Inside this issue... Growth accelerator initiative NEW CPD plans ICAEW CEO Michael Izza visits Liverpool
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Autumn | 2013
Issue Six
Plus much more...
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CharteredOne | Issue 6 | Autumn 2013
INSIDE THIS ISSUE 11 Michael Izza visits Liverpool
GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: Roger Swift - 0845 643 5551 roger.swift@crosbyassociates.co.uk
Editorial: Martyn Best martyn.best@documentdirect.co.uk
31 Irish
bankruptcy tourists
48 National Business Challenge winner
Chartered ONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Crosby Associates Ltd. Cover: Photography by Martyn Best
www.crosbyassociates.co.uk Š All rights reserved.
LSCA Business
56 Liverpool to Paris
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.
Presidents Words
5
Insight
7
Diary of events
8
CPD Programme
10
Michael Izza visits Liverpool
11
Professional Services
Jane Moore: ADR
12
Richard Gray, Elysium Law LLP
30
Irish Bankruptcy tourists
31
Is our local economy improving? 38
Education Skills and Training
Rebecca Hulse
48
Out of Office
Liverpool to Paris
56
The Real Ale Challenge
58
Golf Reports
62
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CharteredOne | Issue 6 | Autumn 2013
FOREWORD
The President’s Words Welcome to the latest issue of your Chartered ONE. This is the sixth edition and I am delighted to see the magazine going from strength to strength.
Chartered ONE is entirely self-financing, although it does rely on the voluntary support of a number of members, in particular Martyn Best, one of our Past Presidents who helps drive the copy and content, and production of the newsletter. Any contributions from members will always be welcomed by Martyn. It has been a busy summer during which my priority has been finalising the LSCA’s Strategic Plan. This sets out our priorities for the forthcoming twelve months. You can obtain a copy of the plan by following the active link on the Liverpool Society’s web page. This Plan has been created to help shape the future of our District Society and ensure in delivers real benefit to you, our local members. It is currently being developed and I would really urge you to read it and send me any comments or suggestions you have.
There are a number of upcoming events that may be of interest to you. The first is a joint event held with Liverpool Law Society. “The Real Ale Challenge” is to be held at Liverpool One Bridewell on 17th October 2013. You will find details of the event in the magazine. Finally, a major event for any President is their Annual Dinner. This year’s event will be held at the Crowne Plaza on 29th November 2013. I promise this will be an enjoyable and entertaining evening and I hope to see you there. Details of the Dinner are in the magazine and it will be yet another key event on the professional dinner calendar this year. That’s it for now, and I hope to see you before the next edition. Kind regards, Paul Cochrane President
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CharteredOne | Issue 6 | Autumn 2013
INSIGHT FROM THE EDITOR
Welcome to the Sixth edition of your quarterly bulletin, Chartered ONE. Hello, and I hope you all have happy memories of a wonderful summer. Martyn Best Editor Chartered ONE Past President My predictions for tennis, cycling and Ashes success were quite remarkable last issue, and I shall now hang my hat up on sporting predictions, especially with the football season upon us, and my natural optimism for Everton’s hopes which will clearly detract from my recent success. We have a new issue here, and we are improving the layout and content with each one. You will now see some themes being developed as we gain more interest from contributors, and from now on, we shall have regular features on: • Professional services, which as well as the obvious focus on accounting, will include legal, wealth management and others • Educational, skills and training, which will include features on our courses, and the wider world of learning • Out of Office, which will highlight some of the more interesting bars, restaurants and other cultural aspects that we all enjoy when we put that “out of office” sign up. You are of course very welcome to contribute to any of these themes for future issues. We have a good feature on the Growth Accelerator which is designed to help not only your clients activities, but could help your own. There is also some further information about the programme on the insert leaflet within.
Next issue we will be looking at the forthcoming International Festival of Business which comes to Liverpool next June. I hope to have some exciting news on how your local Society and the ICAEW will be involved. Meanwhile, please don’t be shy about sending me news, articles or any comments you may have. Best wishes, Martyn Best Editor.
Thoughts for coming issues include: • Members professional and personel news • Firm’s News • A spotlight on... • Social Activity • Comments/Feedback • Letters page • Special Features You can also join our Society’s LinkedIn group it’s very easy to find within groups on LinkedIn
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LSCA Business
DIARY OF EVENTS 2013/14 Below 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
25 September
12:45
Chester Town Group
Pursglove & Brown, Chester
David Briggs, Lord Lieutenant of Cheshire
25 September
17:45
Capital Allowances seminar
Masonic Hall, Southport
Sunil Sharma – Moore Stephens
26 September
18:00
Liverpool Practice Members Discussion Group
Racquet Club, Chapel Street, Liverpool
Paul Bennett – HMRC, John Malthouse - Chairman
30 September
12:30
The Pensions Time Bomb
Liverpool Chamber of Commerce
Mattioli Woods
17 October
09:30
Financial Reporting Update
Radisson Blu, Old Hall Street, Liverpool
Bruce Cowi, Kaplan Hawksmere
17 October
18:00
The Real Ale Challenge
Liverpool ONE Bridewell
17 October
09:15
Finance Act Update & Topical Tax Tips
Legacy Royal, Victoria Hotel, Gwynedd
SWAT UK
30 October
17:45
Pensions Update
Masonic Hall, Southport
Mattioli Woods
6 November
09:15
Accounting & Auditing Update
Legacy Royal Victoria, Hotel, Gwynedd
12 November
09:00
Tax Update
Holiday Inn, Chester West
Marion Hodgkiss, Kaplan Hawksmere
27 November
17:45
Charity Accounting Update
Masonic Hall, Southport
Sarah Anderson, Deloitte
27 November
12:45
Chester Town Group
Pursglove & Brown, Chester
TBC
29 November
18:45
Liverpool Society Annual Dinner
Crowne Plaza, Liverpool
Various
11 December
09:30
Tax Update
Britannia Adelphi Hotel, Liverpool
Marion Hodgkiss, Kaplan Hawksmere
2013
2014 26 February
17:45
Tax efficient profit extraction
Masonic Hall, Southport
7 March
19:30
Chester & North Wales Society Annual Dinner
Chester Grosvenor
12 March
09:30
PAYE/NIC/P11D Update
Britannia Adelphi Hotel, Liverpool
14 March
19:30
Southport Branch Annual Dinner
Hesketh Golf Club, Southport
26 March
17:45
Cloud computing
Masonic Hall, Southport
Gardner Systems
24 April
09:30
Tax update
Britannia Adelphi Hotel, Liverpool
Marion Hodgkiss
30 April
17:45
Post budget tax update
Masonic Hall, Southport
Rob Adams & Matt Foddy
15 May
09:30
Financial Reporting
Radisson Blu, Liverpool
Bruce Cowie
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Catherine Gregory
Marion Hodgkiss
CharteredOne | Issue 6 | Autumn 2013
Southport Branch:
Programme: 2013/2014 Meetings to be held at the Masonic Hall, Duke Street, Southport PR8 1LS from 5.45 – 6.45pm.
Refreshments available from 5.15pm. The booking forms are on the ICAEW website www.icaew.com/events or contact Alex Pilkington on +44 (0)1925 594284 or alex.pilkington@icaew.com Cost £12 per session or season ticket £30 for all six sessions
2013
25th September - Capital Allowances: Complications of Tax Simplification: Sunil Sharma, Moore Stephens North West 30th October - Pensions Update: Amit Joshi, Mattioli Woods 27th November - Charity Accounting Update: Sarah Anderson, Deloitte
2014 26th February - Tax efficient profit extraction including dividends: Catherine Gregory, Liverpool University 26th March - Cloud Computing: Paul Stringfellow, Gardner Systems 30th April - Post budget tax update: Rob Adams and Matt Foddy, Grant Thornton Friday 14th March - Annual Dinner at Hesketh Golf Club
LIVERPOOL CHARTERED ACCOUNTANT STUDENTS ASSOCIATION THE LIVERPOOL CHARTERED ACCOUNTANT STUDENTS ASSOCIATION ARE HOSTING A NEW STARTERS NETWORKING EVENING IN THE PEACOCK, ON FRIDAY 4TH OCTOBER FROM 6PM. Dinner and drinks will be available on arrival. Attendance is encouraged for new starters, those completing their professional qualification and those recently qualified alike. The evening presents an informal atmosphere where new starters can get to know their own peer group, as well as have an opportunity to ask any questions they have about the qualification (or anything!) to those who have gone before them. The evening is traditionally very successful, and we are sure this year will be no different. 9
LSCA Business
Continuing professional development (CPD) enables you to develop your expertise within your individual role and help you maintain that edge throughout your career. Our CPD programme is designed to provide you with a selection of highly topical and specialist courses which are both relevant and accessible to you. Our presenters are highly experienced and knowledgeable professionals and their delivery is always from a practical perspective. The autumn programme contains the core update courses that have become regular fixtures on the Liverpool Society’s calendar, together with some new topics to whet your appetite. We hope you find this programme of benefit.
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CharteredOne | Issue 6 | Autumn 2013
Michael Izza visits Liverpool
Paul Cochrane, our President was delighted to welcome Michael to Liverpool during his visit in July. Michael was appointed Chief Executive of the ICAEW in 2006. He qualified with Coopers & Lybrand in 1986 after graduating in Law from Durham University and held a variety of senior positions within industry before joining the ICAEW in 2002 as Executive Director of Finance and Operations. A very full day had been arranged for his visit to Liverpool so that Michael was able to meet with members working in a variety of different organisations.
In the morning we met with Paul Cullingford, Sean Golding, Chris Parle and John Osborne who are all members working within various divisions of the Bibby Line Group Limited based in Duke Street, Liverpool. We had an open discussion about the Institute and the numerous benefits and services that are available to members in industry. This meeting was followed by lunch with the senior partners from national firms based in Liverpool. Michael discussed how the Institute interacted with the “Big Six” on a national scale and I was keen to promote greater involvement and contact with the local District Society. We discovered quite a number of areas where, through the District Society, firms can have a collaborative rather than
competitive relationship which would benefit all. In the afternoon Michael finished off his busy schedule meeting with members from local “niche” firms of chartered accountants, Maxine Desse, Managing Director of Additions and Ken Brew, Charity Consultant. The day finished with a meeting with Vanessa Harris who is the Director of Finance at Liverpool Women’s Hospital. A very full, enjoyable and information day, and I feel that Michael left with a very positive view of our profession within the City, and of how LSCA is a vibrant, engaged District Society.
L-R Tim Entwistle,Barry Flynn,Paul Cochrane,Martin Heath,Chris Fry,Sean Beech, Michael Izza and John Nolan.
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Professional Services
ADR: what is it and should you use it? Jane Moore explains HMRC’s alternative dispute resolution procedure for SMEs and individuals and complex cases. Both are overseen by HMRC’s Dispute Resolution Unit. Both pilots have now published their results, based on which HMRC has decided to incorporate ADR as a permanent part of its compliance procedures. This briefing will look at ADR for SMEs and individuals, with a brief mention of ADR for large businesses and complex cases.
Jane Moore Head of Tax Faculties Enquiries & Appeals Committee ICAEW
In 2011 HMRC began to test alternative dispute resolution (ADR) as a new way of settling tax disputes. This involves a facilitator working with the parties to the dispute to try to reach a conclusion satisfactory to both sides. There are two ADR projects within HMRC: one for small and medium-sized entities (SMEs) and individuals, the other for large businesses 12
Development of ADR The aim of ADR is to resolve disputes in a professional but cost-effective way, and avoid cases going to the tribunal unnecessarily. ADR for SMEs and individuals was tested in a pilot that ran from February 2011 to 30 November 2012. Leading up to that, HMRC held workshops with interested parties to discuss the principles. It then set up a working group to look in detail at how the pilot should operate and monitor it as it proceeded. I am the ICAEW representative on the ADR Working Group, which includes accountants, tax advisers, lawyers and tax charities. The tax profession sometimes criticise government consultation processes,
so I am pleased to report that this one worked very well. HMRC consulted us at an early stage, we had considerable input into the principles and design, and there was a constructive exchange of views throughout. The pilot had several phases and was gradually widened out as it progressed. For the first phase HMRC approached likely participants, which (just for the purpose of the pilot) it selected from cases where the taxpayer was already within the internal review process. In the second phase taxpayers, or advisers on their behalf, were invited to apply for ADR either before or after an appealable decision had been made. The pilot was initially open just to small business cases in a few locations, but was later extended to include individuals and all areas of the country. All participants (taxpayers, agents, HMRC case-workers and facilitators) were asked to fill in evaluation forms. The facilitators An important feature of ADR for SMEs and individuals is that it uses HMRC staff as facilitators. This is in contrast to the large business and complex case pilot, which makes use of external mediators. HMRC facilitators are specially trained and have no connection with the cases they handle – they work in teams separate from the compliance case-workers. However, there has been some concern that HMRC facilitators cannot be impartial or
CharteredOne | Issue 6 | Autumn 2013
could be viewed with suspicion by potential participants. The working group discussed the pros and cons of using external facilitators; difficulties include the cost and the question of confidentiality. 2 In fact the pilot feedback has shown that taxpayers and agents saw the HMRC facilitators as open-minded and impartial. Feedback to the Tax Faculty has not identified any concerns about this either, though it is an issue to keep under review. A member who took part in the pilot said: “I had doubts as to whether the HMRC facilitator could be truly independent (even if they wanted to be so) given their background in HMRC. However, I was very pleased to find that the facilitator was truly independent. The other big advantage of an experienced HMRC facilitator is that he immediately grasped the technical points made by both sides. My experience was 100% positive. In the best interest of HMRC and taxpayers, ADR should be continued.” Results of the pilot HMRC published a summary evaluation report on the ADR trial for SMEs and individuals customers on 10 April 2013. During the pilot HMRC facilitators handled a wide variety of direct and indirect tax disputes. It has shown that ADR can be very effective in resolving disputes, especially where the case has been going on for years or has come to an impasse. The ADR process ADR is now available to all individuals and small businesses nationwide whose affairs are handled by HMRC’s Local Compliance SME and Local Compliance Individuals and Public Bodies. It officially became part of “business as usual” from 2013/14. ADR can be used during a compliance check either before or after a decision or assessment has been made. It is available for both VAT and direct taxes.
in which there is legitimate scope for any party to obtain a better understanding of the other’s arguments; • issues which are capable of further mediation and settlement by agreement within the framework of HMRC’s Litigation and Settlements Strategy. Some cases may be refused at the application stage, eg because they turn on a legal point that clearly belongs in the tribunal or are situated in parts of HMRC that are not currently implementing ADR. In others, ADR does not resolve the matter because the parties’ views may be impossible to reconcile – but even in these cases, ADR may help by clarifying facts and helping the parties to understand one another’s arguments and focus on the points of difference. The ADR facilitator does not take over the case but acts as a neutral mediator. The decision on settling a case stays with the taxpayer and HMRC case-worker. The facilitator will work with both parties to explore ways of resolving the dispute through meetings and telephone conversations. The average time for ADR from start to finish is around four months but HMRC is looking at ways to drive this down. ADR does not affect existing rights to appeal against an HMRC decision or ask for a statutory review, though if you apply for ADR you should also protect your position by appealing and/or asking for review within the statutory time limits. How to apply Taxpayers can ask for ADR to apply to their case, or their agent can do so on their behalf. In some cases HMRC will suggest ADR. There is an online application form. HMRC also offers a telephone application service for taxpayers who do not have access to the internet (01227 864985).
Using ADR is entirely voluntary. It will not be suitable in all cases, and must be applied for. Cases which are potentially suitable may involve any of the following features:
What next with ADR for SMEs and individuals? Now that ADR is part of standard local compliance procedures, HMRC will be issuing a factsheet and updating its manuals to incorporate guidance on ADR.
•facts which are capable of further clarification; • disputes that may benefit from obtaining more suitable evidence; • fact and/or technical matters
The ADR Working Group will continue to monitor ADR as it is rolled out. There are a number of issues still to be considered, such as whether ADR can be of assistance in a wider range of
situations, and how to make sure that taxpayers are aware that ADR is an option. As well as dealing with individual cases, the findings from ADR will be used to identify and tackle common problems, and it is hoped that the ADR approach will filter through into compliance work generally. ADR large or complex cases HMRC has recently confirmed that alternative dispute resolution (ADR) will be available for use in large or complex tax cases. This pilot started in June 2011 following the publication of the refreshed Litigation and Settlement Strategy which sets out the HMRC framework for resolving disputes. The aim was to test the use of ADR techniques for large or complex cases involving businesses, public bodies or individuals. HMRC published the results of this pilot in September 2013: Summary report on Alternative Dispute Resolution pilot for large and complex cases. The outcomes show that ADR can be useful in speeding up dispute outcomes in suitable cases. The pilot was conducted by HMRC’s Dispute Resolution Unit (DRU). This is a small unit which is part of the Tax Professionalism and Assurance Directorate, and its staff includes externally accredited mediators. Unlike the SME pilot, this one used external mediators in some cases; others (in fact the majority) were dealt with by specially trained HMRC staff as facilitators. Now that the pilot has ended, ADR will continue to be available. The DRU will continue to act as the central point of contact for large or complex cases. The website has details of how to make an application. Taxpayers considering ADR in relation to a current dispute involving a large business or complex personal tax case may wish to consult their caseworker or Customer Relationship Manager (CRM) first. Members’ views The Tax Faculty welcomes the decision to keep ADR permanently and would encourage members to try it in suitable cases. So far we have had relatively little feedback from members on ADR, and would be delighted to hear your experiences, good or bad. Please get in touch with Jane Moore on jane. moore@icaew.com
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Inspiring Entrepreneurs and Growing Businesses As the largest fund of its type in the UK, The North West Fund has been set up to create a lasting legacy for businesses in the region. The £155m investment fund is now just over two years old and has already built up a strong portfolio of growing businesses. Cliff Maylor is CEO at North West Business Finance, the company which manages The North West Fund… A priority for the North West region is to support the creation of businesses and to nurture their growth. Whilst the economic environment continues to be extremely challenging, it must be remembered that many of today's successful businesses started out in a time of recession or downturn in the economic cycle. The North West Fund intends to play a key role in helping entrepreneurs overcome the capital constraints that prevent many people from establishing their own business and helping at the same time to increase the stock of SME businesses which in turn provide additional opportunities for employment. Against this background I am delighted that The North West Fund has invested over £60million, in more than 200
businesses and in doing so, it has been able to create and safeguard a significant number of jobs in the region, as well as providing finance and support to create over forty new businesses. Inspiring Entrepreneurs in the North West The Fund supports SMEs across the North West with investments of between £50,000 and £2million. The investments are made through six sub-funds, each managed by a specialist fund manager who supports businesses at each stage of development: •
The North West Fund for Venture Capital, managed by Enterprise Ventures, for new and early-stage businesses;
•
The North West Fund for Loans Plus, managed by FW Capital, which provides a debt finance option for businesses;
•
The North West Fund for Mezzanine, managed by Enterprise Ventures, for established businesses looking to grow;
•
Our three sector funds covering; o
Biomedical, managed by SPARK Impact
o
Energy & Environmental, managed by 350 Investment Partners
o
Digital & Creative, managed by AXM Venture Capital
We have already invested in a broad range of Merseyside-based businesses, each with an inspiring story to tell about their plans for growth. You can read more about these businesses in the case studies section on our website, in the meantime, here are just a few of our Inspiring Entrepreneurs…
Chris Meehan, Managing Director at Sentric Music In May 2012, The North West Fund for Digital & Creative made an equity investment into Sentric Music Limited, which operates an online music royalty management and licensing service. The funding was used to finance Sentric’s ongoing investment in its online platform and the expansion of its Liverpool-based client management team to support the Company’s growth in overseas markets. Managing director Chris Meehan said: “The North West Fund for Digital & Creative fully understood our international growth plans, and has made an investment that will allow us to establish ourselves as a leading international music publisher for artists and businesses alike.”
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in cannot VAT be carousel fraud. A would developer in with this avoided. The barristers prefer to work
how the proposals can be structured or performed to avoid carried out and the prospective benefits was advised on the merits and methods protect future challenges and costly litigation. and disadvantages of each possible of removing or motdifying the restrictions. WEB: www.atlanticchambers.co.uk Atlantic Chambers route. They can also advise in advance W WEB: www.atlanticchambers.co.uk Atlantic Chambers EMAIL: clerks@atlanticchambers.co.uk 4-6 Cook Street EM of the pitfalls to be avoided. Barristers4-6 Cook Street EMAIL: clerks@atlanticchambers.co.uk PHONE: 0151 236 4421 Liverpool PH PHONE: 0151the 236client 4421 and his or her regular Liverpool provide The Chancery and Commercial barristers L2 9QU L2 9QU advisers with the opportunity to obtain at Atlantic Chambers are specialists in an independent specialist second representing clients at hearing before 22 opinion from a non-competitive source. courts and tribunals after the event has was obtained by restructuring the trust, within its powers, to
How Can I Exploit My Intellectual Property Rights? All businesses, whatever sector they operate in, own Intellectual Property Rights (IPR’s). These may include; • A patent for a new technology or invention • The branding and logo for their business name, goods or services • A new design or copyright in their marketing material Many businesses fail to take adequate steps to identify, protect and fully exploit their IPR’s and as a result miss out on possible lucrative revenue streams. IPR’s can be sold, bought or owned. They can be licensed to third parties in the same market sector or they may be capable of use within a sector, completely unconnected to the owning business. Many businesses may innovate but then reach a ceiling or threshold. For example, by licensing the sale & distribution of a new product to a third party with deeper pockets, leaner manufacturing capabilities or a better distribution network, the original innovators may well grow their own revenue. Innovation may well give a business a market advantage which you might want to protect from competitors, but if you are serious about maximising revenues from your IPR’s, there are some key questions a business need to ask; • Has the business considered other sectors or territories in which they do not currently operate or compete? Are there third parties in those sectors interested in using the innovation in return for payment of a licence fee?
• Does the business generate new ideas, but is unsure how to achieve the end result they require? Can they work with experts to make their ideas a reality and enhance their current offering and profit? • Can they buy or ‘licence-in’ new technology to improve their products or the processes they operate? Whether you exploit your IPR’s yourself or pass them to a third party to exploit, it is important to ensure that your ideas are properly identified, protected and the terms under which you share those IPR’s are clearly defined. Businesses should also seek appropriate accountancy advice to ensure they benefit from tax savings related to their IPR strategy, whether that relates to how to deal with royalty payments, taking advantage of R&D tax Credits or the new Patent Box regime which can reduce tax liability to just 10% for qualifying Patents. If you or your clients would like help turning ideas into profit, Joanne Shelley, specialist Intellectual Property solicitor at Hillyer McKeown LLP can create or review an existing IP portfolio. She can also help develop the best IP strategy, for you to exploit this often untapped asset. Joanne can be contacted about these or any IPR issues on 08444 177 177 or email her at jcs@law.uk.com
• Are there opportunities to work with a partner in a related or entirely different field to enhance the innovation or take an existing product to the next level and generate increased revenues for both parties?
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Have you recently suffered a schedule 56 penalty? Tax tribunal – Finance Act 2009 Schedule 56 penalty
We have formulated a legal argument that we believe will overturn this penalty. If you have already paid it the money would be refunded to you and if you have not yet paid, it would be withdrawn. We will make an appeal on your company’s behalf and, if successful, our fee would be charged on a success basis.
If we are not successful we will not charge you at all. If your appeal deadline has passed do not worry, this does not necessarily mean that you will not be able to appeal. If you do want to, then urgent action is required so contact us right away.
You can call me on 0114 2747576; or on my mobile, 07802 863880; or even e-mail steve.knowles@knowleswarwick.com
GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: Roger Swift - 0845 643 5551 roger.swift@crosbyassociates.co.uk
Editorial: Martyn Best martyn.best@documentdirect.co.uk 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.
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Equally, for every individual or business retaining the services of an accountant, legal issues will at some point arise. Advice may be required in restructuring the shareholding of a company, in challenging VAT assessments, in negotiating new lease terms or in drafting share purchase agreements. And when those running a business fall out, their accountant will often be the first port of call – for both sides! Instructions can be accepted through Direct Access; it is often unnecessary to involve solicitors. Above all the Group appreciates the client’s need for advisors to work together toward clear goals, and its members can provide the legal experience required, whether in trusts and taxation, estate planning and inheritance, insolvency, or any aspect of the law governing companies, partnerships and LLPs.
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Gilbert Tax_Whole Pages.indd 3
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10:43
Professional Services
Accountants Tax Advisers and Lawyers can be ‘Good Friends’! Recent news reports indicate that the economy is showing signs of recovery. That said, there is no room for complacency and it’s certainly early days yet. For all of us there is ‘no magic porridge pot’ of cash and if businesses are to survive they must continuously address their overheads and cut costs wherever they can. For many businesses, lets take for example Solicitors many of whom rely upon legal aid; this is not proving to be a sufficiently effective strategy if they are to ‘survive the Governments funding cuts. The amount of Legal Aid Franchise firms that are ‘going under’ is alarming and undoubtedly there are many more to follow. However the privately funded firms it seems are fairing little better. The Law Society Gazette of the 12th of June 2013 stated; “More than 30 of the top 200 UK firms are in serious financial difficulty... the Solicitors Regulation Authority revealed that it is in what it calls ‘intense engagement’ with 160 firms at risk of failure, of which eight are in immediate danger...it was confirmed that one-fifth of those 160 are ‘high-impact’ firms in the top 200 in the country”. So it’s not just the publicly funded firms that are suffering! As a Barrister, I can drone on about the causes; Bans on referral fees, Jackson and the Portal drastically reducing Claimants costs in Personal Injury cases, the M o J etc but frankly I’d rather press on with attempting to suggest a remedy -potentially at least to alleviate the problem. Strangely that remedy or perhaps more appropriately a pain killer ‘until things get better’ lies with the relationship between Accountants, Tax Advisers and Lawyers. At present having given up to a large extent an almost daily appearance in court to pursue other business interests, I now work
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with other private enterprise firms and yes the problems are there as well. We at Elysium can work with your Solicitor clients to assist them in funding their business through effective tax planning. However, this approach applies not just to Solicitor firms (with which I am familiar of course) but Dentists, Architects and the wider business community. To make businesses more effective there needs to be a meeting of minds from the three professions in order that we can assist our clients in legitimate tax planning/ business re-structures. The morality argument that has been generated holds no water. What is legal is legal and what is illegal needs nothing more said about it. We just don’t go there! The morality argument is a politicians gimmick, used by all parties to jump on the band wagon of popularity etc etc –there is that temptation to drone on again, so happily for your sake, I’ll avoid it. Last month saw the introduction of the General Anti-Abuse Rule’ GAAR. It is important to note however that it is an antiabuse rule not an application of morality. With proper advice working together with us GAAR should hold no concerns for you or your clients. However, a note of caution (from a lawyer) dictates that in the early days (when some planning is bound to be the subject of scrutiny) solid legal and specialist advice needs to be considered. GAAR supplements; but does not replace the present taxation rules. It is designed to ‘attack’ aggressive tax planning. Such ‘schemes’ should display a government health warning; but isn’t that the effect of DOTAS in any event? The recent case of Hossein Mejhoo v (1) Harben Barker (A Firm) (2) and Harben Barker Ltd put a very clear responsibility on accountants to properly advise their clients. This was a case where the client (the Claimant) was advised by his accountants to enter a tax planning scheme. The scheme providers were packagers and the scheme involved ‘planning’ for the sale of a business. No heed was taken of the Claimants non-domiciled tax status and the ‘scheme’ failed with disastrous results. The defendants were held liable as a result. It
was a painful lesson and one to be heeded; the lesson being that proper advice needs to be sought before you advise your client. From a lawyers perspective (there I go again) the added advantage of seeking advice from a company with legal and specialist knowledge of tax planning is that Legal Professional Privilege (LPP) attaches. There are two forms of legal professional privilege but the one which is most likely to affect your client is Legal advice privilege which protects confidential communications between lawyers and their clients for the purposes of giving or obtaining legal advice. In the case Three Rivers District Council v Bank of England (No 5) [2004] . The Court said that ‘legal advice’ could not be narrowly construed to be limited to advice on the client’s legal rights and liabilities. It would be broadly construed, to include advice as to what should prudently and sensibly be done in the relevant legal context. From our perspective that includes tax advice Insofar as LPP is concerned the lawyer has been described as ‘a privileged breed apart’ see R. (on the application of Prudential Plc) v Special Commissioner of Income Tax following the Supreme Court’s decision to deny privilege to the advice given by PwC to its client. At Elysium Law LLP we aim to ensure that you and your clients have the full advantage of that principle. Elysium’s aim is to ensure that your clients and their businesses are not penalised for their success. Working with like minded professionals we start by finding your clients business aims and devise a bespoke tax management strategy that meets your client’s needs; with access to Tax Counsel and our advice, your clients can enjoy the legal privilege that attaches to our service and also protects you. Please don’t let your client or your firm be another Mehjoo. Richard Gray is a practicing Barrister and Designated Partner in Elysium Law LLP. Visit our website on www.elysium-law.co.uk or contact us via email: ask@elysium-law.com
CharteredOne | Issue 6 | Autumn 2013
UK set to remain a hotspot for Irish bankruptcy tourists With a steady stream of Irish debtors visiting the UK to take advantage of our more favourable insolvency regulations, Donal Bannon looks at the legislative changes afoot in Ireland aimed at redressing the balance.
Donal Bannon
At the annual gathering of Liverpool Law Society, Dublin Solicitors Bar Association and Belfast Solicitors Association, I was asked to give a talk on my experiences of corporate and personal insolvencies in the UK and Ireland.
I have spent many years advising Irish nationals who wish to make themselves bankrupt in England. They are by no means the only bankruptcy pilgrims - German debtors in particular are also regular visitors to these shores - and their numbers show little sign of abating.
Indeed, my experiences caused the chair of the conference, Mr Justice Peter Kelly of the Irish Commercial Court, to remark that that the life of an insolvency practitioner may be tantamount to a John Le Carre novel. I think he was kidding. Although the law in Northern Ireland is broadly similar to the rest of the UK, I was interested to learn of the legislative changes to personal insolvency in the Irish Republic as a result of the Personal Insolvency Act 2012, which reduces the period of bankruptcy from 12 years to three years and introduces three new debt settlement procedures. Those procedures are Debt Relief Notices (largely similar to our Debt
Relief Orders), Debt Settlement Arrangements (based loosely on our Individual Voluntary Arrangements) and Personal Insolvency Arrangements. Crucially, before a debtor can apply for bankruptcy in Ireland, he must have tried to implement one of the two latter procedures. Personal Insolvency Arrangements involve the debtor making a proposal to creditors for the compromise and settlement of the debt over a six year period. A moratorium is obtainable to prevent a creditor jumping in before the proposal is considered by all creditors, however a PIA is limited to debts not exceeding €3 million unless the secured creditors agree to increase the cap. To qualify, the debtor must be insolvent and have no likelihood of becoming solvent for a period of five years. For the proposal to succeed, at least 65% in value of all creditors, 50% of all secured creditors and 50% of the unsecured creditors must approve it. Intensive lobbying of the Banks has resulted in additional protection for secured creditors, who must receive the lesser of the value of their security or the amount of the debt including arrears and interest, unless they agree otherwise. Whilst I can foresee a large demand for Debt Relief Notices and Debt Settlement Arrangements as is the case here, it is difficult to envisage much take up of the Personal Insolvency Arrangements. Furthermore, although the reduction of the bankruptcy discharge period to three years will make it a more viable option for debtors, I still expect see many Irish nationals visiting my office to make themselves bankrupt in England, where the discharge period is only one year.
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Professional Services
FCA CONFIRMS BANKS FAILING TO PAY FOR MIS-SOLD INTEREST-RATE SWAPS “WHAT’S REQUIRED IS AN EXPERIENCED AND SPECIALIST EYE TO UNRAVEL WHAT HAS BEEN SOLD AND THE BREACHES OF ACCEPTABLE PRACTICE.”
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oncerns over the lack of compensation paid to businesses affected by the mis-sold interest rate swaps scandal have been confirmed in new figures from The Financial Conduct Authority. The regulator says banks have handed over just £500,000 in compensation to the companies mis-sold swaps more than a year after it set up a redress scheme. Most estimates of the final bill for the 40,000+ businesses affected run well in excess of the £2.5bn the banks have already set aside for settlements. Daniel Fallows, director of Seneca Banking Consultants, one of the largest claims handlers, which has previously written to the FCA asking it to publicise how many settlements have been agreed and paid within the past 12 months, said the £500k figure confirms its worst fears.
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“The compensation scheme is ineffective, not least because it excludes a great number of businesses and organisations which have been damaged by bank mis-selling. What adds insult to injury is that those businesses which are eligible to apply have found the banks dragging their feet. “Outside of the compensation scheme, the only other form of redress is to take legal action. But that course of action is affected by the strict limitation rules on breach of contract, misrepresentation and negligence claims. The banks know this too – and are continuing to delay and stonewall, knowing that every day thousands of business are losing their right to claim.” The figures mark the first time the FCA has revealed detailed figures on its interest rate swap redress scheme, which was set up in June 2012. According to the data released on
CharteredOne | Issue 6 | Autumn 2013
Wednesday, 30,169 products have been reviewed by the nine banks signed up to the scheme, of which half have been deemed eligible to take part in the process.
mis-selling and breaches of acceptable practice had taken place. The FCA had looked at a sample of cases from Barclays, HSBC, Lloyds and Royal Bank of Scotland.
Banks targeted SMEs between 2001 and 2008 with interest rate swap cap and collar policies. They were sold on the basis that the products allowed borrowers to fix their rates and control their costs, but when interest rates fell the ‘swap’ became very costly. Crucially, a gearing also kicked-in, making the exit fees astronomical. In most cases, the lower rates fell, the higher the exit fees became – which the regulator said the banks often hid from customers.
Seneca provides expert advice to businesses direct as well as accountancy and legal firms. Its team reviews the paperwork around loans and has a detailed grasp of breaches of acceptance practice. It also provides reports which, in effect, recreate the transaction and calculate the damages subsequently incurred.
Seneca Banking Consultants is advising 220 businesses in the North West, Yorkshire and Midlands which have been mis-sold interest rate hedging products, operating across sectors that include property, construction, retail, hotel and leisure, and care homes. The UK regulator announced on June 2012 that it had ‘serious concerns’ about the way these products were sold to business. A subsequent pilot scheme revealed that in over 90 per cent of the 173 cases the regulator examined,
The compensation scheme only applies to “non-sophisticated” borrowers, defined by the banks on the basis of a highly restrictive test (relative to turnover, balance sheet and number of employees). This approach is prohibitive and denies thousands of businesses the right to redress. Businesses not covered by the review process have been resorting to litigation but, given that the vast majority of these products were sold between 2005 and 2008, there is a danger that many such claims will (if they are not already) soon be “time barred” (i.e. not brought within the 6-year limitation period).
Daniel Fallows believes banks will fight claims all the way. “In general, avoidance of liability is a huge problem and even now, we see communications from banks to customers which are misleading. To suggest, for instance, that people don’t need specialist advice is disingenuous in the extreme. These products are in reality complex, financial derivatives, with hedging arrangements often tucked away inside the detail of ‘structured’ products. A couple of the banks have some really nasty structured products. “What’s required is an experienced and specialist eye to unravel what has been sold and the breaches of acceptable practice. It’s not a job for a lay person or even an inexperienced lawyer. A high number of the cases we are dealing with are referred to us by accountants and general practice law firms.” The compensation process is likely to roll on well into 2014 and will doubtless be accompanied by litigation as businesses not satisfied with the response start to take legal action. HM Revenue & Customs is understood to be increasingly sympathetic to businesses which are in financial distress as a result of having been sold an interest-rate swap – some getting leeway on tax payments.
For more information or advice, contact Daniel Fallows on
01204 322 805 or email
Daniel.Fallows@ senecapartners.co.uk
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Remuneration of Directors – Zombie Companies and RTI It has been a long established practice for company directors to be remunerated with a small salary and receive a monthly dividend. This practice may be a tax efficient method for profitable companies – but, is it the correct method for a company struggling to make profits? We now increasingly hear the term zombie companies – R3 recently reported that there are at least 150,000 businesses currently able merely to service their interest charges and not to reduce the level of debt. The phenomena exists whilst interest rates are low and if there is an increase in interest rates, then many of these zombie companies will fail. The owners have no means of escape and are forced to continue to trade as the business is over leveraged. If your client is one of these zombie companies or surviving rather than prospering it may be time to review how the directors are remunerated. The payment of a regular dividend in anticipation of profit is likely to cause the directors loan account to become overdrawn. With the introduction of Real Time Information (RTI) for payroll the flexibility of reviewing the method of the directors’ pay on an annual basis and adjusting as necessary has been removed. A review of your clients’ remuneration packages should be undertaken and in instances where the company is borderline profitable, it may be beneficial for the directors to take all their remuneration as salary subject to PAYE. Whilst it may appear to be more costly from a cashflow point of view it ultimately may the cheapest option from the directors’ perspective. If the company enters a formal insolvency procedure, the final balance sheet is likely to show an overdrawn directors loan account and insufficient
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profits having been generated to vote a dividend. The director will face a request to repay the overdrawn loan account which, in the director’s mind, will be his “salary” for the past 12 or 18 months. The argument that the dividend was in effect a salary will not be accepted. So, at the time that the company fails, personal guarantees are being called and there is no income, the director now faces the prospect of repaying his overdrawn loan account. It seems to be a complete shock to the directors as they have never previously understood the “other debtors” figure in the annual accounts and had not appreciated that this figure related to them. It does seem that RTI has worked and did not suffer the anticipated teething problems. It is now only a matter of time until HMRC uses this real time information to collect the PAYE in a more efficient manner and the informal extended credit previously taken as a matter of necessity will come to an end. Zombie companies will soon feel increased pressure from HMRC’s collection procedures and it is therefore even more important that the directors pay is dealt with correctly as their chance of survival worsens. The image of zombie clients may not be palatable, but steps need to be taken to ensure that the death of a zombie company does not have too great a personal effect on the directors because they failed to consider the implications of the method of their remuneration. Dan Hennessy is a Chartered Accountant and Insolvency Practitioner based in the North West.
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Railex (Filing) Ltd Crossens Way Marine Drive Southport Merseyside PR9 9LY 01704 222100 www.railex.co.uk Railex (Filing) Ltd. – Copy for ‘Chartered ONE’ – 08/2013 Dr. Jekyll awoke with a start from his disturbed slumber; his head pounding with a vehement force. Slumped at his desk, he raised himself and wearily took-in his chaotic surroundings. Bottles, test tubes and all manner of equipment lay in disarray over every conceivable inch of his laboratory. Trying to piece together the memories from the frenzied periods spent as Mr. Hyde was always difficult, and seemed to be becoming progressively more so. A short, cold shudder brought him sharply back to his senses: a sudden recollection had jolted his mind from the internal fug. He could recall scrawling something onto parchment during his dark, chemically-induced reverie, but he was unsure of the content therein. He had a sense that it was important, but as he surveyed the clutter that surrounded him, he knew his frenzied scribbling would be nigh on impossible to find. Papers lay strewn across every available surface; some half torn, others soaking up spillages from his concoctions, the sickly liquids emitting an acrid stench. Breathing in the fumes, a vague memory struck him unexpectedly. An unexplained urge forced him to stumble
towards the corner, where he located the old, unused entrance to his store room. He was confused as to his own behaviour, as he knew this room had hardly been touched in years; it had become a home for failed formulas and old, unused equipment. Despite this however, he turned the handle and swung the door open. The scene that confronted Jekyll astonished him. He observed an extremely orderly room, featuring several rows of pristine Railex files. Feeling a little startled by the juxtaposition of the rooms, Jekyll’s focus was then drawn to the centre of the room. There lay a single sheet of paper, with a neatly written script thereon. Picking it up, he began to read: “To my esteemed friend and alter ego Dr. Jekyll; regardless of your judgemental take on my own immoral behaviour, I now have cause to address a problem I have with your conduct. Your filing is abysmal; so much so that it has taken an oaf like me to solve your situation. Railex provided me with this filing system; it is both resilient and easy to implement. Kindly use it to organize all of your documents, as this will in no doubt make it easier to locate specific papers, as and when they are needed. We wouldn’t want you to lose any of your precious potion formulas now, would we?!” – Mr. Hyde
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Professional Services
Is our local economy improving? ICAEW in conjunction with Grant Thornton have been producing the Business Confidence Monitor for a number of years now, and the latest review has recently been issued.
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CharteredOne | Issue 6 | Autumn 2013
Grant Thornton UK LLP Dynamic organisations know they need to apply both reason and instinct to decision-making. At Grant Thornton, this is how we advise our clients every day. We combine award-winning technical expertise with the intuition, insight and confidence gained from our extensive sector experience and a deeper understanding of our clients. In the UK, we are led by more than 200 partners and employ nearly 4,500 of the profession’s brightest minds, operating from 27 offices. We provide assurance, tax and specialist advisory services to over 40,000 privatelyheld
businesses, public interest entities and individuals nationwide. We are the UK member firm of Grant Thornton International Ltd, one of the world’s leading organisations of independent assurance, tax and advisory firms. With over 35,000 Grant Thornton people, across 120 countries, all focused on making a difference to clients, colleagues and the communities in which we live and work. ICA EW is a world leading professional membership organisation that promotes, develops and supports over 140,000 chartered accountants worldwide. We provide qualifications and professional development, share
our knowledge, insight and technical expertise, and protect the quality and integrity of the accountancy and finance profession. As leaders in accountancy, finance and business our members have the knowledge, skills and commitment to maintain the highest professional standards and integrity. Together we contribute to the success of individuals, organisations, communities and economies around the world. Because of us, people can do business with confidence.
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Why small businesses outsource payroll to their accountants An HMRC study found that most small employers outsourced their payroll to an accountant or other finance professional. After 1500 telephone interviews, researchers discovered 56% of small employers outsourced the tax and NI calculation each pay day. Only 5% of those surveyed used a payroll bureau, with the majority using a finance professional, such as an accountant. Accountants offering payroll services use either traditional software packages or online systems. The Payroll Site is an online payroll system used by accountants throughout the UK, giving them the ability to calculate the deductions, email out payslips and file RTI returns. Managing Director Steven Tucker said “Many accountants are reluctant to offer payroll services but their clients often expect it. When they try out an agent account, they are often pleasantly surprised - it can be much quicker than they expected”. The study found two thirds of small employers that outsourced payroll paid a fixed price for the service, often as part of a package that included corporation tax, VAT and end of year returns. The most common reason for small businesses to outsource was a lack of skills, followed by lack of resources and fear. As one employer put it “We don’t have the expertise here” and “no one has ever done payroll and there would be the risk of getting everything wrong”. Small businesses are turning to their accountants for help.
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All Square Treasury are led by experienced ex-bankers and financial services consultants who provide plain speaking, value added commercial solutions to businesses that have been affected by the mis-selling of Interest Rate Hedging Products. We provide a professional claims management service to assist small and medium sized businesses (SME’s) with claims against banks for the mis-selling of Interest
Rate Swaps and other Interest Rate Hedging Products such as tailored Fixed-rate Business Loans, Caps, Collars, Floors and other more complex products. As a subsidiary of the Mitchell Farrar Group, we are also part of one of the UK’s largest claims management companies which has helped thousands of customers claim back millions of pounds for mis-sold financial products.
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All Square Treasury are led by experienced ex-bankers and financial services consultants who provide plain speaking, value added commercial solutions to businesses that have been affected by the mis-selling of Interest Rate Hedging Products. We provide a professional claims management service to assist small and medium sized businesses (SME’s) with claims against banks for the mis-selling of Interest
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Rate Swaps and other Interest Rate Hedging Products such as tailored Fixed-rate Business Loans, Caps, Collars, Floors and other more complex products. As a subsidiary of the Mitchell Farrar Group, we are also part of one of the UK’s largest claims management companies which has helped thousands of customers claim back millions of pounds for mis-sold financial products.
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Education Skills and Training
McEwan Wallace Apprentice Wins National Business Challenge A talented Wirral apprentice is celebrating after winning a national business challenge. Rebecca Hulse, the first student in the North West to undertake a pioneering Association of Tax Technicians (ATT) Higher Apprenticeship in Tax, was part of the winning team at the national final of the ICAEW Apprentice Business Challenge 2013. ICAEW launched the national competition, part of the WorldSkills UK portfolio of competitions, to test the business skills of apprentices who are currently undertaking higher apprenticeships in Accountancy, Project Management and Professional Services. The competition was run over a series of months with 46 apprentices competing in teams across three regional heats in Leeds, Birmingham and London. Rebecca’s team were announced the winners of the competition in the national final in London. 18-year-old Rebecca, who is currently undertaking her Apprenticeship at McEwan Wallace – the Birkenhead based chartered accountants and business advisers – said that the competition involved a number of interactive business games which were designed to test the knowledge and skills of
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Rebecca Hulse
apprentices and how they deal with real business issues. Rebecca said: “All the entrants were divided into teams and were provided with a case study of a real business. Each team was invited to make recommendations on how to drive sales for the business. “I took part in the Leeds heat where all teams were given the case study of a chain of hairdressers. We reached the final three of the Northern heat and were invited to attend the final in London. During the final we were further questioned about how we could improve sales. Our recommendations included improving the supply chain and adding a staff incentive scheme. Five teams attended the final and we were delighted when we were announced as the winning team.” Rebecca and her team became ICAEW Apprentice Business Challenge winners and
were awarded the WordSkills UK Gold Award. Sharon Spice, Head of Student Recruitment, Marketing, Learning and Professional Development at ICAEW – who was also head judge – said Rebecca’s team won due to their focussed approach to the challenge. Sharon said: “Rebecca and the team impressed us greatly with the calibre of their business recommendations. The team were focussed from the outset and presented their recommendations in an articulate fashion.” McEwan Wallace Partner Paul Cochrane said: “Rebecca has worked at McEwan Wallace for a year now and we continue to be delighted with her outstanding progress. This award demonstrates the calibre of Rebecca’s skills and also highlights the benefits that professional services Apprenticeships offer to firms and individuals alike.” Rebecca, who studied at the Oldershaw Academy in Wallasey, secured straight As in A-levels in Drama, Maths and English Literature, but declined offers from universities to take the Apprenticeship with McEwan Wallace. The framework for Rebecca’s training is delivered by BPP Training in Manchester.
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Merseyside needs Mentors! Do you remember when the business world seemed impossible to conquer? The Chambers of Commerce in Merseyside are working together, to find people with a strong business background who can lend a helping hand to local people who are on the path to starting their own company. They are looking for experienced people who can support an aspiring entrepreneur to reach their potential. You will be asked to volunteer a small amount of your time which will decrease as your client becomes more confident and experienced. Mentoring is a rewarding way to share your experiences and contribute to the success of others and is a great way for your company to give back to your local community and support the regional economy. Your local Chamber will be on hand to provide any materials you need and support you along the way. Mentors are being sought across Liverpool, Knowsley, Sefton, St Helens and Wirral. To find out more contact Ann Holcroft at St Helens Chamber on 01744 742003 or visit www. sthelenschamber.com/mentoring
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OCNWMR - supporting staff training Staff development through training and the achievement of qualifications can contribute to the success of a business. It can provide a cost effective way of improving an organisation’s skill base and help recruit and retain high quality staff.
National qualifications
OCNWMR, an Oqual regulated awarding organisation, specialises in developing qualifications within the Qualifications and Credit Framework (the QCF). OCNWMR works with companies and other organisations to develop qualifications tailored to meet the needs of their staff and their business. Units and qualifications available include office administration, ICT, customer service, time management, teamwork and communication skills.
Further information
For a full list of QCF qualifications and units and to obtain details of the other services OCNWMR provides, visit the OCNWMR website, email wolverhampton@ocnwmr.org.uk or telephone 01902 624 230 and ask to speak to a Business Development Adviser.
www.ocnwmr.org.uk
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Outstanding A Level Success for Merchants
Following this year’s A Level results Merchant Taylors’ Schools are once again celebrating outstanding success with both the Boys’ and Girls’ Schools achieving a 100% pass rate and 80% of all grades at A*-B. These top results come at a time when the Government, worried about grade inflation, has tightened up A Levels and it is expected that grades nationally will fall overall. The Schools have performed particularly well in the more traditional and rigorous STEM subjects and it is estimated that the majority of students will achieve their first choice University, most of which will be at the UK’s top 20 Universities including 4 pupils to Oxford and Cambridge. However high flyer, Pramudi Wijayasiri, proves that Merchants’ is not just about academic excellence. Whilst achieving 4 A* grades she also managed to perform the role of Head Girl and Head of the RAF Section of the Schools’ Combined Cadet Force as well as finding the time to maintain her musical talents. As former Senior School Musician of the Year, Pramudi took part in numerous concerts including several public performances at
places such as the Liverpool Philharmonic. Headmistress Mrs Louise Robinson is delighted with the results, she said: “Once again we have maintained our position as one of the top performing schools in the North West. The girls have worked extremely hard to achieve these grades and their success is testament to the hard work and support from everyone involved from staff to parents.” A clean sweep was the order of the day at the boys’ school with 5 students – Shaun Billows, Aaron Lowe, Daniel Mackay, Matthew Hutchinson and Matthew Wilcox – achieving over 90% in each exam meaning they were each awarded with 4 A* grades. Headmaster David Cook was also delighted with the results and commented, “I am thrilled that the boys have been able to keep up with the girls! Boys are falling behind nationally and I am proud that we are a family of schools where both boys and girls can thrive in environments best suited to their educational needs and differences. I would like to congratulate the students and the staff.”
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Out of office
Liverpool to Paris Our intrepid Editor, Martyn Best was recently featured in the Liverpool Post in preparation for a bike ride he should have completed by now. We spoke to him, just before he left these shores: “With a few other local business people I will be cycling from Liverpool (via train) to London and then to Paris (via Ferry). Despite the apparent major use of public transport there is also a bit of cycling involved over three days from 26th September – about 280 miles.
As you may read from the Liverpool Post article, there has been a good bit of training and preparation, so hopefully that will see us to Paris. If anyone wishes to support these efforts, then that would be very kind indeed, and that can be done at www.justgiving.com/ icycleforNYAS The charity I am helping is NYAS (the National Youth Advocacy Service) which is a very heartwarming charity that helps children who are in care with legal advice or advocacy of any kind, and is something I’ve been working with recently. Thanks for any help and support – and encouragement, and I shall hopefully have a report in the Christmas issue.”
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Martyn Best hard at work training
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Out of office
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. Registered Office 2nd Floor, The Cotton Exchange, Bixteth Street, Liverpool, L3 9LQ. Company Number 00004302.
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Out We of haveoffice arrived at the time of year when many organisations are starting to think about their annual awards ceremony or Christmas celebrations. It may seem like December is a long way off, but in order to secure the perfect venue for your event, it’s necessary to start looking now as availability for this time of year can often fill up very quickly, with companies competing for the best locations.
If you want your event to have the wow factor and know that first impressions count, the Great Hall could be the venue you’re looking for. Located in the heart of the historic Grade II listed Cornerstone Building at Liverpool Hope University’s city centre Creative Campus, the Great Hall provides an impressive setting for award ceremonies, gala dinners and company events, which often offer fantastic opportunities to further build client relationships and make new businesses connections. As your guests enter the red brick Cornerstone Building, having walked through the award winning Renaissance-style Angel Field garden, the venue opens up before them with an imposing modern central wooden staircase that splits off to both sides and links to the mezzanine bar and sitting area adjoining the Great Hall. As guests enter the Great Hall, the lofty double height vaulted ceiling and polished wooden floor instantly set the tone. The striking series of large glass feature windows, which look out on to the mezzanine, flood the space with light from the gallery and afford glimpses of the beautiful, bespoke Angel statue that stands century outside the building, creating a real sense of place and atmosphere. You can host upto 200 guests for a formal dinner. Or if you are looking for a more intimate space with a relaxed feel, the EDEN Arbour Room would be the perfect choice. Located around 15 minutes from the city centre in the leafy subrurb of Childwall, the Arbour
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Room and adjoing Lounge have their own catering and licenesed bar facilities, along with a dance floor, dynamic lighting feature and fully integrated sound and audio system. With on-site executive style accommodation in the EDEN Suite, priced from as little as £52.50+VAT per night for a double, your guests won’t need to worry about the taxi ride home. If you like the sound of the Great Hall or Arbour Room, you can see photographs of them at www.hope.ac.uk/conferences or watch our showreel by scanning the QR code below. Catering packages for a three course dinner start from £25 inc.VAT, with buffet options also available, excluding room hire. So if your organisation or one of your clients is looking for an event venue that’s a little different and will help you stand out from the crowd, contact us today for a tailored quote and availability. Conferencing and Events at Liverpool Hope. Our Inspiring Locations. Your Great Event.
CharteredOne | Issue 6 | Autumn 2013
Our inspiring location. Need space to think? Choose our Hope Park Campus for your next meeting or away day. You can enjoy our stunning 45-acre landscaped location, as well as the EDEN Building’s outstanding business facilities.
· Bright and airy conference rooms · Excellent AV facilities · Quality in-house catering · On-site executive style accommodation available year round
· On-site car parking · AIM accredited
Your great meeting.
www.hope.ac.uk/conferences l 0151 291 2147
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Out of the office
Golf reports Glyn Pike our Golf Secretary rounds up the golf season so far The season started and ended on a high note with Liverpool winning the Roses Trophy in May and winning our annual match against the Liverpool Law Society on August 23rd. The Roses match is a three cornered match with the Sheffield Society and the Manchester Society playing for a trophy donated by Matthew Sheppard the President of the Sheffield Society in his presidential year of 1969.The match has taken place every year since with Sheffield boasting 18 victories to Manchester’s 17 and Liverpool’s 10. Our Annual trophy attracted a disappointing 19 entrants, but nevertheless was a thoroughly enjoyable occasion at Ormskirk Golf Club with Alan Rumph taking home the Trophy on this the 101st time it was contested. The Chester Society team were too good for us in June at Wirral Ladies Course but that did not spoil the enjoyment of the day, Rob Hall is always a genial host. Unfortunately the Birmingham Society was unable to raise a team for our annual match and thus we were not able to sample the delight of Haydock Golf Club but it will be on the list for future events.
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Finally, I would point out that my task as Secretary over the past five years has not included the need to select a team. Rather, my task is to try and find the requisite number of players for the occasion. I mention this to point out that standard of play is
not an issue with our games and we uphold the true Olympian spirit of “taking part” so may I urge all accountants who enjoy hitting golf balls, no matter what direction they may take, to e-mail me at glyn.pike1@virginmedia. com to take part in one or more games next year.
Glyn Pike presents the Annual Trophy to the winner Alan Rumph
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