Learning & Professional Development Programme 2015

Chartered One // Issue 12 // Spring 2015 

Learning & 

Professional 

Development 

Programme 2015 

Annual Dinner 

speaker returns 

to Liverpool

The Accountancy App 

Based in Liverpool with offices in London and Manchester, Crosby Associates are the official 

publishers of Chartered One magazine and website, as well as Abacus, the new magazine for 

Chartered Accountants Birmingham and West Midlands, launching in May 2015. 

In addition to publishing, Crosby Associates have been developing 

mobile apps since 2010 and are the leading developers in the 

UK for apps for accountancy practices. Produced for over 70 

practices including Mazars, Moore and Smalley and BW McFarlane, 

the Accountancy app includes some great features, such as tax 

calculators, current UK tax tables, a business mileage calculator, 

important date reminders and links to the practice’s social media. 

As well as apps for accountants, we have developed bespoke apps 

for a wide range of organisations such as Williams BMW, Hard 

Days Night Hotel, Peel Group and London Chamber of Commerce. 

Our biggest project so far is the Employee Engage App, a HR and 

communications tool for businesses to actively engage with their 

employees. Its features include induction training, suggestion boxes 

and directory of staff to name a few. The app continues to grow as 

more businesses sign up, with clients such as DHL, Lancashire Bus 

and Everton Football Cub. 

Recently Crosby Associates launched the Liverpool Society of 

Chartered Accountants (LCSA) app, which so far has received 

exceptional feedback. Since then many more accountancy practices 

have signed up to have their own, completely bespoke app 

developed by our team, allowing them to engage more efficiently 

with existing and potential clients. 

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

Call us 

0845 643 5551 

Email us 

post@crosbyassociates.co.uk 

Visit our website 

www.crosbyassociates.co.uk

LSCA Business 

Inside this issue 

13 At your service 

15 Speaker returns 

Contents 

LSCA Business 

The President’s Words 5 

Insight from the Editor 7 

Learning & Professional Development 

Programme 2015 9 

ICAEW Library Services 11 

New UK GAAP and IFRS at entity level – 

impact on 2014 final distributions 12 

15 Annual Dinner 71 Andy Bounds Top Dog 

Liverpool Society of Chartered Accountants 

The Liverpool Society of Chartered Accountants was founded in 

1870 and is the oldest district society in the Institute of Chartered 

Accountants in England & Wales, and was one of the four founding 

societies of the ICAEW. 

The Society has an illustrious history and has provided in 

Harmood Banner, Arthur Green and Ian Morris, three National 

ICAEW Presidents. 

Awarded the Freedom of the City of Liverpool in 2012, the Society 

continues to play an active role in local and ICAEW issues. 

As a world leading professional accountancy body, the ICAEW 

provides leadership and practical support to over 138,000 

members in more than 160 countries, working with Government, 

regulators and industry in order to ensure the highest standards 

are maintained. 

Our members provide financial knowledge and guidance based 

on the highest technical and ethical standards. They are trained 

to challenge people and organisations to think and act differently, 

to provide clarity and rigour, and so help create and sustain 

prosperity. The ICAEW ensures these skills are constantly 

developed, recognised and valued. Because of us, people can do 

business with confidence. 

The ICAEW is a founding member of the Global Accounting 

Alliance with over 775,000 members worldwide. 

Advertising/Features: 

Julie Carroll: Julie.carroll@crosbyassociates.co.uk 

Tel: 0845 643 5551 

Roger Swift: roger.swift@crosbyassociates.co.uk 

Tel: 0845 643 5551 / 07739046573 

Editorial: 

Martyn Best: martyn.best@documentdirect.co.uk 

Chartered ONE is designed and published on behalf of the Liverpool 

Society of Chartered Accountants by Crosby Associates Ltd. 

www.crosbyassociates.co.uk 

© All rights reserved. Cover image: Elliott Brown 

Volunteer Business Mentors Needed 12 

At your service Companies House 13 

ICAEW Business Futures Project 13 

Annual Dinner speaker returns to Liverpool 15 

Liverpool Society Annual Dinner 16 

Do you have a question 19 

The internet is a place to be wary of 21 

Professional Services 

MSB Solicitors 27 

Online Practice 29 

Keith Jones 30 

Allied Irish Bank (GB) 31 

Wolters Kluwer 33 

JJ Maloney 34 

Online Practice 37 

Zenith Tax Solutions Ltd 39 

Kash Flow 41 

Armstrong Watson 43 

SWAT 44 

Practice Engine 46 

Baker Tilly 50 

Bank Stream 52 

IQE 57 

Bridging Finance Ltd 58 

Education Skills and training 

Scarisbrick Hall School 61 

Alan Cookson Prize 63 

Out of Office 

Behind the mask 65 

The Support Member Scheme 67 

The Accountant Turned Bread Maker 67 

Golf Update 69 

One of our members has a new book 71 

Wine Tasting on the Wirral with 

Whitmore & White 71 

Chartered One // Issue 10 // Autumn 2014 3

Financially stable clients are 

the lifeblood of accountants 

From time to time, even stable clients can find themselves in financial difficulties. Too often, this will result 

in the business being liquidated. But with a bit of effort, financial trouble needn’t mean the end. 

At Aticus, we believe early diagnosis can help us to offer the best treatment for the company and the 

individual. Working closely with clients we strive to save as much of the business as possible. Each company 

saved is another company trading, and another client on the accountancy books. 

We offer a bespoke personal service and exhaust all options before considering insolvency, aiming to 

preserve sound businesses. 

Aticus – A personal approach towards financial recovery. 

Aticus Recovery Limited, DHR - Rockliffe House, Unit Buildings, B1, Kingfisher No.1 

Hanson Business Road, Park, Aintree, Hawthorne Liverpool Road, Litherland, L9 7BP also Merseyside at Regus 

L20 6PF also at Regus House, Herons Way, Chester 

House, Herons Way, Chester Business Park CH4 9QR. 

Business Park CH4 9QR. Telephone 0844 887 1480. 

Telephone 0844 887 1480 www.aticus.co.uk

LSCA Business 

The President’s Words 

I cannot believe that a year has passed... 

Well it hasn’t quite passed and I still have a few more months as your President 

but this shall be my last opportunity to address you in this column. 

The Presidential Year runs until our Society’s AGM in May and I do hope that 

you will attend and perhaps even consider joining the Committee. Our Society, 

which I am sure you will know is the oldest Society of Chartered Accountants in 

England and Wales provides many good elements to our members in terms of 

courses, events and ICAEW information and we always welcome fresh input. 

My personal highlights this year have been three-fold: 

≥ the development of our own local Society strategy which has been focussed 

on delivering more relevant benefit to our members. 

≥ participating in the successful delivery of the International Festival for 

Business, and helping delivery a platform for the prospect of IFB2016 

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

pages. 

I would like to express my thanks to Alex Pilkington, the Society’s Regional 

Executive for her indefatigable support and to my wife Joanne and children 

Caitlin and Sean for their help and understanding this year, and of course to my 

fellow Committee members. 

I shall be remaining on the Committee as Immediate Past President and I look 

forward to the Society going from strength to strength. 

With kind regards, 

John Nolan 

President 

Chartered One // Issue 12 // Spring 2015 5

Railex: Quality since 1908 

Since 1908 Railex have 

endeavoured to offer a broad range 

of practical solutions and advice to 

solve every type of filing problem. 

Railex were one of the first filing manufactures in 

the UK to obtain ISO 9002 Quality Standards and are 

also accredited to ISO 9001.2000 standards. Offering 

filing products of the highest quality that will last for 

years, whilst being fully recyclable and maintaining 

environmentally friendly manufacturing processes. 

As a filing manufacturer, storage provider, service 

and consultancy company, Railex have the tools and 

experience to make document management easy for 

everyone. 

Railex understand that all organisations have the 

same basic needs at the heart of managing their 

records: 

• Meeting the organisations’ operational requirements. 

• Meeting the legislative requirements. 

• Managing space and associated costs. 

• Managing the labour required to process the records 

and the associated costs. 

• Managing the tools (software and hardware) and the 

associated costs. 

Railex is not tied to a single solution. We are uniquely 

placed to offer a range of methods and products tailored 

to your individual needs. Whether your key concerns are 

security, space, accessibility or a list of these and more, 

Railex will give you a solution that is the best fit for 

you and your company. 

“Efficient and user friendly” 

Beecham Accountants. 

“Saved enormous space, whilst being easier 

for access and much more versatile” 

Bulley Davey Accountants.

LSCA Business 

Insight from the Editor 

Hello everyone and welcome to the concluding 

issue of our first dozen ! 

Yes, quite incredibly, from December 2011 and our first issue, we now have 

number 12. 

I hope you enjoy reading it, and as I have on many occasions, can I please invite 

you to contribute anything you feel may be of interest to your fellow members. 

Past issues will give you a flavour, but to help you, how about: 

≥ New appointments within your firm or business you’d like to announce 

≥ Any charitable work you do 

≥ Interesting out of work activities you undertake 

≥ Any particular achievements any of your colleagues have completed 

≥ Some amazing sporting interests you may have 

≥ Technical insights you would like to share 

...And many more I have no doubt. 

I hope that Chartered ONE is now well established, and it’s baby brother the 

“LSCA app” is also within your world. 

This was launched around Christmas, and captures much information about your 

Society, and has some very useful tools for you to use, as well as keeping you in 

touch with Society activities. 

Distributed with this issue is our new Courses Brochure. I hope you find it helpful 

and we look forward to seeing you on many courses throughout 2015. 

Our next issue will revert back to being an insert in Economia in the Summer, so 

do please keep your eyes open for that. 

Finally, here’s to a good Springtime for you all, especially now that all tax returns 

are filed. 

Kind regards, 

Martyn Best 

Editor Chartered ONE 

Past President 

Contact: martyn.best@documentdirect.co.uk 

PS – check out the inside back cover for details of Andy Bounds’ new book 

“Top Dog – impress and influence everyone you meet.” 

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. 


kkkp’’ktik’l pkkplk ’klktikn’ 

Thk ’’mk bk’ d’ffk’kn’! 

Jk’’ l’kk ’kkkkn’’n’’ ’hk’k ’’k m’n’ 

HR &Rkk’k’’mkn’ kkmp’n’k’ ’nd kk ’h’’k 

’hk ’’mk ti’lk, bk’ l’kk ’kkkkn’’n’’ kk ’’k 

nk’ ’ll ’hk ’’mkk 

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

‘Your people are the 

heartbeat of your business’ 

’’’’’’’’’’’’ 

01244 515546 

hello@kirstycraigassociates.co.uk 

kkkkkkkkkkkkkkkkkkkkkkkkkkkkkkk 

Are you tired of people assuming that all 

accountants are the same? 

The same can be said for HR & Recruitment consultants 

– we come in all shapes and sizes too! We understand 

that your work often involves creativity, complex problem 

solving and research to find the best solution for your 

clients – exactly as we at Kirsty Craig Associates do. 

KCA are experts in all things people within a business – 

whether large or small. What we do is geared completely 

to helping companies grow – achieving their goals 

through…. 

• Making sure the right people are in the right job using 

highly effective recruitment methods 

• Managing performance for business growth 

• Developing your managers of tomorrow 

• Ensuring that HR systems and processes are fit for 

purpose – providing timely, compliant and relevant 

support for everyone in the business 

We really get to know our clients and their needs to ensure 

we understand the history of the company, the people 

who drive the business and their vision forward. This level 

of understanding is both essential and invaluable because 

it means we can provide advice and support that has 

immediate impact. 

If you are an Accountancy firm who feels that you and your 

clients would benefit from working in partnership with 

Kirsty Craig Associates do please get in touch with Kirsty on 

01244 515548 or email her direct. Talk to us! 

kirsty@kirstycraigassociates.co.uk 

www.kirstycraigassociates.co.uk

LSCA Business 

Learning & Professional 

Development Programme 2015 

DATE VENUE EVENT SPEAKER 

24 MARCH RADISSON BLU HOTEL, LIVERPOOL PAYE/NIC/P11D UPDATE MARION HODGKISS, KAPLAN 

This course is designed for people who deal with payroll issues and will provide a refresher on the main issues arising and 

common areas of difficulty. 

25 MARCH MASONIC HALL, SOUTHPORT SUCCESSION PLANNING RON GOLDSMITH 

This seminar will help you to develop your continuity strategy and optimise the value of your practice. 

29 APRIL MASONIC HALL, SOUTHPORT ANTI-MONEY LAUNDERING MARK FAIRHURST 

Over the last two decades, increasingly wide-ranging and rigorous anti-money laundering (AML) systems and reporting 

requirements have been imposed on accountants in practice and their firms. 

14 MAY CROWNE PLAZA HOTEL, LIVERPOOL TAX UPDATE MARION HODGKISS, KAPLAN 

In the ever-changing world of tax it is vital to keep up to date, not only with changes that have happened but also potential future 

changes and the impact they may have on clients. 

4 JUNE RADISSON BLU HOTEL, LIVERPOOL FINANCIAL REPORTING UPDATE TBA 

This course will update you in all key relevant developments in UK financial reporting. It is aimed at practitioners and preparers 

involved in the preparation and audit of financial statements under UK GAAP, although brief references will be made to major IFRS 

developments. 

26 JUNE RADISSON BLU HOTEL, LIVERPOOL CHARITY ACCOUNTING UPDATE VALERIE STEWARD 

This course explains current best practice for audit and accounting aspects of charities. There have been many changes over the 

last few years so this course will ensure that your knowledge of audit and reporting issues is up to date. 

15 OCTOBER LIVERPOOL CITY CENTRE FINANCIAL REPORTING UPDATE TBA 

This course will update you in all key relevant developments in UK financial reporting. 

9 DECEMBER CROWNE PLAZA HOTEL, LIVERPOOL TAX UPDATE MARION HODGKISS, KAPLAN 

In the ever-changing world of tax it is vital to keep up to date, not only with changes that have happened but also potential future 

changes and the impact they may have on clients. 

The Liverpool Society website will have full details of all courses at charteredone.co.uk and there is now also an LSCA app which 

you can download at the Apple App Store. If you do we can send you reminders of these courses and new ones that will be developed 

for you. 


DIRECTORS – THEIR DUTIES, POWERS AND RESPONSIBILITIES 

A private limited company must have at least one director and there is no longer a 

requirement to have a company secretary. A formally appointed director registered at 

Companies House is known as de jure. I would differentiate this formal appointment to a de 

facto director who is not formally appointed but carries out all the duties and makes the 

decisions as a director. 

A further differentiation needs to be made with shadow director who is a person whose instructions and decisions the other directors accept 

and implement and unlike a de facto director he may not carry out those actions directly himself. The term shadow director clearly defines 

one as being a person acting behind the scenes usually as there is a specific reason why he cannot act as a de jure director. There is less 

differentiation now between non-executive directors and executive directors as they all fall within the category of directors and have similar 

responsibilities. 

The Companies Act 2006 introduced a Statutory Statement of Directors’ Duties. This confirmed that the directors’ duties are to the company 

and not directly to others, for example, shareholders. The directors are under a duty to promote the success of the company for the benefit 

of its members as a whole. Whilst attempting to achieve this objective, the directors should consider the long term consequences of 

decisions, the interests of employees, suppliers, customers, the business community and the environment. This is a very onerous 

responsibility which is beset with conflicts. 

In an insolvency situation, the directors’ past conduct needs to be considered in light of the responsibilities and duties as set out in the 

Companies Act 2006. 

Part 10 of the Companies Act codified directors’ general duties with particular reference to the duties to act within powers; the duties to 

promote the success of the company; the duty to exercise independent judgment; duties to exercise reasonable care, skill and diligence; the 

duty to avoid conflict of interests; the duty not to accept benefits from third parties; and the duty to declare interest in proposed transactions 

or arrangements. 

The Act summarises the directors’ responsibility to exercise reasonable care, skill and diligence. The level of diligence is assessed by 

reference to what a reasonably diligent person would do carrying out the same or similar functions. This now creates the concept that the 

more experienced a director and one with greater skill and knowledge needs to exercise a greater level of care, skill and diligence to meet the 

standard required by the Companies Act 2006 of a reasonably diligent person. 

The duties and conflicts of a director are onerous in an ongoing trading profitable situation. Responsibilities are to many parties and there is 

an overriding desire not to harm one party at the expense of another. When directors are facing insolvency and the possibility of wrongful 

trading, then, their responsibilities as to promoting the company change so that the company now acts in the best interest of the creditors. 

The Companies Act 2006 having listed the responsibilities of the directors provides a benchmark for consideration when liquidators carry out 

reports on the director’s conducts to BIS. 

Careful consideration needs to be made in family companies to appoint directors only if they have some input and responsibilities for the 

running of the business. In the past with the requirement to have two directors, it was normal for husbands and wives to appoint each other 

in small company situations. I would advise against this unless both parties have an equal share in the running of the business and, if not, 

then take steps to remove any directors who are not responsible for the running of the business. 

Dan Hennessy is a Chartered Accountant and Insolvency Practitioner based in the North West. 

Aticus Recovery Limited - Rockliffe Buildings, 

No.1 Hanson Road, Aintree, Liverpool L9 7BP also at Regus 

House, Herons Way, Chester Business Park CH4 9QR. 

Telephone 0844 887 1480 www.aticus.co.uk

LSCA Business 

ICAEW Library Services 

THE ICAEW may be some distance away, but they offer some very 

helpful resources and services for all of our local members. In this 

article, our Regional Executive, Alex Pilkington shares with us how 

they can help you. 

You may not be aware of the services which 

ICAEW’s library can provide for you. Find 

out how its services can be of use to you. 

ICAEW has an enormous reference library 

and staff will also carry out research on 

behalf of members 

The ICAEW library provides an enquiry and 

information service – the enquiry team can 

help answer questions on a wide range of 

topics using the material in our collection. 

The enquiry service is available to all ICAEW 

members, ACA students as well as other 

entitled users – simply contact the library, 

which will respond within 24 hours. 

The library team can post, email or 

fax articles, book excerpts and model 

documents to you, plus a range of law 

reports, FAME company reports and mailing 

lists. This is free for ICAEW members up to a 

limit of five documents a day. 

The library includes access to worldclass 

collection of books, journals and 

electronic resources on accountancy 

and business: over 45,000 books and 450 

e-books covering a wide range of topics 

including accountancy, law, tax planning, 

inheritance tax, property tax and capital 

allowances; books such as Tolley’s annuals 

can be posted out on loan to members, 

free of charge; online country resources 

and industry guides, including agriculture, 

forestry and fishing; over 250 current 

journals, 600 archived titles and a database 

of 3,000 online journals. 

Most of the help provided by the library 

is free of charge with the exception of 

reports from a small number of specialist 

databases, for example, Equifax credit 

profile reports, and for some special 

extended research. 

≥ LSCA have their own LinkedIn group 

join this to find out about the latest public 

consultations, stakeholder announcements 

and events in your area. 

≥ You are able to advertise and apply for 

voluntary roles on www.icaewvolunteers. 

com this is a free service for not-for-profit 

organisations. 

≥ ICAEW Retired and Life members are 

able to join the Charity Special Interest 

Group (SIG) free of charge 

≥ The recently launched Manufacturing 

and Energy & Natural Resources Special 

Interest Groups are currently free of charge 

to join 

≥ ACA Students are able to have free 

membership of one Faculty and one Special 

Interest Group 

≥ Free resources for your practice and 

business, including help sheets, economic 

surveys, business insights, available on 

icaew.com 

≥ Access to online webinars including the 

new series free TaxTalk webinars 

≥ ICAEW Support Members are a network 

of volunteers, who are experienced ICAEW 

members trained to help fellow members 

who are facing difficulties. Our volunteer 

team of support members are always on 

hand to act as a listening ear and offer nonjudgmental 

assistance, to speak to someone 

in confidence call 0800 917 3526 

≥ FCA After ten years of being an associate 

member of ICAEW you can apply for 

fellowship at no extra cost 

≥ ICAEW members, students and their 

families can access a wide range of 

support services, from career coaching, 

to personal development training, crisis 

support and financial assistance from CABA 

the Chartered Accountants Benevolent 

Association. See how CABA can help you 

http://www.caba.org.uk/ 

Government Consultations 

View and contribute to consultations 

from government bodies, regulators 

and standards setters to which we are 

responding. - See more at: http://www. 

icaew.com/en/about-icaew/what-wedo/consultations-and-representations/ 

consultations-we-are-respondingto#sthash.09IhPxad.dpuf 

ICAEW Business Advice Service 

Practices are able to join the ICAEW 

Business Advice Service which ICAEW are 

actively using to highlight why businesses 

should use Chartered Accountants; it is free 

to join this scheme. 

The ICAEW Business Advice Service 

enables businesses to receive an initial 

consultation at no charge from an ICAEW 

Chartered Accountant. Businesses can 

find a chartered accountant offering 

the service, by searching the online 

ICAEW Directory of Firms. - See more 

at: http://www.icaew.com/en/members/ 

offers-discounts-and-services/businessoffers-discounts-services/what-is-theicaew-business-advice-service-for-smesand-start-ups#sthash.uoYWlO1q.dpuf 

Local support: 

ICAEW has an excellent local support team 

here to help you, we are happy to answer 

your questions and help with any issues 

you may have. We are also happy to come 

out to your workplace to visit you and your 

colleagues to discuss these and other 

services that ICAEW provide locally. 

Liverpool 

chartered 

Accountants 

Students’ 

Association - 

NEWS 

The student society is looking 

forward to our main event of the 

year – the LCASA Annual Ball. This 

year’s event will be on Saturday 

21 March, hosted at the historic 

30 James Street, and will have a 

Titanic theme to match. 

The highlight of student calendar 

will see ACA trainees take a well 

earned break, enjoying a black 

tie evening of string quartets and 

ceilidh bands. This year we are 

delighted to be presenting the 

annual exam prize awards at the 

ball. It will be a chance for students 

to celebrate their successes in the 

company of their peers. 

Following on from the ball, LCASA 

will host a busy spring and summer 

calendar of events, including wine 

tasting, clay pigeon shooting, pool 

tournament and summer quiz. 

Please follow us on Twitter to keep 

up-to-date with the latest news. 

Diary of Events 2015 

Below are details of forthcoming 

events. Please check the website for 

further updates, including ‘early bird’ 

discounts and season ticket offers at 

icaew.com/north-west-events 

Date 

24th March 

14th May 

25th June 

9th October 

15th October 

9th December 

Event 

PAYE/NIC/P11D updates 

Tax updates 

Charity accounting 

Annual Conference 

Financial reporting 

Tax update 

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

LSCA Business 

New UK GAAP and IFRS 

at entity level – impact on 

2014 final distributions 

Jonathan Studholme 

New UK GAAP (FRS 101 or FRS 

102) or IFRS (together, ‘New 

GAAP’) will be mandatory for all 

UK companies for accounting 

periods beginning on or after 1 

January 2015. Any UK company 

that is intending to declare or pay 

a distribution in 2015 will need to 

carefully consider the impact of 

transition to New GAAP. 

Issue 

With the end of existing UK GAAP fast 

approaching, transition to New UK GAAP or 

IFRS in 2015 is a hot topic. An important, but 

easily overlooked, implication of transition 

to a new GAAP is the impact it will have on 

the company’s distributable reserves, and 

its ability to pay both 2014 final and 2015 

interim dividends (for December year-ends). 

New UK GAAP (FRS 101 or FRS 102) or IFRS 

(together, ‘New GAAP’) will be mandatory 

for all UK companies for accounting periods 

beginning on or after 1 January 2015. Any 

UK company that is intending to declare 

or pay a distribution in 2015 will need to 

carefully consider the impact of transition to 

New GAAP. 

Impact 

Under the Companies Act, UK companies 

need to make distributions (including 

dividends and share buybacks, but also 

certain other transactions) based on 

‘relevant’ accounts. The purpose of these 

accounts is to support the directors’ 

conclusion that there are sufficient 

distributable reserves available to lawfully 

make the distribution on that date. It is 

common for distributions to be made by 

reference to a company’s last set of annual 

audited accounts. 

However, where a company is intending to 

change its accounting framework (that is, 

moving to New GAAP) companies will need 

to consider the impact that changing to New 

GAAP will have on its distributable reserves 

for both the 2014 final dividend (if declared 

or paid in 2015) and any 2015 interim 

dividends. 

Having consideration for the impact of 

New GAAP on a company’s distributable 

profits does not necessarily require relevant 

accounts under New GAAP to be specifically 

prepared. 

However, for the distribution to be lawful, 

directors must satisfy themselves that there 

are sufficient distributable reserves at the 

dates it is declared and paid (that is, they will 

need to properly consider any adjustments 

that could arise on transition to New GAAP 

and classify these between ‘realised’ and 

unrealised profits/losses). 

Insight 

Typical areas where adjustments on 

transition from existing UK GAAP to New 

GAAP can arise and would have an impact 

on the company’s distributable reserves 

include: 

≥ financial instruments (for example, 

derivatives, where currently not recognised 

on balance sheet); 

≥ interest-free term loans; 

≥ changes in functional currencies; 

≥ defined benefit pension liabilities (where 

not currently recognised in company 

balance sheets); and 

≥ deferred tax (where currently 

discounted). 

There may be other areas that can 

significantly impact a company’s 

distributable profits, depending on its own 

specific circumstances. 

Public companies will also need to be 

particularly careful as the existence of any 

unrealised losses/other debits to reserves 

reduce a public company’s distribution 

capacity. 

Volunteer 

Business 

Mentors Needed 

≥ Could you mentor a new business 

owner? 

≥ Can you spare up to one hour per 

week (for a maximum of 8 weeks)? 

≥ Would you like to help improve 

your local business community? 

≥ Do you have a strong business 

background? 

St Helens Chamber is looking for 

voluntary mentors from the St Helens, 

Knowsley and Wirral business 

communities to help support local 

people in the early stages of starting a 

business. They are looking for friendly, 

committed business people who can 

give up a small amount of their time 

to support new entrepreneurs who 

have a great business idea that needs 

unlocking and developing. The role 

is potentially very rewarding and will 

make a huge difference to the local 

economy. 

What will you do as a Mentor? 

As a volunteer Mentor you will meet 

with people in the early stages 

of starting a business to provide 

encouragement and guidance about 

their business idea and help them to 

develop a business plan. There are a 

number of ways that you can provide 

support as a business Mentor; 

One to one pre-start support 

1 hour per week up to a maximum of 

8 weeks 

One to one post start support 

1-2 hours per month over the first 6 

months of trading; ideally as a follow 

on to the pre-start support 

Specialist input at pre-start 

workshops and enterprise clubs 

15-20 minute educational presentation 

on your chosen specialism 

Online support through social media 

groups 

Sign in to offer advice, guidance and 

answer questions posted by mentees, 

whenever it suits you 

For more information please contact 

St Helens Chamber on 01744 

742091 or email george.betts@ 

sthelenschamber.com 

12 

Chartered One // Issue 12 // Spring 2015

LSCA Business 

Paul Cochrane 

How would you define good 

customer care? 

One definition given to me recently was 

being “easy to deal with”. 

A definition that wouldn’t ordinarily be 

applied to many government departments. 

One exception though is Companies House 

(CH). I have always found them efficient and 

generally helpful. 

In particular, they pay close attention to their 

relationship with professional advisers. To 

help build good relations they have set up 

a countrywide network of Focus Groups. I 

attended the recent Liverpool Focus Group 

meeting on behalf of the LSCA. It was 

hosted by two members of staff from CH 

and I was joined by 20 other advisers, mainly 

accountants, but also a number of solicitors 

and a representative from HSBC Bank. 

The session covered recent and forthcoming 

changes and developments by CH 

The highlights: 

≥ At October 2014, the total register was 

3,368,995 

≥ E-Filing accounts for 80% of all 

documents filed and CH is working in a 

staged approach to a fully electronic filing 

service. 

≥ Work is underway with the major 

software package providers regarding the 

development of an iXBRL option to allow 

users to file their accounts electronically. 

≥ Long term CH strategy is to expand 

on the products and services currently 

available. This will include Free and Open 

data. They will allow CH data to be made 

available free for the first time. This is 

to help build trust and transparency. It 

is anticipated that this will be available 

between April and June 2015. 

≥ Within the next couple of months all UK 

Government web traffic will be directed 

AT YOUR 

SERVICE 

COMPANIES 

HOUSE 

A review by Paul Cochrane 

via www.gov.uk. Anyone accessing the 

old Companies House website will be 

redirected. 

≥ The current requirement to complete 

an Annual Return will be replaced with a 

requirement to “Check and Confirm” at 

least once in a 12 month period. The annual 

fee will remain. 

≥ Companies will be required to maintain a 

register of “People with Significant Control 

(PSC)” previously known as beneficial 

owners. PSC’s are broadly persons holding 

25% of shares or voting rights. 

≥ A company will be able to elect to keep 

any or all of the following registers on the 

public record at CH. Register of Members, 

Directors, Directors residential addresses, 

Secretaries, and the proposed new Register 

of PSC’s. 

≥ Introduction of the CATO service 

(Company And Tax Online), this will allow 

smaller companies to submit accounts to 

both CH and HMRC. 

≥ CH recognises that there is currently 

no remedy for a member of the public 

whose address is falsely used by a company 

as its registered office address. The new 

approach will enable the registrar to change 

a companies registered office when he/ 

she considers that the company is not 

authorised to use that address. 

≥ In a similar move CH intend to provide 

a more effective means of registering 

directors and secretaries consent to act, to 

make directors more aware of their duties 

and to provide falsely appointed directors 

with an easier way to get their details off the 

register. 

The above is a brief précis of a number of 

innovations being introduced or proposed 

over the next 2 years with, the overall 

objective of improving efficiency and 

transparency. 

ICAEW Business 

Futures Project 

You are invited to participate in the 

ICAEW Business Futures project. 

Last year ICAEW embarked on this 

innovative and exciting long-term 

project looking at the changes to the 

business environment we envisage 

over the next two or three decades. 

The Institute is in the unique position 

of knowing today’s ICAEW students 

and younger members will be 

tomorrow’s captains of industry. 

We therefore have an obligation to 

prepare our members and others for 

the challenges of the future, hence 

the establishment of the ICAEW 

Business Futures project. 

Last year we looked at four 

discussion themes (the effects of 

an ageing population; education & 

skills; water and tax and you can 

find details of the recommendations 

proposed here http://www.icaew. 

com/about-icaew/what-we-do/ 

businessfutures 

As we continue with this project 

we have identified three further 

discussion streams and they are: 

≥ Public spending 

≥ Urbanisation 

≥ Energy & Natural Resources 

We would like to invite you to 

participate in this project by 

attending a discussion event on 

24 March 2014 at 6.00pm at The 

Racquet Club, Liverpool at which we 

will discuss one or two of the above 

themes. Briefing papers will be 

sent out to all attendees prior to the 

event, there are no right or wrong 

answers, we are simply seeking your 

views and opinions about what the 

future may hold. You will of course 

also be invited to attend the Business 

Futures Conference being held on 9 

October, at which these themes will 

be discussed in further detail. 

There is no charge to attend but 

we request that you do register in 

advance. If you do register and then 

find you are unable to attend please 

alex.pilkington@icaew.com know as 

soon as possible as places at this 

event are extremely limited and very 

sought after. 


WE’VE SUPPORTED MORE 

THAN 300 NORTH WEST 

BUSINESSES WITH 

OVER £100 MILLION 

OF INVESTMENT. 

Whether you are just starting up or 

seeking funding to take your company 

to the next level, investment of 

between £25,000 and £2 million 

from The North West Fund could 

be what you need to help your 

business flourish. 

COULD YOU BE OUR NEXT INVESTMENT? 

Find out more at: www.thenorthwestfund.co.uk 

T: 01925 418 232 

E: enquiries@thenorthwestfund.co.uk 

The North West Fund is a £155m investment fund, established to provide debt and equity funding from £25,000 to £2m to small and medium 

sized enterprises (SMEs) based in, or relocating to, the North West of England. All of our Fund Managers are authorised and regulated by the 

Financial Conduct Authority. We are unable to invest in retail businesses. Please check the website for a full breakdown of eligibility. 

VENTURE CAPITAL / MEZZANINE / LOANS PLUS / MICRO LOANS / BIOMEDICAL / DIGITAL & CREATIVE / 

ENERGY & ENVIRONMENTAL

LSCA Business 

Isle of Man Society of 

Chartered Accountants 

UPDATE FROM NEIL DUGGAN, CHAIRMAN. 

The committee is in a phase of 

regular Government meetings 

and these include the following - 

Financial Supervision Commission 

( to share views and agree a 

better approach for regulatory 

work and related reporting for 

licence holders), the Minister 

for the Department of Economic 

Development ( a general meeting 

but one where we act as a sounding 

board re key matters impacting the 

island), the Department of Economic 

Development (a meeting specifically 

to discuss apprenticeships, in 

conjunction with David Garrigan) 

and the Chief Financial Officer of the 

Treasury ( a general chat re financial 

meters impacting the island). 

In addition, we will shortly be holding 

two round table discussion groups 

with our members to discuss the 

impact of FRS 101 and FRS 102 

Report from 

Southport 

Our Southport Dinner is coming 

up soon – Friday March 13th at 

the Metro in Southport, tickets 

are selling well and we have 

something a little different 

arranged for the entertainment 

this year! 

Our last meeting was on Wed 25th 

February where we had an update 

on Charity accounting. 

Not much to report after 

Christmas, but we will have a busy 

time as Spring approaches, and 

I would encourage all Southport 

members to drop me a line if they 

would like to become involved in 

the Southport branch activities. 

Annual Dinner speaker 

returns to Liverpool 

Leading financier urges politicians to apply 

radical common sense in the run up to the 

General Election 

Paul Cochrane, our recent Past President 

had the pleasure of welcoming back Justin 

Urquhart Stewart to Liverpool (well, the 

Wirral to be precise), just before Christmas. 

Avid readers will recall that Mr Urquhart 

Stewart provided a mesmerising 

appearance at Paul’s Annual Dinner in 

2013, and he once again stole the show at 

the recent Atlas Business Club Christmas 

lunch. 

One of the UK’s most recognised 

investment managers told more than 

160 Merseyside business owners and 

professionals that the British economy is in 

good health. 

Justin said: “Despite our inexperienced 

politicians, civil service and cynical media 

– our economy is in good health. The 

consumer is coming back, we are seeing 

greater export activity and austerity is 

easing. We must not forget that the UK 

is the world’s sixth largest economy, the 

eight largest manufacturers and the tenth 

largest exporter. In the last 12 months 

alone – Britain has created more than 

500,000 new start-ups and 30 million of us 

are employed.” 

He called for politicians to deploy some 

“radical common sense” in the approach to 

the General Election, and added “Politicians 

need to take a common sense approach to 

economic policy which includes abolishing 

Stamp Duty, introducing a three – five year 

start up holiday on National Insurance for 

SMEs and pension reform.” 

to highlight the supposed ‘knife edge’ of 

our economy then we are likely to see 

confidence waiver. In turn economic growth 

could and is likely to stall.” 

Justin Urquhart Stewart has agreed to 

present at the Atlas Business Club in a Post 

Budget Business Leaders Lunch in spring 

2015. 

For further information on the Atlas 

Business Club please visit www. 

atlasbusinessclub.co.uk or email emma@ 

mpgpr.com 

Atlas is an invite only business club which 

attracts owner managers, CEOs, CFOs 

and the MDs of some of the North West’s 

leading businesses. 

Urquhart Stewart – the co-founder 

and head of corporate development at 

investment house Seven Investment 

Management (7IM) said that despite 

imbalances impacting our economy - 

including government debt and deficit, 

consumer debt and disproportionate 

income distribution – global recovery is 

building. 

Paul Bradshaw Head of McEwan Wallace 

Wealth Management said: “Consumer 

confidence is on the rise and, as we know, 

directly affects the growth of the economy. 

But will growth continue? Merseyside is in 

a much stronger position, but shaky ground 

may lie ahead in the run up to the Election. 

If the main political parties continue to 

use scare mongering tactics and continue 


LSCA Business 

Time for 

Breakfast at the 

Liverpool Society 

Annual Dinner 

Steph McGovern, the BBC 

breakfast business correspondent 

was our guest of honour and 

delivered the keynote speech at our 

recent annual dinner. 

John Nolan, President of the Liverpool 

Society of Chartered Accountants, 

welcomed guests to the Crowne Plaza, 

Liverpool for an evening of fine dining 

and networking at the Society’s Annual 

Dinner on Friday 28 November. Over 230 

guests heard insights from breakfast 

television’s Steph McGovern giving 

positive news of the economy both locally 

and nationally. 

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

Steph also regaled our guests with her 

amusing tales of her career, and the 

very curious accounts of mock twitter 

versions of her which were in circulation, 

such as Steph’s Hi-Vis jacket. 

Andrew Ratcliffe, Deputy-President 

ICAEW speaking at the dinner also gave 

a positive picture of the economy quoting 

results of the latest ICAEW UK Business 

Confidence Monitor, published earlier 

in the month with Grant Thornton which 

“shows that in the three months to 

September, business confidence remains 

buoyant and it translates into forecast 

growth for Q4 of 1.2%.” 

John Nolan said “The dinner on Friday, 

the highlight of the Liverpool Society of 

Chartered Accountants’ social calendar, 

was a great success with everyone in 

particular enjoying Steph McGovern, the 

BBC’s breakfast business reporter’s witty 

and informative after dinner speech. We 

also raised nearly £4,000 for Macmillan 

Cancer Support during the evening which 

is a fantastic result for such a worthwhile 

charity and shows just how generous 

Liverpool’s business community is.” 

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

Another highlight of the dinner centred 

around recent Past President Paul 

Christian who had that very day retired, 

after 33 years, from PwC. That moment 

was recognised with his colleagues 

having made a successful bid on the 

night for a signed Liverpool FC shirt, then 

presenting him with it. 

President John Nolan and visiting District Society Presidents 

16 


LSCA Business 

Past President Martyn best looking after our visiting 

District Society Presidents 

Vice President Phil Silver and Chester Chairman Andy Lloyd flank three 

of our Past Presidents, Paul Cochrane Jan McDermott and Martyn Best 

Past Presidents Mike Sale and Marion Hodgkiss 

Ready for a party. 

All the President’s Men (and Ladies) – your committee 

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


Franking Mail is still the 

SMARTER choice 

Frama UK promises to deliver great value, first class customer service and 

an all-inclusive transparent pricing structure 

Frama is the fastest growing Royal Mail approved franking 

machine manufacturer and service provider in the UK. 

A subsidiary of parent company Frama AG, the company 

draws upon 40 years of industry experience. Customers 

have access to an extensive range of Swiss manufactured 

products, produced to exacting quality standards. We 

also have a UK-based team of highly trained customer 

service professionals who are committed to delivering 

the Frama CareS customer service promise. 

Frama guarantee that they will protect sensitive customer 

data. Frama is certified for IT security as per ISO 27001 

and FIPS 140-2 Level 3, the highest security requirement 

for Cryptographic Modules. 

One example of how we handle sensitive data is the 

FramaOnline2 system, this guarantees the secure and efficient 

updating of every aspect associated with a clients’ 

Frama franking system. FramaOnline2 securely manages 

the data flow between Royal Mail, a client’s bank and 

their franking system, as well as creating the data streams 

necessary to facilitate accurate VAT calculations, ensuring 

compliance with HMRC. 

Award winning ease of use 

Ease of use is tightly embedded within the product 

design of all Frama machines. Every Matrix franking 

machine features the patented ComTouch touchscreen 

display. With up to 36 ‘one touch’ keys for quick and easy 

access to everyday franking tasks, the operator interface 

displays only the information needed as well as available 

postage funds and ink levels in real-time. Touch and frank 

it is as simple as that! 

The Frama range is also Mailmark ready. Mailmark is 

the latest generation of franking indicia from Royal Mail 

and incorporates a 2D barcode which is applied to mail 

pieces. In time, all franked mail will carry this 2D barcode, 

although existing franking formats are still valid. 

The Matrix series has been awarded for these features 

with the Editors Choice award from Business Info 

Magazine. 

How much can I save? 

Since 2009 prices have increased by 59% for 1st Class 

and a staggering 77% for 2nd Class mail. 

By switching from stamps to franking you can save up 

to 20% on a 1st Class service, 18% on 2nd Class parcel 

and a massive 30% on 2nd Class letters versus stamps. 

Who wouldn’t want to be saving over a third on their 

postage costs? 

Using a Mailmark franking machine increases this saving 

by an additional 1 penny on a 1st Class and by 2 pence 

when compared to 2nd class stamps. 

With Mailmark, businesses also benefit from a more 

professional image to mail items, guaranteed accurate 

postage calculation, and simple tariff updates via LAN 

download, thus avoiding incorrect pricing. 

SMART franking plan 

With controlling costs and budget constraints front of 

mind for companies of all sizes and across all industries, 

we recognise the frustrations associated with having to 

deal with multiple invoices and additional charges. When 

it comes to other office products and technology such as 

print and telephony for example, it’s become the norm to 

adopt an all-inclusive pricing structure that includes the 

capital cost of the equipment, associated consumables 

and maintenance and that’s why we have launched our 

SMART franking plan. 

Customers sign up to one fixed quarterly payment that 

includes the franking system, comprehensive maintenance, 

ink and delivery. In addition, there are no hidden 

charges and no fee for loading credit onto the machine 

which is usually the case with other manufacturers. The 

SMART franking plan is transparent and enables customers 

to accurately budget ahead. 

Frama have been awarded the OEN Office Oscar for this 

revolutionary plan. 

Frama is a trusted provider for all mailroom services 

including products, data and solutions. 

For more information 

Tel: 01992 451125 

www.frama.co.uk 

marketing@frama.co.uk 

WHY CHOOSE FRAMA? 

The benefits of making the SMARTER choice 

Made in 

Switzerland 

Frama has over 40 years of expertise in 

the development and manufacture of 

solutions within the mail-processing sector. 

High Quality reliable products are the 

foundation of our success. 

FramaOnline2 guarantees the secure and 

efficient updating of every aspect associated 

with your Frama franking system. 

FramaOnline2 securely manages the data 

flow between Royal Mail, your bank and 

your franking system. 

MailMark 

The Royal Mail Mailmark standard ensures 

simple and straight forward product 

selection and that you always have the 

cheapest tariff in the franking channel. 

All Frama Franking machines are Mailmark 

ready. 

C A R E S 

Quality Value Efficiency Service 

Frama always go the “extra mile” in delivering 

an exceptional standard of service - 

from your first point of contact to the after 

sales process. 

We operate nationwide service coverage, 

co-ordinated by our UK based customer 

care team and our technicians are very 

proud of their 98% first time fix rate. 

The patented Frama ComTouch colour 

touchscreen display is a unique development 

and cannot be found on any other 

franking machine! 

Up to 36 “one touch” functions can be 

programmed ensuring that your most frequently 

used mailing options are available 

at the touch of a single button! 

The Frama HQPrint mode provides razor 

sharp, high contrast advertising stamps on 

a wide variety of envelopes. 

The Frama HQ Print facility can print up 

to a resolution of 600 dpi! The difference 

is truly noticeable and will impress your 

clients with the clarity of message. 

01992 451 125 info@frama.co.uk www.frama.co.uk

LSCA Business 

DO YOU HAVE A 

QUESTION 

With the arrival of the Society app, 

our Editor Martyn Best gives a few 

thoughts on the overall use of apps 

in a business context, inspired by a 

question recently sent to him. 


www.estplan.co.uk 

Wealth Preservation Specialists 

Wills, Will Trusts, Lifetime Trusts and Lasting 

Powers of Attorney. 

Call us today to discuss how a strategic partnership 

could benefit you and your clients 

T: 01625 540033 or 0800 781 6658 | E: info@estplan.co.uk 

Who we are? 

Estate Planning Solutions “EPS” are a specialist estate 

planning company focusing on wealth preservation. The 

business is run by a qualified accountant and has 11 

employees and nationwide coverage but is based in the North 

West. 

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

Trusts and Lasting Powers of Attorney. We are fully qualified 

(STEP affiliates and full IPW members) and insured. 

What we do? 

Most people put off writing Wills and considering estate 

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

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

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

a client friendly system of delivering our services and pride 

ourselves on delivering excellent customer service. Our 

services include Wills, Will Trusts and Lifetime Trusts, together 

with Lasting Powers of Attorney. 

Why accountants? 

Business owners face very specific issues when it comes to 

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

IHT and specific Lasting Powers of Attorney may be needed. 

How do we work with strategic partners? 

We can work in one of two ways: - 

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

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

the weekend if necessary). We pay a commission. 

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

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

instructions and we produce the documents.

LSCA Business 

Martyn Best 

NOW THAT YOU’RE SECURE 

– SECURE GREAT CONTENT 

The usual content of my blogs centres on best use of IT, but 

today I thought that some reflection on the content of your 

finely honed and secure environment might be useful. 

We all set our websites and emails up to be safe and secure, but 

how often do we focus on good content, and what we are hoping to 

achieve once safe delivery occurs. 

Do we properly reflect on the impact and influence that our 

communications have? 

So here’s a few tips: 

Content 

is king 

≥ Always reflect and find out what the other person’s 

interested in; then talk about that; 

≥ Focus and think AFTERs – show why they’ll be better off 

AFTER buying from you; 

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

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

Top Dog 

May I also refer to 

one of my sources 

of inspiration for 

such reflection, and 

highlight a book 

published this month 

by a client of mine, 

Andy Bounds. 

It’s called ‘Top 

Dog: impress and 

influence everyone 

you meet’, and has 

been co-written 

with one of Ernst & 

Young’s Global Client 

Service Partners, 

Richard Ruttle. It will help you get more out of 

every conversation you have. 

Andy has also created a special offer for you. Buy 

the book, and you’ll get a free podcast – ‘four 

simple ways to make a great first impression’ (a 

very useful skill to master!) 

To receive the podcast simply… 

1. Buy the book on Amazon - click here 

2. Send your proof of purchase to his PA 

emmaplatt@andybounds.com 

…and she’ll send you the podcast. 

Hope you enjoy the book. 


LSCA Business 

LSCA website. 

Following the launch of our website last year, Crosby Associates have now created a much 

fresher version, and one which integrates much better with the content of Chartered ONE and 

with our ground-breaking app, described on the next page. 

The website can be found at www.charteredone.co.uk and will help maintain our drive to deliver 

more information relevant to the members of the Liverpool Society of Chartered Accountants. 

We welcome all your comments, and hope you enjoy the site. 

22 


LSCA Business 

LSCA App 

In 1870 we became the first Society of Chartered Accountant in the country, 

and now 144 years later, the LSCA becomes the first District Society to have 

their own app. 

We are delighted to announce the news in this issue of Chartered ONE, 

and urge you and your colleagues to download this app and find out what a 

breadth of local member information and other useful elements it has. 


LSCA Business 

February 2015 

Dear Member 

Formal notice of the Annual General Meeting of the Society is given in this letter. 

Copies of the Society’s Financial Statements for the year ended 31 December 2014 will be 

available from mid April and will be published on the Liverpool Society of Chartered Accountants 

webpage at www.icaew.co.uk/liverpool. Hard copies of the Financial Statements are also 

available on request. 

Nominations for members wishing to join the committee should be forwarded to Alex Pilkington at 

the address below. 

Please let me know on the slip below if you plan to attend the meeting. 

ROB YOUNG 

HONORARY SECRETARY 

................................................................................................................................. 

To: 

Mrs Alex Pilkington 


PO Box 471 

Wigan 

WN2 1WY 

Name ........................................................................................................... ……... 

Organisation .......................................................................................................... 

Address ................................................................................................................. 

.............................................................................................................................. 

.............................................................................................................................. 

Tel .............................. Fax ............................ Email ............................................. 

Membership No. ................ ..................................... ............................................. 

I intend to be present for the Annual General Meeting 

YES/NO 

PLEASE RETURN THE REPLY SLIP NO LATER THAN MONDAY11 MAY 2015 


PO Box 471 Wigan WN2 1WY 

www.icaew.com/northwest 

Registered in England Company Limited by Guarantee Registered No. 04869 

Registered address: 30 Union Street, Southport, PR9 0QE 

T +44 (0)1925 594284 

E liverpoolsca@icaew.com 

24 


LSCA Business 

NOTICE OF MEETING 

NOTICE IS HEREBY GIVEN that the 145TH ANNUAL GENERAL MEETING of the Members of 

the Liverpool Society of Chartered Accountants will be held on WEDNESDAY 20 MAY 2015 

at THE RACQUET CLUB, CHAPEL STREET, LIVERPOOL AT 5.00 PM. 

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

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

3. To elect Members of the Committee. 

The following members are due to retire and are not eligible for re-election: 

Eileen Quinn 

The following members are due to retire and are eligible for re-election 

Jan McDermott 

The following members are standing for election: 

Marion Hodgkiss 

Beverley Rice 

Sion Owen 

Ryan Sheppard 

Paul Cochrane 

4. To transact any other ordinary business. 

All Members of the Society are eligible to serve on the Committee. Nominations to fill 

vacancies on the Committee should be sent to Alex Pilkington, Liverpool Society of 

Chartered Accountants, PO Box 471, Wigan, WN2 1WY, not later than Monday 27 April 2015. 

At the conclusion of the formal business of the meeting the Officers for the ensuing year 

will be announced. 

PROXIES: 

Any Member may appoint a proxy to attend and vote for him/her, provided the proxy is a 

Member of the Society. Forms of proxy should be lodged with The Liverpool Society of 

Chartered Accountants not later than 13.45 hours on Monday 27 April 2015. 

ROB YOUNG 

HONORARY SECRETARY 



MSB Solicitors warn of dangers 

of eye watering hike in court fees 

MSB Solicitors have warned parliamentarians of the risks posed by a massive rise in court 

fees for money claims, set to come into force on Monday, 9th March. 

The 5% levy on all claims over £10,000, 

up to and including claims valued 

at £200,000, was approved at the 

delegated legislation committee stage 

in the House of Commons in February. 

A further debate will be held in the 

Lords in early March and, subject to 

clearing that hurdle, the new fees will 

come into force on 9th March. 

The increases range from a whopping 

64% increase for a claim valued at 

£20,000 up to a staggering 622% 

increase for a claim valued at up to 

£190,000. 

Hayley Catherall, solicitor in MSB’s 

family team, is all too aware of the 

affects that the rise in court fees could 

have for many of her clients. She says: 

“I recently represented a lady who 

was the victim of domestic abuse. Like 

many women in these cases, she was 

in a very difficult situation, in danger of 

losing her home whilst caring for two 

young children. 

“Having fallen just short of the criteria 

to qualify for legal aid, this lady was 

struggling to pay solicitors fees but was 

left with no choice after her ex-partner 

issued proceedings to try to obtain a 

share of the house she owned. 

“Her only option was to pursue a 

counterclaim against him, which was 

immediately transferred to Salford 

County Court Money Claims Centre. 

On forwarding our defence and 

counterclaim, the client has had to pay 

a court fee of £1,150. She had to borrow 

the money to fund her counterclaim, or 

face the prospect of her and her young 

family losing the family home. 

“The new court fee would be in excess 

of £6,000 and my client would simply 

have been left high and dry. What is 

frightening is that this is just one of 

hundreds of similar cases we see each 

year.” 

Partner at MSB, Sean Sexton, has 

voiced his frustrations too, with a 

blog on the firms website urging the 

Ministry of Justice to review their 

decision. He said: 

“The potential impact of these fee 

increases could be devastating for 

many of our clients. 

“Cohabitees who split up and wish 

to claim a share in the family home 

will certainly be affected. Claims for a 

share in a family home worth £200,000 

would require a court fee alone of 

£10,000. That is just to issue the court 

proceedings, without the cost of any 

legal representation. How will any 

ordinary person be able to afford this? 

“The reality is that in future, such 

cohabitees will be unable to make a 

claim on the family home and may 

be left destitute. There is no legal aid 

available for such claims, irrespective 

of the claimants financial situation. 

“And it isn’t just cohabitee claims 

that will be affected, the potential 

consequences for small and growing 

businesses are of particular concern. 

Many small businesses will be 

prevented from suing larger companies 

for goods or services supplied and 

the tactics of some large companies 

delaying payment to small suppliers 

will inevitably escalate”. The Law 

Society has collected case studies from 

solicitors showing the likely impact 

the increased fees would have on 

ordinary people seeking justice. Those 

include an account from one concerned 

pensioner with a claim against a 

financial adviser for the loss of his 

entire pension fund, for which the fee 

for applying to begin court proceedings 

will increase from £910 to £5,000. 

Another case study found that a young 

girl with brain damage due to a failure 

by doctors to diagnose meningitis as 

a toddler will now require £10,000 

to mount any fight for a financial 

settlement. 

Now that the government seem 

determined to impose these fee rises 

before the coming general election, 

MSB have announced their support 

for a judicial review to challenge the 

increase and in February called for 

backing from local MPs to oppose the 

plans. 

Steve Rotheram MP for Walton lent his 

support, saying: 

“It is a basic human right for an 

individual to be able to access legal 

representation. If an individual 

is not able to access appropriate 

representation because of cost, this is 

counter to the very principles of natural 

justice. 

“I remain opposed to anyone being 

denied justice on the basis of cost. That 

is why I voted against the government’s 

slashing of legal aid and I will support 

Labour’s plans to help financially 

support all victims and defendants in 

our courts”. 

MSB have also warned of the dangers 

of unrepresented claimants scrambling 

this week to submit money claims 

before the court fee increases come 

into force. 

Sean Sexton 


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HOT TOPIC: CLOUD-WORKING, 

WHAT’S IT ALL ABOUT? 

By Mike Couzens, owner and developer of docSAFE and 

Online Practice www.onlinepractice.co.uk 

Working in the cloud is no longer considered a lofty idea. As 

more of us are working less conventional hours and on the 

move, cloud-working is becoming a real business asset. Is 

your firm cloud-savvy? 

SECURITY – FOR YOU AND YOUR CLIENTS 

Security is a hot topic. Since the red top newspaper hacking 

scandals we are more than aware of how easy it is to obtain 

information we shouldn’t have access to. Imagine a world 

where your client information is laid bare for all to see? If 

you’re using email to send and receive information, it most 

probably is. And if you exchange information via fax or post, 

it definitely is. 

Legislation introduced on 6th April 2010 gave the Information 

Commissioner’s Office the power to issue fines of up to 

£500,000 for breaching the Data Protection Act. Clearly, the 

penalties for data breaches are fierce but the biggest blow to 

your business would be the loss of confidence of your client 

who would naturally go elsewhere where his affairs would be 

safer. 

tasks. Storage and backup is another function of holding 

information in the cloud. 

“docSAFE is extremely impressive, it shows your firm to be 

progressive, organised and security conscious” explained 

Mike Couzens. “There are similar products but nothing with 

its own mobile app together with the functionality and audit 

trail we have built in which is why hundreds of firms use it 

every day.” 

Most importantly, working in the cloud strengthens a firm’s 

reputation. Just one instance of compromised information 

could really damage an accountant’s reputation and 

relationship with its clients. 

Taking steps to make sure your firm can’t fall foul of 

legislation in any way is surely a topic for the next partners’ 

meeting? 

SO WHAT DOES CLOUD-WORKING MEAN? 

Cloud-working is just an expression for a way of working – 

it means that your documents (and increasingly, software 

applications) are all stored online and you have access to a 

secure portal from wherever you are in the world. Working 

in the cloud is a concept that means you can pull down 

information wherever you are, even from a mobile phone 

app. 

If you’re on a train with wifi access, you can work as though 

you’re at the office. You can give others access and even 

collaborate remotely on the same piece of work. To give 

another example - say you are in a meeting and you need 

some facts and figures that are on your computer at the 

office. You can simply access your ‘cloud’ and download the 

information you need to your laptop in the meeting. 

SO HOW DOES WORKING IN THE CLOUD HELP? 

Working in the cloud means your data is totally secure. Your 

client’s details are protected from external hacking or even 

accidental discovery. It’s convenient - forget disks, memory 

sticks and external hard drives - place your files in the cloud 

and you’re sorted. 

There are many other functions that cloud working can 

provide. It cuts down on unnecessary meetings so saves 

time, money and the environment all at the same time. Being 

able to sign off on tax returns and other vital documents also 

cuts down huge amounts of admin time. Face-to-face time 

with clients is very important but sometimes it can just be a 

nuisance if a meeting is required just for signing off forms. 

docSAFE sends timely reminders to clients to alert them to 

deadlines, signatures required and other useful autimated 

Mike Couzens 



Allied Irish Bank (GB) 

Liverpool positioned 

for growth 

The Liverpool branch of specialist business bank Allied Irish 

Bank (GB) has much to look forward to in 2015. After 4O 

years of providing award winning service to Owner Managed 

Businesses, the team at 1 St Paul’s Square, Old Hall Street 

is restructuring its relationship banking model to ensure its 

managers have even more time to support its customers. 

Peter McGurk (Allied Irish Bank (GB) right) with 

customer John Sutch (John Sutch Cranes, left) 

highlights the bravery, optimism and 

resilience of the people owning and 

running UK businesses, with the majority 

family owned, but it also reflects the very 

personal stretch and stresses that go 

with the territory of running your own 

business. These are people that need and 

deserve our support as they face these 

challenges and our whole economy and 

society benefits from their success.” 

Peter McGurk, the Branch Manager, 

is excited to be spearheading this new 

chapter in the bank’s history of support 

for Owner Managed Businesses in 

Liverpool. 

“Undoubtedly, the banking habits of our 

business customers have changed so 

much in recent times. As a result we 

commissioned a comprehensive research 

survey in conjunction with Brunswick, 

a leading corporate communications 

consultancy. They sought the opinions of 

a large number of customers, speaking 

directly to a significant number, and the 

results caused the Bank to re-assess the 

way we deliver our services. We are now 

structured in a way which allows us to 

focus on those clients who need a close 

relationship with their bank and where 

the two way flow of information, advice, 

ideas etc adds real depth and long term 

value.” 

“The way we are reorganising means 

many of the administrative tasks and 

other duties – which we previously had 

to balance with our customer facing 

activities – will now be managed centrally 

enabling us to focus totally on our 

customers, our prospects and our many 

friends in the professional community. It 

is my absolute conviction that this gives 

us a terrific launch pad as we look to 

grow the business successfully over the 

next decade and beyond.” 

Strong Team 

The senior team at Allied Irish Bank (GB) 

Liverpool demonstrates considerable 

strength. Between them, Peter McGurk, 

Christine Wardle and David Warburton 

have a combined 100 + years in banking 

with a further 45 years across the key 

support staff. In addition, the team can 

call on expertise in areas including 

Invoice Finance, Asset Finance, Merchant 

Services and International Trade. “Our 

team have been together for many years 

and I consider that we are a formidable 

unit, committed to our customers 

and to the future success of our 

business, founded on a strong bond and 

partnership with our customers.” said 

Peter, before adding “we take nothing 

for granted and this inspires us to strive 

every day to be the best that we can be.” 

Peter confirmed that “we have completed 

a number of significant deals over 

the last 18 months or so and our new 

structure will ensure we are well placed 

to build on this success. We will continue 

to seek to differentiate ourselves by 

really trying to understand what it is the 

customer needs and by always trying 

to put the customer at the centre of 

everything we do.” 

If this is the type of service you want 

from your Bank please feel free to 

contact Peter, Christine or David at Allied 

Irish Bank (GB) Liverpool on 0151 224 

7079. We look forward to speaking to you. 

Owner Managed Business Outlook 2015 

Allied Irish Bank (GB) have just released 

the inaugural ‘Owner Managed Business 

Outlook 2015’ where they seek to capture 

what drives this vital engine of the UK 

economy. Overall, the report reveals 

the views of Owner Managers about the 

economy, regulation, risk environment, 

the health and future prospects of their 

own balance sheets and their attitude to 

financing. 

Peter had this to say on the report “The 

findings from our first survey of Owner 

Managed Businesses across the UK, 

capture the current views of a key engine 

of our economy and important part of 

the UK’s social fabric. The research 

The full thought provoking report is free 

to download on the Bank’s website: 

business.aibgb.co.uk/owner-managedbusiness-outlook 

About Allied Irish Bank (GB) 

Allied Irish Bank (GB) is a specialist 

business bank serving the needs of 

Owner Managed Businesses to provide 

real value to every one of our customers 

and to deliver the highest standard of 

service in banking and financial services. 

Operating from 16 locations in major 

cities across Great Britain and employing 

over 600 staff, we offer the full range of 

business banking, corporate banking and 

international trade services as well as 

dedicated wealth management, personal 

banking and direct savings services. 

Allied Irish Bank (GB) has been 

supporting businesses in Britain with 

true relationship driven service for over 

40 years growing organically with more 

than half of our new business coming 

from Owner Managers recommending 

our service. 

The Bank was awarded ‘Best Service 

from a Business Bank’ at Business 

Moneyfacts Awards 2014. 

For further information please visit: 

business.aibgb.co.uk 


ALL PREPARED FOR 

NEW UK GAAP? 

Whether you prefer 

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If you’re already a user of CCH Online, or if you’re 

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Wolters Kluwer (UK) Limited, registered in England & Wales, No. 450650, VAT Number 710 9357 45. 

Registered Office: 145 London Road, Kingston upon Thames, KT2 6SR, United Kingdom.

Ongoing support for the 

transition to FRS 102 

Financial reporting continually changes and evolves, providing a constant challenge to the 

accounting professional. But the recent introduction of FRS 102 represent a dramatic step-change, 

the like of which many practitioners will not have seen in their working lives. 

Fortunately a number of resources are available to help 

professionals make the transition to the new reporting 

framework during 2015. Here we take a look at the 

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The first place for any accounting professional to start 

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The Wolters Kluwer ebook platform, Smarteca, offers most 

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Our new online research hub, CCH Navigate GAAP, 

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GAAP includes access to relevant elearning modules and 

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Whether you prefer 

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The Wolters Kluwer online information service, CCH 

Online, offer the ultimate resource for researching 

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quickly delivers the accurate and up-to-date content 

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access to a single, specialist title or a complete to suit the library way you work 

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research-publications for more information about 

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ALL PREPARED FO 

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Success! 

For more information about the resources available from Wolters Kluwer 

Call: 0844 561 8166 • Visit: www.cch.co.uk • Email: cch@wolterskluwer.co.uk ® 

Chartered One // Issue 12 // Spring 2015 33 

Wolters Kluwer (UK) Limited, registered in Eng 

Registered Office: 145 London Road, Kin


Capital Allowances – An Insight 

If you incur capital expenditure on commercial investment property you are normally 

entitled to claim capital allowances. This may occur by buying a property (new or 

second hand), refurbishing or building a new property or even making a capital 

contribution to a tenant’s fit out. 

Capital allowances are the means by 

which UK taxpayers obtain tax relief, 

against their taxable profits or income, 

for their capital expenditure on certain 

fixed assets. There are numerous 

different forms and rates of allowances 

available within the CAA2001 which 

relate specifically to property, 

including: 

≥ Plant and machinery allowances 

(General Pool 18% Writing Down 

Allowances) 

≥ Integral feature allowances (Special 

Pool 8% Writing Down Allowances) 

≥ Enhanced capital allowances 

(energy efficient plant) (Potential 100% 

Allowances) 

The most common of all the above 

allowances are the plant and machinery 

allowances that fall into two pools, 

the general pool plant and machinery 

and special pool integral features, 

which are typically available, to 

varying degrees, within all commercial 

properties (offices, retail, industrial, 

care and nursing homes, for example). 

Tax relief through the utilisation of 

Capital allowances should be properly 

considered as an integral part of any 

property transaction. This encompasses 

new build, alteration and refurbishment 

works as well as acquisitions and 

disposals of existing or “second hand” 

property. 

To establish the potential type and 

quantum of capital allowances within 

a property transaction it is essential to 

consider the following: 

On Property Acquisition – capital 

allowances may be available as an 

apportionment of the purchase price, 

subject to previous claims by previous 

owners. It is critical to investigate the 

capital allowance position as early as 

possible in the acquisition process to 

identify previous claims and to ensure 

that the acquisition contract is tailored 

to maximise the capital allowances for 

the purchaser. 

Acquisitions may include acquisitions 

from developers or second hand 

properties for owner-occupiers or 

property investors. 

Existing Property Portfolio – it does 

not matter how long a building has 

been owned or when the expenditure 

was incurred, as a capital allowance 

claim can be made at any time. The 

property owner in these instances will 

be restricted to the earliest return that 

remains open. 

On Property Sale – when selling a 

property on which the owner has 

claimed their entitlement to capital 

allowances, they should jointly enter 

into an Election under Section 198 

CAA 2001 with the purchaser, agreeing 

to a disposal value of the plant and 

machinery on which the allowances 

have been claimed. 

34 



P&M Percentage Rates 

New Build 

Second-hand Investment property 

Level of P&M 

Type of Property as a % of Build Cost Level of P&M 

Low % High % Type of Property as a % of Purchase Price 

Offices (non air-conditioned) 12 20 Low % High % 

Offices (air-conditioned) 18 38 Offices (non air-conditioned) 10 18 

Hotels 28 48 Offices (air-conditioned) 15 38 

Hospitals 28 52 Hotels 22 44 

Nursing Homes 22 40 Hospitals 24 45 

Shopping Centres (covered) 18 40 Nursing Homes 20 35 

Retail Parks 5 18 Shopping Centres (covered) 15 35 

Industrial 3 12 Retail Parks 3 13 

Retail Fit Out 40 85 Industrial 2 10 

Car Dealerships 18 28 Car Dealerships 15 25 

Data / Call Centres 22 75 Data / Call Centres 20 65 

Entering into an Election will not only 

avoid suffering a claw back (balancing 

charge) on all or part of the capital 

allowances benefits enjoyed by the 

vendor whilst the plant and machinery 

was in their ownership, but it will also 

guarantee that the HMRC will accept 

the disposal value (within certain 

prescribed limits). 

New Construction, Fitting Out and 

Refurbishment Projects – the inclusion 

of integral features allowances and 

recent confirmation of incidental 

qualifying expenditure through new 

case law has complicated the analysis 

of capital expenditure projects and 

identification and classification of 

qualifying capital allowances. 

Also in addition to plant and machinery 

allowances, additional capital 

allowances may be available through 

expenditure incurred on energy 

efficient plant and land remediation 

(i.e. the removal of asbestos or other 

qualifying contaminants). 

Tenant Contributions – where as 

inducement, a landlord provides 

financial contribution for tenants fit 

out works, correct structuring of the 

contribution and documentation could 

provide capital allowances for the 

landlord. 

In Ireland with the future loss of Hotel 

Allowances and Industrial Building 

Allowances it is now prudent to extract 

the plant and machinery element 

to establish a claim going forwards. 

One method of doing this may be 

as an apportionment of the capital 

expenditure involved which may be the 

purchase price or the contract sum. 

Accountants do not necessarily have 

the technical skill to maximise the 

claim in this manner. 

For Ireland the burden of wear and tear 

has to be established. 

In Europe we have prepared numerous 

claims for clients on their properties 

that were bringing home income, for 

example large apartment blocks in 

Germany. 

Don’t let your 

investment 

properties 

tax you! 

JJMaloney have been 

specialising in Capital 

Allowances in the UK and 

Ireland for over 25 years, from 

a £10,000 high street fit out to 

a £1B office purchase and 

subsequent refurbishment. 

Crossways Station Road, Woldingham, Surrey CR3 7DA 

T: 01883 650 400 F: 01883 652 500 E: jjm@jjmaloney.co.uk W: www.jjmaloney.co.uk 


How effective 

is your 

online 

presence? 

Ask us for 

a free audit. 

FREE REPORT ON YOUR ONLINE PRESENCE 

Being online is more than having a website. It’s about your overall 

presence: SEO success, blogs, social media, cloud working and 

more. Ask us for a free assessment of yours. 

0121 698 2098 • mike@p-2-p.co.uk • www.onlinepractice.co.uk


HOT TOPIC: WHY 

DOES YOUR ONLINE 

PRESENCE MATTER? 

By Mike Couzens, owner and developer of docSAFE and 

Online Practice (www.onlinepractice.co.uk) 

It’s no longer about sending the odd tweet in the vain 

hope it’ll reach a few prospects. Your online presence 

needs to calculated and strategic: a powerful culmination 

of your website, blogs, social media and electronic 

communications. Get it right and you’ll be way ahead of the 

competition. 

You’ve probably got a website. You might have a Linked 

In account. Twitter might be set up but rarely used. And 

Facebook? That’s for kids isn’t it? 

It’s time to put aside your own thoughts and consider 

EVERYTHING from a client perspective. If your clients are 

on Facebook, tweeting all day long and have fantastic apps 

to showcase their products, it’s highly likely they’ll engage 

with professional services that are in sync with their way of 

working. 

What’s more, where we used to have two or three different 

ways to communicate, we now have many. Why would 

you close any channels of communication? Accountancy 

firms typically work across a broad range of sectors, 

requiring them to be nimble, flexible and open to different 

personalities and environments. By adopting a richer mix of 

communications, your firm will stand out from the others. 

YOUR WEBSITE: It’s vital that your website is more than a 

shop window. It should represent everything you stand for. 

It should be ever-changing, full of valuable information and 

show credibility. Don’t have a website for the sake of it. Make 

it work hard for you. 

WHY BLOG? Blogging (an informal, short opinion piece) does 

two main things. It helps you to be found on Google – this 

reason alone is awesome. When people (i.e. prospects) look 

for help on a subject (e.g. ‘How can I reduce my tax bill’) it’s 

more likely that the content-hungry Google spiders will find 

your blog years ahead of them promoting your main website. 

Secondly, blogging is a sure-fire way to show off your 

knowledge, opinions and expertise. Why wouldn’t you do it? 

SOCIAL MEDIA: If your clients use it, so should you. Linked 

In (grown ups’ Facebook) is an excellent way of establishing 

connections with all sorts of useful people. Facebook is a 

Mike Couzens 

more fun, less formal way of communicating your firm’s 

news, legislation changes, links to useful articles and so on. 

Twitter is a fast moving river of information but, again, offers 

a great way to network. Tweet something of value and see 

what happens when a few of your followers re-tweet it to 

their audiences – the ripple effect is impressive. 

WHAT’S NEW? Talk to your existing clients, make them feel 

looked after. Add in a list of prospects to cast your net wider. 

Send a regular electronic newsletter and see who opens it, 

who clicks on the links you provide and you’ll quickly learn 

which of your prospects looks interested in what you have to 

say. 

It can help to think of all this activity happening at once, 

creating a 360º approach to promoting your business. It ends 

up being low-cost and high yielding if you devote the right 

resources to it. “We really enjoy putting strategies together 

for our clients” explained Mike Couzens. “We find out what 

firms need and put a plan in place to get it started and 

continue to maintain momentum into the future, it can’t help 

but succeed”. 

Taking steps to make sure your firm can’t fall foul of 

legislation in any way is surely a topic for the next partners’ 

meeting? 


Don’t let other lenders lead 

you up the garden path 

Spade in the 

ground construction 

For all your development funding needs 

www.affirmativefinance.co.uk 08701 123 111 @AFFFBridging 

Development and 

Refurbishment 

Finance from 

Affirmative Finance 

Affirmative Finance, one of the leading short term 

finance houses in the UK for the last decade offers 

variety and flexibility to those looking for development 

and refurbishment finance. The provision of 

development and refurbishment finance is a core 

element to our business. 

• Authorised and regulated by the FCA 

• Member of the Council of Mortgage Lenders 

• 1 to 20 unit builds / conversions (higher unit builds / conversions also considered) 

• Retained interest available – allowing the option of not making monthly payments 

• 12 month terms available 

• Stage releases of funds – interest is only charged on funds drawn 

• Re-inspection visits by appointed valuer – avoids the higher costs of a Quantity Surveyor 

• 100% of build / conversion costs available 

• 100% of purchase and build / conversion costs available - with additional security 

• Expert legal knowledge 

• Experienced underwriting team – we will review the planning permission, building regulations 

consent, new build warranty / insurance policy and any other associated documentation 

• Applications can be made on-line (http://www.affirmativefinance.co.uk/apply-now/) 

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


Do you want your own tax 

department without the 

hard costs? 

Mark Allen, Zenith’s Managing Director talked to us about 

the range of products and services his company offers 

saying, “We are a firm of Chartered Tax Advisors that offer 

a bespoke tax advisory service for clients or advisors who 

have complex tax issues that they require assistance with 

to resolve. 

Improving access to R&D tax credits for 

Small Businesses 

The government have launched a 

consultation on how R&D tax credits 

can be made more accessible to small 

businesses (re SME Sector). 

The Government are aware of how 

important it is to the economy that 

research and development continues to 

create a strong and sustainable private 

sector-led growth. The consultation will 

focus on: 

“In simple terms we are an out-sourced 

tax department that advisors can use 

as and when they need us. We don’t 

undertake any compliance work and only 

specialise in tax advisory services” 

Mark added “For example if clients 

are selling their business we would 

assist to ensure the client was able to 

claim Entrepreneurs Relief. We are also 

experts in Research & Development 

tax claims for companies and have 

had a 100% success rate with advance 

clearance applications to HM Revenue & 

Customs. We are also experts in company 

reorganisations such as share for share 

exchanges and demergers of businesses 

by ensuring the clients have the relevant 

tax clearances from HMRC before 

proceeding with the transaction”. 

Mark continued “Whether this is an 

income tax, corporation tax, capital gains 

tax, Research and Development or even 

Inheritance Tax issue please come and 

speak to us. THE INITIAL CONSULTATION 

IS ALWAYS FREE and we welcome the 

opportunity to meet at a location that 

suits you.” 

Mark noted that “A key area of growth 

for us has been in the SME R&D sector. 

We have a readymade solution to assist 

clients to evaluate very quickly their 

potential to claim the very favourable tax 

credits available to SME’s.” 

≥ Awareness. Are key decision makers 

in small companies aware of the relief? 

≥ Design. Are the rules appropriate for 

small companies? 

≥ Understanding. Do decision makers in 

small companies understand the rules, 

how they apply to both the company and 

the claims process? 

≥ Administration. Does the process 

operate smoothly (speed and ease of use) 

for small companies? 

Zenith Tax have developed a unique tried, 

tested and proven step by step guide to 

R&D tax claims which is easy to use and 

will save you money. We would now like 

to share it with you so you can no longer 

miss out on these savings. 

To this end Zenith Tax are hosting a R&D 

tax training day on Thursday 30th April 

2015 at the NEC in Birmingham. During 

this full day event you will learn how to 

do your own R&D tax claims for your 

Company 

MAXIMISING the TAX SAVINGS and 

allowing you to keep the savings rather 

than give it away to third parties! For 

more information please email: 

michael@zenithtax.co.uk” 

www.zenithtax.co.uk 


Discover how to do it at 

kashflow.com/seven


How practices of the 

future operate now 

Future-proofing your accountancy practice in the digital 

age is essential, and there’s no time like the present to 

embrace the transformational changes that can ensure 

your practice’s place among industry leaders. 

Integrating cloud solutions into your 

practice, and offering cloud based 

accounting as a value added service, 

are a must to stay ahead and compete 

with the new breed of firms based 

entirely in the cloud. But it’s not just 

about have a competitive edge in this 

still developing space. It’s also about 

ensuring your practice achieves new 

levels of productivity, while also offering 

a deeper level of service to your clients. 

Boosting Productivity & Growth 

Productivity is key for any practice trying 

to achieve significant growth, and it is the 

main reason why traditional practices 

should be embracing cloud. 

“I used to work with 

seven clients a week, 

now its around 50. The 

transaction is so simple, 

it’s easy to take on more 

work and more clients.” 

Will Farnell 

Director, Farnell Clarke 

Cloud solutions, particularly fully 

integrated solutions that provide endto-end 

answers for practice and client 

management, give accountants the ability 

to drastically reduce the time previously 

spent on admin and data entry. This time 

instead can be harnessed to do more 

every working day, including working with 

more clients and achieving new levels of 

productivity. 

With KashFlow accounting software, 

for example, accountancy practices are 

recording a seven-fold productivity boost 

leading to unprecedented year-on-year 

growth. 

Will Farnell, director of Norwich 

accountancy firm Farnell Clarke, says 

his firm has seen “significant growth” 

year on year thanks to the IRIS KashFlow 

Connect partnership programme, which 

essentially eliminates the amount of time 

once needed by accountants to manage 

their clients’ accounts. As Farnell Clarke 

accountant Nathan Bowden says, with 

KashFlow “you’re scrapping 90% of the 

work.” 

Better Client Relationships 

The traditional client and accountant 

relationship is changing, with clients 

wanting a deeper level of advisory 

focused service while still expecting 

their usual accounting needs to be taken 

care of. It can present a real challenge, 

because unless clients are also willing 

to undergo changes to how they deal 

with their everyday accounting and 

bookkeeping needs, then accountants are 

left shouldering a real burden. 

Cloud software solutions such a 

KashFlow have provided a simple, 

client friendly answer to this challenge, 

by giving business owners the online 

tools to easily manage their own daily 

bookkeeping. 

This is just the start of a more 

collaborative client-accountant 

relationship. By having anytime access to 

their client’s cloud bookkeeping accounts, 

accountants can better advise their 

clients about their real time financial 

information, and better help them 

achieve their financial goals. And since 

KashFlow also integrates completely 

with other accounting software solutions 

provided by IRIS, all the relevant cloud 

client data is easy to manage. This in turn 

gives accountants more time to focus on 

being practical advisors and reduces the 

wasted time spent sorting out receipts 

and doing data entry. 

Find out more about how cloud solutions 

can help you transform and scale your 

practice by visiting www.iris.co.uk/cloudsolution/ 


Beautiful accounting software 

“Because Xero is a single ledger 

platform this has enabled us to get 

much closer to our clients” 

GRANT SMITH, ARMSTRONG WATSON, TOP 100 PRACTICE 

Cloud-based accounting isn’t just for smaller practices. An online approach to 

accounting is also perfect when you’re a multi-practice firm like Armstrong Watson. 

Read Armstrong Watson’s cloud story at xero.com/armstrongwatson 

Xero – Most Innovative Growth Company 2014 

Sign up for free at xero.com/partners

Armstrong Watson – making cloud accounting work in the big league 

Cloud-based accounting isn’t just for smaller practices. An 

online approach to accounting is also perfect when you’re 

a multi-practice firm like Armstrong Watson. 

We talked to Paul Dickson, Managing Partner, and Grant 

Smith, Partner, to find out why cloud accounting was the 

perfect choice for Armstrong Watson. 

“Because Xero is a single ledger platform 

this has enabled us to get much closer to 

our clients” 

Grant Smith, Partner, Armstrong Watson 

A traditional practice that’s looking to the future 

Armstrong Watson is one of the north of England’s longest established 

accounting firms. The firm has a 145-year history of providing 

accounting services and now has 15 offices spread across the UK. And 

they’ve just taken the next step in cloud accounting by moving up to 

become a Xero Platinum Partner. 

So, why was an online solution perfect for Armstrong Watson? When 

you’re running a top 100 accountancy practice, with offices in multiple 

locations, it’s vital that your accounting platform is both efficient and 

consistent. 

Changing the face of accountancy 

Paul Dickson, Managing Partner of Armstrong Watson, clearly 

underlines why using Xero was the right cloud accounting choice for 

their firm as it continues to grow across the north of the UK: 

“Technology is changing and will continue to change the face of 

accountancy services in the future. Xero allows our clients greater 

access to financial information and allows Armstrong Watson to work 

with our clients, allowing us to support, protect and advise our clients 

more in real time. 

“We’re starting to see more of our clients embracing the benefits that 

Xero provides for them. And I’m also noticing that business owners 

are talking about the value Xero brings to their business, making 

managing their finances much easier.” 

Getting closer to your clients 

Maintaining client relationships is a fundamental part of the business 

cycle for any accounting practice. Giving clients an accounting 

experience which they truly love is more of a rarity. But that’s the 

experience that Grant Smith, Partner at Armstrong Watson, has had 

when introducing cloud accounting to his client base: 

“The client reaction to Xero has been fantastic, the most common 

phrase I hear is ‘I love it!’. Going back over the last ten years that really 

isn’t something I’ve heard with regards to desktop-based accounting 

software packages. In fact I can see that clients are accessing Xero 

significantly more often than those using legacy accountancy software 

packages. 

“Because Xero is a single ledger platform this has enabled us to get 

much closer to our clients, allowing advice to be provided based 

on up-to-date information that can be retrieved in minutes from 

anywhere in the world.” 

“Business owners are talking about the 

value Xero brings to their business” 

Paul Dickson, Managing Partner, Armstrong Watson 

“The Xero team has been great in 

providing support to us” 

Grant Smith, Partner, Armstrong Watson 

A standardised experience across all the offices 

When you’re delivering services from several different office locations, 

it can be a challenge to make the client’s experience consistent. Having 

a standard platform for your accounting services can really help to 

improve this consistency, and gives any firm the ability to scale up its 

operations as the business grows. Grant has seen a clear improvement 

in Armstrong Watson’s efficiency since moving to the cloud: 

“Having so many clients now using Xero allows us to share work 

around offices during busy periods, which enables us to provide 

an efficient and timely service to our clients. Also, with the number 

of Xero clients increasing, we have a standardised format for the 

information we’ve received, allowing for a standardised training 

process for our team members.” 

Setting the benchmark 

With firms like Armstrong Watson leading the charge, the benchmark 

has been set for the rest of the UK accounting industry to start 

bringing the cloud experience to their clients in the UK. As Grant 

outlines, becoming a Xero Platinum Partner is just the beginning of a 

whole new chapter for Armstrong Watson: 

“Our next step will be to continue moving the right clients on to the 

Xero platform to allow them to enjoy the benefits that so many clients 

are receiving. The Xero team has been great in providing support to us 

to allow us to achieve our Platinum status and we really look forward 

to that continued support.” 

To learn more about the benefits of cloud accounting visit xero.com/partners. 

If you have any questions, just drop us an email at partnerteam@xero.com


Anti-Money Laundering: 

Although introduced over 

10 years ago, complying 

with the Money Laundering 

Regulations remains high 

on ICAEW’s agenda. This is 

fuelled by the fact it continues 

to remain a common area of 

weakness for many firms. 

Jane Mather 

At SWAT UK, we’ve heard all sorts of 

fascinating and convincing explanations, 

ranging from “I only have small clients, 

so the regulations don’t apply to me…. 

do they?!”, through to “The regulations 

have only just come in, haven’t they?” 

Unfortunately, there’s no getting away 

from it. As a firm of accountants, the 

regulations apply to you. The regulations 

are here to stay and the monitoring teams 

are getting tougher on non-compliance. 

Now, you may be thinking “we’ve done 

some training and we have some internal 

procedures, so we’re fine”. That may be 

true, but what ICAEW and we (at SWAT 

UK) tend to find time and time again, is 

not that firms aren’t complying outright. 

It’s that they’re not doing enough to 

comply. 

So where are firms going wrong? 

Here are some of the more common 

areas of weakness that we find on our 

compliance visits. 

Different clients = different risk profiles 

The 2007 Regulations require that firms 

take a risk-based approach to their 

anti-money laundering procedures. This 

therefore requires risk assessments to 

be made. 

It’s amazing the number of files we 

review that have no indication of any 

risk assessment having been made and 

no differentiation in the approach to 

clients. How can you determine what 

due diligence evidence is required if 

there is no risk assessment? How can 

you assess the frequency and depth of 

on-going monitoring if there is no risk 

assessment? 

Clearly, a client from your local high 

street will represent a very different level 

of risk, from a client based in a high risk 

jurisdiction such as Iran or Algeria. 

There are three levels of risk assessment: 

≥ A generic risk assessment for the 

firm. (i.e. what we are likely to come 

across at work). 

≥ An initial risk assessment when taking 

on a client, which affects the initial level 

of evidence of identification. 

≥ An ongoing risk assessment which 

affects the level of ongoing monitoring. 

The recommendation is that you complete 

a “Know Your Client” (KYC) form for 

each client and include this within your 

client file. This will document the risk 

assessments you have made, and the 

reasons for making such assessments 

based on the risk profile for each client. 

Conducting an annual AML compliance 

review 

The Money Laundering Regulations 

require you to establish and maintain 

appropriate risk-sensitive AML policies 

and procedures. Regular money 

laundering compliance reviews are the 

only effective way of ensuring that your 

firm’s AML policies and procedures are 

being followed. 

A part of this process is to review a 

sample of client files to ensure that there 

is adequate due diligence information, an 

up to date risk assessment, appropriate 

44 



Are You Doing Enough? 

‘know your client’ information and 

evidence of on-going monitoring. 

Typically (in reviews that we perform), 

firms are always surprised at how 

many instances of non-compliance are 

identified. These can sometimes be 

attributed to one maverick within the 

firm, but more often than not, they tend to 

be firm-wide. 

No evidence of on-going monitoring 

This does not necessarily mean that 

no thought has been given to this issue 

(although in some cases that is the case). 

Instead, it is more that the process is not 

adequately documented. 

Again the regulations require that you 

review the adequacy of the due diligence 

information held, the transactions 

the client is involved with and the risk 

assessment on an ongoing basis. Do your 

procedures cover on-going monitoring 

and are you confident that they are being 

followed? 

Summing up 

One of the keys to good anti-money 

laundering procedures is good systems. 

The better the firm’s systems, the better 

the levels of compliance tend to be. 

How organised are you? How committed 

are the staff to ensuring this is done 

properly? These are all things you need to 

consider. 

As I said at the beginning, many firms 

think they are organised and have good 

systems in place and are then stunned 

at how lax things have become when 

someone starts to scratch the surface. 

Make sure you are not one of these, as 

the regulators are certainly starting to 

become more rigorous where firms are 

not complying with the regulations. 

Where to go from here 

To make the whole process of complying easier, ICAEW has partnered with SWAT UK to develop the ICAEW Anti-Money 

Laundering Service to raise firms’ awareness of their AML obligations and help them implement correct procedures. This 

service gives you online access to AML training, practical guidance, documentation and ready-to-use templates to help 

ensure your firm remains up to date and compliant with the Money Laundering Regulations. You can find out more at 

www.swat.co.uk/OneAML or by calling SWAT UK on 0845 450 5555.


The Lessons of History 

We live in interesting times, extremely interesting times. There is an ancient curse that says, 

“May you live in interesting times”. By reference are we then cursed? We are only cursed if 

we do not learn the lessons of history. Mankind has an uncanny habit of repeating his/her past 

mistakes over and over again. This is happening in both the IT industry and the Accounting 

profession. The lessons that are plain to be seen, are not being acted upon. 

A brief history lesson 

The world of information technology (IT) 

as it is known at present would appear 

to work in major and minor cycles. 

These last for years or maybe decades, 

however what was once good, is generally 

replaced over time. Strangely enough, 

many features repeat themselves after a 

few cycles. 

These cycles in the author’s opinion are 

basically as follows: 

Mainframes 

At the start of the technology age, all 

computers were mainframes, either 

custom built such as Colossus, Eniac etc 

or were ranges of machines such as the 

IBM 360 and beyond. During this time 

there were numerous suppliers of this 

equipment- all well-known names in 

their day. IBM, Burroughs, Sperry-Rand, 

Honeywell, Siemens-Nixdorf, ICL, Fujitsu 

and others. Other than IBM who remain 

a major force in IT, the question to ask is 

where are the others today? 

Mini-computers 

In the mid to late 70’s, a new 

phenomenon in the world of computing 

emerged – the mini-computer. These 

were essentially small mainframes, and 

anyone who worked on an IBM S/34 will 

confirm it was not mini! This equipment 

used cut down operating systems or 

embraced the new open system of Unix. 

Suppliers such as IBM, Burroughs, DEC, 

Data General, Wang, ICL, Honeywell, HP, 

Sun Microsystems and others were all 

active in the industry. Besides the 

obvious name in the list, the same 

question is asked-- who remains? 

PC’s 

In the late seventies and early eighties, 

yet another of the main cycles began. 

Rising out of hobby approaches, the 

personal computer was born. Leading 

the charge was a small company named 

Apple. For the operating system and 

tools side, a small startup named 

Microsoft burst on the scene. By the 

end of the eighties, both had grown into 

huge multi-million dollar organizations, 

and spawned a completely new industry. 

The number of clone manufacturers that 

sprung up was crazy, and very few of 

these remain. Where is Novell, and does 

anyone remember Banyan Vines? (both 

were networking solutions for those who 

don’t know!). 

46 



GUI & WYSIWIG 

The evolution from text to GUI & WYSIWIG 

interfaces occurred during the time of the 

PC. Whether it was an improvement in 

terms of speed and ease of use has never 

been determined. There were many 

excellent systems, general and specific 

to the accounting profession that were 

text based. Those that did not transfer 

to this new style have all disappeared. 

Remember WordPerfect, probably the 

most widely used word processor. It did 

not move to a GUI in a sensible time or 

style, and has disappeared. The same for 

Lotus 123. In the professional market a 

very large company CSM, with products 

such as TaxMan and MinuteMan did not 

survive. These products owned their 

markets and disappeared in short shrift. 

The World Wide Web 

Everything changed with the ascendance 

of the web. Leading the charge was a 

browser named Netscape, which again 

owned the market. The communities of 

CompuServe, AOL and MSN withered, 

and with a change in direction, Internet 

Explorer basically killed Netscape. The 

web world has been expanding ever 

since, with new entrants such as Google, 

Yahoo, Skype, Facebook and the like. 

During the short tenure of the WWW, a 

good number of previously highly used 

products and services have disappeared. 

Mobile, Devices & the Cloud 

This is the current cycle, and we are 

still fairly early into it. This change 

really gathered pace when Steve Jobs 

launched Apple iPad. The deliberate 

exclusion of Flash from the device (and 

by implication Silverlight), changed the 

face of development. At present most 

vendors, and particularly those to the 

profession, are all making out that they 

are cloud based and all understand the 

SaaS model. Those performing this 

under terminal emulation are not real 

cloud systems. The cloud should allow 

the running of applications on any device. 

Conclusion 

The very simple conclusion is that not 

all suppliers will weather the changing 

paradigms. This has been seen time and 

again in the past. Large and successful 

organisations have disappeared, simply 

because they did not change quickly 

enough or radically enough. 

Microsoft have just announced a major 

internal revamp – showcasing Windows 

10, and Office 2016. The shipment of PC’s 

is trending upwards. Apple are sitting on 

$142 Billion in cash! Investor confidence 

is reflected in share prices – going up. 

We are living in interesting times. 

Throughout all of these changes, many of 

the incumbents tried to ensure that their 

old systems were usable in the next cycle. 

Terminal emulation for the PC so it could 

act as a dumb terminal on the mainframe 

extended the lives of both mainframes 

and mini computers. Inevitably these 

systems have been changed, mostly into 

client–server type applications. 

These client server applications are 

being extended by the costly and 

environmentally very unfriendly use 

of terminal servers and desktop 

virtualization, all of which create a server 

PC for the attaching PC. This means 

more electricity being used, and therefore 

heat being generated. Whilst they 

undoubtedly work, it is using emulation to 

extend life. 

The winners will be the applications that 

can be happily and simply consumed on 

all of the devices that are being used 

today. PC’s, Laptops, Tablets, Smart 

phones are all candidates. When one 

can buy a full powered consumer device 

for £25 (Raspberry Pi) which runs free 

Linux and for the future Windows 10 and 

supports a browser that can consume 

input, we are looking at a completely new 

world. 

We are being freed from the shackles 

of the GUI thought police, where all 

applications had to look and work the 

same, to amazing User Experiences, 

normally being achieved on the mobile 

devices. These improved UX’s, will usher 

an era of working again being fun. 

The Profession 

This history lesson should not be lost 

on the profession. Suppliers who do not 

move to the new world will disappear, 

history tells us this. The profession has 

embraced technology to a greater or 

lesser degree, and has generally been 

very well served with choice. 

Two primary routes to follow are to 

source all applications from a single 

vendor on the promise of an ‘integrated’ 

system; or to go with what is known as 

‘Best of Breed’. For a central database 

it is often necessary to compromise on a 

number of applications – for best of breed 

there is the compromise on so called 

integration. 

There is no perfect answer, just the 

best choice for each firm and their 

requirements. 

Final conclusion 

It is critical that firms listen to the 

message of history, both as it relates 

to technology, but equally to the best 

approach and processes to running the 

firm. Constantly being hypnotized by the 


Reflecting Reality 

Practice Engine 

Mobile Practice Management 

Anywhere, Anytime on Any Device 

Delivering solutions to the accounting profession for 

over 17 years; combining a strong technical emphasis 

with close client relationships to secure and retain a 

substantial list of top firms in our PE community. 

www.praceng.com 

www.practice-engine.com

There’s a good chance that in your office a phone is always 

ringing– it comes with the territory. But are you confident that 

the phone always gets answered? Or do some of those calls get 

dropped? 

Nobody likes being left on hold or having to ring a company 

multiple times, just to get an answer. It’s a frustrating 

experience, leaving you with a negative perception of the 

company. 

We know positive customer experience is important – if the 

customer isn’t happy, they go elsewhere and your business 

suffers. Being accessible when your clients need you is a vital 

part of any positive customer experience. 

Having the right telephony solution in place can help you 

improve the overall experience of your customer, often in 

surprising ways. 

Could you improve customer experience 

with your telephony? 

When a new customer or client calls, do they have to call three 

times before getting through to someone? And when they do 

get through to someone, is it the right person or are they then 

being made to wait for ages? 

Time waiting on the phone might be considered time wasted 

by the new potential client – especially if they are only looking 

to get a quote. 

On the other side of things, can you currently identify how 

much time is being spent on fixed fee activity? 

And if yes, can you do this by fee earner? 

Are you wasting time that could be better spent? 

Using telephony reporting you can identify different statistics 

that can help improve operational efficiency and productivity. 

You can help improve customer experience and customer 

retention by monitoring your interaction and communication 

with clients. This can benefit both you and the client. 

For example, by identifying how much time is being spent on 

fixed fee activity, you can assess the best option for you and 

the customer. If you are spending a lot less time on a fixed 

fee contract than you should be, maybe the best solution is to 

review and assess whether that client should be on a flexible 

contract. The customer is happier as a result of not being 

overcharged and you can use the time elsewhere – possibly 

on a new client! 

Andrew Hague, a Partner at Howard Worth said: 

“Being a two site organisation used to have challenges when 

measuring how we handle client calls. Not anymore! I get to 

see when our busy times are and how well our call handlers are 

performing. Crucially if there are any patterns emerging I get to 

see them early and the solution gives me the flexibility to change 

the flow of calls to improve our client experience.” 

When you think how much each potential client is worth to the 

business, it doesn’t make sense to be missing the calls. But this 

idea looks more at new potential clients, what sort of experience 

are your current clients getting? 

Andrew Hague also added: “Concert’s solution allows me to 

measure how often we’re in touch with our key clients which can 

only help the firm. 

They are a great company to work with and have an excellent 

solution supported by a great team”


Future of funding 

in the UK 

The 

finance market is changing rapidly 

writes Gareth Pugh, Associate 

Director at Baker Tilly, 

Gareth Pugh 

It will have come as a huge shock to many that 

the 15th largest bank in the USA isn’t actually 

a bank as we’ve long known them. Rather, the 

aptly named LendingClub is a crowdfunding 

platform. In the UK, the alternative funding 

market is still in its infancy; in the Peer to Peer 

(P2P) funding market alone, cumulative lending 

was £1.48bn at the end of Q2 2014, up from 

£0.6bn a year earlier. 

The banking system as we know it seems to be at a turning 

point – with the three alternative funding platforms described 

below looking to lend over (excluding factoring) £2.5 billion by 

the end of 2015 in the UK it would seem that a milestone has 

been reached. 

It also evident that it is no longer possible to dismiss alternative 

finance even though the various funding platforms still remain 

somewhat of a mystery to many mainstream SME businesses in 

the UK. 

At Baker Tilly we recognise the lack of awareness of nontraditional 

funding sources and we offer a free advisory service 

to our clients outlining the various sources of non-bank funding 

that may be appropriate for them. We are experts in the 

alternative funding market and work closely with local advisors 

and funds to highlight these valuable opportunities. 

Baker Tilly believes that the future of funding in the UK will lean 

more toward these alternative-funding platforms. 

In the Darwinian race for survival Alternative Financiers can 

be more flexible and more fleet of foot than traditional lenders. 

They offer an alternative and in many cases, a complimentary 

offering to traditional lending. Alternative Finance can sit 

alongside traditional bank lending and several mainstream 

lenders are now actively promoting P2P funding to their 

customers where their requirements do not meet bank lending 

criteria. 

A word of warning however, whilst Alternative Finance does 

have many advantages it is not often a cheap option and careful 

analysis and consideration of all the funding options available 

should be undertaken in conjunction with the company advisors 

before a decision is made. 

Here’s an overview of the three most popular alternative funding 

platforms employed by UK SME’s; 

Supply Chain Finance Overview 

DEFINITION OF ‘SUPPLY CHAIN FINANCE’ 

A set of technology-based business and financing processes 

that link the various parties in a transaction – the buyer, 

seller and financing institution – to lower financing costs 

and improved business efficiency. Supply chain finance (SCF) 

provides short-term credit that optimizes working capital for 

both the buyer and the seller. Supply chain finance generally 

involves the use of a technology platform in order to automate 

transactions and track the invoice approval and settlement 

process from initiation to completion. The growing popularity of 

SCF has been largely driven by the increasing globalization and 

complexity of the supply chain, especially in industries such as 

automotive, manufacturing and the retail sector. 

P2P 

DEFINITION OF ‘PEER-TO-PEER LENDING (P2P)’ 

P2P is an online process that matches investors directly with 

borrowers seeking 

loans. It is a method of debt financing that enables individuals 

to borrow and lend money - without the use of an official 

financial institution as an intermediary. P2P lending removes 

the middleman from the process and can be a relatively quick 

process offering higher returns to investors, Also known as 

“social lending”. 

50 



GARETH EXPLAINS ‘PEER-TO-PEER LENDING (P2P)’ 

The advantage to the lenders is that the loans generate income 

in the form of interest, which can often exceed the amount of 

interest that can be earned by traditional means). Plus P2P 

loans give borrowers access to financing that they may not have 

otherwise have obtained approval for from traditional sources 

The method is not without its disadvantages as the lender has 

very little assurance that the borrower, who traditional financial 

intermediaries may have rejected due to a high likelihood of 

defaults, will repay their loan. Furthermore, depending on the 

lending system employed, in order to compensate lenders for 

the risk that they are taking, the amount of interest charged for 

P2P loans is likely to be higher. 

Below is a real life example of how Baker Tilly’s Restructuring 

and Recovery team turned a possible formal insolvency scenario 

into a workable on going business reality for all stakeholders: 

Example 

Boutique Hotel 

≥ Bank was over-leveraged and keen to remove hard core 

overdraft and reduce exposure. 

≥ Customer keen to secure additional funding to refurbish 

hotel to increase capacity and improve earnings. 

≥ Funding Circle loan rapidly secured to remove hard core 

overdraft and provide funds for refurbishment. 

≥ Bank’s security and debt servicing improved and customer 

secured necessary funding. 

≥ Appropriate due diligence reassured all stakeholders that 

additional funding was a workable solution. 

DEFINITION OF ‘INVESTMENT CROWDFUNDING’ 

Investment crowdfunding is a way to source money for a 

company by asking a large number of backers to each invest a 

relatively small amount with it. In return, backers receive equity 

shares of the company. 

Investment crowdfunding may also entail obtaining debt as 

well as equity stakes. Micro-loan providers are a source of 

debt investment whereby a large group of individuals may 

invest in a small piece of a larger loan. Lenders typically 

know the purpose of the loan and the terms including interest 

rate, length of the loan, and estimated credit rating of the 

borrower. Lenders receive an interest rate typically higher than 

other debt instruments due to the credit risk associated with 

borrowers; however, they can spread a large amount of money 

incrementally across a large number of loans. Borrowers may 

seek this sort of financing when traditional borrowing is too 

costly, or is not an option for them. 

To conclude, we are at the start of a new age in business 

finance. There are now many alternatives to the traditional 

sources of funding for SME’s. If you or your clients require any 

advice then please contact me at gareth.pugh@bakertilly.co.uk 

or 07711 898538. 

Baker Tilly – North West 

Restructuring & Recovery 

Take control, take action. 

We have an experienced and recognized local 

team working in the accountancy, 

finance and insolvency arena. 

We work with existing advisors and provide: 

• Free initial review and agree a workable 

strategy 

• Seek to preserve livelihoods 

• Liaise with Banks and other funders 

• Guide you through the maze of funding 

options and when necessary insolvency 

solutions. 

We have a local office and team near you: 

Chester, Liverpool, Manchester, 

Preston, Stoke, Warrington 

For further information please contact: 

Gareth Pugh 

T:+44 (0)7711 898538 

Lindsey Cooper 

T: +44 (0)7966 387568 

Don Bailey 

T: +44 (0)7887 825655 

Chris Ratten 

T: +44 (0)7800 617398 

Jeremy Woodside 

T: +44 (0)7800 617403 

www.bakertilly.co.uk 

Baker Tilly Corporate Finance LLP, Baker Tilly Restructuring and Recovery LLP, Baker Tilly Risk Advisory Services LLP, Baker Tilly Tax and Advisory Services LLP, Baker Tilly UK Audit LLP and Baker Tilly Tax and Accounting Limited are not authorised 

under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England and Wales. We can provide 

these investment services if they are an incidental part of the professional services we have been engaged to provide. Baker Tilly & Co Limited is authorised and regulated by the Financial Conduct Authority to conduct a range of investment business 

activities. Baker Tilly Creditor Services LLP is authorised and regulated by the Financial Conduct Authority for credit-related regulated activities. This communication is designed for the information of readers. Whilst every effort has been made to 

ensure accuracy, information contained in this communication may not be comprehensive and recipients should not act upon it without seeking professional advice. © 2014 Baker Tilly UK Group LLP, all rights reserved. 0530


Not all 

bank data 

feeds are 

created 

equal 

Although unauthorised feeds appear easy 

to set up and cheap to operate, they can 

be unreliable and are prone to interruption 

and missing transaction data. 

Bank data feeds are perhaps the most 

important advance in small business 

accounting in the last 10 years. Historically 

the domain of large corporates, bank 

data feeds are now available for even the 

smallest businesses and offer enormous 

efficiency gains for business owners and 

their accountants. 

Yet all bank data feeds are not created equal 

and business owners and accountants 

should exercise extreme caution before 

using or recommending them. 

Impact 

Bank data feeds can massively improve the efficiency and 

accuracy of the accounting process. There is no delay waiting 

for bank statements to arrive – the transactions are delivered 

electronically each day. Data entry is largely eliminated as the 

transactions are automatically uploaded to the accounting 

software. Once there, many software systems can even 

recognise the transactions and code them automatically based 

on user-defined rules. 

In fact bank data feeds can make the accounting process 

so efficient that many accountants now provide a complete 

bookkeeping service for their small business clients in less 

time, and at less cost, than it used to take them just to do 

the year-end clean-up work. This new capability amongst 

accountants is finally bringing an end to the shoebox as it 

enables a far more efficient accounting process without the 

need for the small business to change what they are doing, 

52 



learn to use accounting software or even have a computer. 

But all is not well in the world of bank feeds. There are two 

methods by which bank data feeds are provided and it is 

vital that accountants and business owners understand the 

difference between the two to avoid a cleverly disguised trap. 

banking sites to frustrate, at least temporarily, data services 

which use customer logins to grab data without authorisation. 

This means that although unauthorised feeds appear easy to set 

up and cheap to operate, they can be unreliable and are prone to 

interruption and missing transaction data. 

The good 

Bank-authorised data feeds are those which occur with the 

permission of the bank and the account holder. In this scenario, 

the account holder (a small business) provides an authority 

to their bank to provide a copy of their transaction data to a 

nominated advisor (their accountant) via a third party service 

(such as Bankstream). 

Such an authority will generally be a written form supplied by 

the bank data feed provider and signed by the account holders. 

Bank-authorised data feeds are available for a limited range of 

UK banks at this stage and often have a small monthly charge 

associated with them, levied by the data feed service. 

Although new to the 

UK, bank-authorised 

data feeds are used 

extensively in other 

parts of the world and 

are very popular with 

accountants as the data 

is highly reliable (coming 

directly from the banks 

systems) and compliant 

with the relevant privacy, 

data protection and 

banking rules. 

There are two methods by which bank 

data feeds are provided and it is vital that 

accountants and small business people 

understand the difference between the two 

to avoid a cleverly disguised trap. 

The bad 

Unauthorised data feeds 

provide a quick, cheap 

and easy alternative to 

bank-authorised data feeds – and are often cunningly promoted 

to appear to operate with the banks’ permission. Unauthorised 

data feeds work by logging into a customer’s internet banking 

service and automatically extracting the transaction data. 

Because of this, the data can be collected from a wide range of 

banks at a very low cost. 

But there is one big problem – such services require the 

customer to hand over their internet banking credentials to 

a third party (most commonly a US-based aggregator called 

Yodlee Inc.). 

These questions of quality, consistency and, most of all, legality 

are causing more and more accountants to think carefully about 

using unauthorised data feeds – an annoying development for 

some of the largest online accounting systems in the country 

who have built software which partly rely on unauthorised bank 

data feeds. 

Ask the hard questions first 

Business owners and, perhaps more importantly, their 

accountants should check carefully how bank data feeds work 

in their chosen software before using or recommending them. 

Whilst the power of bank data feeds is undeniable, care should 

be taken to ensure that the data service is authorised by the 

bank. 

Most users and recommenders 

of unauthorised bank data feeds 

are unaware that their data feed 

operates outside of the bank’s 

permission and are unwittingly 

running a significant risk. 

All bank data feed users 

should check with their 

accounting software provider 

how their data feeds work 

– whilst remaining aware 

that misinformation and 

misunderstanding are rife. 

A bright future for bankauthorised 

data feeds 

As the range of UK banks participating in bank-authorised data 

feeds grows, more and more small businesses and accountants 

will come to enjoy the significant benefits bank data feeds 

provide. 

With the support of banks, accountants and the providers of 

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able to focus on running their business (using up-to-date 

information) secure in the knowledge that the books are being 

correctly done automatically every day. 

Bank customers who (even unwittingly) hand over their internet 

banking access details are almost always violating the terms & 

conditions of their account. This could leave them badly exposed 

should a fraud occur – whether as a result of that breach or not. 

The ugly 

By using careful wording, and sometimes featuring bank logos, 

many accounting software systems which use unauthorised 

data feeds give the user the wrong impression that the service 

works in conjunction with their bank. 

Indeed banks will, from time to time, change their internet 

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Professional Services


Isle of Man, an established 

investment platform for 

FDI into the North West 

The Isle of Man is a leading international business centre 

renowned for its innovation, professionalism and longstanding 

policy of positive engagement with international 

initiatives and standards. These are just some of the drivers 

that have attracted international investors from around the 

globe to utilise the Island as an investment platform for UK 

FDI for the last 30 years. 

As the UK continues to provide a safe 

haven for international investors on 

the back of a growing economy, the 

demand for investment opportunity is 

strong amongst a client base made up of 

internationally listed companies, private 

equity vehicles, overseas family offices 

and companies looking to expand into 

the UK. 

As an Isle of Man based Trust and 

Corporate services business which is 

licensed by the Isle of Man Financial 

Supervision Commission, IQE provide 

administration and accounting services 

to these international clients via a team 

of professionally qualified chartered 

secretaries, directors and accountants. 

We have seen recent FDI into areas such 

as energy and infrastructure, R&D and 

real estate. The North West has been 

successful in attracting its fair share 

of this investment and with particular 

regard to real estate, whilst we were 

involved in 20 property acquisitions and 

14 developments in 2013, last year for the 

first time we provided services to more 

acquisitions of commercial properties in 

the north of England than the south, so 

clearly overseas appetite is changing. 

Many of these initial acquisitions evolve 

into significant developments, with 

local development spend, ultimate 

regeneration and longer term job creation 

as a result. 

Growing the Isle of Man / North West 

relationship 

As one of the leading service providers 

in the Isle of Man, we committed heavily 

to supporting IFB 2014 and in developing 

the relationships formed over that event 

we co-presented with the Isle of Man 

Government’s Department of Economic 

Development to both members of Pro 

Liverpool and Pro Manchester in January 

2015, promoting FDI into the North West 

and looking at how some of the Island’s 

existing active investors and resident 

entrepreneurs are investing in UK startup 

businesses. 

This initiative has been particularly 

successful and IQE in conjunction with 

Siliconiom, a promoter and adviser to 

entrepreneurs and start-ups, sponsor 

regular events on the Island, where UK 

businesses pitch to our entrepreneurs, to 

seek additional funding support. 

As well as promoting inward 

UK investment, we also provide 

administration and incubation services 

to businesses looking to expand into 

new markets with new products. This is 

predominantly overseas investors looking 

to set up international headquarters 

or businesses looking to launch their 

products in Europe. However, we are 

also seeing increasing numbers of 

entrepreneurs making the move to the 

Island to access new overseas markets. 

Relocation and start-up business such as 

tech, film/media, R&D, take advantage 

of generous Isle of Man Government 

Business Grants where they meet the 

relevant criteria. 

The Isle of Man has an excellent telecoms 

and power infrastructure which has 

Steve McCafferty 

benefited from hundreds of millions of 

pounds worth of public and private sector 

investment in recent years. It is this 

infrastructure which has helped provide 

the foundation for the Island’s success as 

a major centre for e-business activities, 

offering an internationally orientated 

service expertise to its global client base. 

This is an excellent opportunity for the 

business communities of the North 

West and the Isle of Man to engage. 

The Isle of Man Government has a 

very positive approach to working 

with the private sector and our long 

standing international clients have had 

a consistently positive approach to UK 

investment. 

As our clients continue to transact in the 

North West, the IQE team will be in the 

region regularly over the course of 2015. 

For more information on our services, 

please email Steve McCafferty 

smccafferty@iqe.im or 

call +44 (0) 7624 490561 



Understanding how short term 

lending could pay dividends 

With mainstream finance still difficult to obtain for many businesses, more and 

more are turning to short term lending to finance property and business deals. Chris 

Baguley, managing director of Bridging Finance Ltd, discusses how understanding this 

form of finance can enhance professional advisors reputations and gain a competitive 

advantage. 

It is generally accepted that accessing 

mainstream finance is still difficult in the 

current economic climate. Many of the 

major banks are already stretched and 

struggling to process a variety of loan 

applications. As they slowly rebuild their 

reserves the main thrust of their activity 

is to optimise the returns they can make 

from their millions of existing ‘profitable’ 

customers. Indeed, in the three months 

to November 2014, the monthly net 

lending flow to UK businesses by UKbased 

banks and building societies was 

negative . 

Despite this, demand for lending from 

medium sized companies increased 

significantly in Q4 of 2014 with mergers 

and acquisitions and commercial 

property cited as factors pushing up 

demand. Clearly there are businesses 

that, with access to the right type of 

finance, can benefit from economic 

market conditions. 

Short term lending and how it might 

help your clients 

Short term loans are becoming 

an increasingly popular option for 

businesses looking for growth. 

This short-term finance option has 

traditionally formed part of the alternative 

finance industry which surpassed the 

£1bn milestone for lending in 2014 . 

Alternative lending currently provides 2.4 

per cent of business lending , but is set to 

continue rising as it services businesses 

ripe for growth. Currently, the largest 

four banks account for 80 per cent of UK 

SMEs’ main banking relationships and 40 

per cent of SME businesses give up their 

search for finance if they are rejected by 

their bank . It is reasonable to assume, 

therefore, that with increased awareness 

of alternative finance the market is set 

for continued growth. 

Bridging finance is essentially a shortterm 

loan, of normally 12 months or less, 

that can be used by businesses to bridge 

the gap before permanent funding, 

or the next stage of finance becomes 

available. It provides an injection of 

cash into a business that enables the 

recipient to take advantage of short 

term opportunities, such as a property 

purchase, purchasing new stock or 

machinery, improving cash flow, raising 

capital or settling a tax bill. 

It is also an increasingly popular form 

of finance in the corporate finance 

field, injecting cash into a business 

between successive major private 

equity financings or carrying distressed 

companies while they search for an 

investor or acquirer. Businesses often 

turn to short term loans when they have 

been let down by other funders. 

Speed is of the essence 

The overriding difference between 

bridging loans and other forms of finance 

is the relative speed with which loans can 

be approved. Funding which ordinarily 

might take months to agree can often be 

approved within 24 hours and provided 

within days, or even hours depending 

on the circumstances. And everyone 

is aware that being in a position to act 

quickly can often help swing a deal or 

snap up a great opportunity. 

This injection of cash can allow 

businesses to benefit from advantageous 

situations, such as discounted property 

and stock prices, or to resolve emergency 

situations. 

The accountant’s role 

Being comfortable introducing short 

term loans as a means to achieving 

business objectives is a powerful weapon 

in an accountant’s armoury. As bridging 

loans are now considered by many as a 

mainstream finance option, accountants 

wishing to maintain a competitive 

advantage and retain lucrative 

commercial work will benefit from an 

understanding of the short term lending 

industry. Clearly, short term lending 

has never been more important and 

accountants with a good understanding of 

how it works can gain a real competitive 

advantage. However, there are still many 

accountants who are unfamiliar of the 

requirements of bridging lenders. 

Find out more 

While there are many accountants 

experienced in dealing with short 

term finance and presenting it as an 

opportunity to clients, it is still a grey area 

for some. If you aren’t as experienced 

or comfortable, it pays to research the 

bridging market ahead of its potential 

use in deals or projects you are involved 

with, in order to be in a position to realise 

its effectiveness. 

Look out for lenders who have a proven 

track record of arranging finance within 

five days and have the capability to 

complete even quicker, often within 24 

hours. 

Consider the flexibility of the lender. 

Some lenders will only lend in specific 

sectors, such as property purchases. 

Bridging loans can be used across a 

much wider field, including capital 

raising, corporate recovery, tax 

liabilities and MBOs/MBIs and a lender 

experienced in all of these functions will 

be beneficial to your firm. It may also be 

possible to extend a short term loan into 

a longer agreement. 

Reputable lenders will welcome the 

opportunity to meet with accountants 

who perhaps don’t have the experience 

but would like to know more about this 

type of finance. Most importantly, take 

time to build up a relationship with a 

bridging loan provider. Investing now in 

expanding your knowledge of the sector 

could pay dividends further down the line. 

58 



Hints and Tips from Chris Baguley 

If used correctly, a bridging loan can be an ideal 

solution for accountants to present to their clients. 

However, it is recommended you consider the 

following advice when recommending a bridging 

loan: 

≥ Ensure you approach a reputable lender - it’s easy 

to just go for what looks like the best deal on the 

surface but the difference between any two lenders 

can be significant. A good lender will assess each 

individual applicant profile circumstantially, rather 

than using a blanket approach. 

≥Consider exit strategies – all good lenders will 

sit down with a client and assess their exit strategy 

before they even consider offering the loan. If the 

lender seems to care little about how your client will 

manage to repay the loan, you might want to think 

about choosing an alternative provider. 

≥Make sure the time-scale is suitable - remember 

bridging loans tend to run for no longer than a year 

so if finance is required for a longer period of time, 

an alternative option might be more suitable. 

Many accountants and their clients across the UK 

are already benefitting from short term lending. 

John Jones, partner at Beever and Struthers has 

used funds from Bridging Finance Limited to assist a 

number of his clients and said: 

“We’re seeing more and more of our clients 

requiring short-term funding for business purposes. 

The use of bridging loans can enable them to seize 

opportunities quickly without having to wait days for 

a funding decision - a very valuable asset to growing 

businesses. They’re using these loans for a variety of 

purposes including cash flow and capital raising for 

stock.” 

To find out how short-term finance could work 

for you and your clients or to discuss your 

requirements, please call 0161 933 7175 or visit: 

www.bridgingfinance.co.uk 

SPECIALISTS IN SHORT TERM FUNDING 

FUNDING SOLUTIONS 

YOUR CLIENTS 

TO SUPPORT 

At Bridging Finance Limited we are dedicated to serving clients of the property 

sector, enabling them to make quick property or land purchases, or capital 

raise against an existing property or land. 

As a principal lender we are able to make decisions quickly. We offer a fast, 

simple and no-nonsense service. 

The following examples represent just some of the uses our clients have found 

for our services: 

Chris Baguley 

Managing Director 

Paul Hughes 

Corporate Development Manager 

Laura Morgan 

National Sales Manager 

David Sides 

Corporate Development Manager 

• Quick property or land acquisitions 

• Lending against residential investment, 

semi-commercial, commercial and land 

• Business cash injections 

• 1st or 2nd charge loans 

• Auction property purchases 

• Helping businesses expand/acquire 

• Investment property purchase 

SERVING THE 

PROFESSIONAL SECTOR 

All bridging finance secured on land and commercial property 

This information is for use only by professional finance and mortgage intermediaries. Other persons 

should not place any reliance on the content. It must not be distributed to potential borrowers. 

This Communication is from Bridging Finance Limited | Registered in England and Wales - Company Registration Number 

03166982 | Registered office: Lake View, Lakeside, Cheadle, Cheshire SK8 3GW. In respect of regulated mortgage contracts, 

Bridging Finance Limited is an Introducer Appointed Representative of Cheshire Mortgage Corporation Limited, which is 

authorised and regulated by the Financial Conduct Authority. 

0161933 7175 

Bridging A5 advert.indd 1 12/02/2015 17:02:48

Early Years 

from birth 

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Sixth Form 


• 94% pass rate in our latest GCSE results 

• New Science facilities open 2015 

• New Sixth Form opening September 2015 

• Rated Excellent in all areas by ISA 

Over the past few years, Scarisbrick 

Hall School has established itself 

as one of the leading independent 

schools not only in the North West, 

but in the UK. 

We are one of only a handful of 

schools rated as “Excellent” in every 

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With a multi-million pound 

investment scheme under way, as 

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achievement, Scarisbrick Hall School 

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• Traditional family values and a warm friendly atmosphere 

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A World Class Education 

In 2014 Scarisbrick Hall School was nominated for a National Award for Excellence, 

achieved 100% Excellent in their inspection and also achieved 94% A* - C pass rate 

at GCSE level. In 2015 the school is now pressing onwards to become one of the best 

independent schools in the country, with a reputation for not only academic excellence 

but also developing the whole person. 

Easter 2015 will see the opening of a 

stunning new Science Faculty building. 

The school has developed the original 

mansion building (designed by Pugin) 

to incorporate cutting-edge science 

facilities that will develop the leading 

scientists of the future. 

Headmaster Mr Shaw stated that “As 

well as inspirational teaching spaces we 

have developed an exceptional teaching 

team that deliver the highest quality 

teaching and learning. Excellent class 

teaching is supported by lectures from 

leading academics around the world”. 

The lectures are called the “Great Hall 

Lecture Series” and have seen experts 

such as Professor Phillip Manning 

(Palaeontology) and Doctor Leonid 

Ponamerenko (Physics) deliver sessions 

to enhance the learning of the students. 

There is no doubt that putting students 

in contact with leading academics 

enhances their aspirations and drive for 

learning. 

As well as the Great Hall Lecture Series, 

Scarisbrick Hall School has developed 

relationships with leading universities 

that has led to the development of a 

Sixth Form. The Sixth Form will open in 

September 2015 and will be delivering 

a true ‘pre-university’ feel to their post 

sixteen provision. 

The Sixth Form will be based in a new 

‘Sixth Form Suite’ that resembles the 

learning environment of Oxbridge and 

‘Red Brick’ universities. Set in a stunning 

grade 1 listed mansion, the students 

will have exclusive access to inspiring 

learning environments, libraries and 

seminar rooms. The new facilities will 

also include their own café area and 

personal learning spaces. 

With plans to introduce boarding and 

to build a new Early Years Centre of 

Excellence, Scarisbrick Hall School is set 

to emerge as one of the leading school in 

the UK. 


To claim your Chartered One Magazine Discounts 

Please call the number above and 

Quote Ref O2CharteredOffer 

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

Project1_Layout 1 06/03/2015 12:30 Page 1 

Come and see what makes our school so special 

Join us for a day of fun activities for children from 3 months to 18 years 

REGISTER NOW: 

WWW.BIRKENHEADSCHOOL.CO.UK 

TEL: 0151 652 4014 

ALAN COOKSON PRIZE 

Founded by the Late Benjamin Cookson, in memory of his Son, 

Captain Alan Cookson, who was killed in the 1914/18 War 

The Alan Cookson Prize is awarded to a successful student within the Society area following the results of 

the Advanced Stage Examination. 

The prize is a book and a cheque, the amount of which is dependent on the available balance of income in the 

prize fund. The prize is presented at a suitable District Society or Institute occasion and the award winner`s 

name is inscribed on the Honours Board. 

The following qualifications are considered by the Alan Cookson Prize Committee – 

≥ Achievement at Institute Examinations, Professional and Advanced Stages 

≥ Service under Training Contract 

≥ Services for the District Society or Students` Association 

Students who have completed all their examinations and with to be considered for this prize should contact 

alex.pilkington@icaew.com for an application form 


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Out of Office 

Behind 

the mask 

Tales of the secret 

accountant 

Another January over, 

another year older. 

Each year, the 1st February always 

seems like the start of the New Year for 

me and those of you who have to do tax 

returns will be nodding in agreement. 

And so it was with great interest that I 

read “Spice up your life” in the January 

edition of Economia. 

Yes – I am one of the 80% who fail to 

stick to the diet and quitting the fags, 

and “Yes” - my resolutions do need to 

be more exciting (but that’s not for this 

column). 

Instead I started thinking about my own 

business resolutions and how we, as a 

team, can stick to them and achieve the 

success we deserve 

Here are some of the changes we are 

going to make this year: 

START SMALL 

I’m certain that : 

≥clearing my inbox daily 

≥phoning a different client each week, 

just to say hello 

≥ordering pizza for the monthly team 

meeting will make me, and those around 

me feel more productive and more loved. 

“That’s one small step for (a) man, 

one giant leap for mankind” – Neil 

Armstrong 

FLIRT MORE 

I’m not advocating more flirting in that 

romantic sense (those days are over) 

– just more smiling. I commit to start 

my day smiling, smile at my team more 

often, smile when I’m with clients and 

contacts and smile when I am on the 

telephone. It’s already becoming second 

nature AND people around me are 

smiling back. 

“Smile and the world smiles with you” – 

Stanley Gordon West 

KICK SOME ASS 

Ok – some of you must have those 

clients that push you to the limit year 

after year and I know I have. Their 

demands seem to increase faster than 

their fees ever could. I therefore resolve 

to ask my team for a monthly nomination 

of a client that they would like me to 

“move on”. I’m still thinking about what 

and how I will do with that nomination 

but I’ll update you on that next time! 

“The spirit indeed is willing, but the flesh 

is weak” – Matthew 26:41 

LEARN A LANGUAGE 

I’m already bilingual (English and 

Scouse), so I’m not looking to learn a 

third language but I do think it is time 

I got to grips with Cloud Computing. A 

lot of my clients are asking about it and 

I know other accountants are building 

their practice on software such as Xero, 

Kashflow and QuickBooks Online. 

The team are all on board and I think 

we could make it a great success and a 

further revenue stream, whilst helping 

our clients understand their numbers 

better. 

“I don’t need a hard disk in my computer 

if I can get to the server faster… carrying 

around these non-connected computers 

is byzantine by comparison.” – Steve 

Jobs 

WRITE ALL ABOUT IT 

Well I’m already doing that by writing this 

article. And you will all know from my 

previous writings that I am overcoming 

my fear of social media so I’ll be writing 

even more. 

We all know about the fascinating 

study conducted on the 1979 Harvard 

MBA program (which I’ll now remind 

you of) where graduate students were 

asked “have you set clear, written 

goals for your future and made plans to 

accomplish them?” 

The result was that only 3% had written 

goals and plans, 13% had goals but they 

weren’t in writing and 84% had no goals 

at all. Ten years later, the same group 

was interviewed again and the result 

was absolutely mind-blowing. 

The 13% of the class who had goals, but 

did not write them down was earning 

twice the amount of the 84% who had 

no goals. The 3% who had written goals 

were earning, on average, ten times 

as much as the other 97% of the class 

combined! 

So get writing and earn more fees! 


Out of Office 

Real Ale Evening 

The Ship & Mitre, 133 Dale Street, Liverpool, L2 2EZ 

23 April 2015, 18:00 

Young Chartered Accountants are getting together for an evening of Real Ale at Merseyside’s 

leading Real Ale pub, The Ship & Mitre. There will be the opportunity to sample some excellent 

Ales, network with fellow professionals and test your knowledge in a fun quiz. 

The Ship and Mitre serves an excellent range of cask conditioned real ale, imported draught 

and a wide selection of German and Belgian beers. It is well known amongst CAMRA members 

and is regularly featured in ‘Merseyale’ and The Good Beer Guide. 

At the tasting you will be able to enjoy some of their finest ales which will be accompanied by 

their very best ‘Scouse’. 

This will be followed by a fun quiz…. come and test your knowledge or failing that simply scrape 

the barrel for clues! This is an ideal opportunity to socialise with friends and colleagues in a fun 

and relaxed atmosphere. 

Tickets £15.00 per person inc VAT 

REAL ALE EVENING – 23 APRIL 2015 

REF: DLIVSOC150423 

I/we * would like to book _____place(s) on the Real Ale Evening, 23 April 2015 

Name(s) ............................................................................................................................................ 

.......................................................................................................................................................... 

Address ............................................................................................................................................. 

.......................................................................................................................................................... 

Email address: ............................................................. Tel ............................................................... 

Membership No. ................................................................ 

A cheque for £……………………………………………………is enclosed made payable to LSCA. 

Return to: Regions Central Events, PO Box 6083, Milton Keynes, MK10 1PG 

T: +44 (0)1908 248 159 F: +44 (0)1908 248 053 Email: events@icaew.com 

For full terms & conditions please see www.icaew.com/northwest 

VAT Registration Number: VAT No. 164 4532 67

Out of Office 

THE SUPPORT 

MEMBER SCHEME 

WORKING AS A SUPPORT MEMBER FOR THE INSTITUTE CAN 

BE VERY REWARDING, BUT ALSO VERY CHALLENGING. 

As was mentioned in Chartered one a couple of 

issues ago, the Scheme relies on the volunteer 

network of Institute members to be a “listening 

ear” for members in difficulty. 

Many of the calls that we receive are to help 

members work their way through issues 

that are direct with the Institute. Over 35% 

of enquiries are to do with disciplinary and 

complaints issues – where members have 

received a letter from the Institute and just 

need someone to turn to. Following closely 

behind these are day-to-day issues of ethics, 

employment and practice. Members need 

someone to talk through a problem with, 

someone they can rely on to be confidential, 

impartial and, most importantly, someone 

who is exempt from the duty to disclose – so 

whatever is said to a Support Member stays 

with them. 

So do you think you would make a good 

Support Member? Have a read of the case 

study below and see if you can identify the 

issues and work out how to help Amelia (the 

case is fictional but based on real examples 

dealt with by Support Members). 

THE ACCOUNTANT 

TURNED BREAD-MAKER 

We could talk of statistics which show that the 

majority of the bread-making facilitators, all 

volunteers, are under 25; that we have over 

400 new people come through the doors every 

year; that the Church Council is composed 

of more men than women – on the surface 

anything but a traditional church!! 

When the smell of freshly baked bread fills 

your nostrils, it usually means that the house 

is for sale, a pot of coffee is on the stove and 

fresh flowers are in the lounge! 

But in Bold Street, Liverpool at “Somewhere 

Else” (“SWE” - The Methodist Church in the 

City Centre), it means that prayer time is 

over and it is time to eat. And you will have 

earned your lunch because you will have been 

kneading, stretching and pummelling your 

dough over the previous 2 hours to make the 

best loaf you can. 

Andrew Lovelady, a past president of LSCA and 

a Methodist local preacher, was one of a group 

of people to bring a Methodist presence back 

into Liverpool’s City Centre 15 years ago. The 

group had no idea what challenges would lie 

ahead in the search to re-establish a Methodist 

Church back in the City Centre some 20 years 

after Methodist Central Hall closed. But there 

was regeneration in the City, with its rising 

population of city dwellers as well as many 

for whom the streets were home – the asylum 

seekers, refugees, the homeless and the 

abandoned.. 

So it was that in 1999 a small group reestablished 

a church above “News from 

Nowhere” in Bold Street – with bread-making 

at the heart of its mission. But life has been 

tough – financially, physically, emotionally and 

spiritually. 

SWE lives on the edge, as a community living 

and working with the marginalised of Society: 

caring for them, listening to them, being 

alongside them, praying with them. We exist 

to serve God and to bring the Gospel alive in 

the hearts of those who have the courage to 

find us. For many of our community are afraid: 

of the church (we have worked over the years 

with many survivors of sexual abuse); of life 

in general; of authority and authority figures; 

of many things… So our church does not 

even look like a “traditional” church – it is an 

upper room (very theologically sound!) above 

a bookshop. There are no pews, no organ, 

no pulpit or lectern. Here the Word of God 

emerges through story-telling while mixing, 

kneading, shaping, baking – and every Tuesday 

and Thursday we share a simple act of prayer 

and worship before settling down to a meal 

with those who have chosen to join us for the 

day. 

But what we really want to talk about is 

God’s people – here in Liverpool, living out 

a Christian faith in ways that most churches 

have never dreamt of. After 15 years we still do 

not “know” the Church that we worship in – it 

is transient, extraordinary, fragile, on the edge 

– but very definitely filled with “companions” of 

Christ (from the Latin “together with bread”). 

The finances are challenging – we survive 

on grant funding and the generosity of our 

many followers. We have spawned projects in 

Soweto and Cologne; we have been on TV and 

radio and invited to lecture in Sweden on the 

theology of Bread, but above all we have been 

called to minister to all who come through our 

doors each week. 

So next time you are looking for something to 

do on a Tuesday or a Thursday at 10.30 – come 

and experience the Living Word embodied in 

bread!! 

Andrew Lovelady FCA 

Church and Circuit Steward – Liverpool City 

Centre Methodist Church 

www.somewhere-else.org.uk 


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E: info@instantcpd.com 

www.instantcpd.com 

You can cover all of your 2015 CPD requirements for £199 with 

our 27 courses, but in the meantime visit the URL below and trial 

a free CPD course. www.instantcpd.com/courses/freecpd 

Instant CPD provides a wealth of accredited 

CPD training online & on-demand. 

We appreciate that time is your most valuable commodity which is why Instant CPD 

enables you to fulfil your professional training requirements effortlessly, affordably and 

instantaneously. But that’s not all. It’s not just a case of completing the necessary 

hours, it is also important to feel as though you have achieved something of value. 

We have been involved in online CPD 

provision since 2000 when we were 

pioneers of the video streamed medium. 

We are a family business, now in the 

second generation, combining years 

of growing and adapting to our users’ 

feedback and needs, developing and 

producing a unique training platform and, 

as part of our commitment to providing 

the best learning experience for our 

customers, we are now pioneering our 

Instant CPD Community, allowing you to 

connect with peers and discuss current 

issues related to your profession. 

All of our lecturers are experts in their 

respective fields and have a genuine 

passion in the subjects they will share 

with you. Many will be known to you, 

such as Guy Loveday and John Selwood. 

Our entire user interface has been 

designed to be easy-to-use, interactive 

and fast, and allows you to come and go 

as you please in your account - giving you 

complete control over what you do when. 

Customers receive regular reminders 

and updates to encourage them to make 

the most of the CPD courses in their 

account and to keep on top of learning 

requirements. 

You would also have the chance to join 

virtual live question and answer sessions 

with 2 of our expert lecturers. 

Your account and courses can be 

accessed on any internet connected 

device, so you truly can accomplish your 

CPD on your own terms. 

Instant CPD is an Accredited CPD 

Provider by the CPD Standards Office.

Out of Office 

GOLF UPDATE 

Our esteemed Golf Secretary Glyn Pike is putting 

together our Golf calendar for 2015 and is able to 

confirm the following dates. 

Event Venue Date 

Annual Trophy Hesketh Golf Club 28th May 

Roses Manchester TBA 

Inter Society Hollinwell 1st July 

Chester TBA 20th July 

Law Soc TBA September 

Birmingham TBA TBA 

We normally have a good turnout for our events, and new 

members are always welcome, especially for the Annual 

Trophy, which is now well into its second hundred years. 

If you want any more information, or wish to join us 

please email Glyn at glyn.pike1@virginmedia.com

MCSCORPORATE 

Research & Development Tax Credits claims 

and Patent Box for SMEs and Large Companies. 

+44(0) 1926 512 475 jw@mcs-net.com 

www.mcs-corporate.com 

• Our Secure bins are locked 

on site. The only time the 

Secure bin is opened is 

when the contents are 

being shredded. 

• Please look on our website 

for other services we 

offer including a 

FREE STANDARD 

WASTE SURVEY 

We also offer a 

20% discount to 

all readers of 

Chartered One. 

Telephone: 01624 825826 

www.askbuck.com 

Buck Recycling / City Hygiene 

Unit 27 Balthane Industrial Estate 

Ballasalla IM9 2AJ 

Freephone 

0800 220011 

Not all cleaning companies 

have our standards 

This is what sets us apart: 

• RELIABLE • CONSISTENT 

• TRUSTWORTHY • FLEXIBLE 

• FRIENDLY • GREAT VALUE 

OUR STANDARDS ARE HIGHER 

BECAUSE WE CARE 

minster@minstercleaning.co.uk 

www.minstercleaning.co.uk

Out of Office 

One of our members 

has a new book. 

Andy Bounds, best selling author of The Jelly Effect and The Snowball 

Effect is now aiming for a hat-trick. 

Become Top Dog, and impress and 

influence everyone you meet 

As Accountants, we have to meet with, impress and influence important 

people every day – our clients, prospects, bosses, teams, referrers… 

…and the more successfully we do this, the more successful we are. 

Andy has co-authored a book with Ernst & Young’s Global Client Service Partner, Richard Ruttle, 

on how to master this critical skill. 

Their book – ‘Top Dog’ – is tailored to the professional services market. So it’s ideal for us 

Accountants! In fact, Baker Tilly International’s CEO and President Geoff Barnes said the book 

“…contains a simple, step-by-step approach to impressing clients. Every page, I found myself 

thinking ‘this is exactly how people should sell. But nobody does.’ And we have worked with 

Andy – his ideas work!” 

Sounds useful, yes? To buy it, visit www.amazon.co.uk ans search for Top Dog. And, to join 

Andy’s online video club and receive an hour of new BD tips and techniques every month, go to 

www.andyboundsonline.com. 

Wine Tasting on the Wirral 

with Whitmore & White 

Whitmore & White, 17-19 Pensby Road, Heswall,Wirral, CH60 7RA 

Friday, 13 March 2015, 19:15 

Join fellow members for an evening of wine tasting courtesy of our friends at the wonderful Whitmore & White. 

There will be the opportunity to taste 8 wines which will each be introduced by Graham the resident local 

expert - no prior knowledge is required or expected, it is a very informal (and hopefully convivial!) evening. 

So please come along and enjoy deliberating over a fine selection of wines. Relax, socialise with friends and 

colleagues and welcome in the weekend. 

And….Red Nose Day is back on Friday 13th March and once again, the nation is gearing up to put on their 

Noses, so we are joining them for some red nose fun! 

Whether it’s at work, at school or at home, the money raised for Red Nose Day is spent by Comic Relief to 

transform the lives of millions of people, both at home in the UK and across Africa. 

TICKETS 

£20.00 

PER PERSON inc VAT 

Bookings to alex.pilkington@icaew.com

Established in 1997, we specialise in Mobile App Development & 

Publishing with offices in Liverpool & London. 

Behind the name is a strong team of experienced, dedicated and creative Designers, 

Developers, Planners and Marketing Experts with a heritage of delivering outstanding 

solutions to business, underlined with exceptional customer service 

For more information call 

0845 643 5551 

Email us 

post@crosbyassociates.co.uk 


www.crosbyassociates.co.uk

Learning & Professional Development Programme 2015

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