New President Elected
R&D Tax Credits Schemes Corporate Insolvency Swaps/Interest Rates Capital Allowances
Plus much more... 00
Summer | 2014
Issue Nine
ICAEW BASE GAME WINNERS
Inside this issue...
CharteredOne | Issue 9 | Summer 2014
INSIDE THIS ISSUE 27 New Leader
GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: 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.
31 Celebrating Liverpool’s accounting history:
56
Shining Stars
60 Lunchtime
at the Phil
The Liverpool Society of Chartered Accountants was founded in 1870 and is the oldest district society in the Institute of Chartered Accountants in England & Wales, and was one of the four founding societies of the ICAEW. The Society has an illustrious history and has provided in Harmood Banner, Arthur Green and Ian Morris, three National ICAEW Presidents. Awarded the Freedom of the City of Liverpool in 2012, the Society continues to play an active role in local and ICAEW issues. As a world leading professional accountancy body, the ICAEW provides leadership and practical support to over 138,000 members in more than 160 countries, working with Government, regulators and industry in order to ensure the highest standards are maintained. Our members provide financial knowledge and guidance based on the highest technical and ethical standards. They are trained to challenge people and organisations to think and act differently, to provide clarity and rigour, and so help create and sustain prosperity. The ICAEW ensures these skills are constantly developed, recognised and valued. Because of us, people can do business with confidence. The ICAEW is a founding member of the Global Accounting Alliance with over 775,000 members worldwide.
www.crosbyassociates.co.uk Š All rights reserved. Cover Photo by Martyn Best
LSCA Business Presidents Words
5
n Insight from the editor
7
n Diary of events
9
n Corporate Insolvency
13
n Hidden Swaps
19
n Capital Allowances
23
n New Leader
27
n Southport Branch
29
n Liverpools Accounting History
31
n Day in the Life
33
n Chester & North Wales
33
n McEwan Wallace
41
n R&D Tax Relief
43
n IT Matters
48
n
Education Skills and training n
Base Competition
51
n
John Moores Revisited
55
n
Shining Stars
57
n
Learning and Proffesional
Development
61
Out of Office n
Students Association
63
n
Lunch Time at the Phil
65
n
Golfing History Made
66
n
Future Events
66
3
CharteredOne | Issue 9 | Summer 2014
THE PRESIDENT
The President’s Words
Greetings fellow members my name is John Nolan and I have the honour of being your President for the next year.
First let me tell you a little about myself. I am currently the Senior Technical Accountant at RSA Insurance Group plc where I have worked for the past 10 years. Prior to that I worked primarily as an auditor in practice for 20 odd years for a number of firms culminating in a 10 year stint at Mazars, during which time I also undertook a number of senior interim assignments outside of practice. I hope to use this experience from both practice and business during my year for the benefit of the Society and for you its members. I am extremely proud to be appointed as President of the Liverpool Society, not only because of our prestigious history since 1870 including being a founding member of the ICAEW but also of having the opportunity for a brief period of leading such an enthusiastic, capable Committee who are dedicated to serving its members. I should say that I did not set out intending to become President but having initially volunteered to become a member of our District Technical Advisory Committee I soon became more involved, and was swept along with everyone’s enthusiasm. I can thoroughly recommend getting involved with the Society, even if it is just to give up a day to help us with BASE games with our local schools, as I can assure you that you will find it very rewarding. I have a number of ideas I hope will make the Society more relevant to you and I am going to be presenting these shortly at our Strategic review
for consideration, which I will be reporting back to about soon, but if you have any ideas which would improve our support for you or make us more relevant to you then please do not hesitate to let us know. Outside of work & the Society I have four children aged between 14 and 20 years old who I am very proud of and I am also interested in history of any kind and have been known to enjoy the odd pint of real ale on a Friday evening after work. I enjoy a wide range of music but in my youth I was very interested in dance music. Finally I hope to use my Presidency and particularly our annual dinner as an opportunity to raise money for Macmillans nurses, a worthy cause I hope you would agree. Kind regards, John Nolan President
5
6
CharteredOne | Issue 9 | Summer 2014
INSIGHT FROM THE EDITOR
The World Cup, Wimbledon and our Wonderful International Festival for Business The vagaries of publishing deadlines mean that I can’t congratulate Brazil, Andy Murray or even Costa Rica, but sadly our deadline wasn’t that late in the World Cup schedule that I can’t commiserate on England’s early demise. Oh well – roll on 2018. Martyn Best Editor Chartered ONE Past President
Hello again, for the ninth edition of Chartered ONE, and I am hoping our newsletter is proving to be an informative and enjoyable read for you all. The vagaries of publishing deadlines preclude me from congratulating the English team on repeating their success of past world cups – though I suspect that success will not have matched 1966. I can however confidently predict that the IFB2014 will have been a resounding success, and I hope you will have attended many interesting events, including a number that the Society and the ICAEW participted in and conducted. We shall have a full review in the tenth edition, although the IFB is still in full swing, so do keep an eye open for relevant events. Meanwhile in this issue, we feature our incoming President John Nolan, who recently succeded the very popular and successful 2013/14 President Paul Cochrane. John has been involved in Society activities for a good few years, and is a friendly and enthusiastic character, and happily of the Blue persuasion, although sadly that shade is, whisper it, Cheslea. In terms of offering our members further engagement and information from the Society we have commissioned Crosby Associates to develop our very own app. They are highly experienced
in this area, and we have a sneak preview of the app in this issue, so please keep your eyes open for further news of it on our Members LinkedIn group, and certainly in the next issue. That’s it for now, and once again may I urge you to send me any contributions you have for the next issue. I hope you have a glorious Summer. Very kind regards Martyn Best
Thoughts for coming issues include: • Members professional and personal news • Firm’s News • A spotlight on... • Social Activity • Comments/Feedback • Charity Corner • Student News You can also join our Society’s LinkedIn group it’s very easy to find within groups on LinkedIn
7
CharteredOne | Issue 9 | Summer 2014
DIARY OF EVENTS 2014 Below are details of forthcoming events. Please check the website for further updates, including ‘early bird’ discounts and season ticket offers at icaew.com/north-west-events
DATE
START EVENT
VENUE
SPEAKER
26 June
09:30
Charity Taxation Update Britannia Adelphi Hotel,
Liverpool
Tony Austin
26 June
14:00
Charity Accounting Update Britannia Adelphi Hotel,
Liverpool
Valerie Steward
4 July
10:00
Liverpool Society Annual
Members’ Conference
New Museum, Liverpool Various
16 October
09:30
Financial Reporting Update Britannia Adelphi Hotel,
Liverpool
Bruce Cowie
4 September
09:30
Finance Act Update & Topical Tax Tips
Royal Victoria Hotel, Llanberis
SWAT Uk
24 September
12:45
Chester Town Group Pursglove & Brown,
Chester
N/A
12 November
12:45
Chester Town Group Pursglove & Brown,
Chester
N/A
20 November
09:30
Tax Update Britannia Adelphi Hotel,
Liverpool
Marion Hodgkiss
29 November
18:45
Liverpool Society Annual Dinner Crowne Plaza Hotel,
Liverpool
TBC
"The King is dead- long live the King" is an oft-used phrase as successions take place.
Our very own succession and the appointment of a new President of our Society took place in May, and after a highly successful year at the helm, Paul Cochrane’s term as President ended. Here, the now Past President Paul Cochrane reflects on his “ Year of Office”. A week in politics is a very long time – apparently. A year as President is a very short time – and the advice I received from other Past Presidents “it will fly by” was certainly well-founded. It has been a huge privilege to represent LSCA, the oldest Society of Chartered Accountants in England and Wales, and like many who have gone before me, I can only be amazed at the level of camaraderie between Chartered Accountants from all walks of life from all over the country. This has certainly been very evident in my dealings with the Presidents of our fellow District Societies from around the country, and it was very endearing to note the respect and warmth that the Liverpool Society is held in. It is not just our heritage that shines through though, as I am firmly of the belief that the LSCA has the strongest and most supportive members and committee of all the District Societies.. As a final word I would like to offer my humble thanks to all those people who have supported me over the past twelve months, and in particular my wholehearted thanks and gratitude must go to Alex Pilkington, the Society’s Regional Executive , Past President Paul Christian and of course my wife Sue, for all their help and advice along the way. Good luck to our new President, John Nolan, and of course may I offer my own advice to make the most of your year. “ It will fly by”
9
11
CharteredOne | Issue 9 | Summer 2014
Corporate Insolvency By Richard Wolff, North West chair of the insolvency trade body R3 Conventional wisdom would dictate that economic recovery would herald falling numbers of corporate insolvencies. Look at the official statistics though, and a different story emerges. In the past half-century, corporate insolvencies have peaked not during a recession but in the first year or two of the recovery – until now that is. In the mid-1970s, corporate liquidations in England & Wales peaked in the year after the recession ended. In the 1990s, the liquidation rate (the share of the corporate population that has been liquidated) peaked – at 2.65% - in the first quarter of 1993, eighteen months after the recession ended towards the end of 1991. There are several reasons why this ‘insolvency lag’ occurs. Despite the tough trading conditions in a recession, many companies are actually able to ‘ride out’ the recession relying on cash reserves or cutting back on investment. By the time recovery comes around however, cash reserves are exhausted and businesses are often unable to fund expansion. Another key reason for the lag is that creditors are often more lenient during a recession, but will get tougher in a recovery once patience wears thin. The last recession was different though. Corporate insolvencies did not peak after the recession but during it – and the peak insolvency rate was much smaller too, reaching just 0.95% before falling away again. The much smaller than expected peak in corporate insolvencies and the lack of a post-recession ‘lag’ has been attributed to
so-called ‘zombie businesses’. These are businesses that are just ‘getting by’ and they may well have failed were it not for the special set of circumstances that the last recession brought with it. Interest rates of 0.5% have helped struggling businesses meet their debt obligations, even if they have no prospect of repaying all their debt. Creditors, particularly banks, have been unusually patient after the recession (while government schemes like ‘Time to Pay’ have helped ease pressure on businesses). And, while struggling businesses often find economic recovery difficult, the UK has had to wait a long time for a proper recovery to arrive. So does this mean we’re now due a big spike in corporate insolvencies? Actually, that’s not so clear cut. ‘Zombie businesses’ – those who are only paying off the interest on their debts – peaked at 160,000 (9% of the UK business population) in November 2012, but have since fallen back to just over 100,000. Many businesses will have used the unexpected ‘grace period’ between recession and recovery to put their finances in order. R3’s ongoing Business Distress Index tells a similar story. The number of UK businesses showing at least one sign of business distress has fallen from 64% in March 2012 to just 33% in February 2014; the share of businesses showing signs of growth has climbed from 46% in March 2012 to 65% in February. In the North West, North East, and Yorkshire, 25% of businesses are experiencing at least one sign of distress, while 61% are seeing signs of growth. The official statistics continue to show a general downward trend in corporate insolvencies, and it looks like things might continue that way – at least until interest rates do eventually rise again.
13
Professional support service From time to time, you may find that your clients have issues, which go beyond your existing resources and test your technical expertise to its limits and beyond. When problems arise Baker Tilly’s Local Professional Support (LPS) service can provide you with immediate access to specialist areas of professional advice, saving you from spending valuable time spent on non-chargeable research. How we can help In our experience most queries received relate to specialist tax and insolvency related matters; areas where some practices don’t always have the in-house expertise Specialist Tax We provide a full range of support on all aspects of tax including; compliance, planning, investigations and consultancy, VAT and other indirect taxes. Restructuring and Turnaround Services We can advise on all options available when a business is in financial distress. We aim to deliver creative solutions and
ensure actions are completed quickly to avoid the failure of your client. Where insolvency is necessary we will advise on the appropriate procedure. Business Finance We have a dedicated business finance brokerage that can help you help your client to refinance or seek additional finance Education Programmes Baker Tilly organises free quarterly breakfast seminars on key topics for all LPS members. By using LPS when problems occur, you will have the ability to provide a comprehensive service to your clients whilst avoiding the cost of employing full time experts. All work will be subject to a non-poaching engagement letter.
To learn more or to become a LPS member, contact Gareth Pugh, LPS Co-Ordinator at gareth.pugh@bakertilly.co.uk 14
Emergence from Recession brings its own problems The economic recovery is not confined to the London and the South East – the North West economy is also recovering strongly. If businesses themselves - by nature conservative in forecasts – think the UK will beat GDP growth forecasts we need to take note. Higher growth is good for job creation but can come with inflation, so it is fitting that many firms are readying themselves for up to four quarter point rises in rates in less than two years. Increased business confidence is feeding through to increased levels of bank lending and liquidity but there are signs the banks may be becoming more selective about new lending as the economy grows.
A faster than expected recovery may yet put stresses on cash flow for firms that kept a firm control on costs in the downturn. Many firms may now need to re-invest rapidly in capital items or inventory and not just recruit staff to ensure they ride a wave of economic recovery, rather than struggle for breath in the turbulent waters of increased demand and extra orders. If you or your clients are experiencing financial difficulty, need assistance with alternative finance solutions, cost reduction, operational control or restructuring services please contact David Thornhill.
We see the sharp division between those who have seen bank lending ease and those who believe credit conditions have tightened as symptomatic of how lenders are evaluating each firm’s ability to cope with a growth economy.
15
Keeping your business growth in full bloom With the wheels of economic recovery now in motion, businesses of all shapes and sizes across Liverpool have transformed themselves into leaner, meaner machines driven by determined and battle hardened management teams. Though the green shoots of recovery are starting to blossom, we are still warning businesses not to be lured into a false sense of financial security through mismanagement or overtrading. It is an unfortunate truth that despite the uplift, businesses closures will still continue. This is because improved business conditions present as many opportunities for trouble as there are for recovery should business owners choose not to identify a proper strategy for growth. Research by the Red Flag Alert dataset has shown that many zombies have been part of the ‘extend and pretend’ trend, and so have been clinging on to life as a result of banks’ reluctance to roll out aggressive repossession tactics.
16
It is vital that those companies that have been treading water don’t presume they are in prime position to grow following reports of recovery. Despite a rise in funding for equity investment, it is important to be vigilant in spending cash to achieve short term goals and take advice early to avoid spending beyond their means. We advise all companies faced with this scenario to complete a ‘health check’ firstly by identifying the need for change, and secondly by developing the best strategy for moving forward. Finally, a check on the skills available within the organisation will be essential to delivering the new plan and to determine if any radical changes are necessary. For more information about how Begbies Traynor can help your business please contact John Fairbrother, Managing Partner Liverpool on 0151 227 4010.
17
TIME IS OF THE ESSENCE FOR INSTIGATING MIS-SELLING CLAIMS We have been dealing with claims against the banks relating to the sale of hedging products including claims for breach of statutory duty, contractual claims, claims for negligence relating to advice, misrepresentation and negligent misstatement, sometimes in tandem with the FCA independent review process but often just through the Court system. Many customers were required to enter into hedging products as conditions of loans, many were advised to purchase one particular product as being the most suitable for them, and others were induced by the concept of “zero premiums”. In almost all cases, the customer had no idea of the enormity of break costs. Despite often having poor paperwork, the banks have generally been robustly defending the claims, and in particular have been
relying on exclusion clauses and limitation defences. Many customers simply accept defeat at this point despite having good counter-arguments. Limitation is however a real issue because a large number of the hedging contracts were entered into more than 6 years ago (so, at first glance, it is too late to bring a claim). There are ways of extending the period for bringing a claim, though we are not aware of such arguments being determined by a Court in the context of this type of claim. Crucially, the FCA review does not “stop” time. Recent settlements of litigation (by Barclays in particular) seem to indicate a lack of appetite by banks to see these claims through to trial, or certainly a recognition of the potential floodgates for them in setting a legal precedent. If you consider that you have been mis-sold a hedging product, we offer a no obligation preliminary meeting to provide an initial view on merits and the time limits for bringing your claim. A delay in taking advice could be costly.
TIME IS OF THE ESSENCE FOR INSTIGATING MIS-SELLING CLAIMS 18
CharteredOne | Issue 9 | Summer 2014
Hidden Swaps Bully-Banks is now calling for each of the following issues to be investigated by the FCA and by the Government: A number of Bully-Banks’ members have alleged that they have been mis-sold fixed interest business loans by our high street banks and building societies. These fixed interest business loans have been given various names (Tailored Business Loans, embedded swaps etc.). Bully-Banks has adopted the term “Hidden Swaps” as a collective description of these various products which emphasizes the fact that the products do in practice contain an IRHP which results in very high breakage costs but the IRHP is “hidden” i.e. it is not visible to the customer.
The FCA has declined to hold an inquiry into the sale of Hidden Swaps maintaining that commercial lending does not fall within its jurisdiction. On 26th March 2014, during a meeting of the APPG, Clive Adamson was asked to provide a copy of the legal advice upon which the FCA relied when declining to hold an inquiry into the sale of Hidden Swaps. Clive Adamson stated hat the FCA had not taken advice from external counsel but had relied on advice from within the legal department of the FCA (i.e. there was no need to take external advice from counsel because the issue was so clear cut). Lawyers acting for individual Bully-Banks’ members have challenged this opinion i.e. these lawyers have advised their clients that they believe the FCA does have the jurisdiction to hold such an inquiry.
The essence of the complaint by those customers sold Hidden Swaps is that they were never informed about the scale of the breakage costs, the risk of which were inherent in these products.
Bully-Banks has raised the possibility of an inquiry into the sale of Hidden Swaps with the present Financial Secretary to the Treasury and the present Secretary of State for Business Innovation and Skills. We have been advised by both that the FCA has no authority over commercial lending and that an inquiry could not therefore be set up either by the FCA or by the Treasury.
In 2013 Martin Wheatley, CEO of the FCA, advised the then Financial Secretary to the Treasury that some 60,000 of these Hidden Swaps had been sold since December 2001. We understand that some three hundred SMEs have complained to the Financial Ombudsman Service (“the FOS”) about the sale of Hidden Swaps by some ten of our high street banks and building societies. The complaints made are primarily that there was no disclosure of breakage costs. A number of these complaints have been upheld by the adjudicators within the FOS. Just as we did not know the extent of mis-selling in the case of IRHPs when we began our campaign and have only become aware of the extent of mis-selling as the FCA Scheme results are announced, we are currently uncertain about the scale of misselling in the case of Hidden Swaps. Bully-Banks has repeatedly called for the FCA to carry out an investigation into the sale of Hidden Swaps in order to establish the scale and nature of the problem.
Bully-Banks maintains that an inquiry into allegations by some hundreds of SMEs that they were mis-sold a Hidden Swap is an essential first step in addressing this issue. The inquiry could be similar to the FSA Initial Inquiry into the sale of IRHPs to SMEs and could report within a similarly short period of time. Bully-Banks believes the response of both the FCA and the Treasury to the allegations that have been raised is a matter of profound public concern. The FCA states there have been 60,000 Hidden Swaps sold since December 2001. If there has been non-disclosure of breakage costs in a significant of these sales it is issue which demands investigation. We ask the Treasury Select Committee to do everything it can to prompt such and initial inquiry.
To Bully-Banks it appears that this is a re-run of the IRHP issue. The FSA and the FOS largely ingored the IRHP issue until the FSA was pressurised by media and MPs into holding the FSA Initial Inquiry in the early part of 2012.
19
20
21
CAPITAL ALLOWANCES – NEW CHANGES/NEW OPPORTUNITIES New changes to the capital allowances rules in April 2012 and April 2014 mean that if allowances are not identified correctly, the tax saving which they generate will be lost forever. WHO WILL IT AFFECT? All owners of commercial property who are within the charge of UK tax.
KEY ACTIONS, BENEFITS AND COSTS Review existing commercial property to identify unclaimed capital allowances. • Benefits
• Costs
WHAT ARE THE KEY CHANGES? Fixed Value Requirement (from 1/6 April 2012) Before 1/6 April 2012 there was no requirement to fix the value of capital allowances upon the acquisition of a commercial property. The new ‘Fixed Value Requirement’ means that when acquiring a building after 1/6 April 2012 and the Seller has made a claim for capital allowances, the value of capital allowances to be passed on to the Buyer must be agreed and fixed between both parties within 2 years of the transaction. This will generally be achieved using the existing election provisions. If the Seller has not made a capital allowances claim, the ‘Fixed Value Requirement does not apply. Pooling Requirement (from 1/6 April 2014) The new ‘Pooling Requirement’ means that when a Buyer acquires a building after 1/6 April 2014, in order for the Buyer to claim capital allowances the Seller who was entitled to claim, must have pooled the capital allowances prior to selling. If either the Fixed Value Requirement or Pooling Requirement is not satisfied, the Buyer or any future Buyer will not be able to claim capital allowances.
To discuss these changes in more detail or to organise a free review please contact David Nutt tel. 01206 820077, email david@colne-ca.com
22
- Potentially could generate a tax refund from HMRC - Reduce current and future tax liabilities - Protect capital allowances value for future owners and therefore increase marketability of property - We provide initial capital allowances reviews free of charge and with minimal disruption - Generally 90% of our reviews identify additional tax savings.
Collate historical capital allowances information on each property for future disposal. • Benefits • Costs
- Avoid future delays with dealing with new rules prior to disposal - We offer existing clients free advice to help collate relevant information
Obtain early capital allowances advice prior to buying and selling property. • Benefits • Costs
- Ensures the client’s capital allowances position is protected - We offer free strategic advice when buying and selling property.
CharteredOne | Issue 9 | Summer 2014
Capital Allowances:
A brief recap
Peter Rimmer is a PricewaterhouseCoopers LLP Tax Director based in Liverpool, and gives us some of his views on the recent changes and issues with capital allowances. Peter Rimmer PWC Tax Director discusses the issue
Business owners can be forgiven for thinking that the humble capital allowance is a simple creature. As advisers we know this is not always the case and the rules are constantly being tweaked. Before we get down to what has changed in the most recent budget, here is a quick recap of the basics.
criteria then you can write off the whole cost in year one. If you make a loss in that year then you may be also able to claim a tax refund.
Plant and machinery – essentially most equipment that isn’t a car or part of a building attracts a writing down allowance of 18% p.a.
Businesses in some Enterprise Zones: Some areas of the UK were designated Enterprise Zones a while ago (Mersey Waters & Daresbury for example) with some of these having some capital allowance benefits, which have now been extended. Not the ones in the Liverpool City region though unfortunately.
TIntegral features – specific parts of buildings (e.g. water and electrical systems) attract a writing down allowance of 8% per annum. The same rate applies to assets with an expected useful life of 25 years or more. Energy efficient equipment – if the asset is officially recognised as having met efficiency
Now let’s see what changed in April this year. All businesses: The annual investment allowance (AIA) has been increased to give 100% tax relief for expenditure up to £500,000 until 31 December 2015.
Property: Maximising allowances on the purchase of a building can provide valuable tax relief. A joint election is required between the vendor and purchaser that fixes the amount attributed to qualifying assets. But what if the
vendor hasn’t claimed allowances. If they haven’t ‘pooled’ the expenditure then the purchaser can’t claim relief. So more effort is required from vendors. What if the purchaser doesn’t need or even can’t claim allowances – perhaps they are a charity: Well they may still feel that an election is needed. Why? Because when they come to sell the building, their purchaser may want some allowances, so they need to make the election too. Claimants of Business Premises Renovation Allowance: This relief gives a full deduction for all spend by developers on buildings stood idle for more than 12 months. However, BPRA can no longer be claimed if the same project is grant funded in any way so care is needed. So in summary, there are significant tax savings available from investments by your business, but it continues to be a very complex area. If you wish to contact Peter: Email: peter.rimmer@uk.pwc.com
23
Portal Tax - helping you help your clients Capital allowances are a form of tax relief that reduce the ‘after tax’ cost of acquiring, building or refurbishing property. They are a key Government tax concession to encourage businesses to invest and grow. Many of your clients will be owners of commercial properties, be it a hotel, dentists practice, office block or light industrial unit, and they could be sitting on £000’s of unclaimed allowances. That’s where Portal Tax can help. We work with closely with accountants to help their clients identify their full entitlement, which could be up to 30% of the property’s purchase price, depending on the building and its use, enabling accountants to make a tax submission on the clients’ behalf. We act as the specialist surgeon to support the accountant’s role as the GP.
24
Call us now to find out how we can help you and your clients. Portal Tax LLP are part of the Portal Group of companies which have been in business since 1990. We provide specialist support services to commercial property owners and their professional advisers to help them identify unclaimed capital allowances within their property portfolio. For more information contact Portal Tax on 01634 733144 or email info@portaltax.com. Portal Tax LLP Portal House, Sunderland Quay, Culpeper Close, Rochester, Kent, ME2 4HN
Capital Allowances changes The Finance Act of 2012 has made changes as to how Capital Allowances may be claimed on the acquisition of commercial investment property from April 2014.
From April 2014, where a property is purchased or sold, new legislation applies (Finance Act 2012). The key change is that, if the vendor in the transaction has never brought the capital expenditure into his capital allowances pool, the purchaser and any subsequent purchasers will lose the right to claim capital allowances at any point in the future or may be subjected to a determination by tribunal. This pooling will be required in an accounting period starting on or before the day on which the fixture or property is sold. This means that in some instances, the pooling takes place after the sale. It is important to note that there is no requirement to claim allowances, simply that they must have allocated the expenditure to a pool. For practical purposes this would be in a tax return to HMRC.
For charities and pension and other non tax payers who are unable to fulfil this requirement and ensure that the legislation operates correctly must obtain 1) A written statement from the entity that is unable to claim allowances confirming that more than two years have elapsed since they acquired the fixture and no election was made, nor was a determination given by a tribunal. 2) A written statement from the tax paying predecessor of the disposal value brought into account. What was originally thought of as a clean claim historically by purchasing from a non tax payer is certainly now not the case. Where possible we suggest that non tax paying entities owning commercial property seek to get a written statement from the prior owner now. It is important to engage a specialist prior to completion to ensure that the allowances are not lost.
Offering a competitive fee and personal service 25
Death of the Silent Contract In the past, it has sometimes been the case that purchasers of commercial property have been reluctant to pursue the issue of capital allowances with a vendor for fear of alerting them to the value of tax savings that had previously been overlooked. The new rules for fixtures in commercial property are now in play however, and consequently the approach of purchasers must change. Tax planning advice on capital allowances at the pre-contract stage is now more important than ever in ensuring purchasers do not limit their entitlement to allowances without knowing the full value of what they are signing away. Pre-contract enquiries also require a vendor to report the name of the capital allowances advisor used. Due diligence at this stage is therefore vital. Failure to take account of the new fixtures rules could lead to capital allowances being lost forever and the asset being devalued. Even at post-acquisition stage, advisors will have a role to play in identifying the need for a review of capital allowances. We can help. AECOM’s Fiscal Incentives team is formed of highly experienced asset taxation specialists and we have been advising on capital allowances for over forty years. We are passionate in our commitment to saving tax, improving returns and saving your clients money. Contact us today for assistance with your capital allowance needs.
Christine Weaver – 07917 558172 Christine.Weaver@aecom.com
CharteredOne | Issue 9 | Summer 2014
John Nolan our new President flanked by Phil Silver, Deputy President and Andrew Moss, Vice President
Liverpool Society of Chartered Accountants welcomes new leader The Liverpool Society of Chartered Accountants has a new President John Nolan, Senior Technical Accountant at RSA Insurance Group has been appointed President of the Liverpool Society of Chartered Accountants. John will be the 121st President of the Liverpool Society which is the oldest and one of the four founding societies of the Institute of Chartered Accountants in England and Wales (ICAEW). John has been involved with the Society for several years and two years ago become Vice President. Outside of work John has a keen interest in history and when not spending time with his family enjoys rugby and real ale. He takes the reins from Past President Paul Cochrane, Director at McEwan Wallace, who led the society during 2013/2014. John will support the Society’s members from across Merseyside, Chester & North Wales. His primary role will be to oversee the delivery of a range of services for members including a series of CPD courses, annual dinner, a variety of technical and
networking events and discussion groups as well as representing the interests of Chartered Accountants in the wider business community. He will be supported in this role by Deputy President, Philip Silver of Pennington Silver Chartered Accountants and Vice President Andrew Moss from Duncan Sheard Glass. John Nolan, President of the Liverpool Society of Chartered Accountants said “It is a great honour and privilege to be appointed president of the Liverpool Society with its long and distinguished history. I have always have been proud to be part of the Society whose members have made such a contribution to Liverpool’s business and financial community since our founding in 1870 and which continues up to the present day, for example through our involvement with the forthcoming International Festival for Business here in Liverpool. I succeed Paul Cochrane and if my contribution during my year is only a fraction of that made by Paul and his predecessors then I will deem it a success.”
27
CharteredOne | Issue 9 | Summer 2014
Southport Branch Ian Wright, Chair of our Southport Branch hosted the ever popular Southport dinner at the Hesketh Golf Club a few weeks ago, and once again it was well attended. Some thoughtful and serious comments were supplemented with humour and magic by Martin Daniels left to right. Martin Daniels, comedian and magician. Sarah Lapsley, President of the Southport and Ormskirk Law Society. Rob Adams, Chair of the Chartered Institute of Taxation Merseyside Branch. Ian Wright, Chair of the Southport Branch of the Liverpool Society of Chartered Accountants. Mike Caputo, Chair of the Chester and North Wales Society of Chartered Accountants John Nolan, Deputy President of the Liverpool Society of Chartered Accountants Michelle Harvey, Southport and District Surveyors and Estate Agents
Southport welcomes new leader The Liverpool Society of Chartered Accountants Southport Branch has a new Chair Katharine Thompson of Stubbs, Parkin,Taylor has been appointed Chair of the Liverpool Society of Chartered Accountants Southport Branch. Katharine has worked in accountancy since 1996 and qualified as a Chartered Accountant in 2003. As a Director of local firm Stubbs, Parkin, Taylor, she is keen to continue the firms ethos of putting the client first and is driving the firm forward into new technologies to improve client relationships further She takes the reins from Past Chairman Ian Wright who led the Branch during 2013/2014. Katharine will support the Society’s members in the Southport Branch area. Her primary role will be to oversee the delivery of a range of services for members including a series of CPD courses and annual dinner as well as representing the interests of Chartered Accountants in the wider business community. She will be supported in this role by Hon. Treasurer Neil Latham of Harrison Latham and the committee of the Society. Katharine said “I’m looking forward to engaging more with my local ICAEW community and helping to ensure the correct support and training is available to ICAEW members in Southport.”
29
30
CharteredOne | Issue 9 | Summer 2014
Celebrating Liverpool’s accounting history: Harmood Banner and the Incorporated Society of Liverpool Accountants (1870).
Dr Aneirin Sion Owen Dr. Aneirin Sion Owen FCA is a distinguished teacher, author and scholar of global finance, and a senior lecturer at Liverpool John Moores University. He has very kindly written a piece about a small but important element of the society’s history, and as part of a growing collaboration between LJMU and the society, we welcome Sion’s contribution to Chartered ONE and hope you find it interesting. etc. In relation to Liverpool, Professor Walker noticed that the Hargreaves’ ‘Centenary 1870 -1970’, part of the rare book collection at ICAEW, linked the emergence of ISLA to limited liability legislation and auditing, and the emerging stock market. This sits uncomfortably with Milne’s small scale network of Liverpool firms and financing, however, the period between 1850 and 1870 was one of legal and financial innovation. Perhaps the small commercial trader’s network was eclipsed during that time? Contra Hargreaves, Professor Walker argued that changes in bankruptcy laws were a key part of the emergence of ISLA, harking back to Milne’s mid-Victorian network. Professor Walker also had a bombshell, dealing Liverpool accountants’ professional pride a blow. The legal profession was instrumental in the development of ISLA, leaving our professional dignity dented.
Liverpool played a leading role in the development of the accounting profession being the first English city to form a representative body, The Incorporated Society of Liverpool Accountants (ISLA,1870). This is a matter of both civic and professional pride, and should not be allowed to fade from memory. In this rapidly globalising world it is important to promote civic pride and highlight Liverpool’s role in accounting and financial history. The study of Liverpool history has suffered from the impression that ‘‘it has already been done’’. A great deal of attention has been paid to the slave trade, cotton industry and railways, but is this the full story? Graeme Milne’s ‘Trade and Traders in mid-Victorian Liverpool’, published in 2000, opens a new chapter, focusing on small firms and the network of trading and commercial enterprises. This commercial network, it is argued, was the driving force behind the city and created its unique character. Milne found that banking and finance played a support role in this period, and lack of finance was a constraint on growth and cause of risk. The close supervision of working capital was essential in this era, bankruptcy being a constant threat. The study of accounting history has grown and the spotlight has fallen on Liverpool, Manchester, Sheffield and London
Matthews et al ‘The Priesthood of Industry’ revealed that the Liverpool based accounting firm Harmood Banner was the second oldest accounting firm in UK, being traced back to 1805. The firm survived through to 1974, when it was absorbed into Deloitte, Haskins and Sells, and subsequently PwC. This longevity is exceptional, and the firm grew to become a major force. The name Harmood Banner also resonates through Liverpool’s social history, e.g., the establishment of Liverpool Boys and Girls Orphanage. Being a major force in Liverpool, it is little wonder the firm played an active role in the establishment of ISLA, as Walker mentions. It seems unlikely that an accounting firm of this stature would have allowed lawyers to play a leading role in the formation of ISLA. The origins of the accounting profession must surely lie in accounting as a trusted commercial enterprise of high repute. An alternative hypothesis to Professor Walkers’ is that the spur for ISLA lies in Liverpool’s vibrant small business network, eager to take up new methods of financing, combined with established accounting firms of repute. The time has come to write the history of Harmood Banner and Co, to celebrate Liverpool’s contribution to accounting, finance and philanthropy and gain a better understanding of the relative roles played by accountants and lawyers. Here at Liverpool John Moores University Business School we are developing a new MSc in Financial Management which will provide a springboard for this research and may in the future lead to PhD research. If you are interested in our new MSc qualification, contact the Head of Department within Liverpool Business School Mike Franco (M.Franco@ljmu.ac.uk)
31
32
CharteredOne | Issue 9 | Summer 2014
A day in the life of ... Continuing our regular feature, in this issue we now highlight:
Stephan Heaton, Finance Director Royal Liverpool Philharmonic Society (RLPO) I’ve been Finance Director at Liverpool Philharmonic for over six years having joined at the start of 2008 when Liverpool was European Capital of Culture. The RLPO is an amazing organisation combining a world class symphony orchestra (Royal Liverpool Philharmonic Orchestra), a beautiful concert hall and an extensive learning programme. Stephan Heaton
The day starts pretty early at 5:50am when I get up to go to look after my two horses and settle them for a day in the stable having been grazing all evening. I get myself ready for work and travel in to Liverpool. The car always has the radio on and it’s usually Classic FM or Smooth FM depending on the adverts that are being played. It’s nice to hear the Royal Liverpool Philharmonic Orchestra played so much on Classic FM and in the mornings, they seem to play a lot of oboe concertos which are lovely especially as the oboe is the instrument that I play. A day at Liverpool Philharmonic is varied to say the least. I can be responding to IT helpdesk calls that have been logged through to developing the revised financial strategic plan for the organisation. Today, I have our auditors, PricewaterhouseCoopers completing the fieldwork for their annual audit. Liverpool Philharmonic is a tight ship so I wouldn’t expect any major audit issues. Liverpool Philharmonic is undergoing a £14m refurbishment and rebuild over the summer this year. We have just appointed our main contractors who are about to take control of the building. My day today, if I can get away from the auditors, will be to review the cashflow for the project and ensure that the funds are available at the appropriate times. I’m looking at our investment
portfolio to plan the investment of grants and donations received for the capital development liquidation of investments to ensure that I can pay the bills. Somewhere in between all of this, I’ll be looking at the tax implications of Japanese, Chinese and European orchestra tours that we’re going on in the next few months and I may even have time for a spot of lunch. We’re re-opening on 10 November 2014 and on 12 November 2014 we have the opening concert of the Royal Liverpool Philharmonic Orchestras season where Vasily Petrenko will be conducting the world premier of James Horners’ Double Concerto. This is going to be a really exciting event with our donors and corporate sponsors attending. Attending the concerts can be really enjoyable. Having a passion for live music, in particular classical, it’s great to hear the performances of such an amazing orchestra; speaking with our donors and corporate members After all of this, I go home, back to the horses. Tonight I am preparing my youngster for his next Dressage competition at the weekend. We’ll be training with a national Dressage rider tonight to make sure he is on top form for the weekend. We hope you have enjoyed the insights this feature has given into the activities of some of our members, and do feel free to send yours to Martyn Best, our editor.
33
CharteredOne | Issue 9 | Summer 2014
CHESTER & NORTH WALES ANNOUNCE NEW CHAIR Asked about his appointment, background and thoughts for the future, Andrew commented:
Andrew Baker, who has served on LSCA committee for many years was recently elected as Chair of our Chester & North Wales branch.
Officers and members
At the recent AGM the following were elected and re-elected as Officers and members of the Committee.
After graduating from Worcester College, Oxford with a degree in Mathematics, I joined Price Waterhouse in Liverpool under a training contract in the Audit Department. Immediately after taking my final exams, I was seconded to the Tax Department and I have specialised in tax ever since. As well as gaining a thorough understanding of tax while at Price Waterhouse, I met my wife, Janet (nee Skinner), who was also a tax specialist there. In 1996, I joined Kidson Impey’s Liverpool office, being admitted as a partner in 2000 and subsequently becoming a partner in Baker Tilly following the merger of the two firms. I am currently Head of Tax for Baker Tilly in the North West which covers our six locations in the region – Liverpool, Chester, Warrington, Manchester, Preston and Stoke. Although I still consider myself a Lancastrian, being born in Blackburn and brought up in Preston, I now feel ‘more Welsh’ having lived near Wrexham in North Wales for the last 23 years. We have three teenage children and I am confident that at least one of them will follow in the family footsteps! I play badminton in a local league and am a member of both Wrexham Golf Club (where I am the Junior Organiser) and Porthmadog Golf Club. I am always up for a challenge and have completed the London Marathon three times. I have served as a member of the Main Committee of the LSCA for the last 6 years and I am very much looking forward to the next 12 months as the Chairman of the Chester and North Wales branch.
LSCA Officers & Committee - 2014/2015 John Nolan Philip Silver Andrew Moss Paul Cochrane Marion Hodgkiss John Tiernay Amanda Fairclough Rob Young Andrew Lloyd Katharine Thompson Martyn Best Anna Barnes Paul Christian Mandy Haslinger Andrew Lovelady Carol McLachlan Jan McDermott Eileen Quinn Michael Sale
President Deputy President Vice President Immediate Past President Council Member Council Member Hon. Treasurer Hon. Secretary Chairman, Chester & N Wales Chair, Southport Branch Editor, Chartered ONE & Past President Past President Past President Chair - LPD Committee Wirral Town Group Past President Past President
35
National Success for Scarisbrick Hall School Scarisbrick Hall School are celebrating three national successes this year. As well as being their 50th anniversary, the school has received Grade 1 outcomes in all aspects and age phases following their recent inspection (ISI inspection 2014), won the Independent Schools Association Mathematical Challenge and has also been named as a finalist for an ISA National Award in excellence and innovation.
100% Excellent The Independent Schools Inspectorate completed the whole school integrated inspection of Scarisbrick Hall School, a leading independent school, in January 2014. The results of this inspection places Scarisbrick Hall School in an elite handful of schools that have gained a Grade 1 across all categories and phases of education. The inspection covered twelve aspects of provision ranging from academic achievement to pupils’ personal development and the effectiveness of the Early Years provision. All age phases of the school were inspected from nursery through to pupils aged 16. The main findings from the ISI report stated that: “The pupils’ excellent achievement reflects exemplary attitudes to their learning and a willingness to think for themselves”- ISI 2014 The report goes on to state that as well as excellent academic achievement: “The pupils’ personal development is excellent. They grow into reflective, confident citizens, aware of the needs of others and caring towards those around them”. Like the rest of the school, the Early Years was praised: “The overall quality and standards of the early years provision are outstanding.”
The report also comments on the excellent behaviour, conduct and moral development of pupils and students at the school. National Winners As well as excellent results in the inspection the school has gone on to achieve national recognition in the Independent Schools Association Mathematical Challenge. In this event, students from the school competed in a range of complex mathematical challenges to be named as champions for 2014. This high achieving year has now been topped off with the school being announced as a finalist in the ISA national competition for independent schools. This award recognises the high level of achievement as well as the innovative and progressive curriculum in place at the school. With this high achievement and extensive investment, Scarisbrick Hall School is the independent school of choice for the region. The incredible story of this family owned school has seen GCSE pass rates at 95% (5A* - C including English and Mathematics) and also school numbers increase by 19% in the last two years. Plans are now at an advanced stage for the development of five new science labs as well as a multi-million pound development plan for the school site, including the launch of a sixth form in 2015. 37
The Accountancy App Based in Liverpool with offices in London, Crosby Associates are the official publishers of Chartered One magazine and website.
C
rosby Associates have also been developing Mobile Apps since 2010 and are the leading App Developer in the UK and Ireland of Apps for Accountancy Practices, with over 70 produced to date for practices of all sizes including Mazars, Moore and Smalley and BW McFarlane. The Accountancy App includes great features to engage with clients and potential clients including tax calculators, business mileage calculator, important date reminders, tax tables and links to the practices social media. Crosby Associates have also developed Apps for a wide range of organisations including Williams BMW, Hard Days Night Hotel, Peel Leisure, Southport Airshow and London Chamber of Commerce. Latest projects include an Employee App for Everton FC to engage with its employees more effectively, the App includes amongst other things, employee handbook, policies and procedures, induction video, suggestion box, business mileage calculator and directory of staff. Push notifications can also be sent to employees instantly, ensuring important information from EFC is never missed. A new App for Chartered One is in development as we speak which will be a platform for members to engage with the Liverpool Society of Chartered Accountants with features such as latest news, tax calculators and directory of member practices.
For further information on the benefits of an App for your company contact Crosby Associates on:
0845 643 5551 crosbyassociates.co.uk
Why partnerships between Accountancy and HR specialists can be so powerful It is a well known fact that many businesses large and small turn to their accountants for advice and support on a wide range of issues and it is no surprise - they are often a ‘trusted adviser’ to their clients, a partner with whom they have built a long term relationship. This is undoubtedly an excellent source of guidance for companies and their owners, but what happens when their clients require a much more specialist approach? HR support is one area that many businesses need support with but often don’t know who to turn to for the same ‘trusted’ advice. Kirsty Craig Associates (KCA) are experts in HR, recruitment and employment and they have seen how powerful a collaborative approach to client support can be. Kirsty Craig, Managing Director of KCA and with over 27 years experience explains “It is absolutely right that businesses have a strong working relationship with their accountant but quite often our partners are telling us that they don’t feel they have the right level of expertise, or in many cases the time, to provide specialist HR advice and that’s where we come in.” Kirsty continues “Working closely with accountants or other partners within the professional sector means that we get to understand the history of the company, the people who drive the business and their vision moving forward. This level of understanding is invaluable and it means we can provide advice and support that has immediate impact.” With experience of working with large corporates and a wide range of SME’s KCA deliver specialist HR and recruitment support that is commercially driven and similarly focused on delivering long term
results. “Our values are very similar to those of the professional partners we work with which is why it is so successful. We work with companies on a long term basis and often move seamlessly between HR and recruitment projects - in many ways this allows us to perform as the ‘trusted adviser’ from a HR perspective and ensures that all of their assets, both people and financial, are being looked after.” If you are an Accountancy firm who feel that you and your clients would benefit from working in partnership with KIrsty Craig Associates please do get in touch with Kirsty or Catherine on 01244 515548 or email Kirsty direct kirsty@kirstycraigassociates.co.uk www.kirstycraigassociates.co.uk
CharteredOne | Issue 9 | Summer 2014
McEwan Wallace set to capitalise on growth with major restructure McEwan Wallace, the Wirral firm of chartered accountants and business advisers, our Immediate Past President, Paul Cochrane’s practice has announced a major restructure within the business. Liz Elliot– Tax specialist, Anne Stubbs - Senior Audit Manager and professional services specialist and Kris Billington - Audit Manager and not for profit specialist – have been promoted to Directors of the firm. The three key appointments form part of a major restructure within the business which will see McEwan Wallace transferring from a partnership to a limited company. The restructure is part of a succession plan which is intended to underwrite the firm’s continued success. Alastair Gould of McEwan Wallace said: “Client relationships within the firm have been instrumental in
the success of McEwan Wallace. Together, the four long-standing partners – Alan Richards, Paul Cochrane, Neil Wilson and myself have clocked up an incredible 143 years at the firm. Our knowledge of our clients and the North West business community is unrivalled. “Liz, Anne and Kris have worked within the business for many years and have strong relationships with all of our clients, and as new directors will guarantee the continued success of McEwan Wallace for many years to come.” Liz Elliott said: “All of the new directors have worked closely with the partners and we have been fortunate to shape our careers in such a dynamic
firm. As directors, we are delighted that we will now be able to play a significant part in the company’s future, driving the firm forward and fulfilling its ambitious growth objectives.” McEwan Wallace operates a team of 60 staff across its accountancy, wealth management, business advice and payroll divisions. Partner Neil Wilson has announced his retirement after 38 years of service at McEwan Wallace. Neil Wilson said: “I have thoroughly enjoyed my time within the firm and am delighted to be able to leave it in such capable hands.”
Liz Elliot – Kris Billington – Alastair Gould – Paul Cochrane – Anne Stubbs – Alan Richards
41
CharteredOne | Issue 9 | Summer 2014
Poor awareness of R&D tax relief in North West Baker Tilly survey reveals low awareness of tax incentives among SMEs, as claims for R&D tax relief in North West account for barely a tenth of all claims.
Graham Bond is a partner with Baker Tilly accountants, based in Liverpool and Manchester. He specialises in supporting entrepreneurial growth companies, particularly in manufacturing and life sciences. An enthusiastic supporter of The Merseyside Manufacturing Council, Graham comments: A recent survey by Baker Tilly has uncovered a low awareness and usage of key tax incentives by small and medium-sized businesses that could be hampering their prospects for growth.
Only 15% of the 750 SMEs surveyed knew about Research & Development (R&D) tax credits, despite the Government launching the scheme nearly 14 years ago. Other tax incentive schemes also appeared to have a low profile, with only 8% knowing about the Seed Enterprise Investment Scheme (SEIS)
and 4% aware of the Patent Box. R&D tax credits were first introduced in 2000-2001 to encourage greater R&D investment. Since then, the available tax breaks have become more generous and HMRC has expanded the way it interprets and applies the rules in order to provide greater stimulus for innovation in the economy. The latest figures from HMRC show that most of the R&D tax relief claimed in 2011-12 was by large companies (£780m) rather than SMEs (£420m). In addition, SMEs in the North West only filed 995 claims for R&D tax relief worth £29m in the year 2011-12, just ten per cent of the UK total of 9,875 claims. According to the survey, only one tax incentive – Capital Allowances – was recognised by more than half of respondents (55%) surveyed. The survey did find however, that once businesses knew about an incentive, they tended to use it. This suggests
that awareness is the main issue, rather than perceived scheme effectiveness. The results of our survey support what we had already suspected – that a large number of UK SMEs are missing out on generous R&D tax incentives. Despite SMEs in the region accounting for about a tenth of all claims, the number is still relatively very low when compared to the South. The Government certainly needs to do more to raise awareness of incentives but firms in the North-West should also be asking more questions about the tax breaks on offer. Small businesses are seen by many as key to the continued improvement in the economy but they often need support in order to stand any chance of achieving their potential. Central to this are the government initiatives designed to support them, including research and development tax credits.
43
As R&D tax specialists, we are constantly encountering instances where businesses have fallen short of claiming the full value of R&D Tax Relief they are entitled to because of a lack of understanding of the scheme. At Alma CG, we want to help accountants and their clients to leverage the benefits from the incentives that are available to them, which have the potential to reduce costs, maximise profitability and ultimately, help stimulate growth. We’ve dispelled some of the common myths we believe are regularly preventing or unnecessarily restricting legitimate claims from across the UK. 1.
‘We don’t do R&D’
This is a common misconception that is fuelled by several factors, one of which is that there is no simple, one-size-fits-all checklist in place to determine what qualifies for relief. A common misconception is that the relief is limited to only truly ground-breaking work or ‘Blue Sky’ research and many manufacturing, engineering and IT firms believe that they are not eligible for relief as the term ‘R&D’ tends to conjure up images of test tubes and white lab coats. However, by taking the time to look into their activity in detail, many of these firms are starting to discover that they are investing in manufacturing process improvements, back office software development and product development which is eligible for relief. 2.
‘The system is too complicated for claiming to be worthwhile’
Many smaller companies feel overwhelmed by the complex definition of R&D, and do not have the resources available to get up to speed on this specialist area of taxation. In addition, a robust claim cannot be prepared without the input of those carrying out the R&D activities as well as those with an understanding of the financial and tax affairs of the business. However, help is at hand, with specialist advisors employing both technical and tax specialists, and working closely with HMRC’s own R&D specialists, to help guide companies through the process with the minimum of fuss, and often on a no win, no fee basis. 3.
‘Tax credits are invisible’
R&D tax relief was introduced to encourage UK companies to increase the amount of R&D activity they undertake. However, it can be largely ‘invisible’ to R&D decision-makers, because the claim process is usually managed by the finance or tax team, and the time between the completion of the R&D project and the receipt of the relief can be lengthy. For some business however, it is possible to realise payable credits from the scheme. Thanks to a boost to the scheme in the 2014 budget, loss-making SMEs are able to claim a payable credit of potentially up to 32.6p for every £1 of eligible R&D expenditure. In addition to this, under the R&D Expenditure Credit scheme, which was launched in 2013, large companies, can claim a payable credit of 10% of eligible R&D Expenditure, which can also potentially be received as a cash sum, where there is no tax liability to offset. These two very welcome measures help to make the relief more visible and it is hoped that they will lead to more of the relief awarded being invested in increased innovation across the UK.
45
46
47
IT Matters
Martyn Best, our Editor and Past President, also has a day job. Document Direct has a free iPhone app available in the iTunes app store.
48
He is Founder and CEO of Document Direct, a business that uses many different technologies to deliver typing, transcription and document production services across a secure web-based environment. As such he comes across many complex areas of technology as he and his team integrate them into their processes. Here he gives some good tips and insights from his experiences, and hopes that this will help demystify the scary world of IT.Â
IT Matters
CharteredOne | Issue 9 | Summer 2014
BRING YOUR OWN DEVICE TO BRING OR NOT TO BRING, THAT IS CERTAINLY A QUESTION ? We will have read as employers of the dangers of “Bring your own device” (BYOD) and the reported looming demise of Blackberry, so how should we best manage mobile devices within our business, and what are the security risks and the commercial benefits? Technology has very much democratised us all, and once upon a time you would need the budget of NASA to put a man on the moon, but nowadays the latest smart phone could probably place a rocket close enough. So, the smartphones that you and your employees use certainly have the capability and capacity to also be used as good business tools.
There are of course real and perceived security issues but there are also significant benefits - both in cost and management terms, and also in giving your team choice and the opportunity to engage and contribute more to the business.
for users to be configured “over-the-air” and most devices now have this simple function. Give advice on such matters as password protection, the regular changing of passwords, and the avoidance of obvious ones.
Any IT department should delight in the relief that BYOD brings to the capital and training budget, and whilst security is a clear danger, a few careful steps can help reduce or mitigate this.
It is of course vital that regular back-ups are taken, and these can very easily be done as an automated routine, and of course the re-installing of such data on the replacement device is made much easier.
The key issue is communication and the creation of a very clear policy. So, be clear about what mobile devices are allowed, give guidance as to what software and apps should be avoided and help people with their data usage and download practices.
Ensure that you install the app Find My Phone which can be invaluable in locating a lost phone or device and at the very worst scenario, can be used in performing the remote erasure of data.
Other elements which will help streamline your management of this will be ability
WE’RE UNDER ATTACK - or are we? A very recent news article gave heightened awareness of the perennial issue of cyber security: ‘Alarming news from the UK’s National Crime Agency (NCA): you have “two weeks” to protect yourself from a major cyber-threat.’ (BBC News Website)
So here are five tips to reduce your chance of falling victim to a malicious attack. 1. Do not open ANY email attachments unless you are 100% certain of the sender and you were expecting the attachment.
This specific alert relates to two cyber-threats: “Gameover ZeuS” and “Cryptolocker”. Both are potentially very dangerous threats that can steal passwords and encrypt data making it useless. Why these are of particular concern is that they are using a new method of attack which makes them very difficult to detect by firewalls and security devices, therefore the risk of infiltration is higher.
2. Be extra vigilant when browsing the Internet, try not to visit sites that are not for business use
On very strong balance therefore Bring Your Own Device is to be welcomed, with just some small and sensible planning.
CLOUD COMPUTING Wordsworth once voiced the evocative journey and feeling of wandering lonely as a cloud, and ever since it seems that IT techies and geeks have hijacked this beautiful poetry to bemuse and bamboozle us. So what is cloud computing, and should I use it, you may well ask I personally think the term is rather misleading, and I actually believe if it had been called “Rock Computing” we would all feel more comfortable; or in fact if it was actually called something like “Remote server and secure access to software” we would also actually know what it was. So, essentially “Cloud Computting” gives us a number of really good benefits: 1. The removal of large and expensive servers from our local environment, which usually reduces our capital expenditure and property infrastructure costs.
3. Always try to keep software up to date with the latest security updates
2. The ability tom scale up on an incremental basis
4. Always use reputable antivirus software and make sure that it is kept up to date
4. Much better ease of installing software and managing users
5. Make certain that all of your important files are backed up and that the backup is kept safe
3. Typically, a more secure environment for our data
5. Usually much better remote access. So – once we have that appreciation, we can then plan to see how we can integrate cloud computing into our own and our client’s business.
If you’d like to discuss any of the above points, or contribute advice or articles of this nature, feel free to contact Martyn at martyn.best@documentdirect.co.uk 49
A Unique Learning Opportunity from Robert Gordon University Robert Gordon University (RGU) has teamed up with CIMA (Chartered Institute of Management Accountants) to provide a unique learning opportunity for students to obtain a BSc Accounting and the CIMA Advanced Diploma at the same time. Using the University’s interactive online virtual campus, students study CIMA modules at certificate, operational and management level coupled with RGU academic modules; providing essential accounting skills, professional qualifications and increased career opportunities. Maximum flexibility has been built in to the course design to allow for work commitments - exams are sat at CIMA assessment centres and RGU coursework is submitted online. Accelerated entry is available for students depending on their current academic and professional qualifications and entry into stage 1 is also available for applicants with appropriate work experience. For those who currently hold the CIMA Advanced Diploma, a one-year top up degree is available.
‘I decided to choose this particular course because it was the best course that fitted my needs. I work full time and needed something that fitted in with my work so the online degree with joint diploma seemed the best approach for me. I have found the staff extremely helpful and supportive…I would certainly recommend this method of study for anyone in employment and there is the flexibility to study either full time or part time.’ P. English, Finance Manager, Drilling Technologies at Aker Solutions For those interested in further study, the MSc Strategic Accounting is a one year top up degree available for applicants who are fully CIMA exam qualified. Further information regarding the BSc or MSc with CIMA can be found at www.rgu.ac.uk/bscaccountingcima or www.rgu.ac.uk/mscaccountingcima or contact Susan Hamilton s.hamilton@rgu.ac.uk 01224 263208
CharteredOne | Issue 9 | Summer 2014
ICAEW BASE GAME
Chester & North Wales Aspiring accountants from Wirral Grammar School for Boys win ICAEW BASE competition Students from Wirral Grammar School for Boys beat off competition from 9 other local teams to win the Chester & North Wales heat of the national Business Accounting Skills Education (BASE) competition run by ICAEW (Institute of Chartered Accountants in England and Wales). The Chester & North Wales heat of the BASE competition took place at Cheshire View on 21 March 2014. This was one of 47 heats attracting over 3,300 students in more than 590 competing teams nationwide. BASE links schools, students and employers together in a bid to not only increase awareness of a career in chartered accountancy and finance, but also helps to develop key employability skills in the future workforce. Assuming the role of ICAEW Chartered Accountants, the students had just less than 2 hours to analyse, discuss and decide on the next business steps of a fictional organisation before presenting their ideas to a panel of business professionals. The BASE competition was supported by local accountancy firms who provided professional mentors and judges. In addition students and teachers were given the chance to hear first hand accounts about the range
of career options chartered accountancy can provide. Melanie Christie, ICAEW Regional Director North West, said: “The calibre of entrants was again extremely high and I expect I’ll be seeing more of these young people in leading roles in the future. These young business advisers are looking beyond the numbers and adding their social and ethical acumen to give rounded advice.” Judge, John Tiernay, of Tiernay Fedrick said: “In the presentations we looked for the ethical and financial data to support the decisions. There were four very worthy finalists, but Wirral Grammar School for boys showed excellent teamwork and role allocation in delivering a very comprehensive recommendation.” The mentor of the winning team, Tim Hill from Tim Hill Consulting, “I am delighted that my team were the winners of this heat, they rose the challenge very well.” Wirral Grammar School for Boys went on to represent their region at the national final which took place at the Hilton Metropole Hotel, Birmingham on Wednesday 25 June 2014. For further information about BASE and how to participate please visit icaew.com/base.
Wirral Grammar School For Boys
51
CharteredOne | Issue 9 | Summer 2014
ICAEW BASE GAME
Liverpool Winners Students from Merchant Taylors’ School for Girls in Crosby beat off competition from 13 other local teams to win the Liverpool heat of the national Business Accounting Skills Education (BASE)
competition
The Liverpool heat of the BASE competition took place at Carnatic House at the University of Liverpool on 27 March 2014. This was one of 47 heats attracting over 3,300 students in more than 590 competing teams nationwide. BASE links schools, students and employers together in a bid to not only increase awareness of a career in chartered accountancy and finance, but also helps to develop key employability skills in the future workforce. Assuming the role of ICAEW Chartered Accountants, the students had just less than 2 hours to analyse, discuss and decide on the next business steps of a fictional organisation before presenting their ideas to a panel of business professionals. The BASE competition was supported by local accountancy firms who provided professional mentors and judges. In addition students and teachers were given the chance to hear fist hand accounts about the range of career options chartered accountancy can provide. Melanie Christie, ICAEW Regional Director North West, said: “The calibre of entrants was again extremely high and I expect I’ll be seeing more of these young people in leading roles in the future. These young business advisers are looking beyond the numbers and adding their social and ethical acumen to give rounded advice. I would
also like to take this opportunity to thank the University of Liverpool for supporting this fantastic event today.” Head Judge, Paul Cochrane, of McEwan Wallace Chartered Accountants and President of the Liverpool Society of Chartered Accountants said: “In the presentations we looked for the ethical and financial data to support the decisions. The winning team from Merchant Taylors’ School for Girls showed excellent teamwork and role allocation in delivering a very comprehensive recommendation. The team from Merchant Taylors’ School for Boys were the runners up and all teams can be rightly proud of their achievements in dealing with a very tough business challenge.” The mentor of the winning team, Carol McLachlan from The Accountants Coach, “I am delighted that my team were the winners of this heat, they rose to the challenge very well and their innovation and creative thinking won them the trophy on the day.” Merchant Taylors’ School for Girls went on to represent their region at the national final which took place at the Hilton Metropole Hotel, Birmingham on Wednesday 25 June 2014. For further information about BASE and how to participate please visit icaew.com/base.
53
Bridging finance Jan Gallagher National Corporate Sales Manager of Masthaven Bridging discusses how the professional sectors are more open to recommend bridging finance to their clients Even though I do believe we are seeing improvement in the markets, there is still an element of cautious bank lending which is leading many businesses to look for alternative funding options. As a company we have seen an increase in referrals from professional sectors who want to do the right thing for their clients and be able to offer them viable financial options.
and more accountants referring their clients on to us. What we are also finding is that not all referrals are down to property acquisitions, there can be many more reasons why an accountant would refer their client to us, for example it could be a need for quick funding for tax bills, an injection of funds to help with cash flow issues, stock purchases, mergers or management buy ins/buy outs’.
Unfortunately in the past, bridging finance did not always have a great reputation with talk of unclear terms and expensive fees.
When a business need arises, acting quickly and decisively is an absolute must for business owners. Jan explained, ‘Securing funds quickly can be a deciding factor in all sorts of business deals and arrangements. This is why the bridging market has developed so greatly during the last few years’.
Jan explained, ‘Fortunately these days are long gone. At Masthaven we endeavour to make the client feel as comfortable as we possibly can throughout the whole process. As a company we believe that costs and fees should be clear, products should be flexible and the application process should be as smooth as possible for the client’. Jan added ‘I am pleased to say that we are noticing more
CharteredOne | Issue 9 | Summer 2014
Liverpool John Moores University (LJMU) Revisited Founded in 1825 and granted university status in 1992, LJMU employs 3,000 staff, has 25,000 students and is a significant presence on the Liverpool landscape. Paul Cochrane, our past President was delighted to accept an invitation to visit one of LJMU’s flagship buildings, the Redmans Building on the corner of Clarence Street and Brownlow Hill in Liverpool. This is home to the Liverpool Business School. Here’s his report. Sion Owen with Paul and Lucu McGrath
and Design located in an iconic building further along Brownlow Hill in the shadow of the Metropolitan Cathedral. This is another stunning facility and attracts students from all around the world. Both Sion and Lucy are justifiably proud of their university. LJMU is very much part of the Liverpool Business Scene with many alumni progressing to hold senior appointments in our profession. I know LSCA and LJMU are keen to continue to strengthen our ties. This could be by utilising some of their fabulous facilities for events or training. There is also an immense “pool of talent” for firms seeking to recruit. There is an opportunity for employers to identify talent early on by offering a one-year’ work placement as part of a student’s degree course.
Sion Owen and Lucu McGrath
I was met by LSCA members, Sion Owen and Lucy McGrath, both senior lecturers in Accountancy and Finance. Sion was at John Malthouse and then Deloitte in Liverpool while Lucy trained with Coopers & Lybrand in Liverpool. The Redmans building is an outstanding facility. The lead architect, Helen Dore, is actually a graduate from LJMU. Bright, modern and purpose built, it is a far cry from the rather soulless Hamilton House on Pall Mall where I started my accountancy studies. In fact LJMU has seen an explosion of new developments across Liverpool and this continues apace with the acquisition of the former Post Office Sorting Office at Copperas Hill, currently undergoing an £80m refurbishment. I was also given the opportunity to visit the School of Art
55
CharteredOne | Issue 9 | Summer 2014
Liverpool Society of Chartered Accountants
Paul and Justin
shining stars Prize-winning students receive their awards from Society President, Paul Cochrane The prize-winning students from the Liverpool Society of Chartered Accountants gathered at the Society’s Annual General Meeting to receive their prizes from out Going President, Paul Cochrane. Isabel Moliz of PWC was the winner of the Liverpool Society Prize which is awarded every year to the highest placed candidate in the Order of Merit at Professional Stage. In 2008 the 125 prize was introduced to mark the 125th anniversary prize of the Liverpool Chartered Accountants Student Association. The prize is awarded to the candidate
with the highest marks in the Case Study paper – which ICAEW members will know is a great achievement! The winners this year were Mr Jamie Steell of KPMG and Mr Chris Littler of Ernst & Young. The Tom Cunningham Tax prize is awarded to the candidates with the highest marks in the tax paper and this year there were joint winners Miss Jen Payne of Deloitte and Mr James Jackson of Bennett Brooks. Paul Cochrane, President of the Liverpool Society of Chartered Accountants said “The award of a prize is acknowledgement of outstanding achievement by an outstanding student. My congratulations to all the winners “
Paul Cochrane & Isabel Moliz
Paul Cochrane & Mandy Haslinger of KPMG collecting prize on behalf of Jamie Steell
Paul Cochrane & Jen Payne of Deloitte
Paul Cochrane & Jim Jackson of Bennett Brooks
57
CAPITAL ALLOWANCES – NEW CHANGES/NEW OPPORTUNITIES
Building for the Future Merchant Taylors’ Schools are another step closer to achieving their long term capital development plans with the completion of phase one of a £5 million project to significantly enhance the education facilities
Chair of Governors, Professor Peter Batey commented, “The Schools have an on-going programme to update and maintain the school premises to a very high standard. In the coming years, we will continue
for its pupils at the Girls’ Junior and Mixed Infants School.
to bring on stream further state-of-the-art facilities, which will serve to enhance our pupils’ experience.”
The phase one build, completed by Eric Wright Construction, involved the demolition of existing buildings to make way for the new, state of the art,classrooms. The new two-storey building has been built to a high specification and as a sustainability feature, incorporates roof solar panels.
Jonathon Raynor, Operations Director at Eric Wright Construction added “It is fantastic to work with a client like Merchant Taylors’ who are very committed and engaged in the build. The children have also shown a great interest and we have been able to utilise the project as a learning tool, involving them in the construction of their new school.”
The second phase, due to begin at the end of April, will see the back of the school rebuilt and includes some refurbishment works to upgrade the existing facilities. Once complete, the project will
Barclays have provided a funding line of £2million to assist with the projected build cost by way of a fully fluctuating overdraft facility. The
offer children and teachers a modernised new dining area and hall, music and drama rooms, an art, design and science room, & newly equipped classrooms, all enhancing the School’s facilities for the next generation. Merchant Taylors’ Schools are one of the premier independent schools
Barclays Corporate Banking deal team was led by Neil Williams, Relationship Director. Neil said, “Barclays is proud to have been Merchant Taylors’ principal bankers since 2008 and acknowledge the important part that they have and continue to play within the long term development plans of the Schools. Over the years
in the North West. The family of Schools offers the best education for life to boys and girls aged 4-18 and through its excellent bursary scheme, available to students in the senior schools, is proudly able to offer this first class education to students from all backgrounds.
they have educated many pupils who have gone on to hold senior positions throughout the UK and we are confident that the latest developments will help maintain their position of excellence.”
Thoughts for coming issues include: • • • • • • •
Members professional and personal news Firm’s News A spotlight on... Social Activity Comments/Feedback Charity Corner Student News
Contact: Martyn Best martyn.best@documentdirect.co.uk
CharteredOne | Issue 9 | Summer 2014
learning and professional development Welcome to a brand new, regular column on learning and professional development. Approachable, personable and pragmatic were just a few of the adjectives used to describe this new breed of inspector. And the fiscal craic was pretty cool too! We want to bring you more like this but need host organisations. Please let me know if you would like to host a round table or classroom event. There are a number of ‘off the shelf’ HMRC topics, listed at http://www.hmrc.gov. uk/agents/aam.htm#4 and we can also craft our own if you have an area of particular interest. Something borrowed... Liverpool LPD have been one of four district societies forming a working party to consider how ICAEW can best support local societies in delivering CPD. Our discussions culminated in the first District Society CPD conference in May, where I had the chance to collaborate with my peers in sharing best practice. Action learning and mastermind groups have been successful in some locations, particularly when centred around a good breakfast! These can incorporate some interesting networking opportunities, bringing together both practice and non-practice members together with other professionals. I’d love to hear your views on this and also any topics you’d be keen to explore.
I’m Carol McLachlan, chair of the Liverpool member’s LPD committee and I’ll be bringing you quarterly updates on what’s up, what’s on and what’s happening. In return, I hope that you’ll share with me your views on what you’d like to see as part of our local learning and professional development programme. We might even feature a reader’s letter page in due course! Something old... I can’t start a new LPD column without acknowledging the sterling contribution of our core subject lecturers, Marion Hodgkiss and Bruce Cowie. Year on year in spring and autumn, Marion and Bruce continue to bring us the very best in tax and financial reporting ensuring we’re at the technical cutting edge all year round. We are justifiably proud of our core courses which continue to get the very best ratings and attract delegates beyond Merseyside. If you’ve not yet partaken, you can join Bruce at the FR update on 16 October and see Marion strutting her tax stuff on 20 November. Something new... But classroom courses are not the only option. In May we piloted a tax discussion group in a ‘Meet the Inspector’ series on ‘Digital Services and Tax Agent Strategy’. Using a round table format, Malthose & Co very kindly hosted an interactive session with Paul Bennet, HMRC.
Something blue... Which is what you might be if you don’t nurture and develop your personal resilience in the workplace! One of my research areas, this is a subject that has proved of interest this quarter. I’ve presented on resilience at the regional ‘Starting your own Practice’, at a joint event with the Junior Chamber of Commerce and also to the local CPD group of the Chartered Institute of Taxation. The joint event ‘Personal resilience at work: the 21st century core professional competency’ saw a mix of JCI and LSCA members networking at Hill Dickinson, solicitors. As a collaborative CPD event, this was another first, and talks are in progress to consider joint events with both CIOT and the Law Society. This could be a breakthrough in our CPD strategy; you may remember at the beginning of the year I reported on the focus group we held to discuss the LSCA provision of non-technical CPD. The output was extremely supportive but we are still facing the challenge of getting a critical mass of members to make such events viable. Joint events may be the enabler here, combining professional development learning with networking and giving us a consolidated volume of delegates, so watch this space... In the meantime, please do email your views, ideas and questions on Learning and Professional Development to me at info@theaccountantscoach.com Warmest regards Carol McLachlan FCA
61
Solar update Last month’s budget made it easier for pension owners to cash in part or all of their pensions. Instead of receiving poor annuity and investment returns (currently around 1% - 3%), an attractive option is now to redirect a part of a pension pot to invest in Solar PV and receive around 10% per year through a combination of the Governments Feed in Tariff scheme and the “free” electricity that system owners can use. Tony Edwards, from Bromborough based installer Natural Energy Sources, explains “for a well installed large domestic system, costing around £6,000, the owner would receive around £600 per year through the Government scheme, basically calculated at 18p for every one of the c3,400kWh’s that the system would generate. If the owner was able to use say 50% of the generated energy in their own home (which is the Government assumption), this would reduce the electricity bill by around £250, as the owner would use the energy that they have generated themselves rather than buying it from their electricity supplier. This would mean that the owner would be £850 per year better off following the installation”. But returns to be had from Solar don’t end there. The vast majority of domestic Solar systems also send a lot of the generated energy back to the National Grid. As the system owner doesn’t receive any additional benefit for this exported energy (the scheme mainly rewards the customer for how much their system generates rather than exports), it is in the owners interest to use as much as they can. The average home in the UK uses around 3,000kWh’s of electricity in a year, slightly less than a large Solar system would generate. The challenge in using all of the generated energy however arises as it is produced during the daytime, whereas most is used during the evening. So, how do you use as much as you can? Tony advises that “the more of the generated energy that you can use, the bigger the saving. Whilst the ability to convert daylight to electricity has been around for many decades, it’s only in the past 2-3 years that advances have been made in helping
you use as much as possible. For example, 2 years ago it cost £2,000 for equipment which automatically redirects your surplus generated energy to an immersion heater, effectively storing it as hot water, whereas this can now be installed for a fraction of this cost if a suitable immersion and wiring is already in place. Also, there are devices on the market for under £200 which compare digitally what your solar system is producing with what you are using in the house – guiding you as to when to switch appliances on in the home, such as tumble dryers & dishwashers, to make use of the free electricity. And of course as electric and plug in hybrid vehicles become more popular this will provide a further way to use the energy – running your car for free! Technology to store the surplus in battery form, to allow you to use it during the evening, is also now available, and the pricing should improve to make this a viable option in the next two years or so. These battery systems will be available to retrofit to existing solar systems, so those installing systems now will then benefit both from the Government scheme (which will probably phase out for installations from 2016), and the ability to use all of their generated energy.”
CharteredOne | Issue 9 | Summer 2014
LIVERPOOL CHARTERED ACCOUNTANTSWednesday 7 May 2014 STUDENTS ASSOCIATION 3
0
2
0
5
6
1
2
2
1
1
2
1
2
1
3
D
L
Pts
F
A
Diff
3
0
1
9
11
4
+7
4
3
0
1
9
7
5
+2
4
2
0
2
6
13
7
+6
4
2
0
2
6
6
9
-3
4
0
0
4
0
3
15
-12
0
Ginny Parrat Wednesday 7th Mayand 2014Philip Leary report:
1
1
2
1
2
1
3
D
L
Pts
F
A
Diff
3
0
1
9
11
4
+7
4
3
0
1
9
7
5
+2
4
2
0
2
6
13
7
+6
4
2
0
2
6
6
9
-3
4
0
3
15
BRIGHT PARTNERSHIP
0
DELOITTE
GROUP 2
W
0
DELOITTE
PWC
1
3
5
6
3
1
4
3
5
0
2
0
5
0
6
1
2
2
1
1
2
1
2
1
3
P
W
D
L
Pts
F
A
Diff
3
3
0
0
9
25
8
+17
3
2
0
1
6
10
8
+2
0
2
3
0 L
3Pts 0
3
1
3
D0
F
14
17
5
A21
DELOITTE BRIGHT PARTNERSHIP PWC
-3 -16 Diff
5
PWC
BRIGHT PARTNERSHIP
9
6
3
1
4
Group 2 DELOITTE PWC BRIGHT PARTNERSHIP KPMG
-12
DELOITTE
KPMG
BDO
2
4
4
5
2
P
KPMG
BDO WILSON HENRY BARNETT WADD BWM SB & P
0
1
Group 1
3
8
https://m.facebook.com/story.php?story_fbid=6466960020 50908&id=292459217474590 Congratulations to all those who took part. GROUP 2 We hope you thoroughly enjoyed the event and we look forward to seeing you again next year, by which time SB&P KPMG 10 4 8 1 3 might have had some much 0needed training!
PWC
6
4
BDO 4 3 0 1 9 11 4 +7 WILSON HENRY 4 3 0 1 9 7 5 +2 BARNETT WADD 4 2 0 2 6 13 7 +6 facebook page for2those who want to6 see the-3action BWM 4 0 2 6 9 reply highlights. SB & P 4 0 0 4 0 3 15 -12
WILSON HENRY
BARNETT WADD
BWM
SB & P
0
10
9
DELOITTE PWC BRIGHT PARTNERSHIP P KPMG W
BWM BARNETT WADD WILSON HENRY BDO
0
BARNETT WADD BRIGHT
KPMG DELOITTE BRIGHT PARTNERSHIP &P PWC
SB BWM BARNETT WADD WILSON HENRY BDO
As the World Cup fever hit us all, LCASA held their own version before the start of the official one in Brazil, and Ginny Parratt from PricewaterhouseCoopers reports: After some hard-fought and competitive football, the winners were Deloitte and the runners up were BDO. FurtherGROUP prizes 1were also awarded to the Best Player and Top Scorer Paul Hynes who were also from Deloitte and the Best Keeper Will Doole who was from BDO. SB & P 0 3 3 5 0 2 Live footage of the final is available on the LCASA
BWM
SB & P
GROUP 1
PARTNERSHIP
W
4
KPMG
P
GROUP 2
BDO
5
0
Wednesday 7th May 2014 BDO WILSON HENRY BARNETT WADD BWM SB & P
WILSON HENRY
3
BDO
0
WILSON HENRY
SB & P BWM BARNETT WADD WILSON HENRY BDO
BARNETT WADD
GROUP 1
BWM
SB & P
th
P
W
D
L
Pts
F
A
Diff
3
3
0
0
9
25
8
+17
3
2
0
1
6
10
8
+2
3
1
0
2
3
14
17
-3
3
0
0
3
0
5
21
-16
63
Liverpool Society of Chartered Accountants app
Coming Soon Crosby associates are currently developing the Liverpool Society of Chartered Accountants app. Packed with great functionality the app will be available to download on the Apple App Store and Google Play very soon. For more information contact Crosby Associates E: post@crosbyassociates.co.uk T: 0845 643 5551
www.crosbyassociates.co.uk
Media Sales Executive Crosby Associates Ltd – Liverpool
We produce a variety of Media for organisations such as Everton FC, The Liverpool Society of Chartered Accountants, London Chamber of Commerce, Sunderland AFC, BMW and Ramada Hotels. We require Sales Professionals to join our teams in Liverpool and London. Basic salary £18,200 - £20,800 per annum dependent of experience, plus generous commission and bonus structure with OTE £40,000+ easily achievable in year one!!
E: post@crosbyassociates.co.uk T: 0845 643 555
www.crosbyassociates.co.uk 64
CharteredOne | Issue 9 | Summer 2014
Lunchtime with the Royal Liverpool Philharmonic Orchestra The ICAEW North West Region recently hosted an event exclusively for retired ICAEW members and their guests at the Liverpool Philharmonic Hall. Welcomed by President, Paul Cochrane, guests enjoyed the informal concert with the Royal Liverpool Philharmonic Orchestra which was a delightful combination of inspirational music and good company. You know that moment at the cinema when you realise that you’ve heard that tune before – but you can’t quite put your finger on it? Well, legendary Hollywood maestro Richard Kaufman revealed all, in this sensational concert with the Royal Liverpool Philharmonic Orchestra. You might think of the music of Elgar, Mozart, Strauss and Howard Hanson as the soundtracks to Austin Powers, The Mission, 2001: A Space Odyssey and Alien – but it all sounds just as fabulous when you hear it for real! Featuring music from A.I., Flashdance and Meet the Parents, and live visuals, this was a ‘night at the pictures’ with a spectacular difference! The next visit which will be open to all members will take place on 12 November 2014, to register your interest please contact alex.pilkington@icaew.com. Also look out for ‘A day in the life of…” in this edition featuring Stephan Heaton, Executive Director – Finance of the Royal Liverpool Philharmonic.
65
Out of office
GOLFING HISTORY IS MADE Glyn Pike, our golf secretary reports. The Annual Trophy held at Prenton Golf Club in May proved to be an enjoyable occasion with the Trophy being deservedly won by Anne Morris with a stableford score of 37. This marks a pivotal point in the Society’s history as it ends the hundred year male dominance of the Trophy and we welcome Anne as the first female winner. I am sure you will all wish to join me in congratulating Anne (a Past Society President) on her momentous victory. As to the rest of our golfing calendar, I am sadly unable to announce that the Society started the golfing season well as we did not retain the Roses Trophy contested by the Liverpool, Manchester and Sheffield Societies. I can confirm however that it was a very enjoyable afternoon, in the wonderful setting of the Derbyshire hills accompanied by the best weather we have enjoyed this year. Our Society provides an opportunity to experience golf in various parts of the country and on courses that differ from our own club course, and I hope that you are able to join us this year.
John Nolan, our President presents the Annual Trophy to Anne Morris with Glyn Pike in attendance.
FUTURE EVENTS The Inter Society match at South Staffordshire Golf Club - 26th June. Birmingham Society Moor Hall - 16th July Chester Society - 21st July Sadly the Law Society is not able to raise a team for our annual match but they hope to next year, so if you know any lawyers, do encourage them. If any member is interested in playing in our events please contact me. Phone: 0151 929 2996 or 07711 238038 e-mail glyn.pike1@virginmedia.com
66