Chartered One Winter 2013

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Inside this issue... Liverpool Society launch new website

to all our readers

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Funding features Plus much more...

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Winter | 2013

Issue Seven

Merry Christmas to all our readers

Courses update

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It’s about time to relax in January Bankstream can help you avoid the rush and take the stress out of January. Smart accountants are using Bankstream to securely receive - and automatically process - their clients’ transactions throughout the year so that when January comes around, it’s time to relax. Once your January rush is over, come to a free seminar in Liverpool or Manchester and see how we can help you take the rush out of January for good. Bankstream, it’s about time. For more information or to register: visit bankstream.co.uk/january call 0800 500 3084

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CharteredOne | Issue 7 | Winter 2013

INSIDE THIS ISSUE 17 LSCA Website

GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: Roger Swift - 0845 643 5551 roger.swift@crosbyassociates.co.uk

Editorial:

19 Beer and Bankruptcy

37 London to Paris

Martyn Best martyn.best@documentdirect.co.uk Chartered ONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Crosby Associates Ltd.

www.crosbyassociates.co.uk Š All rights reserved.

LSCA Business

39 The

Grandest National 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.

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Presidents Words

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CPD Programme

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LSCA Website

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Business Futures

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Beer and Bankruptcy

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

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Wayne Dutton of PWC

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DSG Strength in numbers

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

n ISR Finance Ltd Alternative funding solutions

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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.

Out of Office

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.

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Southport Branch

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London To Paris

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Document Direct

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The Grandest National

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CharteredOne | Issue 7 | Winter 2013

FOREWORD

The President’s Words

Welcome to the Winter edition of Chartered ONE. In common with any organisation, the ICAEW must look and plan ahead. As part of this process, some years ago now, the ICAEW set itself a target of becoming an International Body, albeit headquartered in the UK. With satellite offices in Europe, Middle East, Hong Kong and Malaysia, we now have an International rather than a National President. Why? The simple answer is we live and work in a global economy. The cynical answer is that the overseas membership generates a surplus for the ICAEW, at the moment. The LSCA have also expanded overseas recently. We have invited ICAEW members in Northern Ireland to become members of the LSCA. They are very welcome. Previously they were not aligned to a District Society and, amazingly, were treated as “members abroad”.

At the same time that the ICAEW are seeking global expansion, they are not afraid to look back and resurrect old ideas. As part of the ACA Evolution they recently announced the concept of an “Authorised Training Principal “. This allows a Chartered Accountant to train up to four ACA students, even though their firm may not be an “Authorised Training Employer”. This scheme actually mirrors the old system of employing and training Article Clerks. Finally, I hope to see as many members as possible at the Annual Dinner to be held at the Crown Plaza, Liverpool on Friday 29th November 2013. It promises to be a very entertaining evening. Kind regards, Paul Cochrane President

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NEW GUIDANCE ON PRE-PACKAGED SALES IN ADMINISTRATIONS The Legislators when drafting the Insolvency Act incorporated the possibility of corporate rescue. The Regulators have documented this within Statement of Insolvency Practice 16 which, when initially written in October 2009 was then clarified by the Insolvency Service in a Technical Bulletin which had no regulatory authority although offered guidelines. As insolvency practitioners we had to work within the law, our Regulator’s SIP 16 and BIS’s Guidance Notes. For five years, we have worked within this regime and since 2011 we have awaited a revised SIP 16 which became effective on 1 November 2013. Pre-package sales are arrangements under which a sale of all or part of the company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator. The administrator effects the sale immediately on his appointment. Those opposing the practice focus in on the fact that no or inadequate marketing of the business and assets has taken place which coupled with the fact that the sale has been made, in many instances, to a connected party raises creditors’ suspicion. The revised SIP 16 provides for an earlier notification to the creditors of the sale and requires a more extensive list of information to justify the decision and rationale for the sale and why it was in the interests of the creditors as a whole. The detailed narrative explanation justifying the sale should be provided to the creditors with the first notification to the creditors and within 7 calendar days of the transaction. The administrator then drafts a Statement of Proposals and seeks approval of the proposals as soon as practicable after the appointment. The SIP requires a full justification and retrospective approval from the creditors. The insolvency practitioner is in a difficult position as he has made a commercial and professional judgement on the suitability of the process and creditors’ approval is not received until after the transaction has taken place. There is still no requirement to provide advance notice of the impending sale to the creditors. The insolvency practitioner has also to change his role in that initially he would be instructed by the directors and the company to provide advice as to the suitability of the process and once appointed owes a duty of care to all the creditors. It is likely that the insolvency practitioner has a duty to all creditors before his appointment.

provided with a detailed explanation of the justification as to why a pre-package sale was undertaken and also to demonstrate that the administrator has acted with due regard for the creditors’ interests. It is possible for a sale of the assets to take place when no marketing has been undertaken. Within the Owner Managed Business sector it is very difficult to achieve a sale of the company’s assets other than to the incumbent management team as they are unlikely to transfer themselves to another business. Similarly, a potential purchaser always looks at the existing management team with great caution. In this sector, the possibility of sales to third parties is therefore remote. There will always be pre-package sales for genuine reasons and a lack of marketing may be down to not wishing to disclose confidential information. However, that on its own, is insufficient to explain why no marketing has taken place. The emphasis on the SIP is to ensure that there is greater transparency with detailed explanations being provided to all creditors as quickly as possible within 7 days of the transaction. The debate as to the suitability of the process will no doubt continue as the SIP has not significantly altered the procedures but really has clarified the processes. Each individual transaction will need to be viewed on its own merits. There is a specialist department within BIS which reviews each instance of a pre-pack sale in administration with a view to ensure that all pre-pack sales are done for the correct reasons and are fully explained to all creditors. I personally consider that these sales have gone on for many years and by giving them a title then this has then created the impression of a whole new process requiring separate legislation. If the economy is to recover and business is to develop, then we have to have sufficient confidence in the system to permit companies to fail and restart even if that involves the existing management team. If we make the procedure for corporate rescue too onerous, then, we’re likely to see fewer rescues in the future. It is my responsibility as an insolvency practitioner to take into account the needs of all creditors and be prepared to make the process as transparent as I can and justify and substantiate the decision making process. Dan Hennessy is a Chartered Accountant and insolvency practitioner based in the North West.

In the administrator’s proposals, the creditors are to be

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CharteredOne | Issue 7 | Winter 2013

INSIGHT FROM THE EDITOR

Hello and welcome back to another jam-packed edition of Chartered ONE. After a glorious summer, both weather wise and of sporting excellence, we now brace ourselves for snow, football, rugby, and of course the ever popular annual dinner. Martyn Best Editor Chartered ONE Past President It may just have taken place by the time you have read this, but I’m sure that once again it will be a key highlight of the business dinner calendar, and I know that our President Paul Cochrane very much enjoyed the preparation and delivery. This issue highlights some developing aspects of the Society’s involvement with next years International Festival of Business, or IFB as we shall be calling it. It’s hard to overstate what this could bring for both Liverpool and the wider UK economy and it is the most prestigious single business event in the UK for over 50 years. It is expected to attract over 250,000 from across the UK and beyond and a truly world class group of speakers. We and the Institute will be playing a key part during the two months of June and July and there are ample opportunities for you to take part. You will see some good contributions from a number of members and firms in this issue, and if you or your practice or business have anything to offer, do please send it to me. Finally, a very exciting development has been finalised and that is the launch of the Liverpool Society’s very first website. Further details are inside, but all you need to do is visit

www.charteredone.co.uk to find out more. I hope you enjoy the visit, and I hope you enjoy reading issue 7. And, very finally, my very best wishes to you, your colleagues, friends and family for a very happy Christmas and a healthy and prosperous New Year. Very kind regards and festive wishes, Martyn Best Editor.

Thoughts for coming issues include: • Members professional and personel news • Firm’s News • A spotlight on... • Social Activity • Comments/Feedback • Letters page • Special Features You can also join our Society’s LinkedIn group it’s very easy to find within groups on LinkedIn

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Advertisement Feature

Powering local business recovery John Gribbon, Regional Managing Director

Helping business every step of the way • By John Gribbon, Regional Managing Director North, RBS Invoice Finance

W

ith UK businesses looking to adapt, stabilise and grow, Invoice Finance is uniquely placed to provide much-needed working capital. John Gribbon, Regional Managing Director for the North at RBS Invoice Finance explains.

These are interesting times for the UK. There’s a recovery, and while it seems to be gathering some momentum, it’s looking like more of a slow climb than a bounce-back. But even beneath that headline, many companies are looking to make their

own growth, to invest and gain market share. More are looking to diversify or adapt, to access new markets, others find themselves in turnaround positions or needing to free up working capital to manage day-to-day finances. One thing is clear, whatever stage they are at, obtaining credit is more challenging. There is a solution in the form of Asset Based Lending and Invoice Finance. The region’s businesses have a tremendous amount of value tied up in their sales ledgers as well as in plant and warehoused stock. Our solutions are about making that value available to them and making it work harder for them as they strive to reach their strategic goals. By releasing working capital, businesses get the freedom and flexibility to invest in growth, or to diversify into other activities that might be more difficult to finance than they used to be. Where the missing ingredient is working capital, we can step in. Jim Roberts, co-founder of Galleywood Timber Products explains how RBS Invoice Finance has helped his business.

THINKSTOCK

“My wife Samantha and I spotted a gap in the market to source timber from the Baltic States to British businesses. We now ship timber into the UK and distribute it to customers around the country. Our main advantage over competitors is our flexibility. We can source quite difficult sizes of timber that are hard to get from some of the other larger timber firms. We can also provide small orders to suit customers’ needs, which means we are attractive to companies that don’t want to be forced to make huge bulk orders.

All this is possible because we have a good supply base of reliable people who I’ve known since Latvia and Estonia broke away from the former Soviet Union. We make sure that we pay these suppliers promptly to keep up that good relationship – this is possible thanks to careful cash-flow management. I think that any business has to keep a tight eye on cash flow at the moment, and keep costs low. We use Invoice Finance, which has worked well. In addition to freeing up cash to pay suppliers, the bank helps us chase and collect invoices, which lets Samantha and me get on with the job of winning business and keeping existing customers happy. In the next few years we would like to expand, and there are a lot more areas of supply that we can go into, so there are clear growth opportunities.” For more information contact Jonathan Wilson, Head of Business Development, RBS Invoice Finance on 0161 862 8093, jonathan.wilson@rbsif.co.uk or visit www.rbsif.co.uk

Security may be required. Product fees may apply. RBS Invoice Finance Limited. Registered in England No. 662221. Registered Office: Smith House, Elmwood Avenue, Feltham, Middlesex, TW13 7QD.

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Fast growth funding options Raising finance effectively and managing cash flow are vital for any growing businesses and for those experiencing fast growth it can be even more challenging and demand fast results. Even in a flat economy there are opportunities to grow and businesses are looking to take advantage of this. Invoice Finance is well placed to support this activity because it releases working capital that businesses can use to invest in growth or to diversify into other activities because it can help businesses to realise the cash benefit of its sales. Effective working capital management is essential for all fast moving business and Castings Services Ltd (CSG) is one firm that is currently enjoying a significant period of growth on the back of the opening of its new depot in Telford six months ago. CSG supply quality civil engineering products for key areas in water treatment to clients across the world and they required capital to support the development and staffing of the new site. They turned to NatWest and RBS Invoice Finance who structured working capital facilities which also include an Enterprise Finance Guarantee Loan – the Governmentbacked loan designed to help SMEs.

we were not looking to change our facilities but we have been impressed with the team’s proactive approach and innovative ideas. As a result we decided to switch our facilities. The new working capital line really gives us a platform from which to develop the new Telford depot and support further growth plans. “On the back of the new depot we are also expanding our product range to better serve the industry and drinking water supply sector as well as moving into fire protection market and developing a product for the gas industry. Omnitool are another firm that has been working in partnership with RBSIF. They are specialists in providing high end (CNC) machined components to sectors such as oil & gas, renewable and nuclear with a blue chip client base. The firm has grown considerably since it was set up in 2005 by Managing Director John McKell and has a workforce that has grown from eight to twenty six that includes John’s sons Kenny and Mark as Directors.

cal covery Powering local Advertisement Feature

John McKell, Managing Director at Omnitool explains: “I would not sustain the growth without the factoring facility. RBSIF have been flexible and helped me to maximise the facility to support the growth of the business. Roger Fulton, Managing Director at CSG As sales started to increase we needed to explains: “As a business CSG provide high purchase a Mill/Turn machining centre but I volumes of products within tight delivery didn’t realise that we could use the factoring times and we expect the same high quality line to access working capital to do this. We proactive service and delivery from our are now focused on expanding the business banking partner. We were first introduced to over the next two years and looking to target NatWest and RBSIF over two years ago and John Gribbon, Regional Managing theDirector aerospace industry.” have built up a good relationship. At the time

business recovery

Managing Director

Helping business every step of the way • By John Gribbon, Regional Managing Director Nort

ay • By John Gribbon, Regional Managing Director No 9 ith UK businesses looking

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own growth, to invest and gain market

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LSCA Business

DIARY OF EVENTS 2013/14 Below are details of forthcoming events. Please check the website for further updates, including ‘early bird’ discounts and season ticket offers at icaew.com/north-west-events DATE

START EVENT

VENUE

SPEAKER

2013

27 November

17:45

Charity Accounting Update

Masonic Hall, Southport

Sarah Anderson, Deloitte

27 November

12:45

Chester Town Group

Pursglove & Brown, Chester

TBC

29 November

18:45

Liverpool Society Annual Dinner

Crowne Plaza, Liverpool

Various

11 December

09:30

Tax Update

Britannia Adelphi Hotel, Liverpool

Marion Hodgkiss, Kaplan Hawksmere

2014

26 February

17:45

Tax efficient profit extraction

Masonic Hall, Southport

7 March

19:30

Chester & North Wales Society Annual Dinner

Chester Grosvenor

12 March

09:30

PAYE/NIC/P11D Update

Britannia Adelphi Hotel, Liverpool

14 March

19:30

Southport Branch Annual Dinner

Hesketh Golf Club, Southport

26 March

17:45

Cloud computing

Masonic Hall, Southport

Gardner Systems

24 April

09:30

Tax update

Britannia Adelphi Hotel, Liverpool

Marion Hodgkiss

30 April

17:45

Post budget tax update

Masonic Hall, Southport

Rob Adams & Matt Foddy

15 May

09:30

Financial Reporting

Radisson Blu, Liverpool

Bruce Cowie

Catherine Gregory

Marion Hodgkiss

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CharteredOne | Issue 7 | Winter 2013

Southport Branch:

Programme: 2013/2014 Meetings to be held at the Masonic Hall, Duke Street, Southport PR8 1LS from 5.45 – 6.45pm.

Refreshments available from 5.15pm. The booking forms are on the ICAEW website www.icaew.com/events or contact Alex Pilkington on +44 (0)1925 594284 or alex.pilkington@icaew.com Cost £12 per session or season ticket £30 for all six sessions

2013 27th November - Charity Accounting Update: Sarah Anderson, Deloitte

2014 26th February - Tax efficient profit extraction including dividends: Catherine Gregory, Liverpool University 26th March - Cloud Computing: Paul Stringfellow, Gardner Systems 30th April - Post budget tax update: Rob Adams and Matt Foddy, Grant Thornton Friday 14th March - Annual Dinner at Hesketh Golf Club

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Centric A4 Chartered One ad_Layout 1 11/11/2013 12:40 Page 1

Smarter thinking, superior funding solutions. Your clients may be SMEs looking to finance an MBO, MBI, acquisition or merger. Or they may simply wish to improve cash flow or reinvest in their business. As specialists in asset-based lending and invoice discounting, we deliver powerful yet agile working capital solutions, structured according to your clients’ needs. You’ll have the benefit of our expertise, certainty of outcome and the speed of delivery which sets Centric apart. Funding lines available up to £15 million. Working harder for your clients.

www.centriccf.com call Stuart Bates 07827 329316 email stuart.bates@centriccf.com

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Centric A4 Chartered One ad_Layout 1 11/11/2013 12:40 Page 1

The Case for Asset Based Lending Stuart Bates, Sales Director at Centric Commercial Finance, has structured numerous Asset Based Lending facilities, including substantial acquisitions, management buy outs and buy ins. Chartered One caught up with Stuart to give readers an insight into the advantages of Asset Based Lending by looking at the case study for a growing, award-winning Bolton-based business that has been with Centric since 2009. Your Business, Your Baby Cosatto is a leading designer, importer and wholesaler of an extensive range of specialist branded nursery products, from pushchairs to highchairs and furniture. When the term of the company’s finance facility was due to come to an end, Cosatto’s management team actively sought an alternative funding solution to provide a greater availability of working capital.

continued success. We provide more funds because we make the time to get to know our clients, understand their businesses and, of course, their needs. You can’t do that from behind a desk. Our clients are often entrepreneurs and they want to see the people they’re dealing with.” Stuart believes it’s from this very first meeting that Centric’s experience kicks into action: “With our combined management team experience in asset-based lending spanning many years, we’re confident we can add value to every business we work with. While the market focus has been on refinancing existing facilities, today we’re also increasingly funding event-driven transactions including acquisitions, management buy-outs and buy-ins. As locallybased decision makers, we give clients within the Region our personal attention, looking beyond the balance sheet, seeing the company’s true potential, and turning around deals extremely quickly.”

Smarter thinking, superior funding solutions.

At the core of the Asset Based Finance facility was Invoice Discounting, which provides Cosatto with an immediate injection of cash and on-going working capital to create headroom for the business. Specific Loan to Values were also attributed to Stock and Property to create a total funding programme.

Centric Commercial Finance

Centric Commercial Finance is an award-winning independent Financial Services Group, focused on delivering event-driven Invoice Discounting and Asset Based Lending transactions to companies with revenues of more than £1million.

Steve Green, Finance Director at Cosatto Limited, The highly experienced team comprises established leaders Your clients may be SMEs looking to finance an MBO, MBI, acquisition or merger. comments: “Unlike lenders we have used in the past, with at the forefront of the Asset Based Lending industry, with Or they may simply to improve cashover flow or reinvest in their business.experience in structuring and Centric we can just speak to a decision-maker andwish things 100 years combined happen straight away without layers of credit committees.” writing deals. As specialists in asset-based lending and invoice discounting, we deliver powerful yet agile working capital He adds: “We have been with Centric since 2009 and, with Contact: solutions, structured according to your clients’ needs. You’ll have the benefit of our expertise, certainty of their support, our business has gone from strength to strength. Stuart Bates outcome and the speed of delivery which sets Centric apart. Funding lines Director available up to £15 million. From day one, Centric have delivered on their promises and Sales the working capital facilities they provide are enabling us to Centric Commercial Finance Limited expand our product range and invest in growing our Working harder forbrand.” your clients. M: 07827 329 316 Stuart Bates, Sales Director at Centric Commercial Finance, E: stuart.bates@centriccf.com said: “We are delighted to back ambitious, growing businesses like Cosatto and wish the management team www.centricCF.com

www.centriccf.com call Stuart Bates 07827 329316 email stuart.bates@centriccf.com

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LSCA Business

CPD Programme CPD Programme 2012/2013 2012/2013

www.charteredone.co.uk The provision of CPD, you may have noticed, is undergoing somewhat of a revolution. Webinars, podcasts, e-learning, now compliment the good old fashioned workshop and lecture format, not to mention coaching, mentoring, discussion group and reflection. The LSCA’s ‘Learning and Professional Development Committee’ (formerly known as the ‘courses committee) are keen to help all our members navigate Carol McLachlan these shifting CPD waters. Not only do we want to find out if you are getting enough CPD, but also if you are getting the right kind at the right time and in the right format. In addition to changing our name to reflect the broader nature of CPD, LSCA are also one of four district societies contributing to a national working party investigating how the ICAEW can work with local members to support CPD. As chair of the Liverpool LPD ( Learning and Professional Development), I am also researching the topic for my master’s degree. So with all this in mind, we are organising a series of focus groups, starting this autumn exploring the area of non-technical CPD provision. We need representatives at all levels, from firms of all sizes, as well as CAs from industry and the public sector. We are particularly keen to hear from local members who have not previously attended local CPD events. To register for the focus group or to share your views on CPD locally and nationally, you can email me direct on info@theaccountantscoach.com. This is an exciting opportunity to join us to lead CPD at the cutting edge with the aim of maximising value from your CPD investment

Continuing professional development (CPD) enables you to develop your Continuing professional development expertise within your individual role (CPD) enables you to develop your and help you maintain that edgerole expertise within your individual throughout your career. and help you maintain that edge throughout your career. Our CPD programme is designed to provide you with a selection of highly Our CPD programme is designed to topical and specialist courses which provide you with a selection of highly are bothand relevant andcourses accessible topical specialist which to you. Our presenters are highly are both relevant and accessible experienced and knowledgeable to you. Our presenters are highly professionals and knowledgeable their delivery is experienced and always from aand practical perspective. professionals their delivery is always from aprogramme practical perspective. The autumn contains the core update courses that have become The autumn programme contains the regular fixtures on the Liverpool core update courses that have become Society’s calendar, together with some regular fixtures on the Liverpool new topics to whet your appetite. Society’s calendar, together with some new topics to find whetthis your appetite. of We hope you programme benefit. We hope you find this programme of benefit.

BUSINESS WITH CONFIDENCE

icaew.com/northwest

BUSINESS WITH CONFIDENCE

icaew.com/northwest

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CharteredOne | Issue 7 | Winter 2013

LSCA website Martyn Best reports on the very first website for the Liverpool Society of Chartered Accountants. I am thrilled and delighted to let you know that a new www. has entered our world, and that is the Society’s first ever website dedicated entirely to your Society’s activities and events.

Easily found at www.charteredone. co.uk it has been developed in association with Crosby Associates, who are our publishing and advertising partners with Chartered ONE. The website is part of the communications plan which I had in mind during my year as President which resulted initially in our linkedgroup which now has over 650 members, and which led to the production of Chartered ONE now

nearly two years ago. I am very pleased that we now have our own dedicated website, and whilst the ICAEW does have a section for Liverpool it does not have, shall I say, the tender loving care and specific focus that I hope Chartered ONE website can now provide. The ICAEW site is still the place to go for event bookings and it will have some of the formal matters more pertinent to wider ICAEW activity, but we hope Chartered ONE will have much more local relevance. You can be the judge of this, and again I very warmly welcome all feedback please. As you will see, our website contains more specific details of the Society’s background and aims and composition. It also will host copies of the current edition of Chartered ONE and be an archive for past ones. Details of forthcoming events will be

posted there, and we will develop it with a gallery of pictures of relevance and of future offers that we hope to provide from business who will be supporting the Society in the future. I would like to express my deepest thanks to Crosby Associates for their wonderful support in developing and managing the website, and in particularly to their Managing Director Lee Carroll and Roger Swift who has helped bring the site, as well as our magazine to such a good state. Thanks also to Tom, Phil and Laura. So, please do visit the site, and please do send me any comments you have. It’s just been launched so there will be good scope for continual improvement and as it is your Society’s website, your input will be very welcome. With kind regards, Martyn

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CharteredOne | Issue 7 | Winter 2013

ICAEW BUSINESS FUTURES CONFERENCE The Liverpool Society of Chartered Accountants, as one of the founding four societies, and the oldest is looking to play a major part on the delivery of some very exciting elements.

In conjunction with the ICAEW we will be co-hosting the ICAEW Business Futures. The ICAEW is a world leading professional membership organisation that promotes, develops and supports over 140,000 chartered accountants worldwide. • 81% of FTSE 100 companies have at least one ICAEW Chartered Accountant on their board. • 59% of FTSE 100 companies have an ICAEW Chartered Accountant as chairman, CEO or CFO. • ICAEW Chartered Accountants are the biggest source of business advice, reaching over 1.5m businesses from more than 20,000 offices across the UK. ICAEW is a UK-based international organisation with members in more than 160 countries and offices in the UK, Belgium, China, Cyprus, Hong Kong, Malaysia, Singapore and the United Arab Emirates. We are known for our public interest remit and our work is wellrecognised by regulators and governments for its high quality.

BUSINESS FUTURES ICAEW is embarking on a long-term project looking at the changes to the business environment we can envision over the next two or three decades. The Institute is in the unique position of knowing today’s ICAEW students and younger members will be tomorrow’s captains of industry. We therefore have an obligation to prepare our members and others for the challenges of the future. This has resulted in the establishment of the ICAEW Business Futures project. 14 potential discussion streams have been identified and four broad themes have been chosen for work in the first year. They are: • The impact of ageing populations on businesses and individuals; • The growing demand for water and energy; • The changes, threats and opportunities for education and training; • The development of tax policies and their impact on businesses and Government. Four panels have been formed, one for each of the four themes. Each panel will produce a draft report by January 2014 setting out its views on what the future may hold and the final reports and recommendations will be launched at IFB2014. Each committee is chaired by an expert in the field and includes at least two ICAEW members, an ICAEW younger member or student, an ICAEW regional director and up to three external experts (including academics specialising in the field under discussion as well as a member of the media). Our panel members/partners on this project include: Baroness Sally Greengross OBE The International Longevity Centre, Royal Society of Arts Paul Wallace, The Economist Dr Richard Scase, Canterbury University, Warwick University Susan Davy, Finance and Regulatory Director, South West Water Seven Trent Water Carl Bayley, Tax Author and Presenter (and Deputy Chairman, ICAEW Tax Faculty) The reports will be promoted to the media, our membership and key stakeholders in both the public and private sector and will inform future ICAEW manifestos and other submissions to policymakers.

BUSINESS FUTURES CONFERENCE AT IFB 2014 We are holding a high profile conference during IFB2014. The conference will take place on the morning of 1 July 2014, during the themed week for Knowledge, Professional & Financial Services. The organisers of IFB2014 are positioning the conference as one of the highlights of the themed week. At the conference we will launch the final reports on the four themes outlined above. Our keynote speaker at the event is Sir Terry Leahy. Sir Terry is former the head of Tesco and by the time he stepped down as Chief Executive in 2011, the company had become an international retail phenomenon. Attracting one in every eight pounds spent in Britain, it’s now the UK’s biggest supermarket chain and the third biggest in the world - with 350,000 employees and 2,000 stores. Sir Terry will talk about how the business environment has changed over the last 20 or so years and what he envisages the challenges may be for business in the future. Our conference facilitator is Jonathan Dimbleby. Jonathan is one of Britain’s most respected broadcasters. After stepping down as presenter of ITV’s flagship current affairs programme, he continues to chair Any Questions and Any Answers for BBC Radio 4. The four reports and recommendations will be presented by our panel Chairs (including Baroness Sally Greengross OBE who is Vice Chair of the All-Party Parliamentary Group on Dementia and

Ageing and Older People & Chief Executive of the International Longevity Centre – UK) and this will be followed by an open debate. Michael Roberts, Chair of ICAEW International Student Council (Michael works for Deloitte in their Reading office) will introduce the event and Arthur Bailey (who will be President of the ICAEW in July 2014) will close the conference. We anticipate an audience of 200+ made up of ICAEW members (including ICAEW International Student Council (ISC) members who are also holding their annual ISC conference in Liverpool the day before the conference), our partners on the project, key stakeholders, business leaders, the media and policy makers. There will be no charge to attend the event and as it will be promoted through IFB2014 there will be an opportunity for anyone attending the Festival to book to attend the conference. We anticipate that the event and the Business Futures reports will generate significant interest from the media, business leaders and policy makers. For further information contact : Melanie Christie - Melanie.Christie@icaew.com Regional Director North West, ICAEW

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Mazars - Tax Investigation Experts Do you want a second opinion on a single issue? Or perhaps you need help with the complexities of a Code of Practice 9 suspected fraud enquiry, or even representation at a Tax Tribunal. Mazars can provide as much or as little guidance as you need. Our flexible support can free you up to continue doing what you do best.

For a free consultation, contact: Dave Jennings, Head of Tax Investigations, North on +44 (0)7881 283409 or dave.jennings@mazars.co.uk

www.mazars.co.uk

Tax investigations can be taxing So why not let Mazars tax investigations take away the strain? HMRC is now sifting through the Swiss bank account data; offering an ‘amnesty’ to the health & wellbeing professions; investigating landlords and undisclosed property capital gains to close the estimated £35bn “tax gap”. We are experienced in both civil and criminal investigations helping hundreds of intermediaries over the years to resolve their clients’ problems with HMRC. Using a specialist takes away the risk of dealing with problems you may see infrequently but which we deal with every day.

Our experienced team of tax investigations specialists provides the highest quality service at local commercial rates. We run regular Tax seminars, specifically for accountants and solicitors. Our next Liverpool event on 6 February 2014 focuses on offshore trading including expat issues. Please contact catherine.waring@mazars.co.uk to reserve your place.

www.mazars.co.uk 18

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CharteredOne | Issue 7 | Winter 2013

Beer and Bankruptcy Paul Cochrane explores the relationship between the Liverpool Society of Chartered Accountants and the Liverpool Law Society I am delighted to say that, since being elected President of the Liverpool Society of Chartered Accounts ( LSCA ) I have attended and enjoyed a number of joint events held with the Liverpool Law Society.

The LSCA and the Liverpool Law Society have very strong links which, certainly the current office holders, are keen to maintain and strengthen. However, I recently came across a research document prepared by Stephen Walker of Cardiff University which highlighted how far back our relationship extends.

Each has added to my education. Although, I must confess they were social events and the lure was my desire to learn about the production of beer and wine rather than the need for CPD.

The LSCA was formed in 1870 and famously was the first Society of Chartered Accountants in the country, a fact that all Presidents of the LSCA must mention at every possible opportunity.

I was aware that the Liverpool Law Society predate this. I was not aware that they were actually instrumental in the formation of the LSCA. This happened as a result of the forward looking approach taken by the Liverpool Law Society in response to the Bankruptcy Act 1869. For the first time this Act allowed accountants to be appointed as a trustee in bankruptcy, an area previously a preserve of lawyers. At the time, the prevalent view amongst lawyers was the measure would “considerably diminish the business of attorneys and solicitors who practice in bankruptcy and in common law” ( Law Time 20th March 1869 ).Not surprisingly the new rules met with more than a little resistance from lawyers The first city in which accountants and lawyers addressed these issues was Liverpool. The Liverpool Law Society took a pragmatic view and suggested to Liverpool’s leading accountants that, if the two disciplines were to work together, the lawyers would rather work with reputable accountants and suggested the leading firms form a professional organisation for accountants.

Paul Cochrane and Alistair Fletcher, President of the Liverpool Law Society

The rest is history.

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Family Asset Protection Trusts are marketed as a means of avoiding not only Inheritance Tax but also probate costs and care home fees. Caution must be exercised before advising a client to place assets beyond his or

Professional advisers are often accused those interests. A trading company of being reactive rather than proactive. wishing to launch into the purchase and costs and consequences of setting up a trust. Direct Access to barristers in the Chancery and Commercial The client is the imaginative one, sale of high value jewellery was advised Practice Group at Atlantic Chambers can provide both the client and their professional adviser with a clear wanting to rearrange the family assets, on the verification requirements to avoid idea of the suitability of a trust when it matters i.e. before the trust has been set up. The tax aspects of a Family launch a new venture, develop a new the pitfall of being unknowingly involved Asset Protection Trust can be considered as well as recent developments in the law relating to deprivation of site. Chancery and commercial lawyers in VAT carousel fraud. A developer in assets and the use of the insolvency legislation by local authorities to recoup payment from residential care often advise on how a plan might be dispute concerning restrictive covenants users. In fact, all the advantages and disadvantages can be canvassed the professional can be carried out and the prospective benefits was advisedand on the merits and adviser methods assured that disadvantages the client has been the fullest extent and the Chancery and Commercial barristers and of advised each to possible of removing or motdifying the restrictions. at Atlantic ensure thatinthe products are suited to the client’s needs. Once a trust is fully route.Chambers They cancan also advise advance constituted most be undone by a deed of variation and an expensive application to the of theit can’t, pitfallsin to becases, avoided. Barristers court might be necessary, adviser’s Other tax and and costsCommercial consequences might follow. provide the client possibly and hisatorthe her regularexpense.The Chancery barristers Professional advisers are often accused those interests. A trading company Pr ofess Professional advisers from arewith often accused those these interests. A trading the opportunity to obtain at company Atlantic Chambersadviser. are specialists in Timely advisers advice a barrister can avoid consequences for the professional of being reactive rather than proactive. wishing to launch into the purchase and of of being reactive rather than proactive. wishing to launch into the purchase bein and an independent The specialist second representing clients at value hearing before The client is the imaginative one, sale of high jewellery was advised cl The client is the imaginative one, sale of high value jewellery was advised wanting to rearrange the family assets, on the verifi cation requirements to avoid opinion from a non-competitive source. courts and tribunals after the event has wanting wanting to rearrange the family assets, on the verification requirements to avoid launch a new venture, develop a new the pitfall of being unknowingly involved launch launch a new venture, develop a new the pitfall of being unknowingly involvedor the challenge has been made occurred site. Chancery and commercial lawyers in VAT carousel fraud. A developer in site. C site. Chancery and commercial lawyers in VAT carousel fraud. A developer in and sometime this cannot be avoided. often advise on how a plan might be dispute concerning restrictive covenants a often advise on how a plan might often be dispute concerning restrictive covenants carried out and the prospective benefi ts was advised on the merits and methods A the family wanted tots rearrange a family Themethods barristers would prefer to work with carried carried out and prospective benefi was advised on the merits and and disadvantages of each possible of removing or motdifying thedi restrictions. and and disadvantages of each or motdifying thethe restrictions. trust but thepossible potential of removing beneficiaries client and his or her advisers to create route. They can also advise in advance route. T route. They can also advise in advance included descendants yet unborn. A and plan in advance how the proposals of the pitfalls to be avoided. Barristers of the of the pitfalls to be avoided. Barristers provide the client and hiscan or herbe regular Theor Chancery and Commercial barristers court order was obtained by restructuring structured performed to avoid pr ovide provide the client and his or her regular The Chancery and Commercial barristers advisers with the opportunity to obtain at Atlantic Chambers are specialists in adviser advisers with thetrust, opportunity to obtain at Atlantic Chambers are specialists in the within its powers, to protect future challenges and costly litigation. an independent specialist second representing clients at hearing before her reach to avoid these charges because one size does not fit all and the client must fully understand the

an ind an independent specialist second representing clients at hearing before opinion from a non-competitive source. courts and tribunals after the event has opinion opinion from a non-competitive source. courts and tribunals after the event has occurred or the challenge has been made occurred or the challenge has been made and sometime this cannot be avoided. and sometime this cannot be avoided. A family wanted to rearrange a family The barristers would prefer to work with A fam A family wanted to rearrange a family The barristers would prefer to work with trust but the potential beneficiaries the client and his or her advisers to create trust b trust but the potential beneficiaries the client and his or her advisers to create included descendants yet unborn. A and plan in advance how the proposals include included descendants yet unborn. A and plan in advance how the proposals court order was obtained by restructuring can be structured or performed to avoid court or court order was obtained by restructuring can be structured or performed to avoid the trust, within its powers, to protect future challenges and costly litigation. the trus the trust, within its powers, to protect future challenges and costly litigation.

WEB: www.atlanticchambers.co.uk EMAIL: clerks@atlanticchambers.co.uk PHONE: 0151 236 4421

Atlantic Chambers 4-6 Cook Street Liverpool L2 9QU

WEB: www.atlanticchambers.co.uk WEB: www.atlanticchambers.co.uk Atlantic Chambers EMAIL: clerks@atlanticchambers.co.uk EMAIL: clerks@atlanticchambers.co.uk 4-6 Cook Street PHONE: 0151 236 4421 PHONE: 0151 236 4421 Liverpool L2 9QU

Atlantic Chambers W 4-6EM Cook Street Liverpool PH L2 9QU

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sional adv ng reactive client is ng to rearra h a new v Chancery a advise on

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Financing Ambition and Inspiring Entrepreneurs As the largest fund of its type in the UK, The North West Fund has been set up to create a lasting legacy for businesses in the region. The £155million investment fund is now nearly three years old and has already built up a strong portfolio of growing businesses. The business and entrepreneurial talent in the region is impressive and The North West Fund is available to support these growing businesses with the finance they need so they can realise their ambition and possibly move into new markets. The Fund has invested over £68million, in more than 220 businesses and in doing so, it has been able to create and safeguard a significant number of jobs in the region, as well as providing finance and support to create over forty new businesses. The North West Fund, which is financed jointly by the European Regional Development Fund and the European Investment Bank, supports SMEs across the North West with investments of between £50,000 and £2million. The investments are made through six sub-funds, each managed by a specialist fund manager. We have already invested in a broad range of Merseyside-based businesses, each with an inspiring story to tell about their plans for growth. You can read more about these businesses in the case studies section on our website, in the meantime, here is an example of one of our Inspiring Entrepreneurs… Acoustic Sensing trials SewerBatt in Australia Daresbury-based, Acoustic Sensing Technology (UK) Ltd has undertaken Australian trials of its innovative product, 'SewerBatt', a low cost acoustic technology product which assesses the condition of sewer pipes. The innovative technology allows the user to quickly and accurately measure the acoustic signature of a pipe to Richard Long & Nick Hawkins from Acoustic Sensing

determine the severity and location of any defects.

In spring 2013, the company secured a £650,000 equity investment from The North West Fund for Energy & Environmental, which is managed by 350 Investment Partners. The investment was initially used to bring the product to market and since launch the company has been focusing on selling SewerBatt to water companies and contractors in the UK, Europe, Australia and America. The firm's chief executive Nick Hawkins works closely with the team at The North West Fund, he said, "It has been a pleasure working with The Fund, the team has been incredibly supportive and we are already pleased with the company's growth.” Michael Bakewell, investment manager at 350 Investment Partners, joined the company's board as a non-executive director, he said, "The SewerBatt is already proving to be beneficial to water companies here in the UK and the trials in Australia will hopefully lead to further sales and export opportunities for the company.” Do your clients need business finance? Whether your clients are just starting up or seeking funding to help take their business to the next level, investment of between £50,000 and £2million from The North West Fund could be what they need to help their business flourish (www.thenorthwestfund.co.uk).

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Do your ClIents neeD busIness fInanCe? We have already supported over 200 businesses with more than £60 million of funding and we’re looking for more businesses to invest in.

So whether your clients are just starting up or seeking funding to help take their company to the next level, investment of between £50,000 and £2m from The North West Fund could be just what they need to help their business flourish.

Interested? Find out more at

www.thenorthwestfund.co.uk

Could your client be our next investment?

T: 01925 418 232 E: enquiries@thenorthwestfund.co.uk The North West Fund is a £155m investment fund, established to provide debt and equity funding from £50,000 to £2m to small and medium sized enterprises (SMEs) based in, or relocating to, the North West of England.

All of our Fund Managers are authorised and regulated by the Financial Conduct Authority. We are unable to invest in retail businesses. Please check the website for a full break down of eligibility.

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GET IN TOUCH WITH THE MAGAZINE TEAM... Advertising/Features: Roger Swift - 0845 643 5551 roger.swift@crosbyassociates.co.uk

Editorial: Martyn Best martyn.best@documentdirect.co.uk Chartered ONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Crosby Associates Ltd.

www.crosbyassociates.co.uk © All rights reserved.

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Auto-enrolment – are you and your clients ready for it? Since the launch of auto-enrolment, the impact on employers has gained much coverage in the press and has undoubtedly been the subject of debate within the boardroom. Non-compliance with the new legislation is not an option. There are daily fines of up to £10,000 for employers who fail to comply. Whilst the Pensions Minister, Steve Webb, has commented that no employer should need advice on auto-enrolment, research by the Pensions Regulator has found that many businesses have indicated otherwise. The start of an employer’s legal obligations is determined by their size and specifically their PAYE reference number. This is known as the ‘staging date’. The Pensions Regulator will write to all employers at least 12 months prior to their staging date, with a further reminder three months beforehand. Whilst employers with more than 500 employees should already have started the process, April 2014 triggers the point at which employers with fewer than 250 employees begin staging. Figures from the Pensions Regulator indicate that from May to August 2014, auto-enrolment will accelerate to approximately 25,500 employers. The scale of the auto-enrolment project for HR, finance and payroll teams should not be underestimated. Here are a few tips to make the journey less painful:

1. Know your staging date

Employers need to be planning 12 to 18 months beforehand in order to ensure they have sufficient preparation. Some employers may have several pension schemes, and each of these schemes will need to be checked to see that they qualify.

2. Start the process as soon as possible

A year after the start of auto-enrolment, providers are starting to turn down business. There is no guarantee that if an existing pension scheme is with a specific provider, they will automatically open up the scheme to cover autoenrolment requirements.

3. Do not assume your scheme will qualify

Many clients assume because their scheme has an employer contribution of 3% it will pass as a qualifying pension scheme. This is almost in all cases not true. Existing pension schemes need to be reviewed to ensure they meet the criteria.

4. Involve other parties

Employers need to involve HR, payroll, IT and marketing, as well as accountants and pensions consultants to ensure a successful auto-enrolment journey. Employers should not assume that existing payroll/HR systems are auto-enrolment functional, and early engagement with providers is essential.

5. Assess the workforce

Employers will need to assess which employees will be subject to auto-enrolment and those who are not eligible. Particular attention needs to be given to consultants, seasonal and casual workers, agency workers and contractors, offshore workers, as well as foreign national working in the UK. Employers will also need to check for any employees with enhanced or fixed protection on their pension benefits as auto-enrolment could invalidate their protection status.

6. Devise a communication strategy

Whether a business is making changes to existing pension arrangements or looking at auto-enrolment requirements, a communication strategy is paramount. Employers intending to make changes to existing schemes will need to be aware of their legal requirements to consult with members, and any notice period within existing scheme rules.

7. Create a budget

Employers need to budget for the level of pension contributions to be made as well as any payroll and advisory costs. There can be some cost savings by utilising salary sacrifice and reviewing existing auxiliary benefits, which may offset the funding required for auto-enrolment. However, auxiliary benefits may also need to be reviewed if eligibility for the group life scheme is linked to membership of the pension scheme.

Auto-enrolment is firmly here and not going away. Are you and your clients ready for it? Mattioli Woods is one of the UK’s leading specialist pension providers, advising over 6,000 clients, which demonstrates true depth of knowledge and expertise. Authorised and regulated by the Financial Conduct Authority.

For further details on auto-enrolment contact

0116 240 8700 or visit www.mattioli-woods.com MW Liverpool Mag A4 v6.indd 1

04/11/2013 14:21

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CharteredOne | Issue 7 | Winter 2013

Give your fair share this Christmas Wayne Dutton, Senior Tax Manager of PwC, here in Liverpool highlights what could be a great benefit for employees, not just at Christmas either. From 1 September this year, employers have been able to award employees shares of the business, without them having to pay income tax and national insurance. And any gain upon disposal is free from capital gains and income tax. What’s the catch?

While it may sound too good to be true, in return for the shares, employees must give up certain employment rights, many of which are seen as central to an employee’s employment security. For instance, to allow an employee to benefit from a tax free profit on sale they must give up their rights to: • sue for unfair dismissal (subject to limited exceptions); • statutory redundancy pay; • requests for flexible working hours; and • requests for time off for training or study. Considering the above, it is no surprise that independent legal advice must be taken before an employee accepts a share award. Additionally, there are limits as to the value of shares which can be awarded. Shares with a value of between £2,000 and £50,000 can be given, but only the first £2,000

is tax and national insurance free. The employer must therefore pay the tax (and possibly national insurance) on any excess over £2,000.

Other points to consider

The conditions attached to the relief are generally relaxed. As such: • shares can be subject to restrictions, be of a new class, or be in a subsidiary; • there is no minimum holding period; • employees can be selected to participate rather than shares being offered to the whole workforce; • shares can be bought back from exiting employees and tax benefits remain; and • those with a holding of more than 25% cannot participate.

How does it work in practice?

look to incentivise incoming or incumbent management teams.

Are they here to stay?

The terms of the new relief are flexible and can offer significant benefits to both employees and employers. HMRC are however very wary of the potential for this new relief to be abused and it is understood to be keeping a very close watch on its application. It is also understood that there was some resistance from politicians to its introduction so it may only have a short shelf life. I would suggest that employers and employees make the most of this relief while they can as I suspect that in its current form it may not be a long-term option. But they could make a great Christmas present while they are around.

While it is still early days, it is expected that there will be interest from private and public companies that will be looking to reward employees, although any benefits may be geared towards executives rather than the workforce in general. Furthermore, as there is flexibility as to what rights can be attached to shares, with correct structuring, current shareholder’s value can be protected from dilution following an award of shares. Private equity firms are showing interest in the new relief as they Wayne Dutton

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Setting the Standard Established in 1991, the Society of Trust and Estate Practitioners (STEP) has developed and grown to become the worldwide professional association for practitioners dealing with family inheritance and succession planning. Liverpool accountant George Tasker initially called for an open forum for trust and estate practitioners – be they accountants, lawyers, tax specialists or bankers – to discuss industry issues in the hope that they would share ideas and not be isolated by firm. This appeal to fellow practitioners appeared as a letter in the Nov/Dec issue of Trust and Estates magazine and drew a considerable response.

jurisdictions to ensure that implementation of the latest international money laundering standards does not result in unacceptable loss of confidentiality regarding trust beneficiaries.” STEP’s regular and meaningful engagement with government and decision makers plays a prominent role in the shaping of legal frameworks to help its members deliver the best outcome for clients. Professional Standards A key element for any professional association is the creation and enforcement of professional standards. STEP’s professional standards make clear the role of our members in upholding the reputation of both STEP and the wider field of trust and estate practice.

On 20 May 1991, 82 people attended the first STEP meeting and established a steering committee, a constitution for STEP and a plan for the first national committee meeting. By 1998, STEP’s membership had boomed to 6,000 and began to reach beyond its origins in the UK.

Defined professional standards provide the public with a clear understanding of what to expect from a STEP member. Additionally, they provide members of the public with recourse to lodge a complaint with STEP if they believe their practitioner is not acting in accordance with these standards.

The early establishment of overseas branches in Switzerland, Gibraltar, the Cayman Islands and the Bahamas, accelerated alongside growth within the UK as branches appeared around the world. From its UK origins, STEP now has a worldwide network of 18,500 members across 104 branches and chapters working towards STEP’s vision of responsible stewardship of assets today and across future generations.

Recently, the UK government called for all relevant professional bodies to introduce their own codes of conduct specifically covering will writing in England & Wales. To this end STEP is developing a will-writing code for members in England & Wales to make clear what is widely accepted best practice in this area. It is the TEP hallmark, commitment to high-quality service and readiness to uphold STEP’s professional standards that distinguishes STEP members from other professional advisors.

STEP members spend their professional lives working with families and tackling real problems. Common issues for members to advise on are: providing for a husband or wife after the death of a spouse while protecting the interests of any children; ensuring that a family business will pass safely from one generation to another; care and support for elderly or vulnerable relatives; ensuring that families with interests and family members spread across differing countries are compliant with the laws and tax rules of different jurisdictions; and helping donors support philanthropic causes in an effective way. Leading on Policy STEP provides practical advice and expertise to government, tax authorities, regulators and the wider public to help examine and identify impacts from changes to legislation as well as providing technical advice and facilitating engagement between stakeholders working in the fields of trusts and estates. Within the UK, STEP is playing a role in the implementation of and revision to policies with implications for an array of parties from banks and parliamentary groups to seniors and families making plans for later life. “STEP has been active on a number of issues concerning trust and estate practitioners in a changing regulatory environment”, Director of Policy George Hodgson said. “We’ve secured significant amendments to the treatment of trusts both under the US FATCA regulations and the UK Model 1 IGA type agreements now being negotiated by a range of jurisdictions.” “Simultaneously, we are working intensively with other

Professional Development In addition to playing an active role in leading public policy, STEP offers formal qualifications to practitioners across of range of industry disciplines. “STEP is an unusual body in that its certificates and diplomas are initial professional development for some and continuing professional development for others”, STEP Professional Development Committee Chair Rosemary Marr said. “In regions such as the UK and Canada people often turn to STEP after qualification as a solicitor, accountant, financial planner and so on, as it offers exciting private client career development, whereas in other regions the STEP International Trusts Management diploma often acts as a first professional qualification and provides a route through to a trust officer/manager role and beyond.” STEP strives to build the skills of practitioners through professional training, development and formal qualifications that range from the Certificate in Financial Services to the Advanced Certificate in UK Tax for International Clients and the Diploma in Trusts and Estates (England and Wales). Members attaining these qualifications are better positioned to advise clients on the tax treatment of different types of trusts and legal management of the client estate, including probate and intestacy issues. STEP currently offers the Diploma for Accountants and Tax Practitioners – Trusts and Estates (DATP-TE), focussing on the legal principles and practices underlying the

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administration of trusts and estates.So far, over the two years that the course has been running, STEP has seen well over 100 hundred delegates taking this fast-tracked route, with over 70 successful graduates becoming TEPs. “Gaining a STEP qualification, whether that is at Certificate, Advanced Certificate or Diploma level gives practitioners confidence that they have the bases covered and understand the client issues, even if they refer specific pieces of work out”, said Nigel Race, STEP’s Director for Professional Development.

seminars further strengthen member knowledge in specific subject areas.

“Key too, is the credibility a STEP qualification gives the practitioner within the industry. The reputation of the qualifications is high and that reflects on those who pass them. The STEP qualifications have always been highly regarded, evidenced by the number of STEP students we currently have – there are currently slightly over 1,500 accountants, lawyers and financial planners studying for a STEP exam.”

STEP recently released the second edition of its Accounting Guidelines, a handbook for practitioners preparing trust and estate accounts in England & Wales. STEP’s Accounting Guidelines provide practitioners with examples and explanations to thoroughly delve into the needs of trustees and beneficiaries. Expanding heavily on the first edition, STEP Accounting Guidelines provides almost 200 pages of examples of tax return and deduction certificates and appendices for download from the STEP website, where they are updated as necessary.

STEP assists members in keeping up to date with industry developments through the monthly STEP Journal, a regular industry news service and other global and region-specific resources. For details of STEP branches in your area or for more information on how you can become a STEP member visit www.step.org

Why become a STEP Member? STEP members and affiliates have access to a range of benefits and services. Members may use the TEP designation and STEP logo, identifying them as part of the worldwide professional association for practitioners dealing with family inheritance and succession planning. STEP’s Certificates www.step.org/joining and Diplomas provide professional and career development and a programme of international, national and local conferences and

Why Join

STEP Accounting Guidelines

www.step.org/joining

The Society of Trust and Estate Practitioners?

Why Join

As the largest trust and estate society in the world, our regional, national and international networks offer unparalleled opportunities for professional networking andSociety businessofdevelopment opportunities. The Trust and Estate Practitioners?

STEP is the professional body for trust and estate As the largest trust and estate society in the world, our practitioners worldwide comprised of lawyers, accountants, regional, national and international networks offer trust officers, tax specialists, bankers and financial advisors.

unparalleled opportunities for professional networking and business development opportunities.

STEP is theSTEP professional body for trust and estate JOIN IN THE UK practitioners worldwide comprised of lawyers, Complete one of the STEP qualifications to accountants, trust officers, tax specialists, bankers and financial advisors.

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Cratchit quietly stooped towards the diminishing glow of the fireplace, refreshing the supply of what little coal was left thereon. He could barely move his hands because of the bitter cold, making the long list of forthcoming duties all the more difficult to complete. If he could maintain comfortable working conditions he would be able to work easily to his quota, but he feared that his miserly superior failed to realise the concept of false economy, especially when it came to filing. To Scrooge economising was everything; his large fortune a testament to his lifetime’s penny-pinching paradigm. While Cratchit struggled with his workload, Scrooge was busying himself in the backroom with the unforgivably slapdash system of files. The caution with which Scrooge treated his own accounts could not be said for that of his clients; the firms filing system had been in need of an overhaul for years. Scrooge acknowledged his colleague, briefly ending his continuous cursing and sporadic mutterings of ‘bah, humbug!’ ‘I suppose you’ll be wanting tomorrow off Cratchit?’ He grumbled. Christmas did not appeal to his stingy sensibilities. ‘It is but once a year sir’ he answered, apologetically. ‘Very well’ retorted Scrooge, ‘but be here all the earlier the next morning! Christmas came and went, with the Cratchits making rather merry in their meagre – yet joyously festive –

dwellings. He entered the office the following morning, filled with dread over his obvious lateness. Mr Scrooge was already hunched at his desk. Sitting down nervously to start his work, he gathered up a pile of official papers and took them to file. Entering the backroom, he was immediately taken aback by that which confronted him. Where there was once a confusing clutter stood an immaculate set of Railex Files. Bemused, he returned to the office and was once again astounded. Scrooge faced him with an uncharacteristically sincere smile on his face. ‘W … What has happened Mr Scrooge?’ enquired the Clerk, his eyes wide with astonishment. ‘I want to change Bob. You see, I recently had a profound experience’ … Scrooge looked off, wistfully, ‘well; I don’t really have time to go into it all, but it suffices to say that I honestly wish to change my ways.’ ‘I want to help Bob, if you’ll let me’ he continued ‘and I have started by organising our documents properly. I have been blessed with a future vision of how Railex – The Filing Specialists – can help the organisation of our workspace, no end. Now, put some more coal on that fire!’ Bob smiled, recognising the miraculous power of the Christmas spirit. He then uttered a poignant phrase which had echoed in his head since yesterday, an expression which now seemed wholly appropriate: ‘God bless us, everyone!’

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CharteredOne | Issue 7 | Winter 2013

DSG Strength in numbers DSG Chartered Accountants have recently strengthened their Liverpool City centre team in the form of two apprentices.

Leah Gaskell and Sarah Nolan joined DSG to embark on their accountancy careers after completing ‘A’ levels and opting for the workplace over a place at University. They are both studying initially for the Association of Accounting Technician qualification.

the classroom studies transfer into real life situations.

They will benefit from an excellent internal mentoring scheme to ensure their success. Leah and Sarah are working in DSG’s Small Business team and Corporate team respectively to get real hands on experience so they understand how

Andrew Moss, partner, said ‘taking on apprenticeships provides us with valuable members of the team who can grow with the business and become our accountants of the future’.

Apprenticeships are proving to be an increasingly popular alternative to University. When Leah and Sarah have completed the AAT they will continue their accountancy studies, and this could be under an ICAEW ACA training contract.

Leah Gaskell and Sarah Nolan

Asset based finance sector increasingly important in funding UK businesses New research from digital marketing agency SiteVisibility shows that the term invoice finance has been amongst the most popular website search terms when it comes to business finance in 2013. This just underpins the growth and interest from businesses which the asset based finance sector is seeing. Since the economy suffered its downturn in 2009, client turnover for the sector has seen a strong upward trend, growing from £211 billion in 2010 to more than £250 billion last year The latest industry figures (Q2 2013 – April-June) show that firms which use asset based finance have performed strongly, with total client sales approaching £68 billion for the second quarter of 2013, up 16% on the same period in 2012. The year to date figures are almost as encouraging, with clients of ABFA members enjoying sales of £131 billion for the first half of the year, up 12% on 2012. Meanwhile, actual advances to businesses by the ABFA’s members has leapt 10% year on year to £17.4bn, which is the highest balance of advances since September 2008 and only the third time that this has topped £17bn. The figures also paint an encouraging picture of rising export demand, with both export factoring and export invoice

discounting seeing growth of 28% and 13% respectively. With the economy showing clear signs of recovery, it is even more surprising then that according to the latest Bank of England’s report into lending trends (Oct 2013), the annual rate of growth in the stock of lending to UK businesses was negative in the three months to August. Likewise, the stock of lending to SMEs also contracted over this period. This is completely at odds to the demand for asset based finance which the sector is experiencing and highlights the clear need for additional forms of finance from SMEs and larger businesses. In the summer the ABFA launched a new campaign to specifically promote asset based finance to accountants and financial advisers. The initiative featured new educational collateral including a dedicated website (www.abfa. org.uk/accountants) and e-book, sponsorship in key media and educational outreach with the ICAEW (the Institute of Chartered Accountants in England and Wales). In the UK and Ireland the industry has also recently launched an

enhanced self-regulatory framework to demonstrate the standards that clients can expect from the ABFA’s members. The new framework covers an enhanced ABFA Code of Conduct for members, a new independent complaints process overseen by Ombudsman Services and a new Professional Standards Council. Building on the core strengths of the industry, the framework makes the products more accessible and provides client businesses with even more confidence when using asset based finance. All of this combined shows an increasingly effective and dynamic asset based finance sector which is playing an ever more central role in funding British business. Kate Sharp, chief executive of the Asset Based Finance Association The ABFA provides a range of additional information about the industry’s products at www.abfa. org.uk, with materials specifically prepared for advisory communities at www.abfa.org.uk/accountants. Further information on the new selfregulatory framework for the industry is available at: www.abfa.org.uk/standards.

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CharteredOne | Issue 7 | Winter 2013

ISR Finance Ltd Alternative funding solutions Jonathan Davies has some very significant commercial experience in the arena of fundraising and credit lines and he has recently established ISR Finance to support you and your clients. Here he describes how he may be able to help you ISR Finance Ltd- Alternative funding solutions Accessing finance for businesses, in particular the SME market, is still seen as a major hurdle for many UK companies. We are told that the economy is improving and banks are starting to lend again however is this the case? In some cases this is true but from what we see it is still extremely tough out there and whilst the appetite to lend from banks is seeing signs of improvement there is still some way to go and the SME market is forced to look at alternative funding solutions other than the bank. ISR Finance Ltd was established in early 2013 as an Independent Commercial Finance Specialist. Our focus is on the following solutions: Asset Finance- funding new and used assets

Refinance- raising funds against unencumbered assets within the company Invoice discounting/Factoringcash flow assisted funding Stock Finance- raising money against stock Trade Finance- funding from national/international suppliers Commercial Mortgages-investor and commercial market Commercial Loans Development Funding- property development funding for residential/commercial projects Bridging Finance-short term secured lending to bridge funding gaps We have key funders for each of these areas and look to match each client with a suitable lender depending on the circumstances and the requirement for funding.

The key is to understand what the client is looking to do and more importantly ensure they understand what are the various options available to them. Sometimes this can involve the clients accountant coming into the meeting. At present there seems to be such a wide variety of deals that we are looking at. Some are straight forward requirements whilst others are a bit more complicated. For example a company who is looking to expand and needs to import product and will then sell onto the end user. The company has never used trade finance and the shear mention of invoice discounting has sent shivers down their spines. However once this process has been explained and the costs looked at it becomes very apparent that this combination of funding will be perfect for the client. Above all it will allow the company to grow in accordance with the strategy. There are so many potential funding solutions available to SME’s and the challenge is to match them appropriately. At ISR Finance we pride ourselves in this and build long lasting relationships with clients which is the key our success. For more information or advice, contact Jonathan Davies on 07812-131788 or email jdavies@isrfinance.co.uk

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Invest in the Future At Merchant Taylors’ Schools we recognise that academic achievement is only one part of an 80% of all grades all-round educa�on. As well as gaining the top exam results on Merseyside we pride ourselves A*- B. 100% pass rate. in offering the best extra-curricular provision. To nd out more please make an appointment to visit the schools during a normal working day. A Level Results 2013:

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Hatfields Land Rover team up with Merchant Taylors’ School’s Hatfields Land Rover has teamed up with Merchant Taylors’ Schools become sponsors of the Boys’ School 1st and 2nd XV rugby teams. Already into the season the teams are both doing well with the 1st team having only lost 1 game out of 10 and the 2nd XV so far winning all 6 games. Rugby is one of the main sports at the Boys’ School and has a great history of success with ‘Old Boys’ such as Ex-England Internationals Richard Greenwood and Ben Kay. Michaela Riches, Director of Marketing & Development at Merchant Taylors’ said they were pleased and grateful for the support shown by Hatfields Land Rover Liverpool. She added “As a company the Hatfields name is well respected and we’re delighted to be associated with such a high profile business. Their support for the 2013-14 season is fantastic and I’m sure the team’s performance’s will do Hatfields proud. The Hatfields group contains Land Rover, Jaguar, Volvo and Hyundai, with 11 dealerships throughout the North and Midlands. Simon Broughton, Hatfields Land Rover Liverpool , Dealer Principal said, “We believe it’s vital to be engaged in the local community, especially where we have a presence. Helping young people is something we value and are thrilled to support Merchant Taylors’ 1st and 2nd XV Rugby teams and wish them every success for the coming season. Maybe there’s a future Rugby star amongst them.

Members of the 1st King, Senior Rugby Coach and 2nd teams pictured with Simon Broughton, Dealer Principal and Mr Dan.

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CharteredOne | Issue 7 | Winter 2013

The Southport Branch The Southport Branch has held its first two meetings of the 2013-14 programme: 25th September - Capital Allowances: Complications of Tax Simplification: Sunil Sharma, Moore Stephens North West 30th October - Pensions Update: John Kelly, Mattioli Woods Both were very well attended.

The future meetings are:

27th November - Charity Accounting Update: Sarah Anderson, Deloitte 26th February - Tax efficient profit extraction including dividends: Catherine Gregory, Liverpool University 26th March 2014 - Cloud Computing: Paul Stringfellow, Gardner Systems 30th April 2014 - Post budget tax update: Rob Adams and Matt Foddy, Grant Thornton Meetings will be held at the Masonic Hall, Duke Street, Southport PR8 1LS from 5.45 – 6.45pm. Refreshments available from 5.15pm. The booking forms are on the ICAEW website Cost £12 per session or season ticket £30 for all sessions.

DATE FOR YOUR DIARY – ANNUAL DINNER

Friday 14th March - Annual Dinner at Hesketh Golf Club Contact Alex Pilkington or Ian Wright - iwrightstretton@aol.com for details or to book.

Bellerive FCJ has been educating girls in Liverpool for nearly 170 years – and more recently boys in the Sixth Form – preparing them for the lives they will lead once they leave the school for the final time. Plans for a brand new sixth form building have just been announced. See website for details The aims of Bellerive are to: • help everyone within a caring community to grow in faith • respect and value other cultures and faiths • make the most of every given ability • enjoy and achieve personal growth and academic excellence

Headteacher Sister Brigid Halligan FCJ MSc OBE Bellerive FCJ Catholic College, Windermere Terrace, Sefton Park, Liverpool L8 3SB Telephone 0151 727 2064

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CharteredOne | Issue 7 | Winter 2013

London to Paris

Our intrepid Editor, Martyn Best reports on his recent bike ride in aid of Marie Curie and the National Youth Advocacy Service Our Past President and Chartered ONE editor swapped his pen, laptop and suit for a bike and a lack of appreciation for the challenge ahead, and recently set off from Canary Wharf with a good team from HSBC which was complimented by some well known local professionals. In aid of two charities which contribute very much to the local landscape – Marie Curie and the National Youth Advocacy Service (NYAS) – just over £20,000 has been raised to date.

Accompanying Martyn were Fraser McKay (formerly of Bank of Scotland and a reknown climber), Gareth McIntegart (DLA Piper), Jon Schofield ( Dow Schofield Watts and another LSCA member), Mark Pepper (Longfield Chemicals) and Lee Gilmore of HSBC.

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Out of office

A digital dictation Christmas Carole from Document Direct Our editor, Martyn Best, also has a day job, and that’s CEO of the fast growing digital transcription business Document Direct. In a light hearted nod to the forthcoming festive season Martyn has adapted his corporate brochures to give us an insight into how Document Direct would have helped our dear friend Santa Claus. So who’s Carole you may well be asking? She’s our extremely efficient typist who is looking forward to Christmas as it allows her to support our clients in even more ways than normal. We are Document Direct and in the past eight years we have a helped a wide range of businesses, from lawyers and barristers, to accountants and authors (Andy Bounds even), property surveyors and insurance advisers, who have outsourced their typing, document production and some of their secretarial services to us. However - here comes Christmas, and a whole range of new customers, most of whom you will all know very, very well. First on our list – he’s big, he’s red, he’s ho, ho, ho – he is of course, Santa Claus himself. If you think you have backlogs and business peaks, just consider his business, and the opportunity for outsourcing! He clearly subcontracts all key elements of toy production to his self-employed workforce of elves, and his transport issues are all well scheduled with Rudolph & Co. Fellow accountants – think of the payroll implications and his cash flow. His customers, sorry children, also use the latest in technology to communicate to him, as they all signed up as Document Direct customers earlier this year. From the convenience of their rooms they dictate their toyish requests into their i-phones and blackberries using our dictation app, and with a quick ‘ping’ off the requests go to Carole, head of our typing team. (It’s actually Jayne, and she’s my Operations Director, but we are being seasonal remember). Within minutes, this dictation is transformed to a standard toy request letter in Santa’s preagreed format, and it is emailed directly to santa@northpole. com. These consistent, legible and timely requests ensure all orders are fulfilled, no backlogs develop in the office, and on 24th December we send one clear, concise bill to Santa.

does the job of sending his dictation. All of his work is typed and returned to him well before Boxing Day, and even Scrooge can then have Christmas night at home. Of course, with no fixed fees, and offering a pure pay-as-you-use approach Scrooge sees this service as exceptional value. (Memo to Bob Cratchett – no need to hurry back). Now, how about helping those customers always on the move? Over to Rudolph, and the “anywhere” system that we provide. Any shortfalls in his toys are reported back to him in real reindeer time again by our mobile apps and the typed reports are sent straight back to Santa well within the hour, and hit his inbox on whatever mobile device is being used. Despite the recent decline in the Blackberry, it is still a deliciously popular device with reindeer. And finally, and please excuse this one – the most important Clause to us is the one in our customer service declaration of looking after each of our customers as best we can, and with our ISO (ho-ho) 27001 security accreditation your confidentiality is preserved, and our client standards are maintained. So, from Martyn, Jayne, and all at Document Direct (including Carole) we wish you all a very Happy Christmas, a healthy, happy and prosperous New Year, and of course lots of new documents in your stocking! If your New Year’s resolution is to become a new client of Document Direct, or find out more about how they can help you, please just send a quick email to martyn.best@documentdirect.co.uk or telephone 0151 227 9150.

Payment however takes a bit longer, and this is where another of our customers Mr. Ebeneezer Scrooge is often asked to help. We all know that even on Christmas Day, Bob Cratchett is not at his desk, so who does Scrooge turn to when his loyal staff is on holiday, and those debt reminders need sending? Why none other than Document Direct, of course. Scrooge just dictates as usual, and docks his digital dictation device and our software

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CharteredOne | Issue 7 | Winter 2013

Grandest Charity National breaks Guiness world record Organised by LCVS (Liverpool Charity & Voluntary Services) the The Grandest Charity National was was held at Aintree Racecourse. On your marks – the horses line up

42 horses and in the proccess break the Guinness world record (previously 37 held by Goodwood Racecourse).

15th September 2013 Put on to be a community event it was supported by the following sponsors Main sponsor – Hampson Hughes – solicitors, World record sponsor – Rathbones Investment Mangers, “best dressed” horse sponsor – B W McFarlane Chartered accountants The weather was awful and on a very wet day we sadly only got about 600 visitors. We were hoping for 2000+ but regardless of the weather 84 “fronts and backs” combined to make

Race was officially started by the Mayor of Sefton and filmed by CBBC for their “Officially Amazing” World records programme and is due to be broadcast early in the new year On the day we estimate that the 42 teams raised around £20,000 for the various charities they were supporting. The teams were a cross section of corporates (Barclays, DABS UK, Rathbones, Chamber of Commerce etc) and Charities (Nugent Care, LHFC etc) We were also supported by Merseyside Police and Fire Brigade who both turned up as community support.

Our Past President, Andrew Lovelady (centre) and LCVS Vice-Chair presents the prizes

Excitement mounts with the expectant crowd

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