Chartered One spring 2015 by Brian McCann

Chartered One // Issue 12 // Spring 2015

Learning & Professional Development Programme 2015 Annual Dinner speaker returns to Liverpool

The Accountancy App Based in Liverpool with offices in London and Manchester, Crosby Associates are the official publishers of Chartered One magazine and website, as well as Abacus, the new magazine for Chartered Accountants Birmingham and West Midlands, launching in May 2015. In addition to publishing, Crosby Associates have been developing mobile apps since 2010 and are the leading developers in the UK for apps for accountancy practices. Produced for over 70 practices including Mazars, Moore and Smalley and BW McFarlane, the Accountancy app includes some great features, such as tax calculators, current UK tax tables, a business mileage calculator, important date reminders and links to the practiceâ&#x20AC;&#x2122;s social media. As well as apps for accountants, we have developed bespoke apps for a wide range of organisations such as Williams BMW, Hard Days Night Hotel, Peel Group and London Chamber of Commerce. Our biggest project so far is the Employee Engage App, a HR and

communications tool for businesses to actively engage with their employees. Its features include induction training, suggestion boxes and directory of staff to name a few. The app continues to grow as more businesses sign up, with clients such as DHL, Lancashire Bus and Everton Football Cub. Recently Crosby Associates launched the Liverpool Society of Chartered Accountants (LCSA) app, which so far has received exceptional feedback. Since then many more accountancy practices have signed up to have their own, completely bespoke app developed by our team, allowing them to engage more efficiently with existing and potential clients.

For further information on the benefits of an App for your company contact Crosby Associates. Call us

0845 643 5551 Visit our website

Email us

post@crosbyassociates.co.uk

www.crosbyassociates.co.uk

LSCA Business

Inside this issue

Contents LSCA Business

13 A t your service

15 S peaker returns

The President’s Words

Insight from the Editor

Learning & Professional Development Programme 2015

ICAEW Library Services

New UK GAAP and IFRS at entity level – impact on 2014 final distributions

Volunteer Business Mentors Needed

At your service Companies House

ICAEW Business Futures Project

Annual Dinner speaker returns to Liverpool

Liverpool Society Annual Dinner

Liverpool Society of Chartered Accountants

Do you have a question

The internet is a place to be wary of

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.

Professional Services

15 A nnual Dinner

71 A ndy Bounds Top Dog

MSB Solicitors

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

Online Practice

Keith Jones

Allied Irish Bank (GB)

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

Wolters Kluwer

JJ Maloney

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.

Online Practice

Zenith Tax Solutions Ltd

Kash Flow

Armstrong Watson

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.

SWAT

Practice Engine

Baker Tilly

Bank Stream

IQE

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

Bridging Finance Ltd

Advertising/Features: Julie Carroll: Julie.carroll@crosbyassociates.co.uk Tel: 0845 643 5551 Roger Swift: roger.swift@crosbyassociates.co.uk Tel: 0845 643 5551 / 07739046573 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.

Education Skills and training Scarisbrick Hall School

Alan Cookson Prize

Out of Office Behind the mask

The Support Member Scheme

The Accountant Turned Bread Maker

Golf Update

One of our members has a new book

Wine Tasting on the Wirral with Whitmore & White

Chartered One // Issue 10 // Autumn 2014

Financially stable clients are the lifeblood of accountants From time to time, even stable clients can find themselves in financial difficulties. Too often, this will result in the business being liquidated. But with a bit of effort, financial trouble needn’t mean the end. At Aticus, we believe early diagnosis can help us to offer the best treatment for the company and the individual. Working closely with clients we strive to save as much of the business as possible. Each company saved is another company trading, and another client on the accountancy books. We offer a bespoke personal service and exhaust all options before considering insolvency, aiming to preserve sound businesses.

Aticus – A personal approach towards ﬁnancial recovery.

Aticus Limited, DHR House, Unit B1, Kingﬁsher AticusRecovery Recovery Limited - Rockliﬀe Buildings, No.1 Business Park, Hawthorne Road, Litherland, Merseyside Hanson Road, Aintree, Liverpool L9 7BP also at Regus L20 6PF also at Regus House, Herons Way, Chester House, Herons Way, Chester Business Park CH4 9QR. Business Park CH4 9QR. Telephone 0844 887 1480.

Telephone 0844 887 1480 www.aticus.co.uk

LSCA Business

The President’s Words I cannot believe that a year has passed... Well it hasn’t quite passed and I still have a few more months as your President but this shall be my last opportunity to address you in this column. The Presidential Year runs until our Society’s AGM in May and I do hope that you will attend and perhaps even consider joining the Committee. Our Society, which I am sure you will know is the oldest Society of Chartered Accountants in England and Wales provides many good elements to our members in terms of courses, events and ICAEW information and we always welcome fresh input. My personal highlights this year have been three-fold:

≥ the development of our own local Society strategy which has been focussed on delivering more relevant benefit to our members.

≥ participating in the successful delivery of the International Festival for Business, and helping delivery a platform for the prospect of IFB2016

≥ the highly enjoyable Annual Dinner which is reported extensively in these pages.

I would like to express my thanks to Alex Pilkington, the Society’s Regional Executive for her indefatigable support and to my wife Joanne and children Caitlin and Sean for their help and understanding this year, and of course to my fellow Committee members. I shall be remaining on the Committee as Immediate Past President and I look forward to the Society going from strength to strength. With kind regards, John Nolan President

Chartered One // Issue 12 // Spring 2015

Railex: Quality since 1908 Since 1908 Railex have endeavoured to offer a broad range of practical solutions and advice to solve every type of filing problem. Railex were one of the first filing manufactures in the UK to obtain ISO 9002 Quality Standards and are also accredited to ISO 9001.2000 standards. Offering filing products of the highest quality that will last for years, whilst being fully recyclable and maintaining environmentally friendly manufacturing processes. As a filing 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 offer 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 fit for you and your company. “Efficient and user friendly” Beecham Accountants. “Saved enormous space, whilst being easier for access and much more versatile” Bulley Davey Accountants.

LSCA Business

Insight from the Editor Hello everyone and welcome to the concluding issue of our first dozen ! Yes, quite incredibly, from December 2011 and our first issue, we now have number 12. I hope you enjoy reading it, and as I have on many occasions, can I please invite you to contribute anything you feel may be of interest to your fellow members. Past issues will give you a flavour, but to help you, how about: ≥ New appointments within your firm or business you’d like to announce

≥ Any charitable work you do ≥ Interesting out of work activities you undertake ≥ Any particular achievements any of your colleagues have completed ≥ Some amazing sporting interests you may have ≥ Technical insights you would like to share

...And many more I have no doubt. I hope that Chartered ONE is now well established, and it’s baby brother the “LSCA app” is also within your world. This was launched around Christmas, and captures much information about your Society, and has some very useful tools for you to use, as well as keeping you in touch with Society activities. Distributed with this issue is our new Courses Brochure. I hope you find it helpful and we look forward to seeing you on many courses throughout 2015. Our next issue will revert back to being an insert in Economia in the Summer, so do please keep your eyes open for that. Finally, here’s to a good Springtime for you all, especially now that all tax returns are filed. Kind regards, Martyn Best Editor Chartered ONE Past President Contact: martyn.best@documentdirect.co.uk PS – check out the inside back cover for details of Andy Bounds’ new book “Top Dog – impress and influence everyone you meet.”

Thoughtsforcomingissuesinclude: ≥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.

Chartered One // Issue 12 // Spring 2015

kkkp’’ktik’l pkkplk ’klktikn’

Thk ’’mk bk’ d’ﬀk’kn’! Jk’’ l’kk ’kkkkn’’n’’ ’hk’k ’’k m’n’ HR &Rkk’k’’mkn’ kkmp’n’k’ ’nd kk ’h’’k ’hk ’’mk ti’lk, bk’ l’kk ’kkkkn’’n’’ kk ’’k nk’ ’ll ’hk ’’mkk

‘Your people are the heartbeat of your business’

T’lk ’k k’ ’nd ﬁnd kk’ kh’’ ’k’’ k’ ’p’’’!

kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk

’’’’’’’’’’’’

01244 515546 hello@kirstycraigassociates.co.uk

Are you tired of people assuming that all accountants are the same? The same can be said for HR & Recruitment consultants – we come in all shapes and sizes too! We understand that your work often involves creativity, complex problem solving and research to find the best solution for your clients – exactly as we at Kirsty Craig Associates do. 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 using highly effective recruitment methods • Managing performance for business growth • Developing your managers of tomorrow • Ensuring that HR systems and processes are fit for purpose – providing timely, compliant and relevant support for everyone in the business

We really get to know our clients and their needs to ensure we understand the history of the company, the people who drive the business and their vision forward. This level of understanding is both essential and invaluable because it means we can provide advice and support that has immediate impact. If you are an Accountancy firm who feels that you and your clients would benefit from working in partnership with Kirsty Craig Associates do please get in touch with Kirsty on 01244 515548 or email her direct. Talk to us! kirsty@kirstycraigassociates.co.uk www.kirstycraigassociates.co.uk

LSCA Business

Learning & Professional Development Programme 2015 DATE

VENUE

EVENT

SPEAKER

24 MARCH RADISSON BLU HOTEL, LIVERPOOL PAYE/NIC/P11D UPDATE MARION HODGKISS, KAPLAN This course is designed for people who deal with payroll issues and will provide a refresher on the main issues arising and common areas of difficulty.

25 MARCH MASONIC HALL, SOUTHPORT SUCCESSION PLANNING RON GOLDSMITH This seminar will help you to develop your continuity strategy and optimise the value of your practice.

29 APRIL MASONIC HALL, SOUTHPORT ANTI-MONEY LAUNDERING MARK FAIRHURST Over the last two decades, increasingly wide-ranging and rigorous anti-money laundering (AML) systems and reporting requirements have been imposed on accountants in practice and their firms.

14 MAY CROWNE PLAZA HOTEL, LIVERPOOL TAX UPDATE MARION HODGKISS, KAPLAN In the ever-changing world of tax it is vital to keep up to date, not only with changes that have happened but also potential future changes and the impact they may have on clients.

4 JUNE RADISSON BLU HOTEL, LIVERPOOL FINANCIAL REPORTING UPDATE TBA This course will update you in all key relevant developments in UK financial reporting. It is aimed at practitioners and preparers involved in the preparation and audit of financial statements under UK GAAP, although brief references will be made to major IFRS developments.

26 JUNE RADISSON BLU HOTEL, LIVERPOOL CHARITY ACCOUNTING UPDATE VALERIE STEWARD This course explains current best practice for audit and accounting aspects of charities. There have been many changes over the last few years so this course will ensure that your knowledge of audit and reporting issues is up to date.

15 OCTOBER LIVERPOOL CITY CENTRE FINANCIAL REPORTING UPDATE This course will update you in all key relevant developments in UK financial reporting.

TBA

9 DECEMBER CROWNE PLAZA HOTEL, LIVERPOOL TAX UPDATE MARION HODGKISS, KAPLAN In the ever-changing world of tax it is vital to keep up to date, not only with changes that have happened but also potential future changes and the impact they may have on clients.

The Liverpool Society website will have full details of all courses at charteredone.co.uk and there is now also an LSCA app which you can download at the Apple App Store. If you do we can send you reminders of these courses and new ones that will be developed for you.

Chartered One // Issue 12 // Spring 2015

DIRECTORS – THEIR DUTIES, POWERS AND RESPONSIBILITIES A private limited company must have at least one director and there is no longer a requirement to have a company secretary. A formally appointed director registered at Companies House is known as de jure. I would differentiate this formal appointment to a de facto director who is not formally appointed but carries out all the duties and makes the decisions as a director. A further differentiation needs to be made with shadow director who is a person whose instructions and decisions the other directors accept and implement and unlike a de facto director he may not carry out those actions directly himself. The term shadow director clearly defines one as being a person acting behind the scenes usually as there is a specific reason why he cannot act as a de jure director. There is less differentiation now between non-executive directors and executive directors as they all fall within the category of directors and have similar responsibilities. The Companies Act 2006 introduced a Statutory Statement of Directors’ Duties. This confirmed that the directors’ duties are to the company and not directly to others, for example, shareholders. The directors are under a duty to promote the success of the company for the benefit of its members as a whole. Whilst attempting to achieve this objective, the directors should consider the long term consequences of decisions, the interests of employees, suppliers, customers, the business community and the environment. This is a very onerous responsibility which is beset with conflicts. In an insolvency situation, the directors’ past conduct needs to be considered in light of the responsibilities and duties as set out in the Companies Act 2006. Part 10 of the Companies Act codified directors’ general duties with particular reference to the duties to act within powers; the duties to promote the success of the company; the duty to exercise independent judgment; duties to exercise reasonable care, skill and diligence; the duty to avoid conflict of interests; the duty not to accept benefits from third parties; and the duty to declare interest in proposed transactions or arrangements. The Act summarises the directors’ responsibility to exercise reasonable care, skill and diligence. The level of diligence is assessed by reference to what a reasonably diligent person would do carrying out the same or similar functions. This now creates the concept that the more experienced a director and one with greater skill and knowledge needs to exercise a greater level of care, skill and diligence to meet the standard required by the Companies Act 2006 of a reasonably diligent person. The duties and conflicts of a director are onerous in an ongoing trading profitable situation. Responsibilities are to many parties and there is an overriding desire not to harm one party at the expense of another. When directors are facing insolvency and the possibility of wrongful trading, then, their responsibilities as to promoting the company change so that the company now acts in the best interest of the creditors. The Companies Act 2006 having listed the responsibilities of the directors provides a benchmark for consideration when liquidators carry out reports on the director’s conducts to BIS. Careful consideration needs to be made in family companies to appoint directors only if they have some input and responsibilities for the running of the business. In the past with the requirement to have two directors, it was normal for husbands and wives to appoint each other in small company situations. I would advise against this unless both parties have an equal share in the running of the business and, if not, then take steps to remove any directors who are not responsible for the running of the business. Dan Hennessy is a Chartered Accountant and Insolvency Practitioner based in the North West.

Aticus Recovery Limited - Rockliﬀe Buildings, No.1 Hanson Road, Aintree, Liverpool L9 7BP also at Regus House, Herons Way, Chester Business Park CH4 9QR. Telephone 0844 887 1480 www.aticus.co.uk

LSCA Business

ICAEW Library Services THE ICAEW may be some distance away, but they offer some very helpful resources and services for all of our local members. In this article, our Regional Executive, Alex Pilkington shares with us how they can help you. You may not be aware of the services which ICAEW’s library can provide for you. Find out how its services can be of use to you. ICAEW has an enormous reference library and staff will also carry out research on behalf of members The ICAEW library provides an enquiry and information service – the enquiry team can help answer questions on a wide range of topics using the material in our collection. The enquiry service is available to all ICAEW members, ACA students as well as other entitled users – simply contact the library, which will respond within 24 hours. The library team can post, email or fax articles, book excerpts and model documents to you, plus a range of law reports, FAME company reports and mailing lists. This is free for ICAEW members up to a limit of five documents a day. The library includes access to worldclass collection of books, journals and electronic resources on accountancy and business: over 45,000 books and 450 e-books covering a wide range of topics including accountancy, law, tax planning, inheritance tax, property tax and capital allowances; books such as Tolley’s annuals can be posted out on loan to members, free of charge; online country resources and industry guides, including agriculture, forestry and fishing; over 250 current journals, 600 archived titles and a database of 3,000 online journals. Most of the help provided by the library is free of charge with the exception of reports from a small number of specialist databases, for example, Equifax credit profile reports, and for some special extended research.

≥ LSCA have their own LinkedIn group

join this to find out about the latest public consultations, stakeholder announcements and events in your area.

≥ You are able to advertise and apply for

voluntary roles on www.icaewvolunteers. com this is a free service for not-for-profit organisations.

≥ ICAEW Retired and Life members are able to join the Charity Special Interest Group (SIG) free of charge

≥ The recently launched Manufacturing

and Energy & Natural Resources Special Interest Groups are currently free of charge to join

≥ ACA Students are able to have free

membership of one Faculty and one Special Interest Group

≥ Free resources for your practice and

business, including help sheets, economic surveys, business insights, available on icaew.com

≥ Access to online webinars including the new series free TaxTalk webinars

≥ ICAEW Support Members are a network

of volunteers, who are experienced ICAEW members trained to help fellow members who are facing difficulties. Our volunteer team of support members are always on hand to act as a listening ear and offer nonjudgmental assistance, to speak to someone in confidence call 0800 917 3526

≥ FCA After ten years of being an associate member of ICAEW you can apply for fellowship at no extra cost

≥ ICAEW members, students and their

families can access a wide range of support services, from career coaching, to personal development training, crisis support and financial assistance from CABA the Chartered Accountants Benevolent Association. See how CABA can help you http://www.caba.org.uk/ Government Consultations View and contribute to consultations from government bodies, regulators and standards setters to which we are responding. - See more at: http://www. icaew.com/en/about-icaew/what-wedo/consultations-and-representations/ consultations-we-are-respondingto#sthash.09IhPxad.dpuf ICAEW Business Advice Service Practices are able to join the ICAEW Business Advice Service which ICAEW are actively using to highlight why businesses should use Chartered Accountants; it is free to join this scheme. The ICAEW Business Advice Service enables businesses to receive an initial consultation at no charge from an ICAEW Chartered Accountant. Businesses can find a chartered accountant offering the service, by searching the online ICAEW Directory of Firms. - See more at: http://www.icaew.com/en/members/ offers-discounts-and-services/businessoffers-discounts-services/what-is-theicaew-business-advice-service-for-smesand-start-ups#sthash.uoYWlO1q.dpuf Local support: ICAEW has an excellent local support team here to help you, we are happy to answer your questions and help with any issues you may have. We are also happy to come out to your workplace to visit you and your colleagues to discuss these and other services that ICAEW provide locally.

Liverpool chartered Accountants Students’ Association - NEWS The student society is looking forward to our main event of the year – the LCASA Annual Ball. This year’s event will be on Saturday 21 March, hosted at the historic 30 James Street, and will have a Titanic theme to match. The highlight of student calendar will see ACA trainees take a well earned break, enjoying a black tie evening of string quartets and ceilidh bands. This year we are delighted to be presenting the annual exam prize awards at the ball. It will be a chance for students to celebrate their successes in the company of their peers. Following on from the ball, LCASA will host a busy spring and summer calendar of events, including wine tasting, clay pigeon shooting, pool tournament and summer quiz. Please follow us on Twitter to keep up-to-date with the latest news.

Diary of Events 2015 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

Event

24th March

PAYE/NIC/P11D updates

14th May

Tax updates

25th June

Charity accounting

9th October

Annual Conference

15th October

Financial reporting

9th December

Tax update

Chartered One // Issue 11 12 // Winter Spring 2014 2015

LSCA Business

New UK GAAP and IFRS at entity level – impact on 2014 final distributions reference to a company’s last set of annual audited accounts. However, where a company is intending to change its accounting framework (that is, moving to New GAAP) companies will need to consider the impact that changing to New GAAP will have on its distributable reserves for both the 2014 final dividend (if declared or paid in 2015) and any 2015 interim dividends. Jonathan Studholme

New UK GAAP (FRS 101 or FRS 102) or IFRS (together, ‘New GAAP’) will be mandatory for all UK companies for accounting periods beginning on or after 1 January 2015. Any UK company that is intending to declare or pay a distribution in 2015 will need to carefully consider the impact of transition to New GAAP.

Having consideration for the impact of New GAAP on a company’s distributable profits does not necessarily require relevant accounts under New GAAP to be specifically prepared. However, for the distribution to be lawful, directors must satisfy themselves that there are sufficient distributable reserves at the dates it is declared and paid (that is, they will need to properly consider any adjustments that could arise on transition to New GAAP and classify these between ‘realised’ and unrealised profits/losses).

Volunteer Business Mentors Needed ≥ Could you mentor a new business owner?

≥ Can you spare up to one hour per week (for a maximum of 8 weeks)?

≥ Would you like to help improve your local business community?

≥ Do you have a strong business background?

St Helens Chamber is looking for voluntary mentors from the St Helens, Knowsley and Wirral business communities to help support local people in the early stages of starting a business. They are looking for friendly, committed business people who can give up a small amount of their time to support new entrepreneurs who have a great business idea that needs unlocking and developing. The role is potentially very rewarding and will make a huge difference to the local economy. What will you do as a Mentor? As a volunteer Mentor you will meet with people in the early stages of starting a business to provide encouragement and guidance about their business idea and help them to develop a business plan. There are a number of ways that you can provide support as a business Mentor;

Issue With the end of existing UK GAAP fast approaching, transition to New UK GAAP or IFRS in 2015 is a hot topic. An important, but easily overlooked, implication of transition to a new GAAP is the impact it will have on the company’s distributable reserves, and its ability to pay both 2014 final and 2015 interim dividends (for December year-ends). New UK GAAP (FRS 101 or FRS 102) or IFRS (together, ‘New GAAP’) will be mandatory for all UK companies for accounting periods beginning on or after 1 January 2015. Any UK company that is intending to declare or pay a distribution in 2015 will need to carefully consider the impact of transition to New GAAP.

Insight Typical areas where adjustments on transition from existing UK GAAP to New GAAP can arise and would have an impact on the company’s distributable reserves include:

Impact Under the Companies Act, UK companies need to make distributions (including dividends and share buybacks, but also certain other transactions) based on ‘relevant’ accounts. The purpose of these accounts is to support the directors’ conclusion that there are sufficient distributable reserves available to lawfully make the distribution on that date. It is common for distributions to be made by

There may be other areas that can significantly impact a company’s distributable profits, depending on its own specific circumstances.

Online support through social media groups Sign in to offer advice, guidance and answer questions posted by mentees, whenever it suits you

Public companies will also need to be particularly careful as the existence of any unrealised losses/other debits to reserves reduce a public company’s distribution capacity.

For more information please contact St Helens Chamber on 01744 742091 or email george.betts@ sthelenschamber.com

≥ financial instruments (for example, derivatives, where currently not recognised on balance sheet); ≥ interest-free term loans; ≥ changes in functional currencies; ≥ defined benefit pension liabilities (where not currently recognised in company balance sheets); and ≥ deferred tax (where currently discounted).

Chartered One // Issue 12 // Spring 2015

One to one pre-start support 1 hour per week up to a maximum of 8 weeks One to one post start support 1-2 hours per month over the first 6 months of trading; ideally as a follow on to the pre-start support Specialist input at pre-start workshops and enterprise clubs 15-20 minute educational presentation on your chosen specialism

LSCA Business

AT YOUR SERVICE COMPANIES HOUSE Paul Cochrane

A review by Paul Cochrane

How would you define good customer care? One definition given to me recently was being “easy to deal with”. A definition that wouldn’t ordinarily be applied to many government departments. One exception though is Companies House (CH). I have always found them efficient and generally helpful.

via www.gov.uk. Anyone accessing the old Companies House website will be redirected.

≥ The current requirement to complete an Annual Return will be replaced with a requirement to “Check and Confirm” at least once in a 12 month period. The annual fee will remain.

≥ Companies will be required to maintain a

In particular, they pay close attention to their relationship with professional advisers. To help build good relations they have set up a countrywide network of Focus Groups. I attended the recent Liverpool Focus Group meeting on behalf of the LSCA. It was hosted by two members of staff from CH and I was joined by 20 other advisers, mainly accountants, but also a number of solicitors and a representative from HSBC Bank. The session covered recent and forthcoming changes and developments by CH

register of “People with Significant Control (PSC)” previously known as beneficial owners. PSC’s are broadly persons holding 25% of shares or voting rights.

The highlights:

(Company And Tax Online), this will allow smaller companies to submit accounts to both CH and HMRC.

≥ At October 2014, the total register was 3,368,995

≥ E-Filing accounts for 80% of all documents filed and CH is working in a staged approach to a fully electronic filing service.

≥ Work is underway with the major software package providers regarding the development of an iXBRL option to allow users to file their accounts electronically.

≥ Long term CH strategy is to expand on the products and services currently available. This will include Free and Open data. They will allow CH data to be made available free for the first time. This is to help build trust and transparency. It is anticipated that this will be available between April and June 2015.

≥ Within the next couple of months all UK Government web traffic will be directed

≥ A company will be able to elect to keep any or all of the following registers on the public record at CH. Register of Members, Directors, Directors residential addresses, Secretaries, and the proposed new Register of PSC’s.

≥ Introduction of the CATO service

≥ CH recognises that there is currently no remedy for a member of the public whose address is falsely used by a company as its registered office address. The new approach will enable the registrar to change a companies registered office when he/ she considers that the company is not authorised to use that address.

≥ In a similar move CH intend to provide a more effective means of registering directors and secretaries consent to act, to make directors more aware of their duties and to provide falsely appointed directors with an easier way to get their details off the register. The above is a brief précis of a number of innovations being introduced or proposed over the next 2 years with, the overall objective of improving efficiency and transparency.

ICAEW Business Futures Project You are invited to participate in the ICAEW Business Futures project. Last year ICAEW embarked on this innovative and exciting long-term project looking at the changes to the business environment we envisage over the next two or three decades. The Institute is in the unique position of knowing today’s ICAEW students and younger members will be tomorrow’s captains of industry. We therefore have an obligation to prepare our members and others for the challenges of the future, hence the establishment of the ICAEW Business Futures project. Last year we looked at four discussion themes (the effects of an ageing population; education & skills; water and tax and you can find details of the recommendations proposed here http://www.icaew. com/about-icaew/what-we-do/ businessfutures As we continue with this project we have identified three further discussion streams and they are: ≥ Public spending ≥ Urbanisation ≥ Energy & Natural Resources We would like to invite you to participate in this project by attending a discussion event on 24 March 2014 at 6.00pm at The Racquet Club, Liverpool at which we will discuss one or two of the above themes. Briefing papers will be sent out to all attendees prior to the event, there are no right or wrong answers, we are simply seeking your views and opinions about what the future may hold. You will of course also be invited to attend the Business Futures Conference being held on 9 October, at which these themes will be discussed in further detail. There is no charge to attend but we request that you do register in advance. If you do register and then find you are unable to attend please alex.pilkington@icaew.com know as soon as possible as places at this event are extremely limited and very sought after.

Chartered One // Issue 12 // Spring 2015

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COULD YOU BE OUR NEXT INVESTMENT? Find out more at: www.thenorthwestfund.co.uk T: 01925 418 232 E: enquiries@thenorthwestfund.co.uk The North West Fund is a £155m investment fund, established to provide debt and equity funding from £25,000 to £2m to small and medium sized enterprises (SMEs) based in, or relocating to, the North West of England. All of our Fund Managers are authorised and regulated by the Financial Conduct Authority. We are unable to invest in retail businesses. Please check the website for a full breakdown of eligibility.

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LSCA Business

Report from Southport

Isle of Man Society of Chartered Accountants

Our Southport Dinner is coming up soon – Friday March 13th at the Metro in Southport, tickets are selling well and we have something a little different arranged for the entertainment this year! Our last meeting was on Wed 25th February where we had an update on Charity accounting. Not much to report after Christmas, but we will have a busy time as Spring approaches, and I would encourage all Southport members to drop me a line if they would like to become involved in the Southport branch activities.

UPDATE FROM NEIL DUGGAN, CHAIRMAN. The committee is in a phase of regular Government meetings and these include the following Financial Supervision Commission ( to share views and agree a better approach for regulatory work and related reporting for licence holders), the Minister for the Department of Economic Development ( a general meeting but one where we act as a sounding board re key matters impacting the

island), the Department of Economic Development (a meeting specifically to discuss apprenticeships, in conjunction with David Garrigan) and the Chief Financial Officer of the Treasury ( a general chat re financial meters impacting the island). In addition, we will shortly be holding two round table discussion groups with our members to discuss the impact of FRS 101 and FRS 102

Annual Dinner speaker returns to Liverpool Leading financier urges politicians to apply radical common sense in the run up to the General Election Paul Cochrane, our recent Past President had the pleasure of welcoming back Justin Urquhart Stewart to Liverpool (well, the Wirral to be precise), just before Christmas. Avid readers will recall that Mr Urquhart Stewart provided a mesmerising appearance at Paul’s Annual Dinner in 2013, and he once again stole the show at the recent Atlas Business Club Christmas lunch. One of the UK’s most recognised investment managers told more than 160 Merseyside business owners and professionals that the British economy is in good health. Urquhart Stewart – the co-founder and head of corporate development at investment house Seven Investment Management (7IM) said that despite imbalances impacting our economy including government debt and deficit, consumer debt and disproportionate income distribution – global recovery is building.

Justin said: “Despite our inexperienced politicians, civil service and cynical media – our economy is in good health. The consumer is coming back, we are seeing greater export activity and austerity is easing. We must not forget that the UK is the world’s sixth largest economy, the eight largest manufacturers and the tenth largest exporter. In the last 12 months alone – Britain has created more than 500,000 new start-ups and 30 million of us are employed.” He called for politicians to deploy some “radical common sense” in the approach to the General Election, and added “Politicians need to take a common sense approach to economic policy which includes abolishing Stamp Duty, introducing a three – five year start up holiday on National Insurance for SMEs and pension reform.” Paul Bradshaw Head of McEwan Wallace Wealth Management said: “Consumer confidence is on the rise and, as we know, directly affects the growth of the economy. But will growth continue? Merseyside is in a much stronger position, but shaky ground may lie ahead in the run up to the Election. If the main political parties continue to use scare mongering tactics and continue

to highlight the supposed ‘knife edge’ of our economy then we are likely to see confidence waiver. In turn economic growth could and is likely to stall.” Justin Urquhart Stewart has agreed to present at the Atlas Business Club in a Post Budget Business Leaders Lunch in spring 2015. For further information on the Atlas Business Club please visit www. atlasbusinessclub.co.uk or email emma@ mpgpr.com Atlas is an invite only business club which attracts owner managers, CEOs, CFOs and the MDs of some of the North West’s leading businesses.

Chartered One // Issue 12 // Spring 2015

LSCA Business

Time for Breakfast at the Liverpool Society Annual Dinner Steph McGovern, the BBC breakfast business correspondent was our guest of honour and delivered the keynote speech at our recent annual dinner. John Nolan, President of the Liverpool Society of Chartered Accountants, welcomed guests to the Crowne Plaza, Liverpool for an evening of fine dining and networking at the Society’s Annual Dinner on Friday 28 November. Over 230 guests heard insights from breakfast television’s Steph McGovern giving positive news of the economy both locally and nationally.

Our President John Nolan with the stunning Steph McGovern who was our guest speaker

Steph also regaled our guests with her amusing tales of her career, and the very curious accounts of mock twitter versions of her which were in circulation, such as Steph’s Hi-Vis jacket. Andrew Ratcliffe, Deputy-President ICAEW speaking at the dinner also gave a positive picture of the economy quoting results of the latest ICAEW UK Business Confidence Monitor, published earlier in the month with Grant Thornton which “shows that in the three months to September, business confidence remains buoyant and it translates into forecast growth for Q4 of 1.2%.” John Nolan said “The dinner on Friday, the highlight of the Liverpool Society of Chartered Accountants’ social calendar, was a great success with everyone in particular enjoying Steph McGovern, the BBC’s breakfast business reporter’s witty and informative after dinner speech. We also raised nearly £4,000 for Macmillan Cancer Support during the evening which is a fantastic result for such a worthwhile charity and shows just how generous Liverpool’s business community is.”

Alan Clarke, Deputy President of Manchester Society and David Garrigan of ICAEW

Another highlight of the dinner centred around recent Past President Paul Christian who had that very day retired, after 33 years, from PwC. That moment was recognised with his colleagues having made a successful bid on the night for a signed Liverpool FC shirt, then presenting him with it. President John Nolan and visiting District Society Presidents

Chartered One // Issue 12 // Spring 2015

LSCA Business

Past President Martyn best looking after our visiting District Society Presidents

Vice President Phil Silver and Chester Chairman Andy Lloyd flank three of our Past Presidents, Paul Cochrane Jan McDermott and Martyn Best

Past Presidents Mike Sale and Marion Hodgkiss

Ready for a party.

All the Presidentâ&#x20AC;&#x2122;s Men (and Ladies) â&#x20AC;&#x201C; your committee

John Nolan, with his wife Joanne, son Sean and daughter Caitlin.

Chartered One // Issue 12 // Spring 2015

Franking Mail is still the SMARTER choice Frama UK promises to deliver great value, first class customer service and an all-inclusive transparent pricing structure Frama is the fastest growing Royal Mail approved franking machine manufacturer and service provider in the UK. A subsidiary of parent company Frama AG, the company draws upon 40 years of industry experience. Customers have access to an extensive range of Swiss manufactured products, produced to exacting quality standards. We also have a UK-based team of highly trained customer service professionals who are committed to delivering the Frama CareS customer service promise. Frama guarantee that they will protect sensitive customer data. Frama is certified for IT security as per ISO 27001 and FIPS 140-2 Level 3, the highest security requirement for Cryptographic Modules. One example of how we handle sensitive data is the FramaOnline2 system, this guarantees the secure and efficient updating of every aspect associated with a clients’ Frama franking system. FramaOnline2 securely manages the data flow between Royal Mail, a client’s bank and their franking system, as well as creating the data streams necessary to facilitate accurate VAT calculations, ensuring compliance with HMRC. Award winning ease of use Ease of use is tightly embedded within the product design of all Frama machines. Every Matrix franking machine features the patented ComTouch™ touchscreen display. With up to 36 ‘one touch’ keys for quick and easy access to everyday franking tasks, the operator interface displays only the information needed as well as available

postage funds and ink levels in real-time. Touch and frank it is as simple as that! The Frama range is also Mailmark™ ready. Mailmark is the latest generation of franking indicia from Royal Mail and incorporates a 2D barcode which is applied to mail pieces. In time, all franked mail will carry this 2D barcode, although existing franking formats are still valid. The Matrix series has been awarded for these features with the Editors Choice award from Business Info Magazine. How much can I save? Since 2009 prices have increased by 59% for 1st Class and a staggering 77% for 2nd Class mail. By switching from stamps to franking you can save up to 20% on a 1st Class service, 18% on 2nd Class parcel and a massive 30% on 2nd Class letters versus stamps. Who wouldn’t want to be saving over a third on their postage costs? Using a Mailmark franking machine increases this saving by an additional 1 penny on a 1st Class and by 2 pence when compared to 2nd class stamps. With Mailmark, businesses also benefit from a more professional image to mail items, guaranteed accurate postage calculation, and simple tariff updates via LAN download, thus avoiding incorrect pricing.

SMART franking plan With controlling costs and budget constraints front of mind for companies of all sizes and across all industries, we recognise the frustrations associated with having to deal with multiple invoices and additional charges. When it comes to other office products and technology such as print and telephony for example, it’s become the norm to adopt an all-inclusive pricing structure that includes the capital cost of the equipment, associated consumables and maintenance and that’s why we have launched our SMART franking plan. Customers sign up to one fixed quarterly payment that includes the franking system, comprehensive maintenance, ink and delivery. In addition, there are no hidden charges and no fee for loading credit onto the machine which is usually the case with other manufacturers. The SMART franking plan is transparent and enables customers to accurately budget ahead. Frama have been awarded the OEN Office Oscar for this revolutionary plan. Frama is a trusted provider for all mailroom services including products, data and solutions. For more information Tel: 01992 451125

www.frama.co.uk marketing@frama.co.uk

WHY CHOOSE FRAMA?

The benefits of making the SMARTER choice

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Quality Value

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The Royal Mail Mailmark™ standard ensures simple and straight forward product selection and that you always have the cheapest tariff in the franking channel. All Frama Franking machines are Mailmark ready.

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LSCA Business

DO YOU HAVE A QUESTION

With the arrival of the Society app, our Editor Martyn Best gives a few thoughts on the overall use of apps in a business context, inspired by a question recently sent to him.

Chartered One // Issue 12 // Spring 2015

www.estplan.co.uk

Wealth Preservation Specialists Wills, Will Trusts, Lifetime Trusts and Lasting Powers of Attorney. Call us today to discuss how a strategic partnership could benefit you and your clients T: 01625 540033 or 0800 781 6658 | E: info@estplan.co.uk

Who we are?

ourselves on delivering excellent customer service. Our

Estate Planning Solutions “EPS” are a specialist estate

services include Wills, Will Trusts and Lifetime Trusts, together

planning company focusing on wealth preservation. The

with Lasting Powers of Attorney.

business is run by a qualified accountant and has 11 employees and nationwide coverage but is based in the North

Why accountants?

West.

Business owners face very specific issues when it comes to estate planning. BPR trusts can be used in Wills to mitigate

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

IHT and specific Lasting Powers of Attorney may be needed.

Trusts and Lasting Powers of Attorney. We are fully qualified (STEP affiliates and full IPW members) and insured.

How do we work with strategic partners? We can work in one of two ways: -

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

• 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

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

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

a client friendly system of delivering our services and pride

instructions and we produce the documents.

LSCA Business

Martyn Best

Content is king

NOW THAT YOU’RE SECURE – SECURE GREAT CONTENT The usual content of my blogs centres on best use of IT, but today I thought that some reflection on the content of your finely honed and secure environment might be useful. We all set our websites and emails up to be safe and secure, but how often do we focus on good content, and what we are hoping to achieve once safe delivery occurs. Do we properly reflect on the impact and influence that our communications have?

Top Dog May I also refer to one of my sources of inspiration for such reflection, and highlight a book published this month by a client of mine, Andy Bounds. It’s called ‘Top Dog: impress and influence everyone you meet’, and has been co-written with one of Ernst & Young’s Global Client Service Partners, Richard Ruttle. It will help you get more out of every conversation you have.

So here’s a few tips:

Andy has also created a special offer for you. Buy the book, and you’ll get a free podcast – ‘four simple ways to make a great first impression’ (a very useful skill to master!)

≥ Always reflect and find out what the other person’s interested in; then talk about that;

To receive the podcast simply… 1. Buy the book on Amazon - click here

≥ Focus and think AFTERs – show why they’ll be better off AFTER buying from you;

2. Send your proof of purchase to his PA emmaplatt@andybounds.com

≥ Focus on finding a solution, not on proving how clever you are;

…and she’ll send you the podcast. Hope you enjoy the book.

≥ Step into the reader’s perspective, not yours.

Chartered One // Issue 12 // Spring 2015

LSCA Business

LSCA website. Following the launch of our website last year, Crosby Associates have now created a much fresher version, and one which integrates much better with the content of Chartered ONE and with our ground-breaking app, described on the next page. The website can be found at www.charteredone.co.uk and will help maintain our drive to deliver more information relevant to the members of the Liverpool Society of Chartered Accountants. We welcome all your comments, and hope you enjoy the site.

Chartered One // Issue 12 // Spring 2015

LSCA Business

LSCA App In 1870 we became the first Society of Chartered Accountant in the country, and now 144 years later, the LSCA becomes the first District Society to have their own app. We are delighted to announce the news in this issue of Chartered ONE, and urge you and your colleagues to download this app and find out what a breadth of local member information and other useful elements it has.

Chartered One // Issue 12 // Spring 2015

LSCA Business

February 2015

Dear Member Formal notice of the Annual General Meeting of the Society is given in this letter. Copies of the Society’s Financial Statements for the year ended 31 December 2014 will be available from mid April and will be published on the Liverpool Society of Chartered Accountants webpage at www.icaew.co.uk/liverpool. Hard copies of the Financial Statements are also available on request. Nominations for members wishing to join the committee should be forwarded to Alex Pilkington at the address below. Please let me know on the slip below if you plan to attend the meeting. ROB YOUNG HONORARY SECRETARY ................................................................................................................................. To:

Mrs Alex Pilkington Liverpool Society of Chartered Accountants PO Box 471 Wigan WN2 1WY

Name ........................................................................................................... ……... Organisation .......................................................................................................... Address ................................................................................................................. .............................................................................................................................. .............................................................................................................................. Tel .............................. Fax ............................ Email............................................. Membership No. ................ ..................................... ............................................. I intend to be present for the Annual General Meeting

YES/NO

PLEASE RETURN THE REPLY SLIP NO LATER THAN MONDAY11 MAY 2015

Liverpool Society of Chartered Accountants T PO Box 471 Wigan WN2 1WY E www.icaew.com/northwest Registered in England Company Limited by Guarantee Registered No. 04869 Registered address: 30 Union Street, Southport, PR9 0QE

Chartered One // Issue 12 // Spring 2015

+44 (0)1925 594284 liverpoolsca@icaew.com

LSCA Business

NOTICE OF MEETING

NOTICE IS HEREBY GIVEN that the 145TH ANNUAL GENERAL MEETING of the Members of the Liverpool Society of Chartered Accountants will be held on WEDNESDAY 20 MAY 2015 at THE RACQUET CLUB, CHAPEL STREET, LIVERPOOL AT 5.00 PM.

To receive the Report of the Committee for the year 2014.

To receive the Honorary Treasurer`s Accounts for the year 2014.

To elect Members of the Committee. The following members are due to retire and are not eligible for re-election: Eileen Quinn The following members are due to retire and are eligible for re-election Jan McDermott The following members are standing for election: Marion Hodgkiss Beverley Rice Sion Owen Ryan Sheppard Paul Cochrane

To transact any other ordinary business.

All Members of the Society are eligible to serve on the Committee. Nominations to fill vacancies on the Committee should be sent to Alex Pilkington, Liverpool Society of Chartered Accountants, PO Box 471, Wigan, WN2 1WY, not later than Monday 27 April 2015. At the conclusion of the formal business of the meeting the Officers for the ensuing year will be announced.

PROXIES: Any Member may appoint a proxy to attend and vote for him/her, provided the proxy is a Member of the Society. Forms of proxy should be lodged with The Liverpool Society of Chartered Accountants not later than 13.45 hours on Monday 27 April 2015.

ROB YOUNG HONORARY SECRETARY Chartered One // Issue 12 // Spring 2015

Professional Services

MSB Solicitors warn of dangers of eye watering hike in court fees MSB Solicitors have warned parliamentarians of the risks posed by a massive rise in court fees for money claims, set to come into force on Monday, 9th March. The 5% levy on all claims over £10,000, up to and including claims valued at £200,000, was approved at the delegated legislation committee stage in the House of Commons in February.

Partner at MSB, Sean Sexton, has voiced his frustrations too, with a blog on the firms website urging the Ministry of Justice to review their decision. He said:

A further debate will be held in the Lords in early March and, subject to clearing that hurdle, the new fees will come into force on 9th March.

“The potential impact of these fee increases could be devastating for many of our clients.

The increases range from a whopping 64% increase for a claim valued at £20,000 up to a staggering 622% increase for a claim valued at up to £190,000. Hayley Catherall, solicitor in MSB’s family team, is all too aware of the affects that the rise in court fees could have for many of her clients. She says: “I recently represented a lady who was the victim of domestic abuse. Like many women in these cases, she was in a very difficult situation, in danger of losing her home whilst caring for two young children. “Having fallen just short of the criteria to qualify for legal aid, this lady was struggling to pay solicitors fees but was left with no choice after her ex-partner issued proceedings to try to obtain a share of the house she owned. “Her only option was to pursue a counterclaim against him, which was immediately transferred to Salford County Court Money Claims Centre. On forwarding our defence and counterclaim, the client has had to pay a court fee of £1,150. She had to borrow the money to fund her counterclaim, or face the prospect of her and her young family losing the family home. “The new court fee would be in excess of £6,000 and my client would simply have been left high and dry. What is frightening is that this is just one of hundreds of similar cases we see each year.”

Now that the government seem determined to impose these fee rises before the coming general election, MSB have announced their support for a judicial review to challenge the increase and in February called for backing from local MPs to oppose the plans. Steve Rotheram MP for Walton lent his support, saying: “It is a basic human right for an individual to be able to access legal representation. If an individual is not able to access appropriate representation because of cost, this is counter to the very principles of natural justice.

“Cohabitees who split up and wish to claim a share in the family home will certainly be affected. Claims for a share in a family home worth £200,000 would require a court fee alone of £10,000. That is just to issue the court proceedings, without the cost of any legal representation. How will any ordinary person be able to afford this?

“I remain opposed to anyone being denied justice on the basis of cost. That is why I voted against the government’s slashing of legal aid and I will support Labour’s plans to help financially support all victims and defendants in our courts”.

“The reality is that in future, such cohabitees will be unable to make a claim on the family home and may be left destitute. There is no legal aid available for such claims, irrespective of the claimants financial situation. “And it isn’t just cohabitee claims that will be affected, the potential consequences for small and growing businesses are of particular concern. Many small businesses will be prevented from suing larger companies for goods or services supplied and the tactics of some large companies delaying payment to small suppliers will inevitably escalate”. The Law Society has collected case studies from solicitors showing the likely impact the increased fees would have on ordinary people seeking justice. Those include an account from one concerned pensioner with a claim against a financial adviser for the loss of his entire pension fund, for which the fee for applying to begin court proceedings will increase from £910 to £5,000. Another case study found that a young girl with brain damage due to a failure by doctors to diagnose meningitis as a toddler will now require £10,000 to mount any fight for a financial settlement.

MSB have also warned of the dangers of unrepresented claimants scrambling this week to submit money claims before the court fee increases come into force.

Sean Sexton

Chartered One // Issue 12 // Spring 2015

Work securely, easily and efficiently in the cloud. From £50 per month. Ask us how.

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Professional Services

HOT TOPIC: CLOUD-WORKING, WHAT’S IT ALL ABOUT? By Mike Couzens, owner and developer of docSAFE and Online Practice www.onlinepractice.co.uk Working in the cloud is no longer considered a lofty idea. As more of us are working less conventional hours and on the move, cloud-working is becoming a real business asset. Is your firm cloud-savvy? SECURITY – FOR YOU AND YOUR CLIENTS Security is a hot topic. Since the red top newspaper hacking scandals we are more than aware of how easy it is to obtain information we shouldn’t have access to. Imagine a world where your client information is laid bare for all to see? If you’re using email to send and receive information, it most probably is. And if you exchange information via fax or post, it definitely is. Legislation introduced on 6th April 2010 gave the Information Commissioner’s Office the power to issue fines of up to £500,000 for breaching the Data Protection Act. Clearly, the penalties for data breaches are fierce but the biggest blow to your business would be the loss of confidence of your client who would naturally go elsewhere where his affairs would be safer.

tasks. Storage and backup is another function of holding information in the cloud. “docSAFE is extremely impressive, it shows your firm to be progressive, organised and security conscious” explained Mike Couzens. “There are similar products but nothing with its own mobile app together with the functionality and audit trail we have built in which is why hundreds of firms use it every day.” Most importantly, working in the cloud strengthens a firm’s reputation. Just one instance of compromised information could really damage an accountant’s reputation and relationship with its clients. Taking steps to make sure your firm can’t fall foul of legislation in any way is surely a topic for the next partners’ meeting?

SO WHAT DOES CLOUD-WORKING MEAN? Cloud-working is just an expression for a way of working – it means that your documents (and increasingly, software applications) are all stored online and you have access to a secure portal from wherever you are in the world. Working in the cloud is a concept that means you can pull down information wherever you are, even from a mobile phone app. If you’re on a train with wifi access, you can work as though you’re at the office. You can give others access and even collaborate remotely on the same piece of work. To give another example - say you are in a meeting and you need some facts and figures that are on your computer at the office. You can simply access your ‘cloud’ and download the information you need to your laptop in the meeting. SO HOW DOES WORKING IN THE CLOUD HELP? Working in the cloud means your data is totally secure. Your client’s details are protected from external hacking or even accidental discovery. It’s convenient - forget disks, memory sticks and external hard drives - place your files in the cloud and you’re sorted. There are many other functions that cloud working can provide. It cuts down on unnecessary meetings so saves time, money and the environment all at the same time. Being able to sign off on tax returns and other vital documents also cuts down huge amounts of admin time. Face-to-face time with clients is very important but sometimes it can just be a nuisance if a meeting is required just for signing off forms. docSAFE sends timely reminders to clients to alert them to deadlines, signatures required and other useful autimated

Mike Couzens

Chartered One // Issue 12 // Spring 2015

Professional Services

Allied Irish Bank (GB) Liverpool positioned for growth

Peter McGurk (Allied Irish Bank (GB) right) with customer John Sutch (John Sutch Cranes, left)

The Liverpool branch of specialist business bank Allied Irish Bank (GB) has much to look forward to in 2015. After 4O years of providing award winning service to Owner Managed Businesses, the team at 1 St Paul’s Square, Old Hall Street is restructuring its relationship banking model to ensure its managers have even more time to support its customers. Peter McGurk, the Branch Manager, is excited to be spearheading this new chapter in the bank’s history of support for Owner Managed Businesses in Liverpool. “Undoubtedly, the banking habits of our business customers have changed so much in recent times. As a result we commissioned a comprehensive research survey in conjunction with Brunswick, a leading corporate communications consultancy. They sought the opinions of a large number of customers, speaking directly to a significant number, and the results caused the Bank to re-assess the way we deliver our services. We are now structured in a way which allows us to focus on those clients who need a close relationship with their bank and where the two way flow of information, advice, ideas etc adds real depth and long term value.” “The way we are reorganising means many of the administrative tasks and other duties – which we previously had to balance with our customer facing activities – will now be managed centrally enabling us to focus totally on our customers, our prospects and our many friends in the professional community. It is my absolute conviction that this gives us a terrific launch pad as we look to grow the business successfully over the next decade and beyond.” Strong Team The senior team at Allied Irish Bank (GB) Liverpool demonstrates considerable strength. Between them, Peter McGurk, Christine Wardle and David Warburton have a combined 100 + years in banking with a further 45 years across the key support staff. In addition, the team can call on expertise in areas including Invoice Finance, Asset Finance, Merchant

Services and International Trade. “Our team have been together for many years and I consider that we are a formidable unit, committed to our customers and to the future success of our business, founded on a strong bond and partnership with our customers.” said Peter, before adding “we take nothing for granted and this inspires us to strive every day to be the best that we can be.” Peter confirmed that “we have completed a number of significant deals over the last 18 months or so and our new structure will ensure we are well placed to build on this success. We will continue to seek to differentiate ourselves by really trying to understand what it is the customer needs and by always trying to put the customer at the centre of everything we do.” If this is the type of service you want from your Bank please feel free to contact Peter, Christine or David at Allied Irish Bank (GB) Liverpool on 0151 224 7079. We look forward to speaking to you. Owner Managed Business Outlook 2015 Allied Irish Bank (GB) have just released the inaugural ‘Owner Managed Business Outlook 2015’ where they seek to capture what drives this vital engine of the UK economy. Overall, the report reveals the views of Owner Managers about the economy, regulation, risk environment, the health and future prospects of their own balance sheets and their attitude to financing. Peter had this to say on the report “The findings from our first survey of Owner Managed Businesses across the UK, capture the current views of a key engine of our economy and important part of the UK’s social fabric. The research

highlights the bravery, optimism and resilience of the people owning and running UK businesses, with the majority family owned, but it also reflects the very personal stretch and stresses that go with the territory of running your own business. These are people that need and deserve our support as they face these challenges and our whole economy and society benefits from their success.” The full thought provoking report is free to download on the Bank’s website: business.aibgb.co.uk/owner-managedbusiness-outlook About Allied Irish Bank (GB) Allied Irish Bank (GB) is a specialist business bank serving the needs of Owner Managed Businesses to provide real value to every one of our customers and to deliver the highest standard of service in banking and financial services. Operating from 16 locations in major cities across Great Britain and employing over 600 staff, we offer the full range of business banking, corporate banking and international trade services as well as dedicated wealth management, personal banking and direct savings services. Allied Irish Bank (GB) has been supporting businesses in Britain with true relationship driven service for over 40 years growing organically with more than half of our new business coming from Owner Managers recommending our service. The Bank was awarded ‘Best Service from a Business Bank’ at Business Moneyfacts Awards 2014. For further information please visit: business.aibgb.co.uk

Chartered One // Issue 12 // Spring 2015

R O F D E R A P E R ALL P P? NEW UK GAA

Whether you prefer to research online...

or using books...

we have a CCH product to suit the way you work

Success!

Why wait? However you prefer to research, there’s a CCH solution to get you up to speed and implementing new UK GAAP. With the dedicated online research tool CCH Navigate GAAP, you’ll have everything you need to know to transition at your fingertips. If you’re already a user of CCH Online, or if you’re also looking for online tools to help with audit or tax, CCH Online Financial Reporting packages would be a great solution for you. If your preference is to refer to books, we recommend you browse our CCH titles and hot off the press Deloitte’s 2015 GAAP manuals published by Wolters Kluwer UK. Talk to us for obligation-free advice on the best new UK GAAP research solution for your business, or browse the options and free insight and tools on www.newukgaap.co.uk

NEW UK GAA P READY

Wolters Kluwer (UK) Limited, registered in England & Wales, No. 450650, VAT Number 710 9357 45. Registered Office: 145 London Road, Kingston upon Thames, KT2 6SR, United Kingdom.

Ongoing support for the transition to FRS 102 Financial reporting continually changes and evolves, providing a constant challenge to the accounting professional. But the recent introduction of FRS 102 represent a dramatic step-change, the like of which many practitioners will not have seen in their working lives. Fortunately a number of resources are available to help professionals make the transition to the new reporting framework during 2015. Here we take a look at the comprehensive range of reference material available from Wolters Kluwer, with an emphasis on those that go beyond traditional hardcopy books. The first place for any accounting professional to start their search is our free New UK GAAP microsite. The resources on this site include articles and white papers written by our technical editors, news stories and an online action planner to test your state of readiness. Visit the microsite at www.newukgaap.co.uk. The Wolters Kluwer ebook platform, Smarteca, offers most of our popular UK GAAP titles as ebooks. Smarteca has been designed to work across a wide range of devices including desktops laptops and tablets. Annotations, highlights and bookmarks are synchronised across all your devices along with the last page accessed, so you can immediately pick up where you left off. You can search text, collect snippets and add notes which can be shared with colleagues. The books, magazines and white papers available on the Smarteca platform are held in the cloud but can be downloaded for offline reading, automatically synchronising annotations and bookmarks when you’re back online. Visit www.smarteca.co.uk for more information and a number of free resources. Our new online research hub, CCH Navigate GAAP,

provides a dedicated, single source of information on FRS 102. It combines legislation, commentary, FAQs and model accounts, all accessible via an intuitive topic-based menu and a powerful search function. CCH Navigate GAAP includes access to relevant elearning modules and a CPD tracker keeps a log of the time you have spent researching and studying. Notes and annotations can be added and content can be printed, shared and saved as PDFs for emailing to colleagues or clients. CCH Navigate GAAP also includes engagement letter templates specifically for FRS 102 to help clarify new requirements and responsibilities. Visit navigate.cch.co.uk for more information.

D FO ALL PREPARE P? NEW UK GAA

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Chartered One // Issue 12 // Spring 2015

Professional Services

Capital Allowances – An Insight If you incur capital expenditure on commercial investment property you are normally entitled to claim capital allowances. This may occur by buying a property (new or second hand), refurbishing or building a new property or even making a capital contribution to a tenant’s fit out. Capital allowances are the means by which UK taxpayers obtain tax relief, against their taxable profits or income, for their capital expenditure on certain fixed assets. There are numerous different forms and rates of allowances available within the CAA2001 which relate specifically to property, including: ≥ Plant and machinery allowances (General Pool 18% Writing Down Allowances) ≥ Integral feature allowances (Special Pool 8% Writing Down Allowances) ≥ Enhanced capital allowances (energy efficient plant) (Potential 100% Allowances) The most common of all the above allowances are the plant and machinery allowances that fall into two pools, the general pool plant and machinery and special pool integral features, which are typically available, to varying degrees, within all commercial

properties (offices, retail, industrial, care and nursing homes, for example).

to maximise the capital allowances for the purchaser.

Tax relief through the utilisation of Capital allowances should be properly considered as an integral part of any property transaction. This encompasses new build, alteration and refurbishment works as well as acquisitions and disposals of existing or “second hand” property.

Acquisitions may include acquisitions from developers or second hand properties for owner-occupiers or property investors.

To establish the potential type and quantum of capital allowances within a property transaction it is essential to consider the following:

Existing Property Portfolio – it does not matter how long a building has been owned or when the expenditure was incurred, as a capital allowance claim can be made at any time. The property owner in these instances will be restricted to the earliest return that remains open.

On Property Acquisition – capital allowances may be available as an apportionment of the purchase price, subject to previous claims by previous owners. It is critical to investigate the capital allowance position as early as possible in the acquisition process to identify previous claims and to ensure that the acquisition contract is tailored

On Property Sale – when selling a property on which the owner has claimed their entitlement to capital allowances, they should jointly enter into an Election under Section 198 CAA 2001 with the purchaser, agreeing to a disposal value of the plant and machinery on which the allowances have been claimed.

Chartered One // Issue 12 // Spring 2015

Professional Services P&M Percentage Rates New Build Type of Property Offices (non air-conditioned) Offices (air-conditioned) Hotels Hospitals Nursing Homes Shopping Centres (covered) Retail Parks Industrial Retail Fit Out Car Dealerships Data / Call Centres

Level of P&M as a % of Build Cost Low % High % 12 20 18 38 28 48 28 52 22 40 18 40 5 18 3 12 40 85 18 28 22 75

Second-hand Investment property Type of Property Offices (non air-conditioned) Offices (air-conditioned) Hotels Hospitals Nursing Homes Shopping Centres (covered) Retail Parks Industrial Car Dealerships Data / Call Centres

Entering into an Election will not only avoid suffering a claw back (balancing charge) on all or part of the capital allowances benefits enjoyed by the vendor whilst the plant and machinery was in their ownership, but it will also guarantee that the HMRC will accept the disposal value (within certain prescribed limits). New Construction, Fitting Out and Refurbishment Projects – the inclusion of integral features allowances and recent confirmation of incidental qualifying expenditure through new

Level of P&M as a % of Purchase Price Low % High % 10 18 15 38 22 44 24 45 20 35 15 35 3 13 2 10 15 25 20 65

case law has complicated the analysis of capital expenditure projects and identification and classification of qualifying capital allowances. Also in addition to plant and machinery allowances, additional capital allowances may be available through expenditure incurred on energy efficient plant and land remediation (i.e. the removal of asbestos or other qualifying contaminants). Tenant Contributions – where as inducement, a landlord provides

financial contribution for tenants fit out works, correct structuring of the contribution and documentation could provide capital allowances for the landlord. In Ireland with the future loss of Hotel Allowances and Industrial Building Allowances it is now prudent to extract the plant and machinery element to establish a claim going forwards. One method of doing this may be as an apportionment of the capital expenditure involved which may be the purchase price or the contract sum. Accountants do not necessarily have the technical skill to maximise the claim in this manner. For Ireland the burden of wear and tear has to be established. In Europe we have prepared numerous claims for clients on their properties that were bringing home income, for example large apartment blocks in Germany.

Don’t let your investment properties tax you! JJMaloney have been specialising in Capital Allowances in the UK and Ireland for over 25 years, from a £10,000 high street fit out to a £1B office purchase and subsequent refurbishment.

Crossways Station Road, Woldingham, Surrey CR3 7DA

T: 01883 650 400 F: 01883 652 500 E: jjm@jjmaloney.co.uk W: www.jjmaloney.co.uk Chartered One // Issue 12 // Spring 2015

How effective is your online presence? Ask us for a free audit.

FREE REPORT ON YOUR ONLINE PRESENCE Being online is more than having a website. It’s about your overall presence: SEO success, blogs, social media, cloud working and more. Ask us for a free assessment of yours. 0121 698 2098 • mike@p-2-p.co.uk • www.onlinepractice.co.uk

Professional Services

HOT TOPIC: WHY DOES YOUR ONLINE PRESENCE MATTER? By Mike Couzens, owner and developer of docSAFE and Online Practice (www.onlinepractice.co.uk) It’s no longer about sending the odd tweet in the vain hope it’ll reach a few prospects. Your online presence needs to calculated and strategic: a powerful culmination of your website, blogs, social media and electronic communications. Get it right and you’ll be way ahead of the competition. You’ve probably got a website. You might have a Linked In account. Twitter might be set up but rarely used. And Facebook? That’s for kids isn’t it? It’s time to put aside your own thoughts and consider EVERYTHING from a client perspective. If your clients are on Facebook, tweeting all day long and have fantastic apps to showcase their products, it’s highly likely they’ll engage with professional services that are in sync with their way of working. What’s more, where we used to have two or three different ways to communicate, we now have many. Why would you close any channels of communication? Accountancy firms typically work across a broad range of sectors, requiring them to be nimble, flexible and open to different personalities and environments. By adopting a richer mix of communications, your firm will stand out from the others. YOUR WEBSITE: It’s vital that your website is more than a shop window. It should represent everything you stand for. It should be ever-changing, full of valuable information and show credibility. Don’t have a website for the sake of it. Make it work hard for you. WHY BLOG? Blogging (an informal, short opinion piece) does two main things. It helps you to be found on Google – this reason alone is awesome. When people (i.e. prospects) look for help on a subject (e.g. ‘How can I reduce my tax bill’) it’s more likely that the content-hungry Google spiders will find your blog years ahead of them promoting your main website. Secondly, blogging is a sure-fire way to show off your knowledge, opinions and expertise. Why wouldn’t you do it? SOCIAL MEDIA: If your clients use it, so should you. Linked In (grown ups’ Facebook) is an excellent way of establishing connections with all sorts of useful people. Facebook is a

Mike Couzens

more fun, less formal way of communicating your firm’s news, legislation changes, links to useful articles and so on. Twitter is a fast moving river of information but, again, offers a great way to network. Tweet something of value and see what happens when a few of your followers re-tweet it to their audiences – the ripple effect is impressive. WHAT’S NEW? Talk to your existing clients, make them feel looked after. Add in a list of prospects to cast your net wider. Send a regular electronic newsletter and see who opens it, who clicks on the links you provide and you’ll quickly learn which of your prospects looks interested in what you have to say. It can help to think of all this activity happening at once, creating a 360º approach to promoting your business. It ends up being low-cost and high yielding if you devote the right resources to it. “We really enjoy putting strategies together for our clients” explained Mike Couzens. “We find out what firms need and put a plan in place to get it started and continue to maintain momentum into the future, it can’t help but succeed”. Taking steps to make sure your firm can’t fall foul of legislation in any way is surely a topic for the next partners’ meeting?

Chartered One // Issue 12 // Spring 2015

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

Professional Services

Do you want your own tax department without the hard costs? Mark Allen, Zenith’s Managing Director talked to us about the range of products and services his company offers saying, “We are a firm of Chartered Tax Advisors that offer a bespoke tax advisory service for clients or advisors who have complex tax issues that they require assistance with to resolve.

Improving access to R&D tax credits for Small Businesses The government have launched a consultation on how R&D tax credits can be made more accessible to small businesses (re SME Sector). The Government are aware of how important it is to the economy that research and development continues to create a strong and sustainable private sector-led growth. The consultation will focus on:

≥ Awareness. Are key decision makers in small companies aware of the relief? ≥ Design. Are the rules appropriate for small companies? ≥ Understanding. Do decision makers in small companies understand the rules, how they apply to both the company and the claims process? ≥ Administration. Does the process operate smoothly (speed and ease of use) for small companies? Zenith Tax have developed a unique tried, tested and proven step by step guide to R&D tax claims which is easy to use and will save you money. We would now like to share it with you so you can no longer miss out on these savings.

“In simple terms we are an out-sourced tax department that advisors can use as and when they need us. We don’t undertake any compliance work and only specialise in tax advisory services” Mark added “For example if clients are selling their business we would assist to ensure the client was able to claim Entrepreneurs Relief. We are also experts in Research & Development tax claims for companies and have had a 100% success rate with advance clearance applications to HM Revenue & Customs. We are also experts in company reorganisations such as share for share exchanges and demergers of businesses by ensuring the clients have the relevant tax clearances from HMRC before

proceeding with the transaction”. Mark continued “Whether this is an income tax, corporation tax, capital gains tax, Research and Development or even Inheritance Tax issue please come and speak to us. THE INITIAL CONSULTATION IS ALWAYS FREE and we welcome the opportunity to meet at a location that suits you.” Mark noted that “A key area of growth for us has been in the SME R&D sector. We have a readymade solution to assist clients to evaluate very quickly their potential to claim the very favourable tax credits available to SME’s.”

To this end Zenith Tax are hosting a R&D tax training day on Thursday 30th April 2015 at the NEC in Birmingham. During this full day event you will learn how to do your own R&D tax claims for your Company MAXIMISING the TAX SAVINGS and allowing you to keep the savings rather than give it away to third parties! For more information please email: michael@zenithtax.co.uk” www.zenithtax.co.uk

Chartered One // Issue 12 // Spring 2015

Discover how to do it at

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Professional Services

How practices of the future operate now Future-proofing your accountancy practice in the digital age is essential, and there’s no time like the present to embrace the transformational changes that can ensure your practice’s place among industry leaders. Integrating cloud solutions into your practice, and offering cloud based accounting as a value added service, are a must to stay ahead and compete with the new breed of firms based entirely in the cloud. But it’s not just about have a competitive edge in this still developing space. It’s also about ensuring your practice achieves new levels of productivity, while also offering a deeper level of service to your clients.

Boosting Productivity & Growth

Productivity is key for any practice trying to achieve significant growth, and it is the main reason why traditional practices should be embracing cloud.

“I used to work with seven clients a week, now its around 50. The transaction is so simple, it’s easy to take on more work and more clients.” Will Farnell Director, Farnell Clarke

Cloud solutions, particularly fully integrated solutions that provide endto-end answers for practice and client management, give accountants the ability to drastically reduce the time previously spent on admin and data entry. This time instead can be harnessed to do more every working day, including working with more clients and achieving new levels of productivity. With KashFlow accounting software, for example, accountancy practices are recording a seven-fold productivity boost leading to unprecedented year-on-year growth. Will Farnell, director of Norwich accountancy firm Farnell Clarke, says his firm has seen “significant growth” year on year thanks to the IRIS KashFlow Connect partnership programme, which essentially eliminates the amount of time once needed by accountants to manage their clients’ accounts. As Farnell Clarke accountant Nathan Bowden says, with KashFlow “you’re scrapping 90% of the work.”

Better Client Relationships

The traditional client and accountant relationship is changing, with clients wanting a deeper level of advisory focused service while still expecting their usual accounting needs to be taken care of. It can present a real challenge, because unless clients are also willing

to undergo changes to how they deal with their everyday accounting and bookkeeping needs, then accountants are left shouldering a real burden. Cloud software solutions such a KashFlow have provided a simple, client friendly answer to this challenge, by giving business owners the online tools to easily manage their own daily bookkeeping. This is just the start of a more collaborative client-accountant relationship. By having anytime access to their client’s cloud bookkeeping accounts, accountants can better advise their clients about their real time financial information, and better help them achieve their financial goals. And since KashFlow also integrates completely with other accounting software solutions provided by IRIS, all the relevant cloud client data is easy to manage. This in turn gives accountants more time to focus on being practical advisors and reduces the wasted time spent sorting out receipts and doing data entry. Find out more about how cloud solutions can help you transform and scale your practice by visiting www.iris.co.uk/cloudsolution/

Chartered One // Issue 12 // Spring 2015

Beautiful accounting software

“Because Xero is a single ledger platform this has enabled us to get much closer to our clients” GRANT SMITH, ARMSTRONG WATSON, TOP 100 PRACTICE

Cloud-based accounting isn’t just for smaller practices. An online approach to accounting is also perfect when you’re a multi-practice firm like Armstrong Watson. Read Armstrong Watson’s cloud story at xero.com/armstrongwatson

Xero – Most Innovative Growth Company 2014

Armstrong Watson – making cloud accounting work in the big league Cloud-based accounting isn’t just for smaller practices. An online approach to accounting is also perfect when you’re a multi-practice firm like Armstrong Watson. We talked to Paul Dickson, Managing Partner, and Grant Smith, Partner, to find out why cloud accounting was the perfect choice for Armstrong Watson.

“Because Xero is a single ledger platform this has enabled us to get much closer to our clients” Grant Smith, Partner, Armstrong Watson

“The client reaction to Xero has been fantastic, the most common phrase I hear is ‘I love it!’. Going back over the last ten years that really isn’t something I’ve heard with regards to desktop-based accounting software packages. In fact I can see that clients are accessing Xero significantly more often than those using legacy accountancy software packages. “Because Xero is a single ledger platform this has enabled us to get much closer to our clients, allowing advice to be provided based on up-to-date information that can be retrieved in minutes from anywhere in the world.”

“Business owners are talking about the value Xero brings to their business” Paul Dickson, Managing Partner, Armstrong Watson

A traditional practice that’s looking to the future Armstrong Watson is one of the north of England’s longest established accounting firms. The firm has a 145-year history of providing accounting services and now has 15 offices spread across the UK. And they’ve just taken the next step in cloud accounting by moving up to become a Xero Platinum Partner. So, why was an online solution perfect for Armstrong Watson? When you’re running a top 100 accountancy practice, with offices in multiple locations, it’s vital that your accounting platform is both efficient and consistent.

Changing the face of accountancy Paul Dickson, Managing Partner of Armstrong Watson, clearly underlines why using Xero was the right cloud accounting choice for their firm as it continues to grow across the north of the UK: “Technology is changing and will continue to change the face of accountancy services in the future. Xero allows our clients greater access to financial information and allows Armstrong Watson to work with our clients, allowing us to support, protect and advise our clients more in real time. “We’re starting to see more of our clients embracing the benefits that Xero provides for them. And I’m also noticing that business owners are talking about the value Xero brings to their business, making managing their finances much easier.”

Getting closer to your clients Maintaining client relationships is a fundamental part of the business cycle for any accounting practice. Giving clients an accounting experience which they truly love is more of a rarity. But that’s the experience that Grant Smith, Partner at Armstrong Watson, has had when introducing cloud accounting to his client base:

“The Xero team has been great in providing support to us” Grant Smith, Partner, Armstrong Watson

A standardised experience across all the offices When you’re delivering services from several different office locations, it can be a challenge to make the client’s experience consistent. Having a standard platform for your accounting services can really help to improve this consistency, and gives any firm the ability to scale up its operations as the business grows. Grant has seen a clear improvement in Armstrong Watson’s efficiency since moving to the cloud: “Having so many clients now using Xero allows us to share work around offices during busy periods, which enables us to provide an efficient and timely service to our clients. Also, with the number of Xero clients increasing, we have a standardised format for the information we’ve received, allowing for a standardised training process for our team members.”

Setting the benchmark With firms like Armstrong Watson leading the charge, the benchmark has been set for the rest of the UK accounting industry to start bringing the cloud experience to their clients in the UK. As Grant outlines, becoming a Xero Platinum Partner is just the beginning of a whole new chapter for Armstrong Watson: “Our next step will be to continue moving the right clients on to the Xero platform to allow them to enjoy the benefits that so many clients are receiving. The Xero team has been great in providing support to us to allow us to achieve our Platinum status and we really look forward to that continued support.”

To learn more about the benefits of cloud accounting visit xero.com/partners. If you have any questions, just drop us an email at partnerteam@xero.com

Professional Services

Anti-Money Laundering: Although introduced over 10 years ago, complying with the Money Laundering Regulations remains high on ICAEW’s agenda. This is fuelled by the fact it continues to remain a common area of weakness for many firms. At SWAT UK, we’ve heard all sorts of fascinating and convincing explanations, ranging from “I only have small clients, so the regulations don’t apply to me…. do they?!”, through to “The regulations have only just come in, haven’t they?” Unfortunately, there’s no getting away from it. As a firm of accountants, the regulations apply to you. The regulations are here to stay and the monitoring teams are getting tougher on non-compliance. Now, you may be thinking “we’ve done some training and we have some internal procedures, so we’re fine”. That may be true, but what ICAEW and we (at SWAT UK) tend to find time and time again, is not that firms aren’t complying outright. It’s that they’re not doing enough to comply. So where are firms going wrong? Here are some of the more common areas of weakness that we find on our compliance visits. Different clients = different risk profiles The 2007 Regulations require that firms

Jane Mather

take a risk-based approach to their anti-money laundering procedures. This therefore requires risk assessments to be made.

of evidence of identification.

It’s amazing the number of files we review that have no indication of any risk assessment having been made and no differentiation in the approach to clients. How can you determine what due diligence evidence is required if there is no risk assessment? How can you assess the frequency and depth of on-going monitoring if there is no risk assessment?

The recommendation is that you complete a “Know Your Client” (KYC) form for each client and include this within your client file. This will document the risk assessments you have made, and the reasons for making such assessments based on the risk profile for each client.

Clearly, a client from your local high street will represent a very different level of risk, from a client based in a high risk jurisdiction such as Iran or Algeria. There are three levels of risk assessment:

≥ A generic risk assessment for the firm. (i.e. what we are likely to come across at work).

≥ An initial risk assessment when taking on a client, which affects the initial level

Chartered One // Issue 12 // Spring 2015

≥ An ongoing risk assessment which affects the level of ongoing monitoring.

Conducting an annual AML compliance review The Money Laundering Regulations require you to establish and maintain appropriate risk-sensitive AML policies and procedures. Regular money laundering compliance reviews are the only effective way of ensuring that your firm’s AML policies and procedures are being followed. A part of this process is to review a sample of client files to ensure that there is adequate due diligence information, an up to date risk assessment, appropriate

Professional Services

Are You Doing Enough? ‘know your client’ information and evidence of on-going monitoring. Typically (in reviews that we perform), firms are always surprised at how many instances of non-compliance are identified. These can sometimes be attributed to one maverick within the firm, but more often than not, they tend to be firm-wide.

adequately documented. Again the regulations require that you review the adequacy of the due diligence information held, the transactions the client is involved with and the risk assessment on an ongoing basis. Do your procedures cover on-going monitoring and are you confident that they are being followed?

No evidence of on-going monitoring This does not necessarily mean that no thought has been given to this issue (although in some cases that is the case). Instead, it is more that the process is not

Summing up One of the keys to good anti-money laundering procedures is good systems. The better the firm’s systems, the better the levels of compliance tend to be.

How organised are you? How committed are the staff to ensuring this is done properly? These are all things you need to consider. As I said at the beginning, many firms think they are organised and have good systems in place and are then stunned at how lax things have become when someone starts to scratch the surface. Make sure you are not one of these, as the regulators are certainly starting to become more rigorous where firms are not complying with the regulations.

Where to go from here To make the whole process of complying easier, ICAEW has partnered with SWAT UK to develop the ICAEW Anti-Money Laundering Service to raise firms’ awareness of their AML obligations and help them implement correct procedures. This service gives you online access to AML training, practical guidance, documentation and ready-to-use templates to help ensure your firm remains up to date and compliant with the Money Laundering Regulations. You can find out more at www.swat.co.uk/OneAML or by calling SWAT UK on 0845 450 5555.

Professional Services

The Lessons of History We live in interesting times, extremely interesting times. There is an ancient curse that says, “May you live in interesting times”. By reference are we then cursed? We are only cursed if we do not learn the lessons of history. Mankind has an uncanny habit of repeating his/her past mistakes over and over again. This is happening in both the IT industry and the Accounting profession. The lessons that are plain to be seen, are not being acted upon. A brief history lesson The world of information technology (IT) as it is known at present would appear to work in major and minor cycles. These last for years or maybe decades, however what was once good, is generally replaced over time. Strangely enough, many features repeat themselves after a few cycles. These cycles in the author’s opinion are basically as follows: Mainframes At the start of the technology age, all computers were mainframes, either custom built such as Colossus, Eniac etc or were ranges of machines such as the IBM 360 and beyond. During this time there were numerous suppliers of this

equipment- all well-known names in their day. IBM, Burroughs, Sperry-Rand, Honeywell, Siemens-Nixdorf, ICL, Fujitsu and others. Other than IBM who remain a major force in IT, the question to ask is where are the others today? Mini-computers In the mid to late 70’s, a new phenomenon in the world of computing emerged – the mini-computer. These were essentially small mainframes, and anyone who worked on an IBM S/34 will confirm it was not mini! This equipment used cut down operating systems or embraced the new open system of Unix. Suppliers such as IBM, Burroughs, DEC, Data General, Wang, ICL, Honeywell, HP, Sun Microsystems and others were all active in the industry. Besides the

Chartered One // Issue 12 // Spring 2015

obvious name in the list, the same question is asked-- who remains? PC’s In the late seventies and early eighties, yet another of the main cycles began. Rising out of hobby approaches, the personal computer was born. Leading the charge was a small company named Apple. For the operating system and tools side, a small startup named Microsoft burst on the scene. By the end of the eighties, both had grown into huge multi-million dollar organizations, and spawned a completely new industry. The number of clone manufacturers that sprung up was crazy, and very few of these remain. Where is Novell, and does anyone remember Banyan Vines? (both were networking solutions for those who don’t know!).

Professional Services GUI & WYSIWIG The evolution from text to GUI & WYSIWIG interfaces occurred during the time of the PC. Whether it was an improvement in terms of speed and ease of use has never been determined. There were many excellent systems, general and specific to the accounting profession that were text based. Those that did not transfer to this new style have all disappeared. Remember WordPerfect, probably the most widely used word processor. It did not move to a GUI in a sensible time or style, and has disappeared. The same for Lotus 123. In the professional market a very large company CSM, with products such as TaxMan and MinuteMan did not survive. These products owned their markets and disappeared in short shrift. The World Wide Web Everything changed with the ascendance of the web. Leading the charge was a browser named Netscape, which again owned the market. The communities of CompuServe, AOL and MSN withered, and with a change in direction, Internet Explorer basically killed Netscape. The web world has been expanding ever since, with new entrants such as Google, Yahoo, Skype, Facebook and the like. During the short tenure of the WWW, a good number of previously highly used products and services have disappeared. Mobile, Devices & the Cloud This is the current cycle, and we are still fairly early into it. This change really gathered pace when Steve Jobs launched Apple iPad. The deliberate exclusion of Flash from the device (and by implication Silverlight), changed the face of development. At present most vendors, and particularly those to the profession, are all making out that they are cloud based and all understand the SaaS model. Those performing this under terminal emulation are not real cloud systems. The cloud should allow the running of applications on any device. Conclusion The very simple conclusion is that not all suppliers will weather the changing paradigms. This has been seen time and again in the past. Large and successful organisations have disappeared, simply because they did not change quickly enough or radically enough. Microsoft have just announced a major internal revamp – showcasing Windows 10, and Office 2016. The shipment of PC’s

is trending upwards. Apple are sitting on $142 Billion in cash! Investor confidence is reflected in share prices – going up. We are living in interesting times. Throughout all of these changes, many of the incumbents tried to ensure that their old systems were usable in the next cycle. Terminal emulation for the PC so it could act as a dumb terminal on the mainframe extended the lives of both mainframes and mini computers. Inevitably these systems have been changed, mostly into client–server type applications. These client server applications are being extended by the costly and environmentally very unfriendly use of terminal servers and desktop virtualization, all of which create a server PC for the attaching PC. This means more electricity being used, and therefore heat being generated. Whilst they undoubtedly work, it is using emulation to extend life. The winners will be the applications that can be happily and simply consumed on all of the devices that are being used today. PC’s, Laptops, Tablets, Smart phones are all candidates. When one can buy a full powered consumer device for £25 (Raspberry Pi) which runs free Linux and for the future Windows 10 and supports a browser that can consume input, we are looking at a completely new world.

We are being freed from the shackles of the GUI thought police, where all applications had to look and work the same, to amazing User Experiences, normally being achieved on the mobile devices. These improved UX’s, will usher an era of working again being fun. The Profession This history lesson should not be lost on the profession. Suppliers who do not move to the new world will disappear, history tells us this. The profession has embraced technology to a greater or lesser degree, and has generally been very well served with choice. Two primary routes to follow are to source all applications from a single vendor on the promise of an ‘integrated’ system; or to go with what is known as ‘Best of Breed’. For a central database it is often necessary to compromise on a number of applications – for best of breed there is the compromise on so called integration. There is no perfect answer, just the best choice for each firm and their requirements. Final conclusion It is critical that firms listen to the message of history, both as it relates to technology, but equally to the best approach and processes to running the firm. Constantly being hypnotized by the

Chartered One // Issue 12 // Spring 2015

Reflecting Reality

Practice Engine

Mobile Practice Management Anywhere, Anytime on Any Device

Delivering solutions to the accounting profession for over 17 years; combining a strong technical emphasis with close client relationships to secure and retain a substantial list of top firms in our PE community.

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There’s a good chance that in your office a phone is always ringing– it comes with the territory. But are you confident that the phone always gets answered? Or do some of those calls get dropped? Nobody likes being left on hold or having to ring a company multiple times, just to get an answer. It’s a frustrating experience, leaving you with a negative perception of the company. We know positive customer experience is important – if the customer isn’t happy, they go elsewhere and your business suffers. Being accessible when your clients need you is a vital part of any positive customer experience. Having the right telephony solution in place can help you improve the overall experience of your customer, often in surprising ways.

Could you improve customer experience with your telephony? When a new customer or client calls, do they have to call three times before getting through to someone? And when they do get through to someone, is it the right person or are they then being made to wait for ages? Time waiting on the phone might be considered time wasted by the new potential client – especially if they are only looking to get a quote. On the other side of things, can you currently identify how much time is being spent on fixed fee activity? And if yes, can you do this by fee earner? Are you wasting time that could be better spent?

Using telephony reporting you can identify different statistics that can help improve operational efficiency and productivity. You can help improve customer experience and customer retention by monitoring your interaction and communication with clients. This can benefit both you and the client. For example, by identifying how much time is being spent on fixed fee activity, you can assess the best option for you and the customer. If you are spending a lot less time on a fixed fee contract than you should be, maybe the best solution is to review and assess whether that client should be on a flexible contract. The customer is happier as a result of not being overcharged and you can use the time elsewhere – possibly on a new client! Andrew Hague, a Partner at Howard Worth said: “Being a two site organisation used to have challenges when measuring how we handle client calls. Not anymore! I get to see when our busy times are and how well our call handlers are performing. Crucially if there are any patterns emerging I get to see them early and the solution gives me the flexibility to change the flow of calls to improve our client experience.” When you think how much each potential client is worth to the business, it doesn’t make sense to be missing the calls. But this idea looks more at new potential clients, what sort of experience are your current clients getting? Andrew Hague also added: “Concert’s solution allows me to measure how often we’re in touch with our key clients which can only help the firm. They are a great company to work with and have an excellent solution supported by a great team”

Professional Services

Future of funding in the UK

The finance market is changing rapidly writes Gareth Pugh, Associate Director at Baker Tilly,

Gareth Pugh

It will have come as a huge shock to many that the 15th largest bank in the USA isn’t actually a bank as we’ve long known them. Rather, the aptly named LendingClub is a crowdfunding platform. In the UK, the alternative funding market is still in its infancy; in the Peer to Peer (P2P) funding market alone, cumulative lending was £1.48bn at the end of Q2 2014, up from £0.6bn a year earlier.

The banking system as we know it seems to be at a turning point – with the three alternative funding platforms described below looking to lend over (excluding factoring) £2.5 billion by the end of 2015 in the UK it would seem that a milestone has been reached. It also evident that it is no longer possible to dismiss alternative finance even though the various funding platforms still remain somewhat of a mystery to many mainstream SME businesses in the UK. At Baker Tilly we recognise the lack of awareness of nontraditional funding sources and we offer a free advisory service to our clients outlining the various sources of non-bank funding that may be appropriate for them. We are experts in the alternative funding market and work closely with local advisors and funds to highlight these valuable opportunities. Baker Tilly believes that the future of funding in the UK will lean more toward these alternative-funding platforms. In the Darwinian race for survival Alternative Financiers can be more flexible and more fleet of foot than traditional lenders. They offer an alternative and in many cases, a complimentary offering to traditional lending. Alternative Finance can sit alongside traditional bank lending and several mainstream lenders are now actively promoting P2P funding to their customers where their requirements do not meet bank lending criteria. A word of warning however, whilst Alternative Finance does have many advantages it is not often a cheap option and careful

Chartered One // Issue 12 // Spring 2015

analysis and consideration of all the funding options available should be undertaken in conjunction with the company advisors before a decision is made. Here’s an overview of the three most popular alternative funding platforms employed by UK SME’s; Supply Chain Finance Overview DEFINITION OF ‘SUPPLY CHAIN FINANCE’ A set of technology-based business and financing processes that link the various parties in a transaction – the buyer, seller and financing institution – to lower financing costs and improved business efficiency. Supply chain finance (SCF) provides short-term credit that optimizes working capital for both the buyer and the seller. Supply chain finance generally involves the use of a technology platform in order to automate transactions and track the invoice approval and settlement process from initiation to completion. The growing popularity of SCF has been largely driven by the increasing globalization and complexity of the supply chain, especially in industries such as automotive, manufacturing and the retail sector. P2P DEFINITION OF ‘PEER-TO-PEER LENDING (P2P)’ P2P is an online process that matches investors directly with borrowers seeking loans. It is a method of debt financing that enables individuals to borrow and lend money - without the use of an official financial institution as an intermediary. P2P lending removes the middleman from the process and can be a relatively quick process offering higher returns to investors, Also known as “social lending”.

Professional Services GARETH EXPLAINS ‘PEER-TO-PEER LENDING (P2P)’ The advantage to the lenders is that the loans generate income in the form of interest, which can often exceed the amount of interest that can be earned by traditional means). Plus P2P loans give borrowers access to financing that they may not have otherwise have obtained approval for from traditional sources The method is not without its disadvantages as the lender has very little assurance that the borrower, who traditional financial intermediaries may have rejected due to a high likelihood of defaults, will repay their loan. Furthermore, depending on the lending system employed, in order to compensate lenders for the risk that they are taking, the amount of interest charged for P2P loans is likely to be higher. Below is a real life example of how Baker Tilly’s Restructuring and Recovery team turned a possible formal insolvency scenario into a workable on going business reality for all stakeholders: Example Boutique Hotel ≥ Bank was over-leveraged and keen to remove hard core overdraft and reduce exposure. ≥ Customer keen to secure additional funding to refurbish hotel to increase capacity and improve earnings. ≥ Funding Circle loan rapidly secured to remove hard core overdraft and provide funds for refurbishment.

≥ Bank’s security and debt servicing improved and customer secured necessary funding. ≥ Appropriate due diligence reassured all stakeholders that additional funding was a workable solution. DEFINITION OF ‘INVESTMENT CROWDFUNDING’ Investment crowdfunding is a way to source money for a company by asking a large number of backers to each invest a relatively small amount with it. In return, backers receive equity shares of the company. Investment crowdfunding may also entail obtaining debt as well as equity stakes. Micro-loan providers are a source of debt investment whereby a large group of individuals may invest in a small piece of a larger loan. Lenders typically know the purpose of the loan and the terms including interest rate, length of the loan, and estimated credit rating of the borrower. Lenders receive an interest rate typically higher than other debt instruments due to the credit risk associated with borrowers; however, they can spread a large amount of money incrementally across a large number of loans. Borrowers may seek this sort of financing when traditional borrowing is too costly, or is not an option for them. To conclude, we are at the start of a new age in business finance. There are now many alternatives to the traditional sources of funding for SME’s. If you or your clients require any advice then please contact me at gareth.pugh@bakertilly.co.uk or 07711 898538.

Baker Tilly – North West Restructuring & Recovery Take control, take action.

For further information please contact:

We have an experienced and recognized local team working in the accountancy, finance and insolvency arena.

Gareth Pugh T:+44 (0)7711 898538

Chris Ratten T: +44 (0)7800 617398

We work with existing advisors and provide:

Lindsey Cooper T: +44 (0)7966 387568

Jeremy Woodside T: +44 (0)7800 617403

• Free initial review and agree a workable strategy

Don Bailey T: +44 (0)7887 825655

• Seek to preserve livelihoods • Liaise with Banks and other funders • Guide you through the maze of funding options and when necessary insolvency solutions. We have a local office and team near you: Chester, Liverpool, Manchester, Preston, Stoke, Warrington

www.bakertilly.co.uk Baker Tilly Corporate Finance LLP, Baker Tilly Restructuring and Recovery LLP, Baker Tilly Risk Advisory Services LLP, Baker Tilly Tax and Advisory Services LLP, Baker Tilly UK Audit LLP and Baker Tilly Tax and Accounting Limited are not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide. Baker Tilly & Co Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business activities. Baker Tilly Creditor Services LLP is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities. This communication is designed for the information of readers. Whilst every effort has been made to ensure accuracy, information contained in this communication may not be comprehensive and recipients should not act upon it without seeking professional advice. © 2014 Baker Tilly UK Group LLP, all rights reserved. 0530

Professional Services

Not all bank data feeds are created equal Although unauthorised feeds appear easy to set up and cheap to operate, they can be unreliable and are prone to interruption and missing transaction data.

Chartered One // Issue 12 // Spring 2015

Bank data feeds are perhaps the most important advance in small business accounting in the last 10 years. Historically the domain of large corporates, bank data feeds are now available for even the smallest businesses and offer enormous efficiency gains for business owners and their accountants. Yet all bank data feeds are not created equal and business owners and accountants should exercise extreme caution before using or recommending them. Impact Bank data feeds can massively improve the efficiency and accuracy of the accounting process. There is no delay waiting for bank statements to arrive â&#x20AC;&#x201C; the transactions are delivered electronically each day. Data entry is largely eliminated as the transactions are automatically uploaded to the accounting software. Once there, many software systems can even recognise the transactions and code them automatically based on user-defined rules. In fact bank data feeds can make the accounting process so efficient that many accountants now provide a complete bookkeeping service for their small business clients in less time, and at less cost, than it used to take them just to do the year-end clean-up work. This new capability amongst accountants is finally bringing an end to the shoebox as it enables a far more efficient accounting process without the need for the small business to change what they are doing,

Professional Services learn to use accounting software or even have a computer. But all is not well in the world of bank feeds. There are two methods by which bank data feeds are provided and it is vital that accountants and business owners understand the difference between the two to avoid a cleverly disguised trap.

banking sites to frustrate, at least temporarily, data services which use customer logins to grab data without authorisation. This means that although unauthorised feeds appear easy to set up and cheap to operate, they can be unreliable and are prone to interruption and missing transaction data.

The good Bank-authorised data feeds are those which occur with the permission of the bank and the account holder. In this scenario, the account holder (a small business) provides an authority to their bank to provide a copy of their transaction data to a nominated advisor (their accountant) via a third party service (such as Bankstream).

These questions of quality, consistency and, most of all, legality are causing more and more accountants to think carefully about using unauthorised data feeds – an annoying development for some of the largest online accounting systems in the country who have built software which partly rely on unauthorised bank data feeds.

Ask the hard questions first Such an authority will generally be a written form supplied by Business owners and, perhaps more importantly, their the bank data feed provider and signed by the account holders. accountants should check carefully how bank data feeds work Bank-authorised data feeds are available for a limited range of in their chosen software before using or recommending them. UK banks at this stage and often have a small monthly charge Whilst the power of bank data feeds is undeniable, care should associated with them, levied by the data feed service. be taken to ensure that the data service is authorised by the Although new to the bank. UK, bank-authorised data feeds are used Most users and recommenders extensively in other of unauthorised bank data feeds parts of the world and are unaware that their data feed are very popular with operates outside of the bank’s accountants as the data permission and are unwittingly There are two methods by which bank is highly reliable (coming running a significant risk. directly from the banks All bank data feed users data feeds are provided and it is vital that systems) and compliant should check with their accountants and small business people with the relevant privacy, accounting software provider understand the difference between the two data protection and how their data feeds work banking rules. – whilst remaining aware to avoid a cleverly disguised trap. that misinformation and The bad misunderstanding are rife. Unauthorised data feeds provide a quick, cheap A bright future for bankand easy alternative to authorised data feeds bank-authorised data feeds – and are often cunningly promoted As the range of UK banks participating in bank-authorised data to appear to operate with the banks’ permission. Unauthorised feeds grows, more and more small businesses and accountants data feeds work by logging into a customer’s internet banking will come to enjoy the significant benefits bank data feeds service and automatically extracting the transaction data. provide. Because of this, the data can be collected from a wide range of banks at a very low cost. With the support of banks, accountants and the providers of But there is one big problem – such services require the authorised data feeds, UK small businesses are increasingly customer to hand over their internet banking credentials to able to focus on running their business (using up-to-date a third party (most commonly a US-based aggregator called information) secure in the knowledge that the books are being Yodlee Inc.). correctly done automatically every day. Bank customers who (even unwittingly) hand over their internet banking access details are almost always violating the terms & conditions of their account. This could leave them badly exposed should a fraud occur – whether as a result of that breach or not. The ugly By using careful wording, and sometimes featuring bank logos, many accounting software systems which use unauthorised data feeds give the user the wrong impression that the service works in conjunction with their bank. Indeed banks will, from time to time, change their internet

About Bankstream Bankstream eliminates data entry by providing accountants with bank- authorised data feeds. Bankstream software automatically codes client transactions and integrates with popular accounting software so coded data can be used in existing practice systems. Bankstream improves accuracy, eliminates delays and saves time. To find out more visit www.bankstream.co.uk or call 0800 500 3084. Chartered One // Issue 12 // Spring 2015

Bankstream does your data entry for you ...into Sage, Twinfield, KashFlow and more. Bankstream eliminates data entry and automates the bank reconciliation by securely providing client bank statement data directly to your practice. Bankstream software then uses your existing charts to automatically code transactions, then integrates with popular accounting software so that coded data is available in the systems you and your clients already use. Bankstream improves accuracy, eliminates delays and saves you time. To find out more about Bankstream: Call

0800 500 3084

Visit

bankstream.co.uk

enquiries@bankstream.com

Professional Services

Isle of Man, an established investment platform for FDI into the North West The Isle of Man is a leading international business centre renowned for its innovation, professionalism and longstanding policy of positive engagement with international initiatives and standards. These are just some of the drivers that have attracted international investors from around the globe to utilise the Island as an investment platform for UK FDI for the last 30 years. As the UK continues to provide a safe haven for international investors on the back of a growing economy, the demand for investment opportunity is strong amongst a client base made up of internationally listed companies, private equity vehicles, overseas family offices and companies looking to expand into the UK. As an Isle of Man based Trust and Corporate services business which is licensed by the Isle of Man Financial Supervision Commission, IQE provide administration and accounting services to these international clients via a team of professionally qualified chartered secretaries, directors and accountants. We have seen recent FDI into areas such as energy and infrastructure, R&D and real estate. The North West has been successful in attracting its fair share of this investment and with particular regard to real estate, whilst we were involved in 20 property acquisitions and 14 developments in 2013, last year for the first time we provided services to more acquisitions of commercial properties in the north of England than the south, so clearly overseas appetite is changing. Many of these initial acquisitions evolve into significant developments, with local development spend, ultimate regeneration and longer term job creation as a result. Growing the Isle of Man / North West relationship As one of the leading service providers

in the Isle of Man, we committed heavily to supporting IFB 2014 and in developing the relationships formed over that event we co-presented with the Isle of Man Government’s Department of Economic Development to both members of Pro Liverpool and Pro Manchester in January 2015, promoting FDI into the North West and looking at how some of the Island’s existing active investors and resident entrepreneurs are investing in UK startup businesses.

Steve McCafferty

benefited from hundreds of millions of pounds worth of public and private sector investment in recent years. It is this infrastructure which has helped provide the foundation for the Island’s success as a major centre for e-business activities, offering an internationally orientated service expertise to its global client base.

This initiative has been particularly successful and IQE in conjunction with Siliconiom, a promoter and adviser to entrepreneurs and start-ups, sponsor regular events on the Island, where UK businesses pitch to our entrepreneurs, to seek additional funding support. As well as promoting inward UK investment, we also provide administration and incubation services to businesses looking to expand into new markets with new products. This is predominantly overseas investors looking to set up international headquarters or businesses looking to launch their products in Europe. However, we are also seeing increasing numbers of entrepreneurs making the move to the Island to access new overseas markets. Relocation and start-up business such as tech, film/media, R&D, take advantage of generous Isle of Man Government Business Grants where they meet the relevant criteria.

This is an excellent opportunity for the business communities of the North West and the Isle of Man to engage. The Isle of Man Government has a very positive approach to working with the private sector and our long standing international clients have had a consistently positive approach to UK investment. As our clients continue to transact in the North West, the IQE team will be in the region regularly over the course of 2015. For more information on our services, please email Steve McCafferty smccafferty@iqe.im or call +44 (0) 7624 490561

The Isle of Man has an excellent telecoms and power infrastructure which has

Chartered One // Issue 12 // Spring 2015

Professional Services

Understanding how short term lending could pay dividends With mainstream finance still difficult to obtain for many businesses, more and more are turning to short term lending to finance property and business deals. Chris Baguley, managing director of Bridging Finance Ltd, discusses how understanding this form of finance can enhance professional advisors reputations and gain a competitive advantage. It is generally accepted that accessing mainstream finance is still difficult in the current economic climate. Many of the major banks are already stretched and struggling to process a variety of loan applications. As they slowly rebuild their reserves the main thrust of their activity is to optimise the returns they can make from their millions of existing ‘profitable’ customers. Indeed, in the three months to November 2014, the monthly net lending flow to UK businesses by UKbased banks and building societies was negative . Despite this, demand for lending from medium sized companies increased significantly in Q4 of 2014 with mergers and acquisitions and commercial property cited as factors pushing up demand. Clearly there are businesses that, with access to the right type of finance, can benefit from economic market conditions. Short term lending and how it might help your clients Short term loans are becoming an increasingly popular option for businesses looking for growth. This short-term finance option has traditionally formed part of the alternative finance industry which surpassed the £1bn milestone for lending in 2014 . Alternative lending currently provides 2.4 per cent of business lending , but is set to continue rising as it services businesses ripe for growth. Currently, the largest four banks account for 80 per cent of UK SMEs’ main banking relationships and 40 per cent of SME businesses give up their search for finance if they are rejected by their bank . It is reasonable to assume, therefore, that with increased awareness of alternative finance the market is set for continued growth. Bridging finance is essentially a shortterm loan, of normally 12 months or less, 58

that can be used by businesses to bridge the gap before permanent funding, or the next stage of finance becomes available. It provides an injection of cash into a business that enables the recipient to take advantage of short term opportunities, such as a property purchase, purchasing new stock or machinery, improving cash flow, raising capital or settling a tax bill. It is also an increasingly popular form of finance in the corporate finance field, injecting cash into a business between successive major private equity financings or carrying distressed companies while they search for an investor or acquirer. Businesses often turn to short term loans when they have been let down by other funders. Speed is of the essence The overriding difference between bridging loans and other forms of finance is the relative speed with which loans can be approved. Funding which ordinarily might take months to agree can often be approved within 24 hours and provided within days, or even hours depending on the circumstances. And everyone is aware that being in a position to act quickly can often help swing a deal or snap up a great opportunity. This injection of cash can allow businesses to benefit from advantageous situations, such as discounted property and stock prices, or to resolve emergency situations. The accountant’s role Being comfortable introducing short term loans as a means to achieving business objectives is a powerful weapon in an accountant’s armoury. As bridging loans are now considered by many as a mainstream finance option, accountants wishing to maintain a competitive advantage and retain lucrative commercial work will benefit from an

Chartered One // Issue 12 // Spring 2015

understanding of the short term lending industry. Clearly, short term lending has never been more important and accountants with a good understanding of how it works can gain a real competitive advantage. However, there are still many accountants who are unfamiliar of the requirements of bridging lenders. Find out more While there are many accountants experienced in dealing with short term finance and presenting it as an opportunity to clients, it is still a grey area for some. If you aren’t as experienced or comfortable, it pays to research the bridging market ahead of its potential use in deals or projects you are involved with, in order to be in a position to realise its effectiveness. Look out for lenders who have a proven track record of arranging finance within five days and have the capability to complete even quicker, often within 24 hours. Consider the flexibility of the lender. Some lenders will only lend in specific sectors, such as property purchases. Bridging loans can be used across a much wider field, including capital raising, corporate recovery, tax liabilities and MBOs/MBIs and a lender experienced in all of these functions will be beneficial to your firm. It may also be possible to extend a short term loan into a longer agreement. Reputable lenders will welcome the opportunity to meet with accountants who perhaps don’t have the experience but would like to know more about this type of finance. Most importantly, take time to build up a relationship with a bridging loan provider. Investing now in expanding your knowledge of the sector could pay dividends further down the line.

Professional Services

Hints and Tips from Chris Baguley If used correctly, a bridging loan can be an ideal solution for accountants to present to their clients. However, it is recommended you consider the following advice when recommending a bridging loan: ≥ Ensure you approach a reputable lender - it’s easy

to just go for what looks like the best deal on the surface but the difference between any two lenders can be significant. A good lender will assess each individual applicant profile circumstantially, rather than using a blanket approach. ≥Consider exit strategies – all good lenders will

sit down with a client and assess their exit strategy before they even consider offering the loan. If the lender seems to care little about how your client will manage to repay the loan, you might want to think about choosing an alternative provider. ≥Make sure the time-scale is suitable - remember

bridging loans tend to run for no longer than a year

so if finance is required for a longer period of time, an alternative option might be more suitable. Many accountants and their clients across the UK are already benefitting from short term lending. John Jones, partner at Beever and Struthers has used funds from Bridging Finance Limited to assist a number of his clients and said: “We’re seeing more and more of our clients requiring short-term funding for business purposes. The use of bridging loans can enable them to seize opportunities quickly without having to wait days for a funding decision - a very valuable asset to growing businesses. They’re using these loans for a variety of purposes including cash flow and capital raising for stock.” To find out how short-term finance could work for you and your clients or to discuss your requirements, please call 0161 933 7175 or visit: www.bridgingfinance.co.uk

SPECIALISTS IN SHORT TERM FUNDING

FUNDING SOLUTIONS TO SUPPORT

YOUR CLIENTS

At Bridging Finance Limited we are dedicated to serving clients of the property sector, enabling them to make quick property or land purchases, or capital raise against an existing property or land.

Chris Baguley Managing Director

Laura Morgan National Sales Manager

As a principal lender we are able to make decisions quickly. We offer a fast, simple and no-nonsense service. The following examples represent just some of the uses our clients have found for our services: • Quick property or land acquisitions

• 1st or 2nd charge loans

• Lending against residential investment,

• Auction property purchases

semi-commercial, commercial and land • Business cash injections

• Helping businesses expand/acquire • Investment property purchase

Paul Hughes Corporate Development Manager

David Sides

Corporate Development Manager

SERVING THE PROFESSIONAL SECTOR All bridging finance secured on land and commercial property

This information is for use only by professional finance and mortgage intermediaries. Other persons should not place any reliance on the content. It must not be distributed to potential borrowers. This Communication is from Bridging Finance Limited | Registered in England and Wales - Company Registration Number 03166982 | Registered office: Lake View, Lakeside, Cheadle, Cheshire SK8 3GW. In respect of regulated mortgage contracts, Bridging Finance Limited is an Introducer Appointed Representative of Cheshire Mortgage Corporation Limited, which is authorised and regulated by the Financial Conduct Authority.

Bridging A5 advert.indd 1

0161933 7175 12/02/2015 17:02:48

Early Years from birth

First School to Year 4

A winning formula.

Middle School Year 5 to Year 8

College

Year 9 to Year 11

Sixth Form

Year 12 to Year 13

• 94% pass rate in our latest GCSE results • New Science facilities open 2015 • New Sixth Form opening September 2015 • Rated Excellent in all areas by ISA Over the past few years, Scarisbrick Hall School has established itself as one of the leading independent schools not only in the North West, but in the UK.

• Traditional family values and a warm friendly atmosphere

We are one of only a handful of schools rated as “Excellent” in every category by the Independent Schools Authority and have since won a National Award from ISA.

• Innovative curriculum to challenge students to grow personally

With a multi-million pound investment scheme under way, as well as consistently high academic achievement, Scarisbrick Hall School is the school of choice in the region.

• High standards of education throughout school, from birth to eighteen • Opportunities for leadership activities and outdoor pursuits in our historic 50 acre grounds and lake • Excellent GCSE results year on year • New build Science Faculty ready 2105 • Sixth Form launch September 2015 And there’s much more to come… Scarisbrick Hall School. Excellence in Everything.

find out more: www.scarisbrickhallschool.co.uk | 01704 841151

Education Skills & Training

A World Class Education In 2014 Scarisbrick Hall School was nominated for a National Award for Excellence, achieved 100% Excellent in their inspection and also achieved 94% A* - C pass rate at GCSE level. In 2015 the school is now pressing onwards to become one of the best independent schools in the country, with a reputation for not only academic excellence but also developing the whole person.

Easter 2015 will see the opening of a stunning new Science Faculty building. The school has developed the original mansion building (designed by Pugin) to incorporate cutting-edge science facilities that will develop the leading scientists of the future. Headmaster Mr Shaw stated that “As well as inspirational teaching spaces we have developed an exceptional teaching team that deliver the highest quality teaching and learning. Excellent class teaching is supported by lectures from leading academics around the world”.

September 2015 and will be delivering a true ‘pre-university’ feel to their post sixteen provision. The Sixth Form will be based in a new ‘Sixth Form Suite’ that resembles the learning environment of Oxbridge and ‘Red Brick’ universities. Set in a stunning grade 1 listed mansion, the students will have exclusive access to inspiring

learning environments, libraries and seminar rooms. The new facilities will also include their own café area and personal learning spaces. With plans to introduce boarding and to build a new Early Years Centre of Excellence, Scarisbrick Hall School is set to emerge as one of the leading school in the UK.

The lectures are called the “Great Hall Lecture Series” and have seen experts such as Professor Phillip Manning (Palaeontology) and Doctor Leonid Ponamerenko (Physics) deliver sessions to enhance the learning of the students. There is no doubt that putting students in contact with leading academics enhances their aspirations and drive for learning. As well as the Great Hall Lecture Series, Scarisbrick Hall School has developed relationships with leading universities that has led to the development of a Sixth Form. The Sixth Form will open in Chartered One // Issue 12 // Spring 2015

To claim your Chartered One Magazine Discounts Please call the number above and Quote Ref O2CharteredOffer

From 2015, your tariff will be adjusted every year on your April bill by the Retail Price Index (RPI) rate of inflation announced in the preceding February.

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Come and see what makes our school so special Join us for a day of fun activities for children from 3 months to 18 years REG IS T ER N O W: WWW.BIRKENHEA DS C HO O L.C O.UK TEL : 0151 652 4014

ALAN COOKSON PRIZE

Founded by the Late Benjamin Cookson, in memory of his Son, Captain Alan Cookson, who was killed in the 1914/18 War

The Alan Cookson Prize is awarded to a successful student within the Society area following the results of the Advanced Stage Examination. The prize is a book and a cheque, the amount of which is dependent on the available balance of income in the prize fund. The prize is presented at a suitable District Society or Institute occasion and the award winner`s name is inscribed on the Honours Board. The following qualifications are considered by the Alan Cookson Prize Committee – ≥ Achievement at Institute Examinations, Professional and Advanced Stages ≥ Service under Training Contract ≥ Services for the District Society or Students` Association

Students who have completed all their examinations and with to be considered for this prize should contact alex.pilkington@icaew.com for an application form

Chartered One // Issue 12 // Spring 2015

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Out of Office

Behind the mask

Tales of the secret accountant Another January over, another year older. Each year, the 1st February always seems like the start of the New Year for me and those of you who have to do tax returns will be nodding in agreement. And so it was with great interest that I read “Spice up your life” in the January edition of Economia. Yes – I am one of the 80% who fail to stick to the diet and quitting the fags, and “Yes” - my resolutions do need to be more exciting (but that’s not for this column). Instead I started thinking about my own business resolutions and how we, as a team, can stick to them and achieve the success we deserve Here are some of the changes we are going to make this year: START SMALL I’m certain that : ≥clearing my inbox daily ≥phoning a different client each week, just to say hello ≥ordering pizza for the monthly team meeting will make me, and those around me feel more productive and more loved. “That’s one small step for (a) man, one giant leap for mankind” – Neil Armstrong

FLIRT MORE I’m not advocating more flirting in that romantic sense (those days are over) – just more smiling. I commit to start my day smiling, smile at my team more often, smile when I’m with clients and contacts and smile when I am on the telephone. It’s already becoming second nature AND people around me are smiling back. “Smile and the world smiles with you” – Stanley Gordon West KICK SOME ASS Ok – some of you must have those clients that push you to the limit year after year and I know I have. Their demands seem to increase faster than their fees ever could. I therefore resolve to ask my team for a monthly nomination of a client that they would like me to “move on”. I’m still thinking about what and how I will do with that nomination but I’ll update you on that next time! “The spirit indeed is willing, but the flesh is weak” – Matthew 26:41 LEARN A LANGUAGE I’m already bilingual (English and Scouse), so I’m not looking to learn a third language but I do think it is time I got to grips with Cloud Computing. A lot of my clients are asking about it and I know other accountants are building their practice on software such as Xero, Kashflow and QuickBooks Online. The team are all on board and I think we could make it a great success and a

further revenue stream, whilst helping our clients understand their numbers better. “I don’t need a hard disk in my computer if I can get to the server faster… carrying around these non-connected computers is byzantine by comparison.” – Steve Jobs WRITE ALL ABOUT IT Well I’m already doing that by writing this article. And you will all know from my previous writings that I am overcoming my fear of social media so I’ll be writing even more. We all know about the fascinating study conducted on the 1979 Harvard MBA program (which I’ll now remind you of) where graduate students were asked “have you set clear, written goals for your future and made plans to accomplish them?” The result was that only 3% had written goals and plans, 13% had goals but they weren’t in writing and 84% had no goals at all. Ten years later, the same group was interviewed again and the result was absolutely mind-blowing. The 13% of the class who had goals, but did not write them down was earning twice the amount of the 84% who had no goals. The 3% who had written goals were earning, on average, ten times as much as the other 97% of the class combined! So get writing and earn more fees!

Chartered One // Issue 12 // Spring 2015

Out of Office

Real Ale Evening The Ship & Mitre, 133 Dale Street, Liverpool, L2 2EZ 23 April 2015, 18:00 Young Chartered Accountants are getting together for an evening of Real Ale at Merseyside’s leading Real Ale pub, The Ship & Mitre. There will be the opportunity to sample some excellent Ales, network with fellow professionals and test your knowledge in a fun quiz. The Ship and Mitre serves an excellent range of cask conditioned real ale, imported draught and a wide selection of German and Belgian beers. It is well known amongst CAMRA members and is regularly featured in ‘Merseyale’ and The Good Beer Guide. At the tasting you will be able to enjoy some of their finest ales which will be accompanied by their very best ‘Scouse’. This will be followed by a fun quiz…. come and test your knowledge or failing that simply scrape the barrel for clues! This is an ideal opportunity to socialise with friends and colleagues in a fun and relaxed atmosphere. Tickets £15.00 per person inc VAT

REAL ALE EVENING – 23 APRIL 2015 REF: DLIVSOC150423 I/we * would like to book _____place(s) on the Real Ale Evening, 23 April 2015 Name(s) ............................................................................................................................................ .......................................................................................................................................................... Address ............................................................................................................................................. .......................................................................................................................................................... Email address: ............................................................. Tel ............................................................... Membership No. ................................................................ A cheque for £……………………………………………………is enclosed made payable to LSCA. Return to: Regions Central Events, PO Box 6083, Milton Keynes, MK10 1PG T: +44 (0)1908 248 159 F: +44 (0)1908 248 053 Email: events@icaew.com For full terms & conditions please see www.icaew.com/northwest VAT Registration Number: VAT No. 164 4532 67

Out of Office

THE SUPPORT MEMBER SCHEME WORKING AS A SUPPORT MEMBER FOR THE INSTITUTE CAN BE VERY REWARDING, BUT ALSO VERY CHALLENGING. As was mentioned in Chartered one a couple of issues ago, the Scheme relies on the volunteer network of Institute members to be a “listening ear” for members in difficulty. Many of the calls that we receive are to help members work their way through issues that are direct with the Institute. Over 35% of enquiries are to do with disciplinary and complaints issues – where members have received a letter from the Institute and just need someone to turn to. Following closely behind these are day-to-day issues of ethics, employment and practice. Members need

someone to talk through a problem with, someone they can rely on to be confidential, impartial and, most importantly, someone who is exempt from the duty to disclose – so whatever is said to a Support Member stays with them. So do you think you would make a good Support Member? Have a read of the case study below and see if you can identify the issues and work out how to help Amelia (the case is fictional but based on real examples dealt with by Support Members).

THE ACCOUNTANT TURNED BREAD-MAKER When the smell of freshly baked bread fills your nostrils, it usually means that the house is for sale, a pot of coffee is on the stove and fresh flowers are in the lounge! But in Bold Street, Liverpool at “Somewhere Else” (“SWE” - The Methodist Church in the City Centre), it means that prayer time is over and it is time to eat. And you will have earned your lunch because you will have been kneading, stretching and pummelling your dough over the previous 2 hours to make the best loaf you can. Andrew Lovelady, a past president of LSCA and a Methodist local preacher, was one of a group of people to bring a Methodist presence back into Liverpool’s City Centre 15 years ago. The group had no idea what challenges would lie ahead in the search to re-establish a Methodist Church back in the City Centre some 20 years after Methodist Central Hall closed. But there was regeneration in the City, with its rising population of city dwellers as well as many for whom the streets were home – the asylum seekers, refugees, the homeless and the abandoned..

We could talk of statistics which show that the majority of the bread-making facilitators, all volunteers, are under 25; that we have over 400 new people come through the doors every year; that the Church Council is composed of more men than women – on the surface anything but a traditional church!!

So it was that in 1999 a small group reestablished a church above “News from Nowhere” in Bold Street – with bread-making at the heart of its mission. But life has been tough – financially, physically, emotionally and spiritually. SWE lives on the edge, as a community living and working with the marginalised of Society: caring for them, listening to them, being alongside them, praying with them. We exist to serve God and to bring the Gospel alive in the hearts of those who have the courage to find us. For many of our community are afraid: of the church (we have worked over the years with many survivors of sexual abuse); of life in general; of authority and authority figures; of many things… So our church does not even look like a “traditional” church – it is an upper room (very theologically sound!) above a bookshop. There are no pews, no organ, no pulpit or lectern. Here the Word of God emerges through story-telling while mixing, kneading, shaping, baking – and every Tuesday and Thursday we share a simple act of prayer and worship before settling down to a meal with those who have chosen to join us for the day.

But what we really want to talk about is God’s people – here in Liverpool, living out a Christian faith in ways that most churches have never dreamt of. After 15 years we still do not “know” the Church that we worship in – it is transient, extraordinary, fragile, on the edge – but very definitely filled with “companions” of Christ (from the Latin “together with bread”). The finances are challenging – we survive on grant funding and the generosity of our many followers. We have spawned projects in Soweto and Cologne; we have been on TV and radio and invited to lecture in Sweden on the theology of Bread, but above all we have been called to minister to all who come through our doors each week. So next time you are looking for something to do on a Tuesday or a Thursday at 10.30 – come and experience the Living Word embodied in bread!! Andrew Lovelady FCA Church and Circuit Steward – Liverpool City Centre Methodist Church www.somewhere-else.org.uk

Chartered One // Issue 12 // Spring 2015

Instant CPD No time for your CPD requirements? Instant CPD provides top quality HD video-streamed online courses, presented by well-known established lecturers including Guy Loveday, John Selwood and David Heaton. With Instant CPD, you’re in control and can watch your courses: • From anywhere • At anytime • In sections • Download your accredited Certificate of Completion You can cover all of your 2015 CPD requirements for £199 with our 27 courses, but in the meantime visit the URL below and trial a free CPD course. www.instantcpd.com/courses/freecpd

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Instant CPD provides a wealth of accredited CPD training online & on-demand. We appreciate that time is your most valuable commodity which is why Instant CPD enables you to fulfil your professional training requirements effortlessly, affordably and instantaneously. But that’s not all. It’s not just a case of completing the necessary hours, it is also important to feel as though you have achieved something of value. We have been involved in online CPD provision since 2000 when we were pioneers of the video streamed medium. We are a family business, now in the second generation, combining years of growing and adapting to our users’ feedback and needs, developing and producing a unique training platform and, as part of our commitment to providing the best learning experience for our customers, we are now pioneering our Instant CPD Community, allowing you to connect with peers and discuss current issues related to your profession. All of our lecturers are experts in their respective fields and have a genuine

passion in the subjects they will share with you. Many will be known to you, such as Guy Loveday and John Selwood. Our entire user interface has been designed to be easy-to-use, interactive and fast, and allows you to come and go as you please in your account - giving you complete control over what you do when. Customers receive regular reminders and updates to encourage them to make the most of the CPD courses in their account and to keep on top of learning requirements. You would also have the chance to join

virtual live question and answer sessions with 2 of our expert lecturers. Your account and courses can be accessed on any internet connected device, so you truly can accomplish your CPD on your own terms. Instant CPD is an Accredited CPD Provider by the CPD Standards Office.

Out of Office

GOLF UPDATE Our esteemed Golf Secretary Glyn Pike is putting together our Golf calendar for 2015 and is able to confirm the following dates. Event Venue Date Annual Trophy Hesketh Golf Club 28th May Roses Manchester TBA Inter Society Hollinwell 1st July Chester TBA 20th July Law Soc TBA September Birmingham TBA TBA Â We normally have a good turnout for our events, and new members are always welcome, especially for the Annual Trophy, which is now well into its second hundred years. Â If you want any more information, or wish to join us please email Glyn at glyn.pike1@virginmedia.com

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Out of Office

One of our members has a new book. Andy Bounds, best selling author of The Jelly Effect and The Snowball Effect is now aiming for a hat-trick.

Become Top Dog, and impress and influence everyone you meet As Accountants, we have to meet with, impress and influence important people every day – our clients, prospects, bosses, teams, referrers… …and the more successfully we do this, the more successful we are. Andy has co-authored a book with Ernst & Young’s Global Client Service Partner, Richard Ruttle, on how to master this critical skill. Their book – ‘Top Dog’ – is tailored to the professional services market. So it’s ideal for us Accountants! In fact, Baker Tilly International’s CEO and President Geoff Barnes said the book “…contains a simple, step-by-step approach to impressing clients. Every page, I found myself thinking ‘this is exactly how people should sell. But nobody does.’ And we have worked with Andy – his ideas work!” Sounds useful, yes? To buy it, visit www.amazon.co.uk ans search for Top Dog. And, to join Andy’s online video club and receive an hour of new BD tips and techniques every month, go to www.andyboundsonline.com.

Wine Tasting on the Wirral with Whitmore & White Whitmore & White, 17-19 Pensby Road, Heswall,Wirral, CH60 7RA

Friday, 13 March 2015, 19:15 Join fellow members for an evening of wine tasting courtesy of our friends at the wonderful Whitmore & White. There will be the opportunity to taste 8 wines which will each be introduced by Graham the resident local expert - no prior knowledge is required or expected, it is a very informal (and hopefully convivial!) evening. So please come along and enjoy deliberating over a fine selection of wines. Relax, socialise with friends and colleagues and welcome in the weekend. And….Red Nose Day is back on Friday 13th March and once again, the nation is gearing up to put on their Noses, so we are joining them for some red nose fun! Whether it’s at work, at school or at home, the money raised for Red Nose Day is spent by Comic Relief to transform the lives of millions of people, both at home in the UK and across Africa.

TICKETS £20.00 PER PERSON inc VAT

Bookings to alex.pilkington@icaew.com

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