london london decides battling for business

londonaccountant
icaew.com/london
january/february 2012
figuring in the capital’s future
london decides
battling for business
OFC_LA_0112.indd 1
07/12/2011 15:51:14
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12/12/2011 10:43
INTRODUCTION
EXECUTIVE EDITOR’S LETTER
TIME OF CHANGE
T
his year is already shaping up to be a
year of change, a year of challenges
and a year of celebration. As our
capital city prepares to play host to the world’s
greatest sporting party and celebrate the
Queen’s diamond jubilee, it will also go to the
polls to elect the person who will run London
for the next four years. There could be change
or there could be continuity, but either way
London’s businesses will be looking to the
mayor to provide vital support and ensure that
the city remains one of the premier business locations in the world.
We asked accountants what the mayor should do, and we looked at
what the candidates themselves offered. Our election article begins on p8.
Another significant change will come through the new ‘alternative
business structure’ regime that could see accountants and lawyers teaming
up to form multi-disciplinary practices, offering clients a real ‘one stop
shop’. These new ways of operating will provide opportunities and
challenges – how will they work in practice, who will regulate them, will
they provide real benefits to clients? Beth Holmes looks at the pros and
cons of the system, starting on p16.
Change in the boardroom is coming, and Geraldine Gallacher, founder of
the Executive Coaching Consultancy, tells us how company boards and
accountancy practices can ensure there are more women sat around the table.
In a city as diverse as London, it is shocking to see so few women represented
in our major companies and accountancy firms based in the capital.
However, it is very encouraging to see how the accountancy profession
is rising to the challenge of helping the less fortunate in our city cope with
managing their finances – at a time of austerity and tightening household
budgets, the ICAEW’s At Home with Money initiative on p22 demonstrates
the profession’s commitment to its community.
Finally, it is a time of change for London Accountant. This issue will be
the last hard copy of the magazine. Going forward, London Accountant will
be offered online through the ICAEW website, so don’t forget to
bookmark www.icaew.com/londonaccountant.
Philip Smith, [email protected]
CONTENTS
News
3
Opinion
David Wootton, Lord Mayor of the City of London
5
Opinion
Grant Jones, LSCA president
6
Young London voice
7
Cover feature
Mayoral election
8
Travel
Homeworking
13
Business
Women in the boardroom
14
Practice
Alternative business structures
16
Economics
20
Tax
Hobbies and pastimes
20
Financial capability
22
Business support
23
Commercial property
24
Technology
26
Diary of a London recruiter
27
Reviews
28
Diary
30
londonaccountant
[email protected]
JANUARY/FEBRUARY 2012
Editor in Chief
Juliana Sancto
[email protected]
Executive Editor
Philip Smith
[email protected]
Display Advertising
Nick Pye
020 8247 1296
[email protected]
Classified Advertising
Louise Pearce
020 8247 1428
[email protected]
Designer
Kasia Matuszewska
Regional Director,
ICAEW London Region
Ian Strange
[email protected]
Regional Executive,
ICAEW London Region
Ana Fariña
[email protected]
ICAEW Media Relations
Media Relations Manager
Caroline Florence
020 7920 8564
[email protected]
LSCA
Chartered Accountants’ Hall,
Moorgate Place,
London EC2R 6EA
Tel: 020 7920 8682
Fax: 020 7920 8648
E-mail: [email protected]
Website: www.icaew.com/london
CROYDON & DISTRICT SOCIETY
Jacquie Fairclough
Tel: 020 7920 8407
Fax: 020 8660 1754
Email [email protected]
Croydon & District Society of
Chartered Accountants
PO Box 2436, Purley CR8 2NX
London Accountant is the news
magazine of the London and Croydon &
District Societies of Chartered Accountants,
and is distributed six times a year to members
in the London area and Channel Islands.
London Accountant is published by
CCH Wolters Kluwer (UK) Ltd,
145 London Road, Kingston-upon-Thames,
Surrey KT2 6SR
© CCH Wolters Kluwer (UK) Ltd
Production Editor
Andy Price
londonaccountant january/february 2012
001_LA_0112.indd 1
1
07/12/2011 09:27:46
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FACTORING
ASSET BASED LENDING
27/10/2011 10:56
NEWS
SHARP FALL
IN CAPITAL
CONFIDENCE
Business confidence in London declined
sharply in the fourth quarter of 2011,
continuing the downward trend that began at
the start of the year.
The Confidence Index now stands at
-10.3 according to the latest ICAEW/Grant
Thornton UK Business Confidence Monitor.
This is the lowest level recorded since
Q2 2009 and is likely to reflect concerns
over global economic conditions, and the
eurozone crisis, as well as the London riots.
Financial performance has weakened
considerably, with turnover growth of 2.9%
over the last 12 months, compared to 4.3%
over the 12 months to Q2.
Gross profit growth has also fallen
from 5.1% to 1.6% and export growth has
weakened from a peak of 4.9% over the 12
months to Q3 2011 to 3.2%.
London firms have continued to revise
down their growth forecasts. Businesses
expect turnover to grow by 3.5% and gross
profits to grow by 2.6% over the coming 12
months – the lowest growth rates forecast
since Q3 2009.
Total salaries were up by just 0.9% over
the 12 months to Q4 2011, reflecting a
decline in bonuses. This is half the growth
reported in the 12 months to Q2 2011, and
londonaccountant january/february 2012
003_LA_0112.indd 1
well below the 5.0% rate of Consumer Price
Index inflation seen in October, meaning
employees in the capital continue to see
incomes struggling to keep pace with the
rising cost of living.
More than two fifths of London businesses
(44%) report regulatory requirements to be a
greater challenge to business performance
than a year ago.
The number of businesses reporting the
tax burden to be a greater challenge has also
increased from 23% in Q4 2010 to 29% in Q4
2011. Overall, a significant number of firms
in the capital believe government red tape is
holding them back.
Ian Strange, ICAEW London regional
director, said: ‘In the first nine months of the
year, businesses in London have played their
part in supporting economic growth. Many
are proud of their success against a backdrop
of a very slow and protracted recovery. Yet
they are becoming increasingly worried about
the immediate outlook and the risk of a
double dip recession. They are looking to the
government, which now needs to take urgent
steps to restore business confidence and to
show that it understands the need to rapidly
change the mood music that the business
community clearly feels.’
SPEEDY
SUCCESS AT
KINGSTON
Firms and businesses from across London
came to Kingston University last November
for the fifth ‘speed meeting’ event for
accountancy and business students.
Members from the London and Croydon
Societies, plus London regional director Ian
Strange, also attended to provide interview
practice for students.
With the speed interviews lasting only three
minutes, interviewers met over 25 students.
The firms started with an informal discussion,
led by LSCA Main Committee member Angus
Farr, on the pros and cons of graduates
compared with school leavers, the benefits of
relevant accounting degrees, and the need
for students to be confident in written and
face-to-face communication.
The students heard about ICAEW training
contracts, and then had the rest of the
evening to present themselves to potential
employers.
LSCA SMALL
PRACTITIONERS’
CONFERENCE: LAST
CHANCE FOR EARLY
BIRD BOOKINGS
22-24 MARCH 2012, ROBINSON
COLLEGE, CAMBRIDGE
Hear from leading CPD speakers, including Rebecca
Benneyworth, Andrew Guntert and Bob Trunchion, on
topics designed specifically for small practices. These
will include: updates on tax, accountancy and audit,
VAT and property taxes, as well as presentations on
social media, buying and selling a business, charities
and HMRC business records checks.
The conference will enable you to take a broader
perspective on the profession than is possible in
your daily life and will give you the opportunity
to meet fellow practitioners in a lively but relaxed
atmosphere, exchange experiences and ideas, and
share problems.
Early bird price: save £50 (before VAT) for
bookings received up to and including 20 January
2012.
Full programme and more details are available at
www.icaew.com/spc or contact Elizabeth Russell on
020 7920 8562 or [email protected]
3
07/12/2011 09:28:32
NEWS
EXPORT GUIDE SHIPPED
Help is at hand for accountants who want to get
to grips with export issues following the launch
of a new guide.
ICAEW, in partnership with UK Trade &
Investment (UKTI), has produced the new
publication International Trade: An Accountant’s
Guide to assist those businesses new to
exporting.
Speaking alongside the Prime Minister David
Cameron and Business Secretary Vince Cable,
ICAEW chief executive Michael Izza said the
guide had been launched in response to
government calls for UK business advisers to be
more proactive in assisting their businesses and
their clients to export, which it anticipates will
rebalance the economy and deliver a
sustainable recovery.
The guide includes advice on issues such as
which currency to invoice in, how to manage
exchange rate risks and the best way to be paid
as well as which countries to start selling in and
whether to employ staff locally or whether to
work through a local distributor.
The ICAEW Library and Information Service has
a website offering guidance on importing and
exporting as well as a large range of
publications including the Doing Business In…
series. Go to: www.icaew.com/en/library/
subject-gateways/import-and-export
UKTI has a range of products to help first time
exporters, go to: www.ukti.gov.uk
The Export Credits Guarantee Department
(ECGD) has developed support for SMEs
having difficulty financing their exports. It
recently changed its name to UK Export
Finance to reflect its new role. Go to: www.
ecgd.gov.uk
OLYMPIC LUNCH IN THE CITY
Neil Wood, chief financial officer of the London
Organising Committee for the Olympic and
Paralympic Games, was the guest speaker at the
LSCA City Lunch on 20 October at Chartered
Accountants’ Hall. More than 70 guests enjoyed
the reception drinks in the Main Reception
4
004_LA_0112.indd 1
Room followed by lunch in the Great Hall.
Wood, who was recently featured in London
Accountant (September/October 2011), gave
an update on the Olympic and the Paralympic
Games and showed a spectacular promotional
video of the Games before taking questions.
FINANCIAL
REPORTING:
REVENUE
RECOGNITION
The IASB has issued a revised exposure
draft for revenue recognition (and
some related costs) from contracts with
customers. If adopted, the proposals
would replace IAS 18 Revenue, IAS 11
Construction Contracts and related
interpretations. The ED is open for
comment until 13 March 2012.
The core principle is the same as
that of the 2010 ED in that an entity
should recognise revenue to depict the
transfer of promised goods or services
to customers in an amount that reflects
the consideration to which the entity
expects to be entitled in exchange for
those goods or services. The ED
identifies five steps that an entity
should apply to achieve this principle.
Brian Creighton is Chairman of the
LSCA Taxation Committee. Read the
full article at the London Accountant
section at www.icaew.com/lsca
TAX: UK TAX
RESIDENCE BY
STATUTE, PART 2
In the previous edition of London
Accountant (November/December
2011) we talked in this section about
the substantive residence tests for
persons entering and leaving the
UK (read the full article at London
Accountant section at www.icaew.
com/lsca). It followed the July
2011 Treasury/HMRC consultation
document proposals.
A second article has amended these
tests as appropriate in accordance with
any draft legislation included in the
draft Finance Bill that was published on
6 December 2011. It does, in any case,
deal with the detail regarding
definitions, tax treaties, split years and
anti-avoidance provisions.
Henry Stone is a member of the
LSCA Taxation Committee. Part I
and II of the article are available at
the London Accountant section at
www.icaew.com/lsca
january/february 2012 londonaccountant
07/12/2011 09:29:35
OPINION
PULLING TOGETHER
DAVID WOOTTON SETS OUT HIS PLANS TO NAVIGATE THE ROUGH WATERS
OF 2012 AS THE NEW LORD MAYOR OF LONDON
A
s a keen rower since my schooldays, I have
a long track record of steering a course
through choppy waters.
I suspect this may come in useful over the next 12
months! Having taken over as Lord Mayor at a time
when the political and economic environment
remains turbulent – and popular opinion towards the
City of London polarised – I am determined to prove
that we are ‘Fit for the Future’, the theme for my
year in office.
I would first like to congratulate the last Lord
Mayor – Michael Bear - on a year of great progress
and achievement. He has given a sharper business
focus to a demanding round of overseas visits
looking for high value opportunities for British
business – not just for financial services, but for
industry as well.
I will attempt to build on this progress by
‘joining the dots’ between domestic and
international issues, between ourselves and the
rest of the UK, and between financial services and
other industries.
I know from my Yorkshire roots that the City does
care about manufacturing and other industries but
we must spread this message wider.
The City’s economic footprint is more than
just the Square Mile and banks – although
they are both important components. Yorkshire,
Scotland, Liverpool, Manchester, Norwich and
many other parts of the UK are home to
successful financial institutions responsible for
employing hundreds of thousands of people.
And too few people realise that for every job
created in financial services, at least one more is
created elsewhere.
The civic City also makes a major contribution
through connections with communities that need a
helping hand. The City Corporation’s own charitable
arm – the City Bridge Trust – has over the last
decade given a quarter of a billion pounds to help
Londoners in need while our livery companies, whole
network of churches, clubs and charities across the
Square Mile all do fantastic work.
MORE TO DO
SHINING A LIGHT
We are in the midst of a great public debate about
the role of the City and how it serves the wider
economy and our communities. I welcome that
debate and as Lord Mayor I will make the case
wholeheartedly for the City while shining a light on
the complex problems that need to be addressed.
The City is a huge wealth producer and source of
tax, which makes a major contribution to the nation’s
wellbeing. That doesn’t mean that we have to take
the bad things as well – it means that we have to get
it right and be seen to get it right.
I won’t pretend that the UK financial and
professional services industry is perfect, but there is
a need to communicate what it does well and what it
is going to do better. And that’s a challenge when
most people in the country think that banks,
indiscriminately, are a bad thing.
londonaccountant january/february 2012
005_LA_0112.indd 1
But there is always more that can be done.
Strengthening the emerging social investment
market and increasing the number of business
angels supporting innovative, high-tech start-ups
are major priorities.
I will strive to do my part through my ‘Fit
for the Future’ Appeal, which aims to benefit
ordinary people who are ill or suffer injury and
need top-class and immediate medical attention – or
who need open spaces and open-air sporting
facilities to take more exercise and enjoy more
healthy lives.
As an Olympic Lord Mayor – albeit one whose
chances of a gold medal are slim – I want to
showcase the best of the City. The eyes of the world
will be trained on us and we must all pull hard in the
same direction to cross these choppy waters ahead
of the field.
David Wootton is Lord Mayor of
the City of London
5
07/12/2011 09:30:06
OPINION
NEW YEAR
REVOLUTION
THE NEW YEAR WILL BRING INEVITABLE CHANGE TO OUR PROFESSION, TO ALL PROFESSIONS AND
TO THE LSCA, WRITES GRANT JONES
I
n this issue of London Accountant we will consider
the potential mixing of the professions - lawyers
and accountants - into one multidisciplinary
partnership (MDP). The forthcoming rules on
lawyers and MDPs will allow lawyer and accountant
admixture. Will the resultant concoction be to the
benefit of either profession or of clients? Time will
only tell.
Rightly or wrongly, accountants are seen in a more
favourable public light than lawyers; will mixing
devalue our accountants’ brand image? Who will
rule the roost? Lawyers are perhaps more prone
to the prima donna than accountants; mixing may
ruffle feathers.
The history of big accountancy practice legal
arms has not been encouraging. However, in the
emerging markets it is commonplace to see
Big Four lawyer partners, and it is in the LSCA
area that we will see whether MDPs truly work.
London has the breadth of accounting practices:
from the High Street practitioner to the Big Four.
It is a worldwide legal centre; Magic and Silver
Circle law firms will want to start taking on
accountants. LSCA member job opportunities
will increase.
If clients get used to MDPs, will the in-house
counsel report to the finance director; will law and
accountancy be seen as one seamless function, often
headquartered in London?
I want MDPs to work, but there is a sceptic in me.
In the heat of a deal, when things are not being
done and the client is complaining, lawyers blame
accountants and accountants blame lawyers; who are
you going to blame when you are one?
What I can tell you is that the LSCA and the
ICAEW are working to ensure, from the accountant’s
perspective, that the regulatory regime for MDPs
is the best.
CHANGE FOR
LONDON ACCOUTANT
Readers will be aware that the ICAEW is publishing a
new magazine, economia, to replace Accountancy as
the members journal. The long-standing contract
with the publishers, CCH, has come to an end and,
therefore, so has the CCH hard-copy publishing of
London Accountant. From March 2012 London
Accountant will be an online offering through the
ICAEW website, with links to www.icaew.com/
londonaccountant appearing in the monthly
email newsletter.
The ICAEW recognises that the LSCA is
different: we are huge, representing 32,000 members
and we need our own voice. I am confident that the
new ICAEW published online London Accountant
will continue to represent its readership as it has
done herein before.
More details will follow.
If any LSCA member wishes
to raise any matter of
LSCA concern with me directly,
please feel free to do so on
[email protected].
A ‘declaration of interest’: Grant
is also a solicitor, who thought
he could get away from lawyers
by being a practising
accountant, but MDPs may have
scuppered that ambition.
LSCA ANNUAL DINNER
The social event of the year, the LSCA Annual Dinner, will take place on the evening of Thursday 16 February, in the wonderful surroundings of the
Middle Temple Hall, perhaps one of the finest examples of an Elizabethan hall in the country.
Our guest speaker will be Jon Moulton, ICAEW member and chairman of Better Capital LLP. Recently featured in London Accountant (November/
December 2011), Jon has long experience of turnarounds, having invested in them for 30 years with considerable success. Clive Parritt, ICAEW
president, will also be speaking and presenting awards to LSCA student prize winners.
Entertain valued clients, guests and staff, and generate new business contacts. Dinner will be followed by dancing until midnight. There are
discounts available including half prices for ICAEW Younger Members and students.
Book your place at www.icaew.com/LSCAdinner or contact Annaliese Shiret on 020 7920 3515 or [email protected]
6
006_LA_0112.indd 1
january/february 2012 londonaccountant
07/12/2011 09:30:54
YOUNG PROFESSIONALS
2012: EXPECTED THE UNEXPECTED
The Younger Members’ Services Group
is starting off its 2012 programme with
a completely new seminar: Dealing with
Unexpected Change on Thursday 23
February at Mazars. We can’t avoid
change. Some change is good, even
welcome.
But unexpected change can throw
us. We can though make ourselves
more resilient when faced with
unexpected change. Handled well,
unexpected change can offer
opportunities to re-evaluate, re-focus
and explore fresh perspectives.
This seminar looks at ways to
anticipate, manage and make the
most of unexpected change. Know
your options and take stock, plan your
approach, get help and assist others
with change, handle setbacks and
move forward.
This course will be run by Jennifer
MacKay, a regular contributor to the
‘communication debate’ in the media,
having featured on BBC Radio 4 and
BBC Five Live, and in the Telegraph
and Guardian newspapers. Jennifer is often
asked to talk on communications at events
and conferences and has learned firsthand
the value clear communication brings to
elevating business development, teamwork
and profitability.
The second seminar of 2012 will be Body
Language on Tuesday 20 March at ING Bank.
Using and reading body language is
instrumental in the negotiation process,
interviewing, performance appraisals,
presentations, client service and more.
Understand and interpret other people’s nonverbal communications; read between the
lines of a spoken message; build relationships
and deliver powerful presentations.
Leading this session will be Colin Reeder,
who has been training people in seminars,
workshops and on a one-to-one basis, in
body language, assertiveness and many other
communication related areas for more than
15 years. His training is valued for its practical
focus while being both motivational and fun!
Future YMSG events include: Networking,
CV Writing, Careers in Business and Effective
Meetings.
For an up-to-date list of all YMSG events
please visit icaew.com/events or contact
[email protected].
YOUNG LONDON VOICE
What do you love most
about working in London?
I have lots of friends from my time
at university and in practice here, so
there’s always something going on.
What would you do if you
were mayor for a day?
I would tell everyone what work
is actually being done when the
Metropolitan Line is closed most
weekends - and give us refunds
for the lengthened journeys!
Name: Sean Murray
Age: 29
Organisation: Bank of England
Position: Audit Manager
What’s the one piece of advice
you would give to a tourist?
Get an Oyster Card, and look at the
street map as well as the tube map
- some journeys are quicker to walk!
londonaccountant january/february 2012
007_LA_0112.indd 1
What is your favourite
London attraction?
My favourite view in London is
as you walk over Waterloo
bridge, heading south. Just
before you go down into the
subway, you can see Big Ben
perfectly framed by the London
Eye - a great (and accidental)
photo!
There are some great
pubs tucked out of the way.
The Old Mitre Tavern off
Hatton Garden was a great bolt
hole when I worked near
Holborn, and I have recently
discovered the Water Poet
near Spitalfields.
What’s your earliest
memory of London?
My earliest memory is of feeding
the pigeons in Trafalgar Square
on my third birthday.
7
07/12/2011 09:31:52
COVER FEATURE
T
r
t
c
a
t
b
A
c
Illustration:
Morten Morland
008-012_LA_0112.indd 1
07/12/2011 09:32:38
MAYOR ELECTION
LONDON DECIDES
IN MAY, LONDONERS WILL CHOOSE WHO WILL LEAD THE CAPITAL FOR THE NEXT FOUR YEARS. LONDON
ACCOUNTANT LOOKS AT WHAT THE CANDIDATES OFFER AND WHAT BUSINESS WANTS
T
he business environment was very different the
last time London voted in the mayor elections.
Since then, the capital has experienced
recession, riots and real turmoil in the City.
So now Londoners get to choose who will lead
them for the next four years. But what are the
candidates’ attitudes to helping business, to
attracting investment, to the financial transactions
tax and securing growth in the capital? And what do
businesses want from their leader? London
Accountant asked voters what they wanted and
candidates what they planned.
What should the mayor do for business?
BOBBY LANE,
SHELLEY
STOCK
HUTTER, SAYS:
On many occasions
we have heard that
Britain’s SMEs are
the lifeblood that
will drive the
economy out of recession and that new measures
must be introduced to help these businesses. This
rousing rhetoric, while inspiring, has often failed
to deliver the real action that companies need,
particularly those based and doing business
in London.
To be fair, the current government has gone some
way to encourage employment and incentivise
businesses. We now have schemes such as the
Regional Development Fund and the National
Insurance Holiday. Yet these measures have focused
on areas outside London.
As the candidates for the mayoral campaign battle
londonaccountant january/february 2012
008-012_LA_0112.indd 2
it out in May, I would urge them to start considering
policies that will truly incentivise London businesses;
policies that are deliverable and achievable and
cater for businesses at all stages of their lifecycle.
Top of the wish-list for most businesses is access
to funding and working capital. The mayor must find
ways of working with businesses and finance
providers to source the cash needed for those
looking to expand, grow or simply survive. The
opportunity also exists for the mayor to develop a
programme to work with those businesses that need
educating on the real options that are available to
them such as asset based lending.
Starting a business continues to present issues;
not only the quest for finance, but also the fear of
failure and the lack of experience. There are many
would-be entrepreneurs in London that do not know
where to turn for the help and advice they need to
set up.
Whoever emerges as the victor will need to deal
with these issues. London businesses deserve to be
put higher on the agenda and all eyes will be on the
future mayor to ensure a much needed boost is
given to the capital.
I would urge
them to start
considering
policies that will
truly incentivise
London
businesses;
policies that are
deliverable and
achievable
9
07/12/2011 09:32:57
STRESS IN INDIVIDUALS
MAYOR ELECTION
RICHARD REID,
KPMG
LONDON
SENIOR
PARTNER,
SAYS:
This year will be an
exciting time for
London, not just
because the biggest sporting event in the world will
be coming here, but because Londoners will get the
chance to vote in the mayoral elections.
The backdrop to these elections is a world away
from the last elections in May 2008; four months
before the collapse of Lehman Brothers heralded the
meltdown of financial markets in the West, at the
same time as economies from India and China were
seeing near double digit growth.
Fighting for this incredibly important role in the age
of austerity will mean that there is little money for
vote-winning promises that the city just cannot afford.
What London’s business community will be looking
for in the manifesto of the mayoral candidates is how
they plan to keep us competitive on the world stage.
Keeping London competitive will cover several key
areas; improving London’s connectivity to domestic
and international markets, addressing congestion
and, most importantly, promoting London
internationally.
London is in competition with slick transport
networks in the emerging world cities in the Far East
and the superior aviation capacity of other European
cities, and we cannot afford to let our transport
infrastructure fall behind. Although much is being
done to improve our transport network, major issues
such as better connectivity to the UK’s major regional
cities and airport capacity in the South East do have
a negative impact on our reputation and the
candidates will need to address how they plan to
keep London moving in an age of austerity, and
demonstrate to the rest of the world that London is
open for business.
Finally, candidates will also need to highlight how
they plan to attract foreign direct investment to
London and to ensure that global companies can
attract the best talent as well as help to support our
vital SME community in this difficult economic
climate, particularly in helping them to access
foreign and emerging markets.
Candidates will
also need to
highlight how
they plan
to attract
foreign direct
investment to
London
What do the candidates say?
BORIS
JOHNSON,
CONSERVATIVE
CANDIDATE
This is what Boris
Johnson said in his
blog immediately
after chancellor
George Osborne’s
Autumn Statement, highlighting the impact it will
have on London’s economy: ‘I want to tell you about
the new investment in London that we have secured
from the government. It is investment that will help
grow London’s economy.
Over the last three and a half years, my
administration has been dedicated to putting more
police on the streets and cutting crime; keeping
council tax low; investing in transport and making
the Olympics a success.
But perhaps our most important challenge of all
has been to see London through these tough times
and return to growth. It’s why I am running again - to
keep the investment flowing and London moving in
the right direction.
I am pleased to say that we have secured a raft of
extra investment from the government that will
initiate more spades in the ground leading to more
jobs - not just through the initial construction but
through the new businesses that will be attracted to
10
008-012_LA_0112.indd 3
the city as a result.
So what does this mean in practice? It means the
scheme to improve junctions 23 to 27 of the M25 will
be accelerated. It means the M25 will be widened
from junctions 16-23 and 27-30.
It means we will be able to extend the Northern
Line to Battersea, which will create two new tube
stations and potentially create up to 25,000 jobs in
the area. It means we can look seriously at an
additional river crossing in Silvertown to relieve
congestion at the Blackwall Tunnel.
It means a new Dartford crossing to ease
congestion for vehicles going into the capital. It
means providing £80m to provide 130 new carriages
for train services in south London.
It means a share of the £600m fund that will create
an estimated 100 additional Free Schools nationwide
over the next few years and a share of the additional
£600m for new school places.
And it means that we will not have to raise fares as
much as we thought. We’ve made a lot of progress
over the past three and a half years. But there is
more to do to grow London’s economy.’
I am pleased to say that we have secured a raft
of extra investment that will initiate more
spades in the ground leading to more jobs
january/february 2012 londonaccountant
07/12/2011 09:33:14
t
MAYOR ELECTION
Johnson is widely reported to be strongly
opposed to the introduction of a financial transaction
tax at a European level, and is doubtful whether it
could be implemented at a global level. Such a tax,
he believes, would drive business out of London and
cost jobs.
KEN
LIVINGSTONE,
LABOUR
CANDIDATE,
SAYS:
‘London, like the
rest of the British
economy, is
struggling to
recover from the effects of the worst recession since
the 1930s. Instead of pro-growth policies to revive the
economy, the Tory-led government and the Tory
mayor have produced economic stagnation. This
stagnation is now producing surging unemployment
and we’re likely to see a rise in both personal and
corporate bankruptcies.
There is an alternative. Policy makers can take
measures to foster growth that will increase the
willingness of businesses to invest.
First, we can showcase London’s great talents and
businesses to the rest of the world. This can attract
much-needed foreign investment to London from the
fast-growing parts of the world economy, such as
China, Brazil and India.
We can also breathe life back into the agencies that
londonaccountant january/february 2012
008-012_LA_0112.indd 4
support London as a tourist destination, an
international centre for study and most importantly as
a magnet for foreign direct investment.
The transport network is creaking under the weight
of increased demand and insufficient investment. It
requires significant investment, beginning with
actually spending the money allocated for investment
and is unspent each year. Under Boris Johnson that
underspend has amounted to an average £239m per
annum over the last three years.
There have been a lot of fake disagreements
between the Tory mayor and Tory-led government. But
there has been no disagreement when it has mattered
for London’s economy. London has lost out in the
allocation of a variety of regional funds, despite having
the second-highest unemployment rate of any region.
The worst example of this was the government’s
abolition of the London Development Agency without a
murmur from Boris Johnson. I will be a strong advocate
for London’s growth, arguing that a national recovery is
impossible without firing its London engine.
London needs to address the acute shortage of
housing in London that is deterring even highly-skilled
and well-paid people from living in the capital. This
can only be achieved by a major increase in
homebuilding, which has collapsed over the last
three years.
We also need greater equity in society. Some have
raised the idea of a Tobin Tax or similar measures. It
would fall flat if London did this unilaterally. But we do
need to find ways of making sure the City gives more
back to the rest of London that hosts it and from which it
derives enormous benefits.’
Policy makers
can take
measures to
foster growth
that will increase
the willingness
of businesses
to invest
11
07/12/2011 09:33:32
MAYOR ELECTION
BRIAN
PADDICK,
LIBERAL
DEMOCRAT
CANDIDATE,
SAYS:
‘We need to
support and
encourage
London’s entrepreneurs, small business and the
medium and large corporations to help engage in
getting people into, or back to, work by promoting
cost-effective business support programmes;
championing business; ensuring business costs
are kept low; and promoting London’s cultural,
sporting and entertainment offer. We need a mayor
who will hold the banks to account and will establish
a small business fund, supported by the banks, to
offer finance to small firms and growing companies
in London.
We will challenge big companies to rediscover
their interest in promoting entrepreneurism.
We can learn from work done in the inner city areas
of the United States to help combat disadvantage
and discrimination that led to the riots and
disturbances that took place on our streets in
August of 2011.
Large companies should give priority to local
purchasing, where it makes sense, to keep buying
power in the London economy, and we will work with
London’s employers to ensure they have the staff,
and staff with the skills these companies need, to
continue to operate in the capital.
We would expand schemes that help young
people in to apprenticeships using major
infrastructure projects like Crossrail, Thames
(Tideway) Tunnel and improvements to the tube
network as well as the developments around the
legacy of the 2012 London Olympic Games.
A mayor of London needs to work closely with the
City, Canary Wharf, London First, the Chamber of
Commerce and other leading business organisations
to ensure that the mayor is focused on policies which
will equip London to stay ahead of its international
competitors.
The Liberal Democrats continue to support a
financial transaction tax in principle. However, the tax
would not raise sufficient monies if it were
introduced on a unilateral basis. To counter
avoidance, it would have to be introduced across all
of the major financial centres, including London,
New York, Hong Kong and Singapore. Although the
introduction of an FTT within the EU alone may
appear attractive, as it would embrace transactions
in London, Paris and Frankfurt, it would almost
certainly lead to a major diversion of trade to North
America and the Far East, with London being the
biggest loser.’
12
008-012_LA_0112.indd 5
We will
challenge big
companies to
rediscover their
interest in
promoting
entrepreneurism
The mayor’s role
is to stand up
for what is best
for London’s
businesses and
residents
JENNY JONES,
GREEN PARTY
CANDIDATE,
SAYS:
‘At the last election
the Green Party was
named the most
enterprise-friendly
by the Federation
of Small Businesses and as the economy is far
harsher for London’s businesses than four years ago
the kind of support we would offer is more important
than ever.
The capital’s transport infrastructure is key to our
business-friendly reputation. Unfortunately this is one
area in which Londoners are being consistently let
down. Key projects such as the Oxford Street Tram,
Greenwich Waterfront Transit, the DLR extension to
Dagenham Rock and the Croydon Tramlink
extensions had all been identified as projects that
would increase trade but all were abandoned after
the failure to secure funding despite the mayor’s links
to the Tory-led government.
As mayor I would reverse the chronic
underinvestment in London’s transport
system. By setting out the irresistible business
case for investment for the next 25 years, I would
work with the government to ensure that capital
transport budgets are prioritised. A Green City Hall
would also be far more logical about finding money
from within London, working with central
government to enable tax increment financing to
deliver new infrastructure projects.
The regulation of businesses is a difficult balance
to maintain. I believe the mayor’s role is to stand up
for what is best for London’s businesses and
residents, whether on matters of regulation,
infrastructure, credit or support, in conversation with
national government and on an international
platform. Several London businesses are now under
profound threat from the government’s recent u-turn
on feed-in tariffs, which had been successful in
encouraging the installation of solar panels and
helped create industry around them. Thousands of
jobs could be at risk.
We’re fully behind the idea of a financial
transactions tax. Inequality in London is
growing with the economic crisis being used
as a poor excuse. This simple measure would
help ensure our city’s richest institutions make a
more equitable contribution towards the
recovery without scratching the surface of
their massive profits. The current mayor has played
a very prominent role in trying to prevent a Robin
Hood Tax being implemented. However the tide is
turning in this debate and I believe Londoners
want to spread the wealth generated by the
financial sector.’
january/february 2012 londonaccountant
07/12/2011 09:33:54
TRAVEL
DOING THE
HOME WORK
WILL THE OLYMPICS PROVIDE A REAL BOOST FOR HOMEWORKING OR WILL
WE JUST BE WATCHING THE GAMES? BETH HOLMES INVESTIGATES
I
f you think travelling in London is hard enough now,
imagine an extra nine million visitors to London.
Then add an extra 20,000 journalists focusing global
attention on London and a hugely increased security
risk. The 2012 Olympics might just be the time to
close the office and work from the comfort of your
own home.
We’re even being encouraged by the government to
do it. Former transport secretary Philip Hammond said
he wants as many people as possible working from
home to avoid stress points on the rail network. He
said all employers, including the government, must
look at staff changing their working hours or to work
from home during the Olympics, adding: ‘Certainly, the
government will be allowing significant numbers of [its
own] people to work from home during the Games to
ease the burden on the transport system.’
‘The benefits of working from home include reduced
travel costs and reduced stress,’ says Mike Emmott,
senior policy adviser on employee relations at the
Chartered Institute of Personnel and Development.
‘People working from home say they can concentrate
better. It is intuitively plausible for people to find it a
more attractive option.’
The challenges of homeworking, says Emmott, come
from a management point of view. ‘When people work
from home they are a challenge to manage because
they are stripped of definitive management props of
observing people work and seeing things like timekeeping, for example. These in actual fact often serve
as substitutes in the workplace for better management
markers.’
So the key is to be clear what your output is going to
be. Then address practical issues. Make your space at
home work-only, take regular intervals away from the
computer screen, think about health and safety. Make
sure you can fix IT problems and consider getting an
external hard drive in case your automatic backup fails.
SOCIAL ACCOUNTANTS
The negative side of working from home involves
missing out on the social side of an office environment.
‘Like everyone else, accountants need a social life,’ says
Emmott, ‘and permanent home working may lead to
feelings of loneliness and isolation. You might want to
go to the office to get the water cooler effect.’
It’s doubtful that this side effect will be felt through a
temporary change of workplace even if you choose to
work from home for the whole of the Olympic and
Paralympic Games (27 July - 9 September) but
advances in technology and the merging of social
networking tools into our professional lives mean that
it’s even easier to connect with people, even if you’re
sitting in your dressing gown while you do it.
ACT NOW
If you have offices in areas not affected by the Games, it might make sense to temporarily relocate staff.
Consider whether individual staff or specific operations could be temporarily relocated and if hot-desking and meeting rooms could add
additional space.
If your organisation does not have any other suitable locations, options to consider include using ‘telecentres’, offering cost-effective access to
online facilities in different locations and leasing additional temporary office space.
If you employ staff, consider the following before the summer:
 review internal policies and provide guidance for managers so that you can manage requests to work from home;
 check which functions it would be possible to do from home;
 review facilities, such as internet access, and putting arrangements for support in place;
 check staff access to telephones and computer systems; and
 set up any web-conferencing, network and screen-sharing services staff might need.
Source: London 2012
londonaccountant january/february 2012
013_LA_0112.indd 1
13
07/12/2011 09:34:26
BUSINESS
BALANCING
THE BOARDROOM
GERALDINE GALLACHER SETS OUT WHY LONDON BUSINESSES CANNOT
AFFORD TO IGNORE THE LACK OF WOMEN ON THEIR BOARDS
L
ord Davies’ 2011 report on Women in Boards
contained some sobering facts. Within the FTSE
100, at the time of his report, women represented
only 12.5% of board members. This had risen from
9.4% in 2004. However, at that rate of change it was
estimated that it would take over 70 years to achieve
gender-balanced boardrooms. The figure for women
on the boards of FTSE 250 companies in 2010 was
merely 7.8%
The report highlighted that boards perform better
when they include high calibre individuals who offer a
mix of skills, experiences and backgrounds. Davies
stated that the business case for gender diversity on
boards had four key dimensions: improving
performance, accessing the widest talent pool, being
14
014-015_LA_0112_NEW.indd 1
more responsive to the market,
and achieving better corporate
governance.
Heavyweight government
pressure to reform the gender
constitution of boards is
increasing, with several
ministers adding their voices to
the argument for greater board
diversity.
While board appointments
must of course always be made
on merit, evidence is growing
to support a clear argument for
increasing the number of
women on boards. Davies
pointed to research that strong
stock market growth is most
likely to occur where there is a
higher proportion of women in
senior management teams.
Companies with more women
on their boards were found to
outperform their competitors
with a 42% higher return in
sales, 66% higher return on
invested capital and 53% higher return on equity.
s
r
C
O
c
t
i
c
‘
h
s
a
c
s
p
A
t
1
t
i
p
i
M
W
o
C
s
b
T
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m
W
c
a
r
f
p
p
p
e
DIFFERENT PERSPECTIVES
Qualified and experienced women board members
provide different perspectives, life experiences and
advice to balance the views of their male counterparts.
That mix, encouraging constructive challenge and
debate, is essential for good corporate governance.
For example, board ‘group-think’ within the banking
sector has been cited as a contributory factor in paving
the way for the credit crisis.
Davies recommended that FTSE 350 companies
should, by last September, have set out the
percentage of women that they aim to have on their
boards in 2013 and 2015. FTSE 100 boards, he said,
january/february 2012 londonaccountant
07/12/2011 09:35:11
d
f
c
f
o
o
D
s
R
t
t
M
t
BUSINESS
should aim for a minimum of 25% female
representation by 2015. However, research by the
Cranfield School of Management, published in
October 2011, indicated that only 33 FTSE 100
companies had actually set targets. Of those 33, only
ten had set themselves targets of greater than a 10%
increase in women. Hardly the response of a corporate
community committed to reform.
The Cranfield research spoke of an apparent
‘institutional inertia’, with the exception of a small
handful of companies that had declared more
stretching targets.
Since then, politicians have stepped up the pressure
and rhetoric. With the heat being turned up on
corporates, it is likely that they in turn will expect the
same reforms from their accountants, lawyers and
professional advisers. In its annual rankings last year,
Accountancy detailed the number of female partners at
the top 60 UK firms. Of the 5,669 partners, 756 (or
13.3%) were women. The accountancy profession, as is
the case with law firms, has women as just under half of
its graduate intake. The drop-off though of women
progressing through to partnership in both professions
is stark.
MANAGE TRANSITION
What can London firms do to address this? My
organisation works closely with a number of leading
City partnerships. Our experience shows that
specialised support and coaching can bring valuable
benefits to both senior executives and their firms.
There is an obvious consideration that the stage for
most people when their career really starts to take off
often coincides with wanting to start a family. Properly
managing that important transition from working to
maternity leave, and then back into work, is critical.
With the right support in place, high-achieving women
can return to work entirely able to contribute and lead
at the highest levels.
A major investment banking client has seen retention
rates improve after introducing maternity coaching
from 78% to 90%. The cost of losing women at their
peak, and having to train up someone else in their
place, can run to as much as £200,000. A strong and
progressive employer brand will also attract the best
employees of both sexes.
This is not just about maternity leave. The ‘brain
drain’ of female talent can happen at any stage, and
forward-thinking firms need to give careful
consideration to support, coaching, training, and
flexible working practices throughout their
organisation.
At a recent IoD conference, Women as Leaders, one
of the keynote speakers was Rebecca George, head of
Deloitte’s UK Public Sector Health practice. A
successful and highly experienced professional,
Rebecca is also a passionate supporter of enhancing
the role that women play in business. She spoke about
the change in the nature and style of the Deloitte
londonaccountant january/february 2012
014-015_LA_0112_NEW.indd 2
board, brought about by having women make up a
quarter of its members. She also highlighted some of
the different characteristics that tend to define genders
in the workplace, points that I also see on a daily basis
among the men and women that I coach. I have to
encourage all of the women that I work with to
promote themselves more.
For example, in interviews women will tend not to
push themselves forward in the same way as men.
During annual appraisals, women often won’t
remember praise. They will focus instead on any
negative feedback. Women think that they will get
recognised by getting their heads down and working
hard, whereas men will usually spend more time
‘selling’ themselves and networking. Women are often
particularly uncomfortable promoting their
achievements or building their profile.
MATRIX MANAGEMENT
Lynda Gratton, in her book The Shift – the future of
work is already here, writes about how the ability to
connect is becoming a valued leadership skill. The
move from command and control to matrix
management means that collaborating rather than
competing is coming to the fore. This move to more
empathy, more collaboration and less ego definitely
favours women. Mastery of craft and connectivity,
rather than personal drive, ambition and competition
will denote success in the future.
Women tend to be naturally good at being
supportive, collaborating and communicating
with others, and sharing credit for success.
These are all qualities that will be needed in highly
networked future organisations, marked by more
remote working. These organisations require trust
and empathy, with the aim of partnering with suppliers
and clients (and even competitors at times) to produce
joint solutions.
I am a non-executive director of a major construction
company. On large projects, such as building a new
motorway, companies now have to work in joint
ventures to be able to pool talent. It is interesting to
see such a traditionally male-oriented culture adapting
to these new requirements. It is not so much about
competing to be the best, it is about collaborating to
get the best solution. Women operating at the highest
levels within these kinds of organisations add an
essential dimension and perspective to this process.
London is a diverse city. Perhaps working here we are
more attuned to diversity than in many places. I noticed
during a recent business trip to the US, that female
executives there are favouring an approach that
emphasises similarities between the genders. I think
that here in the UK, we are more willing to acknowledge
the differences, and to see value in those differences.
At a time when pressing economic difficulties are
dominating the agenda, businesses must not lose sight
of the importance of board diversity and the tangible
commercial benefits that it can bring.
It is not so
much about
competing to
be the best,
it is about
collaborating to
get the best
solution
Geraldine Gallacher is founder of
the Executive Coaching
Consultancy. Go to
www.executive-coaching.co.uk
for more information.
15
07/12/2011 09:35:26
ALTERNATIVE BUSINESS STRUCTURES
STRUCTURAL
CHANGE
SHOULD LONDON ACCOUNTANTS AND LAWYERS JOIN FORCES UNDER ONE ROOF OR, ASKS
BETH HOLMES, IS UNCERTAIN REGULATION AND INSURANCE TOO HIGH A PRICE TO PAY?
A
fter an almost five-year wait since the
legislation was first introduced, the Legal
Services Act (2007) is finally having an impact
on accountants, although whether they will open
themselves up to the purported benefits, or wait until
lingering uncertainty over issues such as insurance and
regulation has been addressed remains to be seen.
As well as enabling non-lawyers to become
authorised to deliver certain legal activities, the Act
provides for the creation of alternative business
structures (ABS), which for the first time allows
accountants and lawyers to work together in one firm
in client-facing roles.
16
016-018_LA_0112.indd 1
The aim of ABSs is to enable a much wider and
diverse range of legal and non-legal services to be
provided to clients by the same business. This could
lead to mergers on the high street, where small and
medium-sized law firms and accountancy practices
can get together under the new structure and make
significant cost savings.
It will also facilitate the leveraging of each other’s
client relationships and provide a one-stop shop for
clients.
The Act provides for the set-up of the Legal
Services Board (LSB) as an oversight regulator of the
supervisory bodies (the licensing authorities and the
january/february 2012 londonaccountant
07/12/2011 09:36:21
t
ALTERNATIVE BUSINESS STRUCTURES
approved regulators). ABSs will be licensed and
regulated by licensing authorities which themselves
will be designated by the Lord Chancellor on the
recommendation of the LSB.
OPPORTUNITY AND UNCERTAINTY
There would, on the face of it, appear to be many
opportunities that London-based accountants can
take, especially with an economic landscape forcing
everyone from sole practitioners to the Big Four to
become more commercially resilient. But the
legislation is still surrounded by elements of
uncertainty that, in the eyes of some, mean they won’t
be rushing to jump into professional bed with the law
firm down the street just yet.
Grant Jones, president of LSCA, is a solicitor and a
chartered accountant as well as a New York attorney.
He has practiced in-house and outside in law, as well
as in a German multidisciplinary practice (MDP).
‘I have a practical objection to the idea of ABSs,’ he
says, ‘and I’m not quite sure what the advantages are.’
He says that on face value there appears to be
more in it for the lawyers rather than accountants, not
least because the former have had it particularly hard
during the recession. ‘There are perceived real
advantages for the law firms. Many sub-10-partner
[law] practices have huge difficulties at the moment.
They have lost conveyancing, Legal Aid is a nightmare
and on top of that law firms are sometimes
mismanaged.’
What Jones is clear about is that clarity is needed
over, and attention must be given to, several issues
before accountancy firms should consider setting up as
an ABS. ‘The things that need to be addressed are
firstly, who regulates the new structures, secondly, if you
merge or take over a law firm, does that mean that you
won’t get referrals from other lawyers? Thirdly, there is
the huge issue of insurance; for lawyers PII is really
high. And fourthly, there is the fundamental issue of the
idea that clients believe in a one-stop shop; I’m not
sure if that is true. Clients go to the best.’
londonaccountant january/february 2012
016-018_LA_0112.indd 2
However, given the right circumstances, Jones
believes London-based accountancy firms, especially,
have a great future under the regime. ‘Many provincial
law firms want offices near higher courts and don’t
want to merge with a London law practice,’ he says.
‘Central London accountancy practices have a real
advantage. Also, London is a financial centre and the
centre for the Big Four. Allowing London-based
international ABSs can only strengthen London as a
finance centre.’
GETTING IT RIGHT
Those accountants who are interested in setting up as
ABSs recognise that there are issues that need to be
resolved. Howard Gross is a past president of the
LSCA, ICAEW council member and chair of the
ICAEW practice committee. He founded Gross Klein
in 1968 and is chief executive of the Gross Klein
Network. ‘My firm has been talking to a firm of
solicitors,’ he says, but he accepts that nothing
definitive will happen until some of the issues have
been dealt with.
Gross is unperturbed about the referrals. ‘I don’t
think we have many referrals from lawyers anyway,’ he
says. ‘Clients often come to us to complain about
their current solicitor and ask if we know anyone. The
only referrals we get are for forensic work and those
are in the official capacity of the court.’
But he admits that PII is a bigger problem. ‘Law
firms pay a lot more,’ he says, ‘and if as an ABS we
come under the Solicitors Regulation Authority, would
‘It’s a people
business and
you’ve got to
consider working
with people who
are open to
change.’
17
07/12/2011 09:36:42
ALTERNATIVE BUSINESS STRUCTURES
we then have to pay a lot more? We feel we can’t set
up yet because of this.’
Nick Denys is policy adviser on government
relations at The Law Society. He says: ‘We support the
introduction of ABS as long as client protection is
safe. The one thing we value is clients’ protection
through insurance. We need ABSs to be structured in
a way that satisfies insurers.’
estate accounts and IHT returns, and act as executor that’s really what this is all about for GP firms; being
the trusted adviser to families, which is what we’ve
tried to do for three generations now.
‘So in practice we’ve just added a further level of
expertise to an existing private client department, and
it dovetails nicely with our financial services offering as
well. It’s all the services that we used to offer 50 years
ago, before regulation said that we had to have
specialists to give this sort of advice, and it’s really
come full circle to where we used to be but with
greater regulation, and therefore cost to the client.’
WHO REGULATES
So the question of who is going to regulate the new
firms is all-important.
A number of bodies have and will apply to become
approved regulators and licensing authorities. The
Solicitors Regulation Authority (SRA) and the Council
for Licensed Conveyancers (CLC) are approved
regulators and both the SRA and the CLC should
become licensing authorities in due course.
The ICAEW is currently applying to become both
an approved regulator and licensing authority for
probate under the Act which, from this year, will
enable it to authorise individuals and firms who want
to engage in probate work and to license and
supervise members who wish to set up an ABS for
their business. Once the application is submitted to
the LSB, it will then need to go for statutory
consultation and parliamentary debate before gaining
final approval.
The ICAEW says it may apply to regulate other
reserved legal activities, depending on demand from
ICAEW member firms.
Jones is very impressed with the endeavours
of the ICAEW in negotiating this potentially
nightmarish regulatory environment. ‘I believe that
the institute has worked incredibly hard for its
members,’ he says.
Mark Spofforth, deputy president of the ICAEW and
senior partner of Spofforths is also ready to jump on
the ABS bandwagon when the time is right.
‘The question of who regulates us is currently being
discussed. Clearly the vast majority of our work is
general practice accountancy, so we feel that we
would prefer to be regulated by the ICAEW and
Financial Reporting Council. Seen from afar the Law
Society and SRA seem to have slower and less
effective regulators, and we’d prefer to be regulated
by a body with a light touch when appropriate,
focused on real risks rather than checklists, and with a
real understanding of our firm culture.’
Spofforths already employs two lawyers to assist on
probate matters. ‘It’s been pretty successful - some
local firms were against it and thought we were
stealing their work, but it hasn’t happened that way,
we still introduce work to friendly lawyers, and
generally have a good relationship with them,’
Spofforth says.
‘Of course, we still can’t do probate, but we prepare
everything up to swearing the oath, prepare the
18
016-018_LA_0112.indd 3
Howard Gross
Mark Spofforth
‘New things get
huge criticism
and there are
often teething
problems… it’s
opening up
doors and we
can’t walk away
from it.’
REFERRAL ADVANTAGE
Spofforth cites one of the big advantages as being
that they now have a choice of referring internally to
their own people if that is deemed to be the best
advice.
‘We still refer outside, after all the role of the
trusted adviser is to refer to the most appropriate
matching firm or individual,’ he says. ‘If we keep it in
house we cut down on wasted correspondence and
delays communicating between firms, and we can set
our own priorities.
‘Both the accountants and the lawyers in the firm
have learned much more about how each of us works,
and how best to present issues and get them
resolved. We can market a broader service across a
broad front. Slowly we’re building a bank of wills
where we act as executor, and that has a goodwill
value to the firm.’
He says, though, that there have been some issues
that his firm has not been able to easily resolve.
‘Should we apply solicitors’ accounts rules to all our
client money?
‘What fees are payable to The Law Society and
what rights does it have over our practice?
‘There does not seem to be enough firms around
the country doing this to have made the professional
bodies resolve some of these issues, and I think it will
take some time to come through.
‘PI has not been a problem because we are not
doing contentious probate or other high risk advisory
work... I think that if we did, they would be looking
askance and watching us carefully.’
Notwithstanding the uncertainty, Gross believes
that the opportunities the legislation allows are too
good to ignore. ‘It’s the same with anything, iPads,
colour TV, going to the moon: new things get huge
criticism and there are often teething problems. At the
end of the day it’s opening up doors and we can’t
walk away from it.’
But he says it’s critical that firms who are thinking of
setting up as ABSs work with like-minded individuals.
‘It’s a people business and you’ve got to consider
working with people who are open to change.’
As the Law Society’s Denys says: ‘These are exciting
times.’
january/february 2012 londonaccountant
07/12/2011 09:36:59
L
D
J
a
o
2
F
t
w
o
o
a
For more information, please visit
matureaccountants.com
or contact [email protected] – 0845
0844 129
83609908
667
Mature_Accountants_0112.indd 1
12/12/2011 10:03:41
ECONOMICS
STORMS AHEAD
ERNST & YOUNG’S ANDREW MCINTYRE CONSIDERS THE ECONOMIC FORECAST FOR FINANCIAL
SERVICES IN THE UK AND WHAT THIS MEANS FOR THE CITY
T
hroughout its history, London has proven to be both
flexible and resilient and a natural home for financial
services. However, with lacklustre growth forecast
across UK financial services and a significant raft of incoming
regulations, it is important that the City is not complacent.
The forecast for the UK economy in 2012 does not make
comfortable reading. The financial services sector, and
consequently the City of London, will not be immune to the
effects. The ITEM Club outlook for financial services
forecasts a historically low total asset growth of 3% per
annum for the banking sector, with increased write-offs and
slow total loan growth. Short-term premium growth for the
life insurance sector is forecast at just 1% and flat growth is
projected for non-life premiums over the same period, while
income from investment is also down. Assets under
management for the asset management industry are down
9% year on year, while net inflows are expected to be
constrained by weak growth of disposable income. Notably,
even these subdued forecasts are not based on ITEM’s
worst-case scenario.
Since the launch of the European Supervisory Authorities
at the beginning of 2011, regulation across all three sectors
has increased and the European industry now faces greater
competition from Asia Pacific, where regulation is generally
less burdensome. For asset managers, initiatives such as
AIFMD and MiFID II, which are unique to Europe, will create
significant global demarcations. The City of London, as
Europe’s largest financial hub, has the most to lose if
European legislation drives firms to relocate.
SIGNIFICANT HEADACHES
Despite the increasing influence of the EU, UK domestic
policy still remains an important influence. The government’s
decision to fight the proposed financial transactions tax and
to oppose restrictions on clearing houses are important
signals that the UK remains committed to the interests of
the City. However, some regulatory changes proposed by
the UK stand to create significant headaches for firms based
here. For example, the life insurance sector’s business model
will be fundamentally challenged by the combination of
the UK’s Retail Distribution Review with the European
Solvency II Directive.
20
020_LA_0112.indd 1
While the global
implementation of Basel
III measures on capital
and liquidity poses little
threat to London’s
attractiveness to banks,
domestic legislation in
this sector is very
challenging. The ITEM
Club forecasts that the
recommendations of
the Vickers report could
increase the cost of
wholesale funding to
investment banks by
around 100bp.
Additionally, the loss of
an implicit government
guarantee and
restrictions on crossfunding between retail and investment banking divisions
could result in financial markets demanding a 14% core
Tier One Capital Ratio from investment banking divisions.
NATURAL ADVANTAGE
Our work across our European, Middle East and African
region confirms that the City is not alone in facing
increasing regulation and a worsening economic outlook,
including continuing announcements of job losses. We
should remember that London’s financial services industry
has successfully met challenges in the past - in part due to
natural advantages such as the time zone and the English
language’s role in the business world, but also undoubtedly
due to the critical mass of London’s expertise in financial
services and these professionals’ hard work and willingness
to adapt.
Firms across the world are grappling with the pace of
change on the regulatory playing field and the City is home
to many firms that operate in many jurisdictions. A
combination of commitment and flexibility in helping these
firms move forward in the new world will help secure
London’s continued success.
Andrew McIntyre is head of audit
for financial services at Ernst &
Young. The ITEM Club is the only
non-governmental economic
forecasting group to use the HM
Treasury’s model of the UK
economy. Its forecasts are
independent of any political,
economic or business bias and
this independence is underpinned
by the untied sponsorship of
Ernst & Young LLP.
january/february 2012 londonaccountant
07/12/2011 09:37:47
TAX
TAX TIME FOR
PASTIMES
AT THE RECENTLY RELAUNCHED ‘CURRY CLUB’, CROYDON MEMBERS HEAR HOW THE TAXMAN
WANTS TO KNOW ABOUT YOUR HOBBIES
T
he tax implications of hobbies and pastimes,
and when they could become of interest to
HM Revenue & Customs, formed the subject
of a presentation given by Andrew ‘Mac’ McKenzie, a
partner of Smart Accounting & Tax Solutions, at a recent
Croydon & District Society event.
Income received from hobbies and pastimes needs
to be considered in conjunction with the ‘badges of
trade’; the criteria that determine whether trading
activities have been undertaken. The badges of
trade are:
 Profit motive
 Subject matter
 Frequency of transactions
 Nature of the assets acquired
 Whether any work has been performed to transform
the assets
 Taxation of similar activities
Hobbies and pastimes are ‘activities or interests
pursued for pleasure or relaxation and not as a main
occupation’. Therefore, although they are unlikely to be
undertaken for profit, there is an inherent conflict when
individuals frequently receive monies as part of their
hobby or pastime.
The inherent conflict and lack of taxpayer
understanding that such monies may be of interest to
HMRC provided a lively discussion and numerous
examples of such situations.
Mac explained the criteria and considerations HMRC
uses to determine whether the income received from
the hobby or pastime was actually a taxable receipt or
not, as well as whether any losses on a ‘hobby’ would
be accepted by the taxman.
Further difficulties when advising on income arising as
part of a hobby or pastime is that the main case law
precedents regarding trading occurred in the 1920s and
therefore preceded capital gains tax and the internet age.
The other difficulty for tax practitioners, covered in
the meeting, is that the income from the hobby or
pastime is unlikely to be included in the client’s
business bank account, and more likely to be received
londonaccountant january/february 2012
021_LA_0112.indd 1
in cash, via PayPal or into personal bank accounts.
Moreover, HMRC, in an effort to close the tax gap
between the amount of tax collected and its estimate
of the tax due, is now actively enquiring into income
generated by UK residents from trading on Ebay or car
boot sales. It is also looking into the undeclared
earnings from private tutors, fitness coaches and similar
personal professional services.
However the most eye-catching point discussed was
how HMRC could use the internet to search for
undeclared taxable income from such sources, and
cross reference the information to existing records.
Of particular interest to those attending was how
accountants in practice could ensure they are informed of
income from their client’s hobbies and pastimes, so that
they could form a view on whether they are taxable or not.
Mac provided a number of practical steps for tax
practitioners to take so that they may be alerted to any
income generated from their client’s hobbies and
pastimes. These steps are important as without them
their clients are likely to consider such income is not
taxable, or at the very least, unlikely to be discovered
by HMRC.
CURRY CLUB
In October last year the Croydon
& District Society re-launched
its popular Curry Club evening
seminar events at The Old
Whitgiftians Clubhouse. The
second Curry Club event, in
November, proved that this
style of a technical evening
seminar followed by a hearty
curry with colleagues & contacts
in a relaxing venue is a winning
formula; especially as it only costs
£10 per delegate!
If you are interested in
attending future Curry Club
meetings please contact
Jacquie Fairclough at Jacquie.
[email protected] or
on 020 7920 8407.
21
07/12/2011 09:38:20
FINANCIAL CAPABILITY
MAKING
MONEY EASY
LOCAL RESIDENTS IN POPLAR HAVE TEAMED UP WITH
ICAEW TO LAUNCH A NEW MONEY MANAGEMENT WEBSITE
I
CAEW has launched a new free financial education
website specifically designed for social housing
residents. The new website, called At Home with
Money, has been developed by working closely with
residents from east London housing association Poplar
HARCA and in partnership with Grant Thornton and the
National Skills Academy for Financial Services (NSAFS).
At Home with Money is being piloted for three
months in Poplar before being launched nationally and
rolled out to housing organisations across the UK. The
website aims to provide residents with a wealth of
information to help them plan their finances. It has
been developed to be relevant to each of the life
stages, from ‘Just moved in’ to ‘Employed’,
‘Unemployed’ and ‘Later life’. It will provide financial
information and education targeted to make moments
of change and financial challenge easier to contend
with. The launch provided the perfect opportunity to
meet and network with local community organisations,
as well as those involved with corporate social
responsibility and financial capability from the business
community.
Speakers included Arthur Merchant (head of housing
at Grant Thornton), Joan Murphy (director of strategic
operations at Poplar HARCA), Sarah Barber (ICAEW
financial capability manager) and Jade Rooney (one of
At Home with Money’s Community Ambassadors).
EVER-MORE IMPORTANT
Speaking about the website, Ian Strange, ICAEW
London regional director, said: ‘ICAEW’s objective is to
engage as many social housing residents as possible
with the importance of money management, in order
to increase the financial capability of social housing
residents across the UK.
‘Being financially capable means knowing how to
manage money sensibly, plan for the future, choose
financial products and understand financial matters. In
the current economic climate, being financially capable
is ever-more important, and ICAEW is well-placed to
respond to the challenges facing those in deprived
22
022_LA_0112.indd 1
communities with their
personal financial
management to
achieve their potential
in society.’
Joan Murphy,
director of strategic
operations at Poplar
HARCA, said: ‘We
know from experience
how easy it is for
people to fall into
financial difficulties
and how desperate
people are to get
themselves out of the
situation. At Home with Money is unique because it
has been specifically designed by listening to our
residents’ needs and so gives exactly the type of
financial advice they need, in a friendly format. Our
initial feedback has been overwhelmingly positive and
we feel it will enable residents to take a proactive
approach to planning their finances.
BUSINESS ADVICE SERVICE
Is your firm one of the more than 2,000 firms that have already signed up to
the free ICAEW Business Advice Service? If you still have not joined visit www.
businessadviceservice.com/register
ICAEW launched BAS last year to promote the use of ICAEW chartered accountants
to businesses. ICAEW firms that participate in the BAS will offer SMEs and start-ups an
initial meeting at no charge to discuss their business needs.
BAS has successfully raised the profile of ICAEW among opinion-formers, many of
whom have publicly welcomed the initiative. The service was launched with a series
of events across the country and it has been promoted by local radio stations and at
regional newspapers.
In London, ICAEW staff manned a stand at the Business Start-up exhibition at Earls
Court in November in order to promote the service. With the closure of Business Link
and changes in different business support organisations, visitors to the exhibition were
most interested in BAS.
january/february 2012 londonaccountant
07/12/2011 09:38:47
BUSINESS SUPPORT
BARRIERS TO
BORROWING
DEMAND FOR EXTERNAL FINANCE IS DOWN AS SMALL
BUSINESSES DISENGAGE, WRITES CLIVE LEWIS
T
he latest research from the SME Finance
Monitor shows that in Quarter 3 2011, 74% or
3.37 million SMEs hadn’t felt the need to seek
a loan or overdraft during the previous 12 months.
Indeed, a third of SMEs (33%) are in fact completely
disengaged from borrowing. This equates to 1.5
million businesses.
However, the report identifies a segment of SMEs that
wanted to borrow in the past 12 months but didn’t apply for
a variety of reasons. The number of these companies has
remained consistent over the period of the report – moving
only one percentage point between the first two quarters of
2011 (13%) and the third quarter (12%).
Key findings of the survey include:
 Demand for loans/overdrafts has fallen recently.
SMEs interviewed in Q3 were less likely to report
any loan/overdraft application or renewal in the
previous 12 months compared to SMEs in the first
two quarters (15% in Q1-2 compared to 12% in Q3).
 Demand is unlikely to increase in the next three
months. In the first two quarters 19% of all SMEs
thought they would apply for new or renewed
facilities in the next three months. In Quarter 3 it
had dropped to 13% of all SMEs.
 The majority of new/renewed loan or overdraft
applicants were successful. 79% of overdraft
applicants and 63% of loan applicants now have a
facility. Older, more established businesses had the
highest success rate.
 2% of all SMEs were unsuccessful with an overdraft
application, and 1% were unsuccessful with a loan
application. 70,000 SMEs that applied for an
overdraft were unsuccessful: 51,000 of those were
applying for their first ever overdraft. This means
that overall, 16% of overdraft applicants were
unsuccessful, but of those applying for their first
ever overdraft, 52% were unsuccessful. For loans,
54,000 SMEs applied and were unsuccessful:
25,000 of those were first time applicants. This
means that overall, 31% of loan applicants were
unsuccessful, but of those applying for their first
ever loan, 41% were unsuccessful.
 Success rates have declined slightly over time for
overdrafts, but for loans, success rates picked up in
Quarter 2 2011 after previous declines. Qualitatively,
early signs are of improving success rates for
overdraft and loan applications made in Q3 2011.
52%
londonaccountant january/february 2012
023_LA_0112.indd 1
The full report can be found
online at www.sme-financemonitor.co.uk
Clive Lewis is the ICAEW head of
enterprise
FUTURE DEMAND
In the next three months, 13% of SMEs plan to apply,
and of those twice as many are confident of being
successful than are not (43% vs 20%).
However 2% of all SMEs have an identified need for
finance in the next three months but think it is unlikely they
will apply. The two key reasons they gave were
“discouragement” (i.e. they have informally approached a
bank and felt put off or they haven’t asked but assume a
negative response) and a reluctance to borrow in the
current economic climate.
APPLICATIONS FOR
OVERDRAFT
Unsuccessful
first time
applications
The findings are based on 10,118
telephone interviews conducted
amongst UK businesses with up
to £25 million turnover between
February and September 2011.
APPLICATIONS
FOR LOAN
16%
Unsuccessful
overall
applications
41%
Unsuccessful
first time
applications
31%
Unsuccessful
overall
applications
23
07/12/2011 09:39:19
COMMERCIAL PROPERTY
CPO: LUMBERING
CREATURE?
THE LOCALISM ACT 2011 HAS MADE CHANGES TO COMPULSORY PURCHASE LEGISLATION, BUT IT IS
NOT THE PANACEA MOST PEOPLE HOPED FOR, WRITES MICHAEL ECKETT
T
here is a consensus that the government can best
improve Britain’s growth potential by focusing on
what lies between micro- and macro-economic
policy: infrastructure. This can be defined widely to
include transport networks, human capital, energy and
water among other things.
London has seen its fair share of investment in these
areas with Crossrail, the regeneration of Stratford to
support the London 2012 Olympic and Paralympic Games
and before that the Channel Tunnel Rail Link (now High
Speed 1). There is more on the horizon in the form of
Thames Water’s ‘Thames Tunnel’, High Speed 2,
additional airport capacity at Heathrow or in the Thames
Estuary and the mooted high speed rail link between
Gatwick and Heathrow, dubbed ‘Heathwick’.
Schemes of this scale and nature can only be
delivered by the use of compulsory purchase, which can
mean years of uncertainty, anxiety and hardship for those
operating businesses or living within or along the
proposed route corridor.
MISSED OPPORTUNITY
The current law of compulsory purchase is a patchwork of
diverse rules, derived from a variety of statutes and cases
over more than 100 years. These are neither accessible
to those affected, nor readily capable of interpretation
except by specialists. In July 2000 the Compulsory
Purchase Policy Review Advisory Group (CPPRAG),
which had been established by the Department of the
Environment, Transport and the Regions, reported that
the law was ‘an unwieldy and lumbering creature’.
The Lord Chancellor subsequently approved terms of
reference, requiring the Law Commission to review the
law relating to compulsory purchase of land and
compensation, and to make proposals for simplifying,
consolidating and codifying the law.
The central problem the Law Commission addressed
was the inadequacy of the principal statute, the
Compulsory Purchase Act 1965. Many of its parts are
out-dated, some are obsolete, and the statutory
language throughout is archaic and obscure.
24
024-025_LA_0112.indd 1
The Law Commission published two reports. The first
in 2002 on compulsory purchase procedure and the
second in 2003 on compensation. Both reports
recommended fundamental change to remove
unfairness and anomalies.
The government acknowledged that it would like to
have a single compulsory purchase code expressed in
modern English, but despite the importance of
compulsory purchase being a vital tool in promoting
and delivering infrastructure they concluded that
implementing the Law Commission’s proposals was not
a practical proposition in the foreseeable future.
The Localism Act 2011 was the perfect opportunity to
fundamentally overhaul the system to make it fairer and
more easily understood by those affected by it and also
for those promoting schemes.
However, the amendments in the Localism Act are
very narrow, limiting the changes to the planning
assumptions to be adopted when assessing
compensation and removing some arcane provisions.
This is not the panacea most people were hoping for
and is a missed opportunity. For many businesses and
people affected by schemes the unfairness remains.
In July 2000 the
Compulsory
Purchase Policy
Review Advisory
Group reported
that the law was
‘an unwieldy
and lumbering
creature’
january/february 2012 londonaccountant
07/12/2011 09:39:54
t
COMMERCIAL PROPERTY
PROCESS
The large, nationally significant infrastructure projects
(NSIPs) likely to affect London and Londoners will usually
be promoted by Development Consent Order. These
applications were, until the Localism Act, presented to an
independent body known as the Infrastructure Planning
Commission (IPC) for determination. The Localism Act
delivers on two of the government’s manifesto pledges
in reinstating approval of applications by the Secretary of
State, and to require parliamentary approval of National
Policy Statements (NPSs).
The process that the infrastructure promoter must
follow is:
1. Pre-application
The promoter must notify the Secretary of State
that they intend to submit an application.
Meanwhile, the promoter must consult the public
over its proposal and use the comments they
receive to continue to improve it.
2. Acceptance
Once an application is submitted, the Secretary
of State has 28 days from the day after receipt, to
decide whether or not to accept it for
examination.
3. Pre-examination
At this stage, the public is able to register to
have their say about the application and provide
a summary of their views in writing. At preexamination stage, everyone who has registered
to have a say on the proposal will be invited to
attend a preliminary hearing. This stage of the
process takes approximately three months from
the promoter’s formal notification and publicity of
an accepted application.
4. Examination
The IPC has six months to carry out the
examination. During this stage, people who have
registered to have their say, are invited to provide
more details of their views in writing, they may
also request open floor hearings are held.
5. Decision
The Secretary of State has three months in which
to make a decision on the application.
6.
Post decision
If the decision is to grant development consent,
a period for legal challenge runs from the date
of the publication of the order or the statement
of reasons if published later. The legal challenge
period runs from the publication of the
statement of reasons if the decision is to refuse
to make the order.
The period of time from the promoter registering
an intention to submit an application and the decision
can be an uncertain time for parties affected by the
applications, especially if investment is required to
maintain competitiveness. Even though it may be
counter intuitive, a business should continue to invest
in its business, ignoring the prospect of the scheme,
until such times as the promoter has received consent
and served the appropriate notices to acquire the
land. Failure to do this could mean that any loss of
profit suffered as a result will not be compensatable
by the promoter.
Once confirmed, and the promoter acquires the
necessary land, affected parties are left with a claim
for compensation. The general principle is that
affected parties should be no better or worse off as a
result of the compulsory acquisition. With the
promoter able to offset betterment, it often feels that
affected parties are worse off and out of pocket.
To avoid these situations, it is recommended that
affected parties engage early in the process and make
objections at the appropriate time. Promoters of the
scheme are often keen to see them withdrawn and it
can represent an opportunity to secure an optimum
settlement.
The parties unfortunate enough to be affected by
schemes will be better placed if they develop a
strategy and engage early with the promoter rather
than await their fate and settle the compensation in
line with the compensation code, which is still unfair
and contains anomalies after the promoter has taken
possession.
Michael Eckett is head of the
compulsory purchase team at
Drivers Jonas Deloitte, tel 020
7303 3586, meckett@djdeloitte.
co.uk
DEVELOPMENT PIPELINE
T
he graph below is from Drivers Jonas Deloitte’s latest London Office Crane Survey
for Winter 2011. The graph shows the development pipeline for Central London.
Shaun Dawson, research manager for Drivers Jonas Deloitte, said: ‘Development
in Central London has continued to increase following the surge in activity recorded
in the first half of 2011. There is now 7.2 million sq ft under construction. The upshot is
that the next 24 months no longer looks devoid of delivery. This rise is in part a result of
comprehensive refurbishments becoming the flavour of the day.’
Central London Development Pipeline
If one thinks back to the time taken for Crossrail or
Heathrow Terminal 5, the new process is quicker and
while there is a considerable amount of consultation that
the promoter must undertake it is essential that affected
parties register their comments at an early stage and try
to influence the design or siting of the infrastructure to
best protect themselves.
londonaccountant january/february 2012
024-025_LA_0112.indd 2
25
07/12/2011 09:40:04
TECHNOLOGY
REVIEWING
THE REVIEWER
PHILIP FISHER EXPLAINS HOW TRIP ADVISOR CAN IMPROVE CLIENT RELATIONSHIPS
T
he difference between a happy client and an
unhappy one may not always lie in the quality
of the work that you provide. While bringing
in an audit on time or saving vast amounts of tax will
usually do the trick, something extra is sometimes
required in order to cement relationships.
Typically, accountants like taking clients, customers
and staff to swanky restaurants but it is the nature of
the beast that we also like to do so on a tight
budget.
Therefore, we are always on the lookout for
recommendations both of the very best and very
worst establishments in our price bracket.
In the past, friends, colleagues or possibly
personal assistants were enlisted to provide the
help. In the last few years, a new kid has arrived on
the block with credentials that far outstrip those of
our previous guides.
Trip Advisor is a really clever concept, building up
ratings and recommendations from subscribers to
give readers a detailed picture of the strengths and
weaknesses of restaurants, hotels and now airlines
across the world.
The data is then broken down into different
categories. For example, if you want a restaurant for
business or entertaining clients, those categories
exist, as does one for restaurants serving the best
desserts. It is also easy to delineate restaurants by
location and hotels by stars and both by price.
While finding three people to recommend, say,
the local Italian is helpful, knowing that a London
restaurant is in the top 250 out of 5,921 and 126
people have put it there is far more powerful.
The site is also fantastic for business trips, since
you can potentially book flights and hotels directly
with a choice of supplier websites, ensuring that you
get the best price every time. This service can be a
little slow but does eventually deliver.
Trip Advisor really does work. Over the last year or
so, I have been to the best restaurant in Amsterdam
(and it was). Similarly, the choice of budget hotels in
Barcelona was greatly assisted by recommendations
both positive and negative on the site.
26
026_LA_0112.indd 1
Rather less enjoyably, I had an awayday at the 10th
best hotel out of 15 in a town on the outskirts of
London. One unhappy punter a little unfairly called it
‘Fawlty Towers reincarnated’ but the paper-thin walls
guaranteed that sleep was impossible if anybody
was staying in either of the adjoining rooms.
To add to the serious business uses, this website is
clearly useful for leisure. For example, you can find
the 20 most popular attractions in New York
including buildings, open spaces and stage shows.
Once again, leisure and business could easily come
together as you try to entertain or advise clients and
colleagues coming to your city or going to others.
This concept will undoubtedly grow and grow
as Trip Advisor becomes ever more popular and
begins to make money for its backers. Already, it has
a limited service analysing airlines and it is easy to
see that almost every other facet of life could
soon follow.
Those of us in the profession will easily see the
benefits of Trip Advisor, though the notion that
one day it could spread to reviews of accountants
might be either a threat or opportunity. Personally, I
can’t wait!
Philip Fisher heads
the employment tax and
rewards team at PKF
january/february 2012 londonaccountant
07/12/2011 09:40:33
CAREERS
DIARY OF A LONDON RECRUITER
NATURAL TALENT
IT’S A BUSY WEEK FOR DAVID TROLLOPE, DIRECTOR OF HAYS SENIOR FINANCE,
AS HE JUGGLES HIGH FASHION WITH NATURAL RESOURCES
M
y week starts at 7.45am in Hays’ new offices
in Cheapside, where aided by lots of black
coffee, I prepare for the day ahead. We
receive applications from people registering on www.
hays.co.uk overnight, so one of my first tasks is to look
through these and I or one of my team will get in touch
with them to discuss possible opportunities. I recruit for
qualified accountancy jobs, including finance directors,
financial controllers and management accountants.
We’re currently seeing strong demand in the newly
qualified market, for people with up to two years post
qualified experience. Strong group technical
accountants are also sought after, and we have seen
the return of some senior level financial director
jobs recently.
UPSTREAM ROLES
On Monday I meet with a large company in the oil and
gas sector, explaining how we could help them grow
their business with the right people, and highlighting
our experience in this sector. And so the week gets off
to a good start as we secure a contract to recruit a
group financial controller and business analyst role for
them.
At the moment I am recruiting for quite a few roles in
the upstream oil and gas sector, which is booming in
Africa at the moment, so I’m looking for people who
can speak French and have experience of working in
Africa. The companies we meet with want to know that
we have access to people with the specific experience
they need.
On Tuesday I meet with some new candidates to
discuss their job requirements and experience. We talk
about their current roles and what they are looking for
in their next role. At the moment we’re recruiting for a
range of senior financial director and financial controller
roles, and are looking for professionals with experience
in natural resources. Many employers are increasingly
looking for people with a specific industry background,
who can hit the ground running in a new role.
londonaccountant january/february 2012
027_LA_0112.indd 1
GLAMOUR
My week takes a
more glamorous
turn on Wednesday,
when I have a
meeting at the
international
headquarters of a
luxury goods brand
in London, who we
helped to recruit a
new Head of
Reporting. I’m given
a private tour and an
exclusive look at
next year’s collection
– and even spot
Daniel Craig
browsing the
showroom.
Three managers and their teams report in
to me, so spending time with my team and
helping them to develop their skills is
important.
On Thursday I ran a mock pitching session with
some of the more junior members of my team to
help them with their presentation skills.
DREAM ROLE
Friday in my office is pink shirt day, and we also have a
highly competitive cake baking competition among
the Hays Senior Finance team. Some of my day is
spent talking to job seekers and updating them on the
roles we have available.
I end the week on a very positive note, by
calling a candidate to let him know he has been
offered his dream role, one of the highlights of my
job. I keep my team motivated with a ‘good news
Friday’ email, to share our successes throughout
the week.
David Trollope is a director with
Hays Senior Finance
For more information visit
www.hays.co.uk/seniorfinance
27
07/12/2011 09:41:04
REVIEWS
THEATRE REVIEWS by Philip Fisher
THE LION IN WINTER
by James Goldman at the Theatre Royal Haymarket, booking until 28 January
H
Joanna Lumley (Eleanor of Aquitaine) and
Robert Lindsay (Henry II) in The Lion in Winter
Photo: Catherine Ashnore
istory can be fun. While many schoolteachers effortlessly make medieval lives
sound boring, James Goldman proves that they can be both funny and amazing.
This is demonstrated in a lively production from Sir Trevor Nunn who is having
a fine residency at the Haymarket, with attractive Pre-Raphaelite design by Steven
Brimson Lewis.
Admittedly, the family in question, led by the unholy alliance of Henry II and Eleanor
of Aquitaine, controls England and half of France. Henry, played with gusto by Robert
Lindsay, has imprisoned his wife for a decade and with anticipated papal assistance is
trying to get the other half through a diplomatic match with King Philip of France’s
sister Alais.
Ten years in prison does nothing to dampen Eleanor’s wit. Joanna Lumley,
effectively playing herself, has a fine time winding up wicked hubby but also their three
ambitious sons.
In 1183, when the drama is set, the family’s eldest son, another Henry, has just died.
His three siblings joust for the Crown with brave but stupid Richard the Lionheart (Tom
Bateman) in pole position. However, runty little John (Joseph Drake) who will
eventually succeed Richard is father’s favourite, while Geoffrey (James Norton) is the
family schemer.
The internecine battles and political badinage are explicated using ripe modern
language making this family feel more like characters in a John Osborne play than a
historical drama depicting events 800 years ago.
This is all highly enjoyable as long as you can suspend your disbelief and accept that
the kings and queens of Olde England behave as badly and as modernly as the rest of us.
ROALD DAHL’S MATILDA THE MUSICAL
T
he Royal Shakespeare Company is the progenitor of the world’s longest running musical and,
quarter of a century after Les Misérables debuted, they might be about to repeat the trick.
Matilda the Musical really is that good. Its appeal lies less in the individual elements,
though almost all are sensational, but more in their combination.
This must owe a lot to the creative team and particularly the vision of director, Matthew Warchus.
It helps to have a book based by Dennis Kelly on a novel by perennial favourite of both children
and adults, Roald Dahl.
Hairy little Matilda is played at the performance under review by Cleo Demetriou, not so much a
star in the making as a ready-made star. She is precociously intelligent but loveable with it,
overcoming every disadvantage imaginable.
Dad is a super-spivvy, second-hand car dealer, while Mum is a slatternly dance fiend. As if home
life wasn’t bad enough, school is dominated by the manly, hammer- and little girl-throwing Miss
Trunchbull, evilly portrayed by Bertie Carvel.
The only light on the horizon comes in the shape of kind but timid Miss Honey, Lauren Ward
offering the best voice of the night.
The plot is complemented by Tim Minchin’s catchy musical numbers with witty lyrics the pick
of which is When I Grow Up; and epic choreography mastered by a team of talented and
committed child performers supported by their older counterparts who peak in the unforgettable
salsa number Loud.
Once all these ingredients are mixed together, the result is an addictive musical loved by large
and small that will fill the RSC’s coffers for years to come.
28
028_LA_0112.indd 1
Cleo Demetriou as Matilda and Bertie Carvel
as Miss Trunchbull in Matilda The Musical
Photo: Manuel Harlan
Book by Dennis Kelly, music and lyrics by Tim Minchin at the Cambridge Theatre
Philip Fisher is a chartered
certified accountant and the
London editor for
www.britishtheatreguide.info
january/february 2012 londonaccountant
07/12/2011 09:41:29
REVIEWS
BOOK PREVIEW by Philip Smith
NEVER MIND THE BOTOX: RACHEL
Penny Avis and Joanna Berry (Matador)
Paperback published on 16 January 2012, £6.99
R
achel Altman is a work hard, play hard kind of
girl, constantly led astray by her lazy bar-diving
sports-hack boyfriend. When, in her job as a
corporate accountant, Rachel is offered an exciting
new project, working on the international sale of
a glamorous cosmetic surgery company, she can’t
believe her luck.
A few days into the project Rachel discovers that a
doctor and nurse team at the clinic have not only
secretly been treating celebrities, ‘off the record,’ but
they have also been embezzling funds from their high
profile clients.
Rachel’s story is the second episode of a four-part
book series, Never Mind The Botox, written by Penny
Avis and Joanna Berry. The series chronicles the stories
of four professional women who are all working on the
sale of a high profile cosmetic surgery business. Each
book sets out to reveal how each woman copes with one
of the most glamorous but challenging deals of their
careers.
Works of fiction, maybe, but how much is based on
personal experience and inside knowledge? Joanna
Berry is a qualified solicitor, having worked with the
Spice Girls and Channel Five. Co-author Penny Avis,
who lives in London, is currently on a career break
from her job as a corporate finance partner at
Deloitte.
Penny’s career highlights include working on the
acquisition of Body Shop by L’Oreal, being named
one of the UK’s top 10 accountants under 35 and
ultimately being appointed to Deloitte’s UK board.
Currently under development for a TV series, Never
Mind the Botox could be the start of a trend where
the accountancy and legal worlds really do become
sexy.
RESTAURANT REVIEW by Derek Nash
BRIGADE
Brigade, The Fire Station, 139 Tooley Street,
London SE1 2HZ, tel: 0844 346 1225,
www.thebrigade.co.uk
B
rigade is a relative newcomer to the burgeoning
business district between London and Tower
Bridges known as More London. Housed in a
listed former fire station – hence its name - it is a bar
and bistro with a difference. Its chef founder has a
vision to help disadvantaged people through a charity
that offers apprenticeships in his kitchen, where they
are mentored with a view to securing jobs in the
catering industry.
Diners have a chance to see this in action
because the cooking area is totally open to view,
and when we visited on a Friday lunchtime the
atmosphere was buzzy with conversation and laced
with the tempting smell of herbs and spices wafting
from the ‘live’ kitchen.
The food is an eclectic mix of English dishes such
as partridge, New Forest mushrooms, Cornish
mackerel salad, wild rabbit terrine, mutton pie and
pork belly with some imaginative accompaniments,
londonaccountant january/february 2012
029_LA_0112.indd 1
alongside sharing plates and
some unusual offerings such as
lobster baguette. Prices on the
à la carte menu (a fixed price
lunch option would be
welcome in these cost
conscious times) average
around £7 for starters and £9
to £20 for main courses. The
excellent homemade bread is
well worth ordering, although take note, it is very
filling and might leave you with little room for one of
the many tasty deserts.
The wine list is quite small but has decent bottles
from around £18 and a number of fine wines –
perhaps more suited to the expense account. Worth
consulting the very affable and well-informed wine
waiter, a winemaker from Italy in a previous life. And
if it’s just a drink you fancy, there is a bar area and a
terrace for when the sun shines.
Derek Nash is deputy head of media relations at PwC
29
07/12/2011 09:41:56
DIARY
EVENTS LISTING
HENDON
LEE, LEWISHAM
NORTH LONDON SOCIETY OF CHARTERED ACCOUNTANTS
MEETINGS
All meetings are held at Hendon Hall Hotel, Ashley Lane, Hendon,
London NW4 1HF. Courses cost £45 in advance, £50 at the door or £325
for an annual subscription from September. All courses start at 17:00 and
end at 21:00.
SOUTH EAST LONDON AREA SOCIETY OF CHARTERED
ACCOUNTANTS
FREE MEMBERS’ MEETINGS
Meetings start at 19:30 and end at 21:00. All events will be held at The
Crown, 117 Burnt Ash Hill, Lee, London SE12 0AJ. Meetings are free to
SELAS members (£45 subscription fee).
Day/Date
Wed 08 Feb
Thu 29 Mar
Wed 18 Apr
Thu 17 May
Wed 06 Jun
Tue 17 Jul
Event
Accounting standards – using them to pay less tax
John Selwood
PAYE/NI and related topics update
Tim Palmer
Tax, VAT and employment update
Speakers from CCH
Tax issues for owner managed businesses
Dean Wootten
Finance Bill 2012
Robert Jamieson, Mercer & Hole
LLPs
Mike Ulrich
Contact Linda Graichen, NLSCA, c/o Silvermans, 2 Castleham Court,
180 High Street, Edgware HA8 7EX. Tel: 020 8450 4534.
Email: [email protected]
HARROW
NORTH WEST LONDON CHARTERED ACCOUNTANTS
MEMBERS’ MONTHLY MEETINGS
All events will be held at Harrow Civic Centre, Station Road, Harrow
HA1 2XF. Events start at 19:00 and finish at 20:45. £50 membership fee.
Day/Date
Tue 10 Jan
Tue 07 Feb
Tue 13 Mar
Tue 17 Apr
Tue 08 May
Event
Family Company Accounting Problems
Mike Ulrich, Lecturer
P11Ds – Benefits, NIC and PAYE Refresher Planning
Tim Palmer, Palmer Training Partnership
Reduce Your Risks– VAT Issues for SMEs
Neil Owen, VAT Advisory Services Ltd
Money Laundering – Are You Sure You’re Compliant
Adrian Gibbons, Swat UK
AGM/Finance Bill
Robert Maas, Lecturer
Contact Vanessa Drake, 312 Carr Road, Northolt, Middlesex,
UB5 4RL. Tel: 020 8930 5794. Email: [email protected]
WATFORD
NORTH WEST LONDON CHARTERED ACCOUNTANTS
EXTENDED EVENING COURSES
Events will be held at Hilton International Hotel, A41 Watford Bypass,
Watford, Herts WD25 8HA. Registration at 16:00; events start at 16:30,
finish at 20:30. Courses cost £50.
Day/Date
Tue 14 Feb
Tue 24 Apr
Tue 19 Jun
Day/Date
Thu 23 Feb
Tue 27 Mar
Thu 26 Apr
Thu 10 May
Thu 07 Jun
Thu 19 Jul
Event
Pensions Update
Kevin Hains, Francis Townsend and Hayward
Raising Business Finance
Will Brooks and Naima Siddiqi, Eximus Capital
Budget Update
Gareth Waterworth, Dixon Wilson
Getting the Best out of IT
Paul Booth, ICAEW
AGM/Meet HMRC
Doug Sinclair, CCW
Charities Update
Sue Field
PROFESSIONAL TRAINING COURSES
Courses start at 17:30 and end at 21:00. All events will be held at
Colfe’s School, Horn Park Lane, London SE12 8AW. Prices start at £45
per course.
Day/Date
Tue 06 Mar
Tue 17 Apr
Tue 15 May
Tue 26 Jun
Event
Tax implications of marriage, divorce, etc
Norman Allison, Mercia
Personal Tax Update
Pat Nown, Mercia
Tax Planning for New Clients
Martyn Ingles, Lecturer
Accountancy Update
Guy Loveday, PTP
MEMBER DISCUSSION GROUP
Meetings are normally held from 19:00 to 21:00 on the second
Wednesday of each month. All meetings are held at The Crown, 117
Burnt Ash Hill, Lee, London SE12 0AJ. Meetings are free to SELAS
members (£45 subscription fee).
Future dates:
11 Jan, 8 Feb, 14 Mar, 11 Apr, 9 May, 13 Jun, 11 Jul, 8 Aug, 12 Sep, 10
Oct, 14 Nov and 12 Dec.
Contact Gina Raggett, 23 Pagoda Gardens, London SE3 0UX. Tel: 020
8852 9772; mobile: 07790 181 729; email: [email protected]
Event
Tax Planning for the Family Business
Rebecca Benneyworth, Lecturer
Accounting and Auditing Update
Andrew Guntert, Mercia
Topical Tax Tips
Tim Good, PTP
Contact Vanessa Drake, 312 Carr Road, Northolt, Middlesex UB5 4RL.
Tel: 020 8930 5794. Email: [email protected]
30
030-032_LA_0112.indd 1
january/february 2012 londonaccountant
07/12/2011 09:42:36
t
DIARY
EVENTS LISTING
SOUTH WEST LONDON CHARTERED
ACCOUNTANTS
Tax Discussion Group – 19:00 for 19:30 at The Royal Oak, Coombe
Road, New Malden. Season ticket is £50 or £9 per meeting. Next
meetings: 11 Jan, 8 Feb, 14 Mar, 18 Apr, 16 May and 13 Jun.
OTHER EVENTS – Venue, date and timing tbc. £20 + VAT
•
Leadership skills
•
Audit and accountancy update
Contact Elizabeth Russell, see page 32
CROYDON
CROYDON & DISTRICT SOCIETY OF CHARTERED ACCOUNTANTS
HALF-DAY COURSES
All courses start at 14:00 and finish at 17:00 and take place at the
Aerodrome Hotel, Purley Way, Croydon CR9 4LT. All courses are subject
to VAT. The cost is £65 each for up to two courses, £55 each for three to
seven courses, or £45 each for more than eight courses. Specialist topics*
cost £65.
Day/Date
Tue 06 Mar
Mon 12 Mar
EALING
WEST LONDON CHARTERED ACCOUNTANTS
Events and discussion groups are held at The Grange Pub & Dining
Room, Warwick Road, Ealing W5 3XH. Events start at 19:00 and cost
£10 on the door.
Day/Date
Wed 11 Jan
Wed 15 Feb
Wed 14 Mar
Wed 18 Apr
Wed 13 Jun
Wed 11 Jul
Wed 10 Oct
Tue 13 Nov
Event
Pensions update
Brendan Dixon & Simon Wardley,
CMC Independent Financial Advisers
IT update: Progress using cloud technology
Dean Miles, Lecturer
Tax update
Robert Maas, Blackstones
Ethics update
John O’Donnell, ICAEW
BBA’s Business Task Force initiative on
supporting UK businesses
Speaker tba
Prepack administrations
Simon Parker, Antony Batty & Company LLP
Directors & officers insurance
James Roberts, Barlow, Clyde & Gilbert
Company law update
Lynda Brown, Companies House
TAX DISCUSSION GROUP
21 Feb, 15 May, 19 Jun, 20 Sep and 16 Oct
OTHER EVENTS:
Wed 09 May – AGM (free of charge), Nicolas, 165 Old Brompton Rd,
London SW5 0LJ
Thu 06 Dec – Intervasity match, Twickenham
Contact Elizabeth Russell, see page 32
KEMPTON PARK
WEST AND SOUTH WEST LONDON CPD
All seminars start at 14:00 and finish at 17:15 and will be held at
Kempton Park Racecourse, Staines Road East, Sunbury on Thames,
Middlesex TW16 5AO.
Day/Date
Wed 22 Feb
Wed 07 Mar
Wed 28 Mar
Wed 25 Apr
Event
Auditing and accounting for pension schemes
Bill Telford, Telford Financial Training
Accounting and audit update
Mike Ulrich. Lecturer
Spring tax update including Budget issues
Bob Trunchion, MacIntyre Hudson
Employment taxes update
Tony Jenkins, Dragon Training
Wed 28 Mar*
Tue 24 Apr
Thu 03 May
Mon 14 May*
Mon 21 May
Thu 14 Jun
Tue 19 Jun
Wed 27 Jun*
Event
Employee Taxes Update
Mark Ward, PTP Training
Financial Reporting Update for members
in Business (inc. IFRS)
David Chitty, Crowe Clark Whitehill LLP
Charity Audit & Accounting (inc. not for profit)
Val Steward, Lecturer
Capital Taxation Update
Mark Ward, PTP Training
Spring Tax Update
Martyn Ingles, MacIntyre Hudson LLP
Solicitors’ Accounts Rules
Steve Collings, Leavitt Walmsley Associates Ltd
Business Tax Update
Ros Martin, Tax Consultant
Legal Issues for the SME
Louise Dunford, LD Consultancy Ltd
Practice Compliance , Bribery Act & Anti Money
Laundering Update
John McCarthy, John McCarthy Consulting Ltd
Buying & Selling Companies
Kevin Read, Lecturer
Programme continues until 5 December. For more information and
bookings go to www.icaew.com/events or contact Jacquie Fairclough,
see page 32
OTHER EVENTS
Day/Date
Event
Fri 11 May
Croydon & District Society annual dinner
Hilton Hotel, 101 Waddon Way, Purley Way, Croydon
CR9 4HH
More details nearer the time
Mon 21 May
Croydon & District Society AGM
More details nearer the time
Guided London walks (dates tbc):
May
London’s burning covering the Great Fire of 1666
and the Blitz of 1940/41
September
The City in Spires, a tour of Wren’s churches.
The Tax Discussion Group meets on the first Thursday of the month with
the exception of July and August. The Croydon Practitioner Group meets
on the last Thursday of the month with the exception of January, August
and December.
Both groups meet at the Old Whitgiftian Association, The Clubhouse,
Croham Manor Road, South Croydon CR2 7BG
Contact Jacquie Fairclough, see page 32
Contact Mercia, see page 32
londonaccountant january/february 2012
030-032_LA_0112.indd 2
31
07/12/2011 09:42:54
DIARY
EVENTS LISTING
CENTRAL LONDON
CENTRAL LONDON SMALL PRACTITIONERS’
GROUP (SPG)
Day/Date/Time Event
Thu 16 Feb
18:45-00:00
LSCA Annual Dinner (£85+VAT, discounts available)
Speaker: Jon Moulton, Chairman of Better Capital LLP
Middle Temple Hall, London EC4
Fri 30 Mar
19:00-02:00
London Students Society (CASSL) Ball (£40)
Gibson Hall, 13 Bishopsgate, London EC2N 3BA
Tue 17 Apr
18:30-20:00
CASSL AGM
Red Herring, 49 Gresham St, London EC2V 7EH
The group meets on the third Thursday of most months. Events will be
held at Ambrian plc, Old Change House, 128 Queen Victoria St EC4V 4BJ.
£25 annual subscription.
Contact Jill Holland at [email protected] or 020 7250 3300
LSCA BUSINESS COMMITTEE
2012 events to be announced
Contact Annaliese Shiret, see below
Contact Annaliese Shiret, see below
22 -24 Mar
Small Practitioners’ Conference (early bird - on
or before 20 January: £575+VAT)
Robinson College, Cambridge
LSCA YOUNGER MEMBERS’ SERVICES GROUP
All events start at 18:00 for 18:30 to 20:30. Events cost £15 for ICAEW
members and £25 for non-members.
Contact Elizabeth Russell, see below
Mon 27 Feb
Mon 12 Mar
Thu 22 Mar
Mon 23 Apr
Accounting and audit update
Mike Ulrich. Lecturer
Employment taxes update
Tony Jenkins, Dragon Training
Auditing and accounting for pension schemes
Bill Telford, Telford Financial Training
Spring tax update including Budget issues
Bob Trunchion, MacIntyre Hudson
Day/Date
Thu 23 Feb
Event
Dealing with unexpected change
Mazars, Tower Bridge House, St Katharine’s Way,
London E1W 1DD
Tue 20 Mar
Body language
ING Bank, 60 London Wall, London, EC2M 5TQ
Contact Annaliese Shiret, see below
Events at 09:30 to 12:45 and again at 14:00 to 17:15.
The Royal Society of Medicine, One Wimpole St, London WC1G 0AE
CANARY WHARF MEMBERS’ GROUP
Seminars cost from £49 + VAT. Contact Mercia for above, see below
Day/Date
Tue 21 Feb
17:45-20:30
Mon 30 Jan
14:00-17:30
Wed 08 Feb
10:30-18:00
Mon 12 Mar
09:30-17:00
Volunteering Fair (free)
Chartered Accountants’ Hall
Contact [email protected]
FINANCIAL REPORTING DISCUSSION GROUP
All meetings take place in different London venues from 18:00 to
20:00 and are free of charge.
Practical Financial Modelling
(from £300 + VAT)
Chartered Accountants’ Hall
Contact [email protected]
06 Mar, 02 May, 19 Jul, 17 Sep, 31 Oct and 10 Dec
Contact Ana Fariña, see below
Chartered Accountants’ Hall, Moorgate Place, London EC2R 6EA
Tel: 020 7920 8682
Fax: 020 7920 8648
JACQUIE FAIRCLOUGH
020 7920 8407
[email protected]
32
030-032_LA_0112.indd 3
ANA FARIÑA
020 7920 8519
[email protected]
Event
Performance Management (£20+VAT)
CLS Group, Exchange Tower, One Harbour
Exchange Square, London, E14 9GE
Contact Elizabeth Russell, see below
Planning for your retirement
(from £60 + VAT)
Chartered Accountants’ Hall
Contact [email protected]
COURSE CONTACTS
All events start at 17:45 for 18:20 to 19:45. Events cost £20+VAT.
CCH COURSE ARE NOW RUN BY MERCIA
Mercia Group Ltd, Best House, Grange Business Park,
Enderby Road, Whetstone, Leicester LE8 6EP
Tel: 0844 209 6083 Email: [email protected] Web: mercia-group.co.uk
ELIZABETH RUSSELL
020 7920 8562
[email protected]
ANNALIESE SHIRET
020 7920 3515
[email protected]
january/february 2012 londonaccountant
07/12/2011 09:43:11
Right time
Right place
Choosing the right Recruitment Consultancy
Most people want reassurance of an agents
ability to work professionally and with
discretion. They also value their ability to
hear about the most suitable opportunities,
often before they become known to the
wider market.
Unlike every recruitment consultancy we
know of, Prospect has no sales targets.
Therefore, you can be assured that they
are totally focussed on providing the best
outcome for you and their clients and in
maintaining their first class reputation.
In twelve months Prospect has more than
doubled the number of career opportunities
it manages for its clients across the Southern
Home Counties and London.
Numerous testimonials are on their website
www.prospect-recruitment.co.uk
Below is a small selection of vacancies with many
more available for discussion on 01892 510892
Pensions Audit Manager/Snr Manager
South East
To £67,000 + car + bens
Ref: 6509
Top 10 firm is establishing a new London based Pensions team. They have an opportunity for a Manager and Senior Manager. They also have
a role which can be based in Surrey or Kent.
Trust Tax Manager
East Surrey
£45,000 - £55,000 + Excellent benefits
Ref: 10738
One of the UKs top independent accountancy firms in the South East are currently seeking an experienced Trust Tax Manager to join a busy
Private Client Tax team.
Corporate Tax Manager - Full or Part time
Southend on Sea, Essex
£40,000 - £45,000
Ref: 10746
Long established chartered accountants are currently seeking a Corporate Tax Advisory Manager, to join their 5 Partner office on a full or part
time basis.
Various Senior vacancies (varied work)
Kent & East Sussex
£30’000 - £38’000
We’ve at least three clients actively seeking general practice Seniors for roles in Kent and East Sussex.
Ref: 10713/10699/10718
PQ/Client Manager - Non traditional practice
Andover, Hampshire
£18,000 - £28,000
Ref:10748
Modern and innovative expanding practice with 3 Directors, specialising in accountancy for small Businesses. They are looking to grow the
team significantly in 2012 and take on a number of Part Qualified Accountants/ Client Managers.
Audit Accountants – Qual or PQ
Orpington, Kent
£19,000 - £30,000
Ref: 10694
Established and well respected medium sized Chartered Accountants, are currently looking for new audit staff for their rapidly expanding audit
department. Reporting to the Audit Manager/ Partner, when assisting on a range of audits for their varied client base, but particularly in their
busy educational sector. This is a newly created role so can be tailored to suit your skills and experience.
Audit Supervisor, Top 40
Godalming, Surrey
£38,000 - £43,000
Ref: 10750
Predominantly working with SME, AIM & PLUS listed clients. As part of their growth, they are looking to recruit an experienced Audit Supervisor
to work between the trainees, seniors and the existing three Managers. Great prospects for progression to Manager and beyond.
LLP Partner in Practice merger
Ashford, Kent
Negotiable
Ref: 10607
This role would be ideally suited to an individual who has set up on their own firm and looking to join a modern multi sited accountancy practice
and bring their portfolio of clients with them. You will benefit from existing office support and structure, extra networking and larger client
exposure and access to a larger pool of tax and accounts specialists.
SPECIALISTS IN PRACTICE RECRUITMENT WITHIN
THE SOUTHERN HOME COUNTIES
Prospect Financial Recruitment, Eridge Park, Eridge Green, TN3 9JT
[email protected]
Find us on
Prospect_Recruitment_0112.indd 1
12/12/2011 10:11:00
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