tax will have heard about HMRC’s new powers to tackle tax avoidance. The new Accelerated Payment Notices (‘APNs’) and Follower Notices (FNs), will be issued soon, so advisers and their clients need to consider their options.

Why the change?HMRC wants to discourage taxpayers from participating in tax avoidance schemes by changing the economics of the arrangements, through a requirement to pay the tax in dispute prior to any formal ruling.

What is an APN?An APN will require someone who has entered into specified arrangements notifiable under the Disclosure of Tax Avoidance Schemes regime or who has received a counteraction notice under the General Anti-Abuse Rule to pay the tax in dispute to HMRC while the matter is under enquiry. HMRC has published a list of 1,200 schemes where they intend to issue APNs. The APN will state HMRC’s estimate of the ‘understated tax’ and demand payment within 90 days. If payment is not made in time a penalty of up to 15% of the tax may be levied.

What is an FN?Where there has been a final relevant decision of the Courts and HMRC believes that the principles of that decision can be applied to the tax arrangements of other taxpayers, HMRC can issue a FN.

The FN will explain that the taxpayer may be liable to a penalty of up to 50% if they do not take ‘corrective action’. The ‘corrective action’ will require the recipient of a notice to take the steps necessary to reach agreement with HMRC and withdraw from further litigation.

Can I challenge the notices?There is no right of right of appeal against an APN or FN. Written representations can be made, within 90 days, on the basis that the statutory criteria for the notice are not met, the APN figure is incorrect or, for FNs, objecting to the relevance of the judicial decision.

An appeal to the Tribunal can only be made against any penalty for failure to comply with the notice.Where do these notices leave my tax planning arrangements?An APN is essentially treated as a payment on account. Once any litigation is concluded the amount paid will either be set against the liabilities or repaid if the taxpayer succeeds.

Recipients of an FN can continue to defend the tax planning through the Courts but if unsuccessful they face a penalty of up to 50% of the tax in dispute. HMRC can assess the penalty after the matter is decided at Tribunal. In most cases the taxpayer will have to decide whether to take the action set out in the notice, without knowing the potential level of penalty.

The potential increased financial cost of unsuccessful litigation where a FN has been issued will fundamentally impact the cost/benefit analysis of continuing to defend the planning.

What do potential recipients of APNs and FNs need to think about?Any potential recipient of an APN or FN should seek advice about their options, particularly if it would create cashflow problems.

Although HMRC have been granted these extended powers, they continue to encourage taxpayers to settle any liabilities by agreement, and have offered a number of settlement opportunities for different types of planning. For many, the terms on offer remain more beneficial compared to the outcome of a HMRC win at Tribunal. Given the new legislation and the impact on cashflow, any review of potential options needs to be carried out as soon as possible.

Ben can be contacted on [email protected]

Ben Roseff, a senior manager in PwC’s Tax Dispute Resolution team, talks through the extension of HMRC’s powers in dealing with tax avoidance cases

Extension of HMRC’s powers

Ben Roseff

The HM Revenue & Customs (HMRC) ‘No Safe Havens 2014’ publication makes it clear that taxation aff airs of UK residents with off shore assets are to be scrutinised.

Approximately 66 jurisdictions have signed an OECD backed undertaking to exchange bank data internationally including with the UK. This number is increasing monthly.

There are a number of HMRC disclosure facilities off ering benefi cial terms to UK residents who have not been UK tax compliant including the Isle of Man Disclosure Facility, the Jersey Disclosure Facility, the Guernsey Disclosure Facility and the Liechtenstein Disclosure Facility (LDF).

These Facilities will close in 2016. HMRC will then use information received under the exchange agreements to review cases for non-compliance and, where appropriate, undertake investigations on either civil or criminal lines. Criminal prosecutions cannot be ruled out.

Whilst it is no longer possible to obtain the necessary � nancial connection to take part in the Isle of Man or Channel Island Facilities, they are still available to individuals with existing assets in these jurisdictions.

Individuals wishing to make a disclosure under the LDF can still obtain the requisite connection to Liechtenstein and benefi t from immunity from prosecution, low penalties and a ‘line in the sand’ at 6 April 1999.

Crowe Clark Whitehill’s 2014 survey of accountants indicates that since 2007 two-thirds of respondents had at least one client with undisclosed overseas assets whilst the average number of disclosures made by each accountant was two.

The message is quite simple. Individuals with disclosures to make should come forward now and take advantage of the advantageous terms of the disclosure facilities on o� er.

IOM Disclosure Facility

Crowe Clark Whitehill – Winners of ‘Best Tax Investigations Team’ categoryat the Lexis Nexis Taxation Awards 2012 & 2014

The HM Revenue & Customs (HMRC) ‘No Safe Havens 2014’ publication makes it clear that taxation aff airs of UK residents with off shore assets are to be scrutinised.

Approximately 66 jurisdictions have signed an OECD backed undertaking to exchange bank data internationally including with the UK. This number is increasing monthly.

There are a number of HMRC disclosure facilities off ering benefi cial terms to UK residents who have not been UK tax compliant including the Isle of Man Disclosure Facility, the Jersey Disclosure Facility, the Guernsey Disclosure Facility and the Liechtenstein Disclosure Facility (LDF).

These Facilities will close in 2016. HMRC will then use information received under the exchange agreements to review cases for non-compliance and, where appropriate, undertake investigations on either civil or criminal lines. Criminal prosecutions cannot be ruled out.

Whilst it is no longer possible to obtain the necessary � nancial connection to take part in the Isle of Man or Channel Island Facilities, they are still available to individuals with existing assets in these jurisdictions.

Individuals wishing to make a disclosure under the LDF can still obtain the requisite connection to Liechtenstein and benefi t from immunity from prosecution, low penalties and a ‘line in the sand’ at 6 April 1999.

Crowe Clark Whitehill’s 2014 survey of accountants indicates that since 2007 two-thirds of respondents had at least one client with undisclosed overseas assets whilst the average number of disclosures made by each accountant was two.

The message is quite simple. Individuals with disclosures to make should come forward now and take advantage of the advantageous terms of the disclosure facilities on o� er.

IOM Disclosure Facility

Crowe Clark Whitehill – Winners of ‘Best Tax Investigations Team’ categoryat the Lexis Nexis Taxation Awards 2012 & 2014


Education Skills & Training

They beat 47 other finalists, and up to 3,000 students during the overall competition, to impress top retail industry names at the Business, Accounting and Skills Education(BASE) competition in Birmingham. Wirral Grammar School won the award for the “most considered ethics” and Merchant Taylors School won the award for “most creative ideas”, whilst the overall winners were Jersey College for Girls.

≥Up to 300 students, aged 16 – 19 from England and Wales, took part in the BASE final

≥Students adopted the role of ICAEW Chartered Accountants to give recommendations to a panel of judges, which included finance directors from FitFlop, Hobbs, Marks & Spencer and partners from EY, PwC and more.

≥BASE brings schools, FE colleges and employers together to develop key employability skills. It also helps to raise awareness of careers in business, chartered accountancy and finance.

≥The national champions were Jersey College for Girls who won £500 each and a ‘champions’ day at Chartered Accountants’ Hall in London where they interview ICAEW Chief Executive, Michael Izza.

≥Other winners won two weeks work experience at Hobbs and a business lunch at PwC. ICAEW Executive Director for Learning and Professional Development, Mark Protherough, said:

“This is the biggest final of BASE yet and we’ve been overwhelmed by the talent. Students have come out of the classroom and into the Boardroom and have showcased the vital skills they need for business. By communicating, problem-solving and demonstrating financial capabilities, they have shown just what interesting things chartered accountants can do.

“I want to congratulate all the finalists for what they’ve achieved. They’ve impressed some of the biggest names in the retail industry and accounting profession.”

Chief Financial Officer of top fashion brand, FitFlop, Jonathan Fairhurst said:“I was blown away by the young talent

today. They were not only creative, but showed their shrewd thinking when it came to presenting their business ideas and decisions to a panel of experienced finance professionals. It’s so important that young people are aware of the skills they need to develop in order to get ahead in the workplace. “Having them take on the role of ICAEW Chartered Accountants, they found out just how influential they are in shaping business, its growth and direction. I would like to congratulate the worthy winners. I’m sure I’ve seen the business leaders and fashion moguls of the future.”

The BASE final took place at the Hilton Birmingham Metropole Hotel. It follows 47 regional heats attracting over 3,000 students in more than 500 competing teams. For further information about BASE please visit www.icaew.com/base or drop Alex Pilkington a note of your interest to [email protected]

Students from Wirral Grammar School for Boys & Merchant Taylors School were crowned award winners at the biggest final of ICAEW’s business skills competition during the summer.

Liverpool and Wirral students BASE win at ICAEW national final

Wirral Grammar School for Boys

Merchant Taylors combined team

Merchant Taylors’ are celebrating another year of strong A Level results with 79% A*B grades for the Boys’ School and 74% A*B for the Girls. The pass rate is 100% with success right across the board in both the sciences and arts. These are the fi rst results following the abolition of January modules which has lowered � nal exams grades nationally but once again the Schools continue to produce outstanding results with academically rigorous STEM (Sciences, Technology, Engineering and Maths) subjects at the core of their off ering. Many students will be awarded their � rst preference places at Russell group universities and in this ever changing world the variety and diversity

of subjects that the students are going on to study is increasing with courses in neuroscience, astrophysics and genetics being amongst the wide range of choices.

Headmistress, Mrs Louise Robinson, and Headmaster, Mr David Cook, congratulated the students on their achievements wishing them well on the next phase of their journeys. They commented that these results, which come at a time in of radical A Level reform, grade boundary movement and changes to examination structures, prove that Merchants deserves its reputation locally as one of the top schools in the country.

A Level SuccessMerchant Taylors’



I have no doubt that we all have a connection with a local school – perhaps as a Governor or a Trustee, very likely as a parent, and also highly likely as a former pupil.

Your school is invited...dot-art Schools is a highly engaging interactive arts programme for years 6 and 9, and is about to enter its third year. The programme has been a huge success and interest will be very high for this coming year, and with pupils now having returned to school there is an early opportunity for our Members to bring this to the right teacher’s attention, before the new programme is formally launched. This notice opposite is fairly self-explanatory, and I would welcome you to have a quick read, and I hope that the young people or school that you know would be pleased to enter.



Your school is invited...

Relocating your HNW clients to the Isle of Man: A Short Guide By Simon Pickering, Head of Retail Financial Services, Isle of Man Government

I wrote this article while travelling on the Sea-Cat between the Isle of Man and Liverpool and thought of the migrants who arrived, and left, the UK via Liverpool during the 19th Century and how they must have felt as they sailed away to new lives.

Now in the 21st Century we fi nd a very diff erent type of individual looking to move to these shores, that of the Tier 1 entrepreneur and/or Investor immigrant and increasing interest in the Isle of Man as their location of choice.

In the Isle of Man, we utilise the UK Home Offi ce’s online system and mirror the UK rules to a very large degree, with the same Points based system.

Also we are part of the Common Travel Area, so there are no border controls between the Isle of Man and the UK. Our immigration offi ce has excellent turnaround times for T1 applications of around 10-14 days.

We have recently received a number of Tier 1 visa applications from Chinese and Russian nationals, as the initial visa is fully transferable to the Isle of Man. The initial applications have been on the Entrepreneur route, and are the off spring of wealthy Chinese families.

The entrepreneur applicants must have access to £200,000 to set-up, takeover or run a business in the Isle of Man. The applicant can have a partner to provide such funds or can borrow. They must also prove that they can support themselves and prove a minimum of £3500 in savings.

Once the initial visa of 3 years and 4 months has expired it can be extended if the applicant has invested £200,000 or more in Isle of Man businesses and is a registered director (or self-employed) and has created a minimum of 2 new full time jobs that have existed for more than 12 months. There is no acceleration option with this route.

My team will assist the applicants with setting up their businesses, which we hope will not only provide employment here but allow investment back into the UK.

The second rafts of recent applications are following the T1 investor route, and include wealthy Russian families. The applicants must possess £1M to invest in the IOM, the investment to be made within 90 days of � rst arriving here. Again the visa can be extended for a further 2 years if the applicant still has £1M under his control. This route can be accelerated by investing £5M instead of £1M.

This has the eff ect of reducing the period before you can apply for indefi nite leave to remain to 3 years, or £10M can be invested to reduce the time period further to 2 years. Both applicant routes must also pass the English language test.

Additionally, Tier 1 Investors are permitted to be absent from the Isle of Man for up to 180 days in

any 12 calendar months without jeopardising their application for inde� nite leave to remain.

So why are these applicants considering the Isle of Man? Perhaps our very low crime rate, the space we have, (only 331 population density per square mile), our welcoming and entrepreneurial government, and low personal tax rates. With a higher tax rate of 20%, and a maximum income tax liability capped at £120,000 per annum, this is an attractive proposition. Couple this with 0% Corporation tax, no CGT and no IHT, and the whole package starts to add up.

Another reason will be our close proximity to the UK, and this is where I see an opportunity for North West fi rms. The Isle of Man Government has been working hard to strengthen business links with the North West both before and after the recent International Festival of Business and especially since our successful “Family Offi ce” event held in Liverpool on the 1st July.

At this event we made it clear that we wanted the Isle of Man to be seen as a “near-shore” business partner, not an “o� shore” business competitor. Our existing wealth held in trusts and companies can provide FDI to the UK to take advantage of business and property deals.

So, if you have any clients who may be interested in our Island life, please do not hesitate to get in touch. For further details visit www.whereyoucan.com or contact me directly at [email protected] or telephone 01624 686063.

Since 1908 Railex have endeavoured to o� er a broad range of practical solutions and advice to solve every type of � ling problem. Railex were one of the fi rst fi ling manufactures in the UK to obtain ISO 9002 Quality Standards and are also accredited to ISO 9001.2000 standards. O� ering � ling products of the highest quality that will last for years, whilst being fully recyclable and maintaining environmentally friendly manufacturing processes.

As a � ling manufacturer, storage provider, service and consultancy company, Railex have the tools and experience to make document management easy for everyone.

Railex understand that all organisations have the same basic needs at the heart of managing their records:• Meeting the organisations’ operational requirements.

• Meeting the legislative requirements.

• Managing space and associated costs.

• Managing the labour required to process the records and the associated costs.

• Managing the tools (software and hardware) and the associated costs.

Railex is not tied to a single solution. We are uniquely placed to o� er a range of methods and products tailored to your individual needs. Whether your key concerns are security, space, accessibility or a list of these and more, Railex will give you a solution that is the best � t for you and your company.

“E� cient and user friendly” Beecham Accountants.

Railex: Quality since 1908

“Saved enormous space, whilst being easier for access and much more versatile” Bulley Davey Accountants.


Out of Office

CPD 1 Hour

Please note all bookings are subject to the Society’s terms and conditions, visit www.liverpoollawsociety.org.uk/general-terms-and-conditions for details. Liverpool Law Society is a company limited by guarantee, registered in England and Wales, Company Number 00004302.

Registered Office 2nd Floor, The Cotton Exchange, Bixteth Street, Liverpool, L3 9LQ, DX 14100 Liverpool 1

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1. Name:………………………………………………………………..….…………….. Position:……………………………………………………..………...……..……. Firm:……………………………………………………..……...……………………. Address & postcode/DX: ………………….………………………….…….. …………………………………………………..…………………….……...………… Tel:………………………………………….………………………..…..……………. Email:………………………………….……………………………………………….

1. Name:……………………………………………………………..….…………….. Position:……………………………………………………..………...……..……. Firm:……………………………………………………..……...……………………. Address & postcode/DX: ………………….………………………….…….. …………………………………………………..…………………….……...………… Tel:………………………………………….………………………..…..……………. Email:………………………………….……………………………………………….

followed by the


Out of Office

The Liverpool Society of Chartered Accountants is holding its Annual Dinner on Friday, 28 November 2014 at the Crowne Plaza on Liverpool’s waterfront.

The dinner offers the business community on Merseyside a great opportunity to entertain valued clients, guests and staff, and to generate new business contacts in outstanding surroundings and with an entertaining guest speaker.

What is the Annual Dinner?

An evening of networking and entertainment in outstanding surroundings with first class food and hospitality.

The dinner is a highly anticipated black tie event which attracts c350 guests year on year. It is one of the major events in the City of Liverpool and attracts not only accountants but many other professionals from within the region. Guest speakers on the evening will include Andrew Ratcliffe, ICAEW Deputy President, and the President of the Liverpool Society of Chartered Accountants, John Nolan.

This year the dinner will be in aid of Macmillan Cancer Support.

Steph McGovern

Over the past ten years Steph McGovern has reported on business and finance from around the world, from international finance summits to small business success stories. She’s now established as part of the BBC Breakfast team, covering business developments daily, and also regularly taking to the sofa as main co-host.

Steph’s duties on Breakfast include leaving the studio and meeting first-hand those on Britain’s business frontline. Speaking to factory workers and FTSE CEOs, Steph’s mission is to uncover and explain what’s going on in the real economy. As well as Breakfast, Steph also presents business and finance programmes on 5Live and Radio 4.

As well as her media work, Steph is involved in community and education projects. She is also a former champion Irish dancer. She still attends competitions, and coaches, and was briefly a YouTube sensation when she showed off her talents on air.

Keynote Speaker

LIVERPOOL SOCIETY ANNUAL DINNERLIVERPOOL, 28 November 2014 Crowne Plaza, Liverpool

Dress code: Black Tie

Tickets available: Table of 10 - £700 + VATAdditional tables - £575 + VATIndividual tickets are available at £70.00 per person, with a reduced rate of £35.00 for ICAEW studentsAll prices quoted are exc VAT.To book please contact:

Alex Pilkington [email protected]: +44(1)925 592484

Who started the network up and why?The network was developed by AML, part of the Knox group of companies, in response to a need we identi� ed for introducers to our business who would bene� t from a dynamic, credible and informative tax network. Having worked with accountancy practices across the UK for many years, AML is uniquely positioned to leverage the years of expertise that they have within the � eld of tax planning.

AML250 delivers a unique off ering – the opportunity for practices to develop a substantial revenue stream with the support expected from a traditional Tax Network; access to tax strategies and excellent marketing support, plus tax technical advice, seminars, webinars and an online portal full of value added content with no membership fee or ongoing commission deductions.

How do members bene� t?Benefi ts of Membership:• Increase your range of services through access to well researched tax strategies and support services• Access to technical tax specialists• Generous fi nancial benefi ts for any referrals• An easy to access dedicated tax resource with no membership fees

We o� er a wide portfolio of planning for both individuals and corporates. We o� er services tailored to members, be they either established in the tax advice market or those who are considering it and are looking to grow their business. Membership is free to our members. We do not charge membership fees and we do not charge network commissions.

How can members interact with the network?We have a busy and interactive events calendar. Throughout the year we host a series of live webinars, Strategy Insight Days, Breakfast Briefi ngs and our Annual Autumn Tax Conference. All members are invited to attend these events for free.

Our website hosts a secure membership portal available 24/7 that publishes news, case law, articles and on-demand webinars. The portal also contains clear and transparent information on a wide range of tax planning strategies – including information on the key bene� ts, suitability and any fees and commissions payable.

Are there any particular issues that the tax network is seeking to combat?

There are a number of new fi rms entering the tax arena who are starting to come across clients who want active tax advice and the feedback we were receiving was that there wasn’t enough support from providers to help them gain a good understanding on options and help them to close business. AML250 through our partner companies assists them to build up their tax knowledge and keep them up to date with the latest tax news and development as well as introduce them to new planning. Our Strategy Insight days help them to focus on the speci� cs of tax planning and how they can take this into their business and implement with their clients.

How do readers � nd out more?You can visit www.aml250.com for more information and to apply for membership, alternatively you can give us a call on 0845 004 0250.

An Interview with Nerys Roberts, Head of AML250


Out of Office

Our intrepid and mystery Accountant has contributed another fascinating insight into the challenges that face us all, and this issue has one burning question to address:

TO TWEET OR NOT TO TWEET ?

Having been a chartered accountant for many, many years I thought I had seen it all.

How wrong I was.

It would appear that face to face marketing and referral sources have some stiff competition in the form of “social media”

Now, I’m happy with LinkedIn, that’s like putting my cv online. And Facebook is a great way for me to catch up with friends and family overseas.

But then there’s Twitter.

I was first introduced to the concept of “tweeting” by the marketing company we have brought in (at the request of the younger partners) to “raise the profile” of the firm. Apparently all accountants are doing it.

Up until that point the only people I thought tweeted were celebrities, sports personalities, musician and generally people in the media. My impression was that it was dull, mundane tripe, posted by people with too much time on their hands and a desire to tell everyone how wonderful their lives were.

I knew it was a world wide thing and I also

know that some “ordinary” people tweeted too. Even I read about the amusing tweet by Gemma Worrall - “Why is our president Barraco Barner getting involved with Russia, scary.”

When it was suggested we needed a set up a twitter account as part of our marketing strategy, I wondered whether it was just a fad - would twitter stay the distance? Would we be stuck with this little “t” logo on our website? Was it for us? Would our clients and contacts really want to read our tweets?

But then I remembered that we, as a profession, questioned the benefits and use of websites in accountancy, twenty years ago. Any accountant that had doubts over having their own website was very proved wrong.

But I just couldn’t see how tweeting would benefit us, a local firm of accountants. Do people really care where I am having coffee? And actually won’t many of my clients wonder why I’m not back at the office, doing their accounts?It would appear that I am not alone with my concerns - apparently 10% of the Top 100 Accountancy firms in the UK don’t have a corporate Twitter account. They must be doing something right to be in the Top 100, so why aren’t they tweeting?

Having spent the early part of this year looking at the tweets of some of our local firms, I have seen the light. I don’t think it’s about telling your followers where you are and what you are doing, for me it’s about:

≥offering advice and information to followers

≥being interesting and interested

≥ having an online presence better than that my competitors

If we get interest from potential clients from it then that’s a bonus. We will tweet because it’s what business expect, and it shows we are current and moving with the times. It’s back to the website - if you were looking for a supplier and they didn’t have one you might not be so keen to use them as it doesn’t make them look forward thinking

Our marketing people have now told me to look at FourSquare, Google+, Feed burner and a whole host of other social media tools. They are on the list and if my marketing company get their way our firm will be subscribing to them all before long

I’m looking forward to the techy session with Martyn Best, at the LSCA Annual Conference, 10th October 2014. I’m hoping he includes some tweeting tips and who knows, you may see some tweets from me very soon.

Behind the maskTales of the secret accountant

The student society has had a busy summer calendar including clay pigeon shooting, pool tournament and quiz. We’re also looking forward to our annual New Starters Event on 26 September to welcome all the new ACA recruits to our network.

LCASA will be hosting a further professional development event on Wednesday 19 November at Malmaison in partnership with Hays. The event is targeted towards ACA students coming towards the end of their studies, who are looking for advice and inspiration on where to take their career next. We will be welcoming a local Partner and Finance Director to share their career story with us. And of course, planning is well under way for our Titanic themed annual ball. This will be held at 30 James Street on Saturday 21 March. Booking details will be released shortly. If you are a previous member and would like to be involved in contributing to, or sponsoring our future events please contact the Chairman of LCASA [email protected]

STUDENTS’ NEWS

Ryan Sheppard Chairman of LCASARyan Sheppard Chairman of LCASA

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Out of Office

The Liverpool Chartered Accountants Students Association (LCASA) summer meet was held at Catton Hall, CheshireICAEW students from across Merseyside & Cheshire got together for their summer meet to learn the art of clay pigeon shooting at Catton Hall, Cheshire.

Places sold out extremely quickly and the lucky ones who made it there enjoyed a beautiful day of sunshine, shooting and summer food and drinks

Alex Tyrer obviously had the most dapper outfit of the day – photographic evidence provided in Exhibit 1.

Ryan Sheppard Chairman of LCASA said “We had a wonderful day and I’m looking forward to engaging more with ICAEW students in Merseyside and helping to create a vibrant students network.”

Further events are planned over the summer with the autumn season starting off with the renowned “New Starters Event”.

LCASA students take aim

Do you know that as an ICAEW member you and your immediate family have access to free, independent and confidential support from CABA charity, wherever you are in the world?Your wellbeing is at the heart of everything we do. We offer a tailored programme of practical advice, emotional support and financial assistance that can enable you to remain happy, independent and financially stable during times of uncertainty.

If you ever need it, we can provide help with the following:

Health≥Physical and mental health support ≥Carer support

Money≥Benefits advice ≥Debt advice ≥Financial assistance

Work≥Employment advice and assistance ≥Training

In 2013 we supported more people than ever before. We worked with more than 3,500 current and former ICAEW members, their families and ACA students to help them move forward in a positive way. We provided a range of support, always ensuring that each individual received the right advice and resources for their circumstances.

≥879 people received tailored support

≥263 people provided with career coaching

≥2,033 event attendees

≥175 people supported through our legal helpline

≥142 people with ill-health or disabilities received financial assistance

≥138 people accessed counselling services

≥123 people provided with debt management advice

≥102 winter fuel donations

≥807 delegates trained on CABA courses

≥the number of payments made for specialist equipment and household adaptations increased by 471%

≥the support for clients living overseas increased by 27%

To find out more about the impact CABA made in 2013 and to watch and hear people talk about their experiences, go to cabaimpact.org.ukOur services can be accessed over the telephone, online or face-to-face, 24 hours a day, 7 days a week.

If you need to chat, call us on +44 (0) 1788 556 366 or visit our website at caba.org.uk

support


Out of Office

Liverpool Santa DashSunday 7th December 20149:30am startHelp support Macmillan, the Liverpool Societyof Chartered Accountant's nominated charityfor 2014/15 and have fun at the same time

Please register on http://www.btrliverpool.com/event/santa-dash/#!santa-dash/c1hsh and let Alex knowyou've entered at [email protected]

Macmillan Cancer Support, registered charity in England and Wales (261017),Scotland (SC039907) and the Isle of Man (604). Also operating in Northern Ireland.

The M&A market in 2014: BCMS sector analysis

In its 25th anniversary year, BCMS has delivered an impressive number of deals across a range of sectors and territories – adding to the 500+ deals the market-leading advisor has completed in the last decade. July 2014 alone saw BCMS handle 11 completions, the highest number of sale transactions in a single month since 2008. A UK advisor with offi ces in Berkshire, Lancashire and Teesside, BCMS now employs over 240 sta� in o� ces across � ve continents, and this international reach is a key factor in the company’s ability to locate acquirers for its clients. So who is buying in 2014, and why? Trade deals, featuring strategic acquirers with complementary business models and clear, strategic motives for purchase continue to be the most prevalent deal type negotiated by BCMS. Recent examples include the £3m+ acquisition of Indigo 4 Systems Ltd, a specialist software development company, by healthcare software and services provider EMIS Group plc, or the purchase of radiation instrumentation specialist Lab Impex Systems Ltd for £3.2m by Ultra Electronics plc. International interestThe value of business synergies applies equally across territories, and the UK is regarded internationally as a stable base for inward investment. BCMS reports strong cross-border activity for 2014, with overseas purchasers actively targeting BCMS’ UK-based clients. Specialist British manufacturers have generated signifi cant interest. This summer, Helmet Integrated Systems Ltd – an established provider of protective helmets, communications and respiratory systems, and key supplier to the MoD, USAF and the Joint Strike Fighter programme – was acquired by USA-based Gentex Corporation. European buyers have been investing in the UK, too. German fi rm Cultuzz Digital Media’s acquisition of BCMS client Recommended Hotels is an example of the appeal of UK enterprise, and testament to BCMS’ international research capabilities.

While trade deals predominate, BCMS also reports a changing marketplace: the last 12 months have seen increasing level of Management Buy-Out (MBO) funded deals – part of BCMS’ stated commitment to explore all sale options open to their clients. August 2014 saw the company’s largest ever Management Buy-In (MBI) deal, and sales to private investors are also on the rise, with William Ravenna’s acquisition of steel/PVC manufacturer BMB Weatherproof Canopies a clear example.

“Phenomenal preparation”There is, of course, a human element to every company sale. What does it feel like to sell a business, and what motivates vendors to take the fi rst step? Advised by BCMS, Paul and Hillary Cole of Personal Homefi nders Ltd, sold to Countrywide plc earlier this year. “We always had a sort of woolly exit plan that we would run the business for ten years and then look to sell,” says Hillary Cole. “We were constantly badgered by some of the leading brokers in the area asking us to sell,” adds Paul Cole. “But we knew that if we said yes to them, we probably wouldn’t achieve as good a price as using an advisor who could negotiate a better deal for us.” One of BCMS’ key diff erentiators as an M&A advisor is the fact that it typically pro� les 150+ acquirers for each of its clients, aiming to create a genuinely competitive environment. The Coles are clear that having a specialist M&A advisor made a diff erence. As Paul explains, “There are specialist brokers, but I didn’t feel confi dent that somebody like that would get the best deal for us. We were fl at out running the business, and wouldn’t have had time to do the research and preparation BCMS undertook.” “A little bit more investment got a much better return for us, and the preparation – which we just wouldn’t have been able to do – was phenomenal.”

Partner with usBCMS off ers its partners access to market-leading advice on the M&A market and succession planning. If you would like to � nd out more about working with BCMS and how your practice can benefi t from our referral programme, then speak to a member of our partnering team on 01635 296070 or email [email protected]

When it comes to selling a business, the value of a specialist M&A advisor is clear. For 2014, BCMS is experiencing strong deal activity across sectors and borders – and its nationwide partnering programme gives accountants access to market-leading advice


Out of Office

Merseyside Young Chartered Accountants Group launched at The International Festival of Business

A special reception for young ICAEW Chartered Accountants took place at the Hub on Mann Island on Thursday 10 July to mark the success of the International Festival of Business and to re-launch a network for young ICAEW Chartered Accountants in Merseyside. In case you missed it! The International Festival of Business (IFB 2014) was the largest global concentration of business events during 2014. The 50-day festival ran across 7 weeks in June and July and attracted business delegates and trade intermediaries from around the world. ICAEW and the Liverpool Society of Chartered Accountants were delighted to support the festival and had a major presence at the Hub throughout and also some amazing key note events including the ICAEW Business Futures conference. Keynote speaker Sir Terry Leahy,

the former Chief Executive of Tesco, was joined by a panel of distinguished guests interviewed by Chairman, Jonathan Dimbleby. The reception gave the opportunity for John Nolan, President of the Liverpool Society of Chartered Accountants and member of the IFB Professional & Financial Services Steering Committee, to summarise the successes of the festival, which included over 75,000 business delegates attending events, over 12,000 visits welcomed to the IFB hub and delegates from 88 countries around the globe. An evening of superb sunshine, good food and good fine, ensured members had the ideal opportunity to relax and catch up with colleagues from student days and make new acquaintances.

John Nolan said “It was really good to see so many accountants from business and industry taking the time out to come along to this event, which I hope will be the first of many more to come.”

Young Chartered Accountants lead the way

A group of members will be meeting for an evening wine tasting to plan for the year ahead on Thursday 16th October at Vinea, Liverpool and we would be delighted if you would join us. Places are on this occasion free but must be booked in advance with [email protected] as we are limited on numbers.

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Documents

Chartered one autumn 2014