Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Plymouth - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Taunton - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Exeter - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Bournemouth - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Original air date: Dec. 14, 2017
Recording available at http://www.mhmcpa.com
Partnerships often hear the calling from private equity fund partners to monetize a portion of the value they own, even though they are not yet ready to deploy their exit strategy. Partnerships offer tremendous flexibility to accomplish this objective in a tax-efficient manner using debt-financed distributions. However, these transactions leave potential traps for the unwary.
In this webcast, we will provide comprehensive examples of the tax consequences of debt-financed distributions, from the moment they are made through typical subsequent events that affect their tax results.
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Plymouth - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Taunton - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Exeter - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Bournemouth - Essential 6-monthly Finance Directors' Update - June 2018PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following recent high profile corporate failures, we look at corporate governance and the responsibility of the Finance Director in managing risk and compliance, together with key updates on tax, employee benefits, financial reporting and corporate finance.
Original air date: Dec. 14, 2017
Recording available at http://www.mhmcpa.com
Partnerships often hear the calling from private equity fund partners to monetize a portion of the value they own, even though they are not yet ready to deploy their exit strategy. Partnerships offer tremendous flexibility to accomplish this objective in a tax-efficient manner using debt-financed distributions. However, these transactions leave potential traps for the unwary.
In this webcast, we will provide comprehensive examples of the tax consequences of debt-financed distributions, from the moment they are made through typical subsequent events that affect their tax results.
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Ever thought about selling your business? Do you have a plan?
Do you want to maximize the value of your business? Connect with Candace Enman, President of WelchGroup Consulting, and Sandra Harvey, President of Murphy Business Ottawa, as they discuss the following questions:
• What are buyers looking for?
• What are the top deal breakers?
• How do you sell your business?
To listen to the webinar, please visit our webinar library page: http://www.welchllp.com/resource-centre/webinars/
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
There are a number of business incentives out there that companies don't know about and provisions that, unless you are looking specifically for them, may be overlooked. Jim Sacher, CPA in 60 minutes, identifies 12 great, and likely not-often-heard ideas that will help you save money, reduce taxes, and possibly unlock opportunities for new business growth.
Capital raising activity is ever changing. Asset managers are looking for new ways to raise capital and push the boundaries as greater pressure is placed on traditional models.
The desire to increase hold periods, lower the cost of capital, alter and diversify investment strategies, and provide liquidity for investors has caused managers to reprioritize long-term business objectives. Indeed, permanent capital and other specialty finance structures, which were once considered non-conventional in the industry, have become a common discussion point for asset managers that are evaluating the strategy of their next fundraising effort.
Our panel will discuss the range of various permanent capital structures, including Permanent Capital Acquisition Partnerships (PCAPs), Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), YieldCos, Special Purpose Acquisition Companies (SPACs), Public Asset Managers, Business Development Companies (BDCs), Closed End Funds, Interval Funds, and Variable Annuity and Variable Life Funds. We will also discuss various issues associated with these products, including:
• Strategic comparison of structures;
• Market trends and investor base;
• Distribution requirements;
• Tax consequences; and
• Regulatory requirements.
Designed to benefit financial controllers and directors working in commerce, providing an ideal opportunity to update your knowledge on a wide range of subjects.
How to Split the Pie, Raise Money, and Reward Contributors (Idea To IPO)Roger Royse
What’s my startup worth? How much equity should founders have? How much equity should I give to employees and consultants? How much should I give to the venture capitalists?
Silicon Valley startup attorney Roger Royse of the Royse Law Firm discusses the basic valuation and ownership issues involved in a startup’s life, from formation to financing to exit, including how to value your company and the contributions of stakeholders and investors at each step with a particular emphasis on different models, best practices and traps to avoid.
Royse Law Firm and BNY Mellon Wealth Management discuss the various legal, tax, and financial scenarios to consider when selling your business.
- Is this a good time in the global economic environment to be planning an exit?
- What personal financial planning is necessary to maximize the benefit of this exit for my family and me?
- What legal, tax, and financial due diligence is critical to ensuring a successful exit?
- What are the key elements to successfully selling your business?
Business Breakups (Series: Common Commercial Conflicts)Financial Poise
As any entrepreneur will attest, starting and operating a business comes with unique challenges. These challenges are a key reason that, by some estimates, half of the companies that are founded today will not exist four years from now. It can be argued that the effort and attention needed to find success precludes business owners from planning for failure. This webinar focuses on the realities of a failing business from the owners’ perspective. Join our panel of experts as they discuss the various considerations that should be given at the outset of start-up negotiations and through business breakup, including dispute negotiation and litigation.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/business-breakups-2019/
Recent Trends and Legal Developments You Should consider in 2016: Part I – Me...Winston & Strawn LLP
Corporate Partners Oscar David, Richard Falek, Jim Junewicz, and Robert Rawn review important developments in 2015 and provide an overview of potential M&A trends in 2016.
The following topics are covered:
Overview of deal activity
Decline of disclosure only settlements – Trulia and other cases
Rising trend of antitrust enforcement in M&A deals
Increasing role of activists in driving deals
Rise of aiding and abetting liability for financial advisers
Fraud issues in mergers
Update on Increased use of rep & warranty insurance
Earnouts in M&A transactions
Forum for Financial Institution Directors: How Do Directors Prepare for the W...Winston & Strawn LLP
This program addresses the current trends of securities litigation against directors and what those trends mean for directors’ responsibilities. Our attorneys explore the latest in directors and officers liability (D&O) coverage issues and steps directors should take to avoid personal liability.
Forming a Company: How to Start a Business (SERIES: One Hour Law School 2018)Financial Poise
To view the accompanying webinar, go to: https://www.financialpoise.com/financialpoisewebinars/view-webinar/?id=266157173&slides=Zexv5CoEVKZsN
Starting a business can be an exciting time but requires careful planning to avoid foreseeable pitfalls. Careful drafting of formation documents can provide stability as the business launches and can also prevent many future issues. However, there is no one-size-fits-all entity that works for all businesses.
Be it a corporation, limited liability company, partnership, or solo proprietorship, numerous factors must be considered to ensure as the correct entity is chosen for your new company. Chief among these considerations are tax implications (pass-through vs. corporate taxation), personal liability (limited vs. unlimited), and the ability to maintain control of the business. Additionally, founders should be educated on the rules regarding capital raising, as well as what, if any, fiduciary duties they owe and to whom. This webinar provides guidance on each of these considerations.
Leeward's Sale-to-Service has a highly specific investment criteria for Independent Sponsors but when they are met, an S2S delivers sponsors direct equity at close without investment hurdles, greater autonomy, and a larger part of deal economics.
Structuring and Planning the M&A Transaction (Series: PRIVATE COMPANY M&A BOO...Financial Poise
There is an old carpenters’ expression, “measure twice, cut once.” M&A work is just one of many areas in business and law where this expression resonates. Buyers and sellers, like chess players anticipating many moves in advance, should envision and plan the route to get a deal done, including anticipated detours, at the onset of the transaction.
This webinar discusses the similarities and differences between basic M&A transaction structures; the most common issues that arise in M&A transactions of all kind; and the relationship between ostensibly unrelated sections of an M&A agreement. One focus of this episode is a threshold question in many deals: whether the buyer will buy equity or assets. This episode will, in summary form, cover many of the issues discussed in greater depth in subsequent episodes.
To view the accompanying webinar, go to: https://www.financialpoise.com/financialpoisewebinars/on_demand_webinars/structuring-and-planning-the-ma-transaction/
C-Suite Snacks Webinar Series: Mise en Place: Ensuring the Success of Your Bu...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
While restaurant owners are taking precautionary health measures to protect their staff and customers, reopening may require a difference business approach altogether. Many realize that customer needs and expectations have shifted, and it is imperative for these owners to adjust to the new reality in order to succeed.
During our C-Suite Snacks webinar session, we covered how to set your business up for success in order to thrive going forward. Key takeaways included:
- Leveraging on landlords and new lease options
- Rethinking operations and e-commerce expectations
- Minding your PPPs, RRFs, SVOGs, and ERTCs
- Strategies for cash flow and revenue streams
Original air date: April 13, 2017
Slides and recording info on http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
Taunton - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Exeter - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Ever thought about selling your business? Do you have a plan?
Do you want to maximize the value of your business? Connect with Candace Enman, President of WelchGroup Consulting, and Sandra Harvey, President of Murphy Business Ottawa, as they discuss the following questions:
• What are buyers looking for?
• What are the top deal breakers?
• How do you sell your business?
To listen to the webinar, please visit our webinar library page: http://www.welchllp.com/resource-centre/webinars/
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
There are a number of business incentives out there that companies don't know about and provisions that, unless you are looking specifically for them, may be overlooked. Jim Sacher, CPA in 60 minutes, identifies 12 great, and likely not-often-heard ideas that will help you save money, reduce taxes, and possibly unlock opportunities for new business growth.
Capital raising activity is ever changing. Asset managers are looking for new ways to raise capital and push the boundaries as greater pressure is placed on traditional models.
The desire to increase hold periods, lower the cost of capital, alter and diversify investment strategies, and provide liquidity for investors has caused managers to reprioritize long-term business objectives. Indeed, permanent capital and other specialty finance structures, which were once considered non-conventional in the industry, have become a common discussion point for asset managers that are evaluating the strategy of their next fundraising effort.
Our panel will discuss the range of various permanent capital structures, including Permanent Capital Acquisition Partnerships (PCAPs), Real Estate Investment Trusts (REITs), Master Limited Partnerships (MLPs), YieldCos, Special Purpose Acquisition Companies (SPACs), Public Asset Managers, Business Development Companies (BDCs), Closed End Funds, Interval Funds, and Variable Annuity and Variable Life Funds. We will also discuss various issues associated with these products, including:
• Strategic comparison of structures;
• Market trends and investor base;
• Distribution requirements;
• Tax consequences; and
• Regulatory requirements.
Designed to benefit financial controllers and directors working in commerce, providing an ideal opportunity to update your knowledge on a wide range of subjects.
How to Split the Pie, Raise Money, and Reward Contributors (Idea To IPO)Roger Royse
What’s my startup worth? How much equity should founders have? How much equity should I give to employees and consultants? How much should I give to the venture capitalists?
Silicon Valley startup attorney Roger Royse of the Royse Law Firm discusses the basic valuation and ownership issues involved in a startup’s life, from formation to financing to exit, including how to value your company and the contributions of stakeholders and investors at each step with a particular emphasis on different models, best practices and traps to avoid.
Royse Law Firm and BNY Mellon Wealth Management discuss the various legal, tax, and financial scenarios to consider when selling your business.
- Is this a good time in the global economic environment to be planning an exit?
- What personal financial planning is necessary to maximize the benefit of this exit for my family and me?
- What legal, tax, and financial due diligence is critical to ensuring a successful exit?
- What are the key elements to successfully selling your business?
Business Breakups (Series: Common Commercial Conflicts)Financial Poise
As any entrepreneur will attest, starting and operating a business comes with unique challenges. These challenges are a key reason that, by some estimates, half of the companies that are founded today will not exist four years from now. It can be argued that the effort and attention needed to find success precludes business owners from planning for failure. This webinar focuses on the realities of a failing business from the owners’ perspective. Join our panel of experts as they discuss the various considerations that should be given at the outset of start-up negotiations and through business breakup, including dispute negotiation and litigation.
To view the accompanying webinar, go to: https://www.financialpoise.com/financial-poise-webinars/business-breakups-2019/
Recent Trends and Legal Developments You Should consider in 2016: Part I – Me...Winston & Strawn LLP
Corporate Partners Oscar David, Richard Falek, Jim Junewicz, and Robert Rawn review important developments in 2015 and provide an overview of potential M&A trends in 2016.
The following topics are covered:
Overview of deal activity
Decline of disclosure only settlements – Trulia and other cases
Rising trend of antitrust enforcement in M&A deals
Increasing role of activists in driving deals
Rise of aiding and abetting liability for financial advisers
Fraud issues in mergers
Update on Increased use of rep & warranty insurance
Earnouts in M&A transactions
Forum for Financial Institution Directors: How Do Directors Prepare for the W...Winston & Strawn LLP
This program addresses the current trends of securities litigation against directors and what those trends mean for directors’ responsibilities. Our attorneys explore the latest in directors and officers liability (D&O) coverage issues and steps directors should take to avoid personal liability.
Forming a Company: How to Start a Business (SERIES: One Hour Law School 2018)Financial Poise
To view the accompanying webinar, go to: https://www.financialpoise.com/financialpoisewebinars/view-webinar/?id=266157173&slides=Zexv5CoEVKZsN
Starting a business can be an exciting time but requires careful planning to avoid foreseeable pitfalls. Careful drafting of formation documents can provide stability as the business launches and can also prevent many future issues. However, there is no one-size-fits-all entity that works for all businesses.
Be it a corporation, limited liability company, partnership, or solo proprietorship, numerous factors must be considered to ensure as the correct entity is chosen for your new company. Chief among these considerations are tax implications (pass-through vs. corporate taxation), personal liability (limited vs. unlimited), and the ability to maintain control of the business. Additionally, founders should be educated on the rules regarding capital raising, as well as what, if any, fiduciary duties they owe and to whom. This webinar provides guidance on each of these considerations.
Leeward's Sale-to-Service has a highly specific investment criteria for Independent Sponsors but when they are met, an S2S delivers sponsors direct equity at close without investment hurdles, greater autonomy, and a larger part of deal economics.
Structuring and Planning the M&A Transaction (Series: PRIVATE COMPANY M&A BOO...Financial Poise
There is an old carpenters’ expression, “measure twice, cut once.” M&A work is just one of many areas in business and law where this expression resonates. Buyers and sellers, like chess players anticipating many moves in advance, should envision and plan the route to get a deal done, including anticipated detours, at the onset of the transaction.
This webinar discusses the similarities and differences between basic M&A transaction structures; the most common issues that arise in M&A transactions of all kind; and the relationship between ostensibly unrelated sections of an M&A agreement. One focus of this episode is a threshold question in many deals: whether the buyer will buy equity or assets. This episode will, in summary form, cover many of the issues discussed in greater depth in subsequent episodes.
To view the accompanying webinar, go to: https://www.financialpoise.com/financialpoisewebinars/on_demand_webinars/structuring-and-planning-the-ma-transaction/
C-Suite Snacks Webinar Series: Mise en Place: Ensuring the Success of Your Bu...Citrin Cooperman
Sign up for our weekly C-Suite Snacks webinars here: https://www.citrincooperman.com/infocus/c-suite-snacks
Our C-Suite Snacks webinar series provides the middle market with brief, strategic, and tactical business improvement information for 30 minutes every week. Join Citrin Cooperman live every Thursday at noon for snack-sized insights for business executives.
While restaurant owners are taking precautionary health measures to protect their staff and customers, reopening may require a difference business approach altogether. Many realize that customer needs and expectations have shifted, and it is imperative for these owners to adjust to the new reality in order to succeed.
During our C-Suite Snacks webinar session, we covered how to set your business up for success in order to thrive going forward. Key takeaways included:
- Leveraging on landlords and new lease options
- Rethinking operations and e-commerce expectations
- Minding your PPPs, RRFs, SVOGs, and ERTCs
- Strategies for cash flow and revenue streams
Original air date: April 13, 2017
Slides and recording info on http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
Taunton - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Exeter - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Plymouth - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Bodmin - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Bournemouth - Essential 6-monthly Finance Directors' Update - November 2017PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Following the brief look at cyber security during our last round of events, our cyber team will be examining the issues we are finding in practice from the work we are doing with clients. We will also assess the impact of the upcoming GDPR legislation coming into force on 25 May 2018.
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Bodmin - Essential 6-monthly Finance Directors' Update – Nov/Dec 2016 PKF Francis Clark
Our six-monthly Finance Seminars provide a high level overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Exeter - Essential 6-monthly Finance Directors' Update – Nov/Dec 2016 PKF Francis Clark
Our six-monthly Finance Seminars provide a high level overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
How to prepare your business for a transition.
This presentation covers:
1. Prepping for the transition from an organizational, emotional and financial standpoint
2. Financial options for transitioning your business or transitioning shares
3. Where and how to begin
Bournemouth - Essential 6-monthly Finance Directors' Update – Nov/Dec 2016 PKF Francis Clark
Our six-monthly Finance Seminars provide a high level overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
[Podcast] Time to prepare... for lease accounting changesJLL
The lease accounting changes will have a significant impact on your business - from finance to operations to technology! Don’t wait to begin the planning process. Learn from a panel of real estate and accounting experts in a discussion on the key aspects of the revised accounting requirements and their impact on your bottom line.
Our annual series of Charity Seminars held across the region, provide an overview of the most important developments in financial matters affecting the charitable sector.
Alongside our usual financial reporting, VAT and investment sessions, we have invited Business Recovery Partner, Lucinda Coleman, to examine the risks and responsibilities of a charity becoming insolvent and how those risks can be minimised.
We have also invited a specialist fundraising expert to discuss topical issues around the subject and James Evans, Partner at Tozers LLP, will be providing the legal update to include the upcoming changes to data protection rules.
Bournemouth – Finance Directors’ Update - December 2015PKF Francis Clark
Our six-monthly Finance Seminars provide an overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
Plymouth - Essential 6-monthly Finance Directors' Update – Nov/Dec 2016 PKF Francis Clark
Our six-monthly Finance Seminars provide a high level overview of the most important technical developments in financial reporting and taxation. The seminars address the key topical financial matters, the opportunities they present, how they affect your business and the pitfalls you can avoid.
ASC 606: Accounting for Contracts with Customers, transforms the way all companies recognize revenue for the sale of goods and services. The implementation of the new standard impacts processes, people and systems for all sectors of the organization from the accounting and finance team to legal and human resources.
Justine Jacob, Senior Manager and Jordan Scheiderer, Director from MorganFranklin Consulting, have spent the last three years assisting public and private companies assess and implement ASC 606 and transform their revenue recognition processes. In this webinar they'll discuss the new standard, share lessons learned from previous implementations and identify the key areas of impact throughout the organization.
Session 1 - audit, accounting and general update September 2023 slidesFelixPerez547899
This session covers a wide range of topics, including the latest on audit, accounting, tax, and vat issues, governance, the next Charity SORP, key Charity Commission and Fundraising Regulator updates and the latest topical issues and how these will impact your organisation. In addition, our in house employment law specialists will give an update on important issues affecting the sector.
Session 1 – Audit, Accounting and general sector round up
Our annual series of Charity Seminars held across the region, provide an overview of the most important developments in financial matters affecting the charitable sector.
Alongside our usual financial reporting, VAT and investment sessions, we have invited Business Recovery Partner, Lucinda Coleman, to examine the risks and responsibilities of a charity becoming insolvent and how those risks can be minimised.
We have also invited a specialist fundraising expert to discuss topical issues around the subject and James Evans, Partner at Tozers LLP, will be providing the legal update to include the upcoming changes to data protection rules.
Sponsored by our partners at Taxwise and Ashfords, this event consists of a variety of topics that our clients are telling us are giving them the biggest challenges.
Similar to Bodmin - Essential 6-monthly Finance Directors' Update - June 2018 (20)
Exeter - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Plymouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bristol - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
For innovative businesses it is vital to take advantage of support that can enable a business to grow. This includes tax reliefs aimed at the different stages in a business’s life cycle and the various avenues that are available for raising finance to take the business to the next level of its development. In this session we will look at the early stage of R&D claims and funding opportunities, through to share schemes, EIS and international expansion and the correlation with raising finance, both equity and debt, culminating in the final stage of the business being sold, what this can look like and how to be prepared.
Bodmin - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Taunton - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Bournemouth - Essential 6-monthly Finance Directors' Update - November 2019PKF Francis Clark
This round of seminars will, as always, provide you with key updates and issues affecting FDs and business owners as shown in the programme below. We will also endeavour to include any relevant Brexit updates and will take questions from the audience.
Whilst uncertainty is unhelpful to many in the sector, the delay to Brexit has seen a continuing boom in the commercial property market in the South West, with 1.7m square feet of space coming on stream over the last 12 months – concentrated in the industrial and logistic sectors. What is clear is that those in the property sector, whether developer, landlord, investor or landowner need to concentrate on exploiting opportunities and managing costs wherever possible.
Property is still a key asset, giving strong income returns and means of capital preservation for the investor and wider family. Our highly knowledgeable and experienced advisers will offer practical, constructive insights and advice
With over 300 debt finance options currently available to businesses, we thought it timely to have a look at that market.
Presenters include:
. Michael Cass (Capitalise)
. Rachel Taylor (SWIG Finance)
. Andrew James (PKF Francis Clark)
In addition to an overview of the debt market, presentations will include tips on how to access the finance that matches your business’ requirements.
This month’s Breakfast Briefing is based on the hottest topic in company ownership – Employee Ownership Trusts.
South West firm, Paradigm Norton is the latest business to make headlines by becoming employee owned. It follows hot on the heels of Richer Sounds joining the most well-known employee owned company, John Lewis. High street staple Lush has also started the journey.
PKF Francis Clark will be joined by Christian Wilson from Stephens Scown to look at the Employee Ownership Trust model from a legal and tax perspective. We will also hear some of the factors that are stimulating increasing interest in the model, including the results of research showing that the greater staff engagement and lower staff turnover associated with this model helps to employee owned companies to achieve:
- Sales increase of 4.6% per year
- EBITDA increase of 25.5% per year
- Productivity increase of 4.5% per year
We will also consider some of the practical issues to be considered in deciding whether this is an option to pursue and in implementation. There will be a brief mention of some other related (i.e., employee engagement) issues.
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
The seminar is timed to coincide with the expected publication dates of the new Academies Financial Handbook and the new Academies Accounts Direction. We will cover the main changes in a clear and understandable way.
These technical presentations will be complemented by other relevant and topical matters, including, governance and risk management, VAT and Integrated Financial Curriculum Planning - which is currently a very popular financial health check review of the ESFA.
Our intention is for the seminars to be relaxed and informal, offering you opportunities to ask questions and to meet your counterparts from other Trusts.
Topics include:
• Update on the Academies Accounts Direction
• Update on the Academies Financial Handbook
• What does a good board look like?
• Integrated Curriculum Financial Planning
• Are you managing risk?
• VAT Update
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Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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3. PKF Francis Clark Updates
Finance
Insight
Change
• GDPR now live 25 May
• Exeter office move
• Partner Appointments:
James Barrett,
Partner, Plymouth
Daniel Sladen
Partner, Truro
4. PKF Francis Clark Updates
Finance
Insight
ServiceChange Finance
Louise Bridgett,
Director, Plymouth
Sonia Fisher,
Director, Exeter
Rob Gear, Corporate
Finance Director
Tim Lannin,
Director, Torquay
Andy Hammond,
Managing Director,
FCFP, Exeter
Sam Cook,
Director, Taunton
Director Appointments:
5. www.website.com
Guess the Company
2013 2014 2015 2016
Sales 3,333 3,494 3,951 4,395
Operating profit 124 175 183 146
Profit before tax 110 143 155 147
Non-current assets 1,957 2,040 2,057 2,163
Current assets 1,683 1,850 1,813 2,270
Current liabilities - borrowings (22) (35) (33) (97)
Current liabilities - total (1,662) (1,802) (1,771) (2,217)
Non-current liabilities - borrowings (606) (614) (599) (592)
Non-current liabilities - total (995) (1,194) (1,082) (1,486)
Net assets 967 873 994 701
6. www.website.com
Other Information
2013 2014 2015 2016
Cash 410 466 456 470
Bank loans (292) (146) (119) (146)
Other loans (304) (471) (489) (525)
Net borrowing (215) (177) (170) (219)
Trade payables (542) (611) (591) (749)
Pension deficit (374) (516) (406) (810)
Net cash flow from operating
activities
(78) 124 73 73
7. www.website.com
2017 Interim Results
31/12/16 30/06/17
Operating profit / (loss) 146 (963)
Net cash flow from operating activities 73 (290)
Cash 470 389
Bank loans (146) (321)
Other loans (525) (627)
Net borrowing (219) (571)
Dividends 55 83
8. Link to Today’s Content
Governance Front end
disclosures
Going concern
Net debt disclosure Intangibles Managing pay and
people costs
Maximising tax reliefs Minimising tax
surprises
Pension deficit
management
Resolving disputes Balance sheet
restructuring
Access to finance
9. Our Program Today - Bodmin
Topic Speaker
Chair’s opening comments A challenging environment Duncan Leslie, Partner
Financial Reporting
Update
Governance
FRS 102 update
Stephanie Henshaw,
Director
Remuneration and
employee incentives
Gig economy
Managing pay and benefits
Employee Benefits Platform
Martin Brown, Director
Thomas Martens, Consultant
Tax Update R&D
Profit extraction
Property taxes
Customs duty
Daniel Sladen, Partner
Insolvency Balance sheet restructuring
Pensions
Disputes
Lucinda Colman, Partner
Corporate Finance Trends and Deals
Funding
Paul Crocker, Partner
14. S175: A director must avoid a situation in which he
has or can have a direct or indirect interest that
conflicts, or possibly may conflict, with the interests of
the company
Examples:
• Personal/ family v company
• More than one business interest
• Parent v subsidiary
• Company v pension scheme
Declaration, authorisation, approval – and record-
keeping!
Conflicts of Interest
15. www.website.com
• Duty of directors to promote the
success of the company for the benefit
of the shareholderss172
• The purpose of the strategic report is to
inform members of the company and
help them assess how the directors
have performed their duty under section
172
s414C
Promoting Company Success – CA 2006
17. www.website.com
Speak to Your Audience
• Value added
• Basis of returnShareholders
• Cash, interest cover, security
• Management of financial riskFunders
• Quality and sustainability of
profit
• Management of business risk
Buyers
19. Ticking the Statutory Boxes
• Fair, balanced and comprehensive review
• Development and performance
• Explain position – consistent with size and
complexity
• Relevant financial and non financial KPIs
• Describe principal risks and uncertainties
• Reference and explain amounts in financial
statements
• Excludes pending developments/
negotiations where disclosure would be
“seriously prejudicial”
20. Going Concern: the Basics
• Going concern basis unless
• Intend to liquidate or cease trading
• Have no realistic alternative
• Disclosure required where
• GC basis not used
• Material uncertainties relate to events or
conditions that cast significant doubt
• Disclosure required for truth and fairness
• To correct impression of significant
difficulties
21. Reporting Information on Going Concern
PRUs in
narrative
reporting
GC
disclosures
in financial
statements
22. www.website.com
FRS 102 Triennial Review
• Headline changes
• Timing and transition
• Investment properties
• Intangibles and goodwill
23. Triennial Review: Headline Changes
Recognition and measurement
changes
Presentation changes
Small entities: relief from discounting
certain loans
Net debt reconciliation note
reinstated
No “undue cost and effort” exception
- intra group property rental
- other implications
KMP compensation disclosure not
required where represents directors’
remuneration disclosed elsewhere
More flexibility on identification of
intangibles on business combinations
Reduced FI disclosure – restricted to
financial assets and financial
liabilities at fair value
Clarifications
- Pre-contract costs
- Replacement of part of an asset
- Debt for equity swaps
Non company/LLP small entity
applying Section 1A must refer to
small companies regime on balance
sheet
Principles-based description of
financial instruments
Note: Fair value guidance moved to
Appendix to Section 2
24. Pre-contract Costs: Asset or Expense?
Pre-contract costs
Contract costs
when:
P&L expense
• Relate directly to
contract
• Separately identifiable
• Reliably measured
• Probability of success
at period end
• When recognition
criteria are not
met
• No retrospective
adjustment on
later success
25. www.website.com
Timing and Transition
• Mandatory adoption date: periods
beginning on or after 1 January 2019
• Individual early adoption permitted for:
• Small entity loans: relief from discounting
• Gift Aid tax relief (not covered in this
session)
• Voluntary early adoption of the entire
Triennial Review is required to access:
• New intra group investment property rules
• Increased flexibility in identifying goodwill
and intangibles on business combination
26. www.website.com
New Option: Intra Group Rental Property
Original FRS 102 rules FRS 102 Triennial Review rules
All property meeting definition of
investment property carried at fair value
via P&L
Policy choice for intra group property
rental:
a) Fair value via P&L
b) Cost and depreciation
Except where “undue cost and effort” in
obtaining fair value
No “undue cost and effort” exemption
Mixed rental property: exemption from
fair value only applies to intra group
rental element
Mixed use property must be split if
resulting portions could be sold/ finance
leased separately.
Only carry rented portion at cost if fair
value cannot be measured reliably
27. www.website.com
Intra Group Rental Property: Transition
• Applied from transition date (i.e. start of
comparative accounting period)
• Restate property at historic cost
• Restate accumulated depreciation
• Eliminate fair value adjustments and
related deferred tax from retained reserves
Retrospective
application
• Transfer fair value at date of transition to
PPE and treat as deemed cost
• Depreciate based on deemed cost over
estimated useful life
• Note: fair value adjustments in P&L under
old rules still constitute unrealised profit
Deemed cost
option
28. Summary of Separable Intangibles on
Acquisition Hierarchy
GAAP Summary Examples
‘Old’ UK
GAAP
Very few intangibles Goodwill
Triennial
review FRS
102 post
1/1/19
Separable
contractual assets
required to be
recognised
Licences
Current
FRS 102
Non – contractual
separable intangibles
required to be
recognised
Customer lists
Order backlog
Trade namesIFRS
MoreIntangibles
29. • No retrospective restatement permitted
• Existing intangibles continue to be
recognised and amortised
• Any policy change arising from Triennial
Review is wholly prospective
• Potentially simplifies accounting for
forthcoming acquisitions
• Advantages to identifying specific classes
of intangible for separate recognition?
Requires advance planning
Recognition of Intangibles: Transition
30. www.website.com
Example Reconciliation : Changes in Net Debt
At 1
January
2018
Cash
movements
Non cash
movements
At 31
December
2018
Cash at bank
and in hand
42 847 889
Cash
equivalents
250 450 700
Overdraft (1,784) 1,784
(1,492) 3,081 1,589
Current debt (2,149) 2,149 (230) (230)
Long term debt (1,262) 230 (1,032)
Total (4,903) 5,230 327
31. www.website.com
Building the Balance Sheet: Debt and Equity
• What makes funding “debt” on
the balance sheet?
• Market or non-market rate of
return: is discounting always a
bad thing?
32. Debt or Equity?
Debt – contractual
obligation to
deliver cash
Equity – no such
obligation
33. Contractual Obligations on Shares?
• Coupon, redemption premium recognised as finance
expense over the period of the debt
• Cumulative coupon recognised regardless of
whether profit reported. Does not constitute a
dividend until profit available
Debt Not debt
Fixed coupon preference dividend,
whether cumulative or not
Discretionary dividend
Fixed dividend triggered by declaration of
discretionary dividend
Fixed redemption date Redemption only at option of company
Holder has right to require redemption Holder has right to request redemption –
company has discretion to refuse
Redemption triggered by sale or listing Dividend and/or redemption intentions in
shareholder agreement
34. www.website.com
Discounted Loan – a Positive Picture
Subco obtains a £10m loan from its parent company repayable
by a single payment in 10 years time.
The table below compares the balance sheet impact if the loan:
a) bears interest at 5% (considered to be market rate);
b) Is interest free so is discounted at the market rate
a) Loan at market rate
(£m)
b) Loan discounted to NPV at
market rate (£m)
Other net assets 15 15
Cash 10 10
Long term loan (10) (6.14)
Net assets 15 18.86
Share capital 2 2
Capital contribution 3.86
Retained profit 13 13
15 18.86
36. National Minimum Wage
• HMRC are required to open an
enquiry into any complaint, even if
there has been a recent enquiry
• Easy to fall foul – wearing jeans or
travel between sites
• ‘Workers’ can be self employed for
tax and workers for NMW –
different tests
• Name and shame
37. • Employee costs are a major component of
most companies P&L
• People are key to growth
• Focus on HC can offer a competitive edge:
source of innovation and determines
preparedness for technological shifts
Human Capital
38. www.website.com
Gig Economy
• The world of work is changing
• Self employed vs employed vs worker
• IR 35 cases being lost by taxpayer
• Increased focus from HMRC
• Are your systems up to the changes?
• Communication
• Training
• Branding
39. Recruit: being competitive in the recruitment market
• Punch above your weight
Retain: maximising staff retention
• Keep hold of your good people
• Manage toxic workers
Motivate: get the best from your people
• A high performing culture
• Incentives aligned to strategy
Recruit, Retain, Motivate
40. Lost staff cost you over:
• £31,000*
• Each!
*Oxford Economics study in 2014
Retaining Staff
42. www.website.com
Attract and Keep the Best
• Pay and rations
• Non cash perks
• Culture
• Training
• Communication
• Flexible offer
• Long term incentives
43. • Think about using your apprenticeship levy
allowances
• Tie people in
• Senior apprenticeships and succession
planning
Training
44. Long Term Incentive and Retention
Shares can make a great incentive for fast
moving, innovative businesses
• Incentive – employee value directly
linked to shareholder value
• Long term retention
• “Low” cash cost to business – funded
by ‘buyer’ and tax savings
Communication is key
VALUE = PERCEPTION
45. www.website.com
EMI Plans
• EMI plans are very tax
advantaged share
arrangements
• Latest position: Government
has renewed state aid (better
late than never)
46. Common challenges we’re seeing on expenses
• Vans
• Use of assets
• Be careful of travel policies
Benefits are an opportunity to differentiate
• Salary sacrifice changes
• What is the value of offering benefits?
Expenses and Benefits
47. Employee Benefits Platform
• What is it?
• Website where employees can:
• see their personal benefits
• download useful documents
• apply for new benefits
• update their personal information
48. • Component of overall reward and
remuneration strategy
• Supported by:
• Clear communication
• Efficient administration
• Regular review
• Professional advice
Employee Benefits Platform
49. Advantages
• Retention = stable salary and pay numbers
• Employer of choice = Reduce hiring costs
• Happy/engaged staff = Increased productivity
• Proper structures = Tax efficiency
• Reduced administration = More focus on your
business
50.
51.
52.
53.
54.
55. www.website.com
Online Shopping Portal
• NextJump (US)
• Over 100 million users globally
• Over 7,200 retailers (UK)
• Accumulation of online currency
WOWPoints OR
Direct discounts between 4% – 70%
• Making pay stretch further by saving on
regular household spend
60. • Capital allowances
• Research & development
• Profit extraction
• Stamp duty land tax
• VAT – bad debt relief & MTD
Introduction
61. Overview of Allowances
AIA WDA FYA / ECA
• 100% of cost
• £200,000
• Not for cars
• General pool – 18%
• Special rate pool - 8%
• Short Life Assets – 18%
• When AIA fully used or
items don’t qualify for
AIA
• 100% of cost
• In addition to AIA
• Energy and water
efficient
equipment
• RDAs
62. www.website.com
Capital Allowances
• Plant & machinery – definition / allowances
• What expenditure qualifies
• Commercial buildings / s.198 elections
• Maximise allowances & boost balance sheet:
• Fixtures & fittings
• Integral features
• R&D CAs, ECA
• Minimise clawbacks
• Planning pre-purchase is essential
63. Building type Qualifying for capital
allowances
Offices – air conditioned 25% - 35%
Retail – shopping centres 10% – 30%
Hotels 25% – 40%
Industrial units – landlord’s shell 10% - 15%
Nursing homes 25% - 40%
Bars, pubs, restaurants 20% - 40%
Typical Value of Fixtures in Buildings
64. • What does it involve / what activities qualify?
• Rates of relief
• How to make a successful claim
• Effective way of increasing balance sheet
• Watch out for grants / funding
• Don’t miss out - £4.4K tax saved for every £10K
spend
Research and Development
66. • Pension contributions
• Tax free growth
• Increased flexibility
• Areas to watch out for
• Stakeholder pensions
Profit Extraction
67. • SDLT is at its most complex
• Opportunities & risks
• Lack of case law
• The correct / most advantageous treatment?
• Other factors?
• Planning is essential
• Know the implications / options before the purchase
Stamp Duty Land Tax
68. Bad Debt Relief…and Debtors
• VAT recoverable:
• Debtors > 6m old
• Write-off to a VAT BDR a/c
• BUT…
• VAT must have been originally
accounted for
• Debt must not have been paid, sold or
factored
• Adjust for any subsequent receipts
69. • Creditors…the sting in the tail!
• VAT repayable:
• Creditors > 6m old
• Irrespective of whether supplier has
claimed BDR
• But.. VAT can be reclaimed if debt later settled
• WARNING - HMRC are getting really hot on
this one!!
Bad Debt Relief…and Creditors
70. • April 2019 launch date
• Draft regulations and VAT notice released
• Consultation period closed on 9 February
• Live pilot started 18 April
• Extension of MTD to other taxes
MTD for VAT
74. • RAA (Regulated Apportionment
Arrangement)
• Insolvent within 12 months
• Restructuring has better outcome than
insolvency
• Other creditors must also suffer
• Scheme gets equity in restructured
business
• Expensive process
• Alternative restructuring procedures
Pension Deficits
75. • Contract between company and
creditors
• Can propose anything (as long
as no unfair prejudice)
• Binding on all creditors if >75%
(in value) agree
• Pensions scheme vote
CVA
76. CVA
• CVA creditors become long term
liabilities
• CVA creditors written off at end of
CVA
• Gain not subject to tax
• Company survives
77. CVA
• Use for distressed acquisitions
• Contracts continue
• Restructure business
• Crystallise historic creditors
• Tax losses c/fwd
78. • Dispute resolution
• PKF Francis Clark licensed
provider
• Cash flow focused solution
Escalate
79. Escalate
Step 1 – Negotiation
Intensive negotiation
Experienced commercial
negotiators (IPs)
Incentive to settle inside three
months
No financial risk – you don’t
pay anything unless a
successful settlement is
reached
Fixed fee of 30% of settlement
Step 2 – Litigation
No upfront court costs,
Counsel fees etc.
Funded all the way to High
Court
No financial risk - fixed fee of
30% of damages that you
don’t pay unless the case is
successful
You don’t pay the defendant’s
legal costs if you lose
80. www.website.com
Escalate
• Works best for disputes >£25,000
• Can go back 3 years
• Unlock written off disputes
• Bad debts
• Contractual negligence
• Supplier / customer /
employee disputes
• No restriction on type of
dispute
82. • Transactions and funding trends
• Due diligence hints and tips
• Strengthening the alternative
balance sheet
• Increasing emergence of Alternative
Finance
Agenda
83. www.website.com
Transaction Volumes and Values – Recent Years
A robust result taking into account all of the uncertainty (economic, Brexit,
political, tax, exchange rates etc)
UKDeals
EU
Referendum
85. Recent PKF-FC Transactions
We were Financial
Advisers for Higos
Insurance Services
Limited in their sale to
Global Risk Partners
Feb 17
We were financial
advisors to Mission
Marketing Group acquiring
RJW & Partners Ltd for
£6.2m
Apr 17
2017
We were Financial
Advisers for Chartman
in their sale to MRH
Sept 17
We were Financial
Advisers in the acquisition
of Tadmarton Holdings Ltd
by DB Foods
Dec 17
Acquisition of Hawley
Place School Ltd by
Churchtown Futures Ltd
Jan - 18
Churchtown
Futures Ltd
2018
Jan - 18
Sale of Centek Ltd to
Madison Industries Inc,
Chicago, USA
Mar - 18
Sale of Brockaghboy
Windfarm Ltd from ERG
Renew Spa, Italy to
Greencoat UK Wind Plc
Sale of various gas
generation assets
Mar - 18 Apr - 18
Acquisition of Krow
Communications Ltd by
Mission Marketing Group
PlC
Acquisition of Burgh
Island Ltd by Office
Space in Town Ltd
Apr - 18
We provided Due
Diligence to YFM Private
Equity who invested £3m
in the restaurant chain
Friska to support further
expansion
Jun 17
Advised on the sale
of Prolift Access Ltd
to Speedy Hire PLC
Nov 17
Current
rank
Previous
rank
Financial advisor Volume
1 1 PKF Francis Clark 53
2 2 Hazlewoods 33
3 3 Bishop Fleming 22
4 11 Benchmark International 13
5= 4 BDO 12
5= 6 Grant Thornton 12
7 8 KBS Corporate 11
87. www.website.com
404
411
101
61
71
35
18
25
18
17
0 50 100 150 200 250 300 350 400 450 500 550 600 650
2016
2017
South West deal volumes by type
Acquisitions and
disposals
Development capital
Buy Out/In
Rights issues/other
issues
Other
Transaction Volumes - Type
89. • Financial vs non-financial balance sheet
• Non-financial value drivers/deducters include:
• Brand
• IP (who owns it?)
• Products
• Trading relationships / suppliers / customers
• IT / cyber risks and controls
• Staff and Management / retention /
incentives employment structure / contracts
• Property – owned or leased value / Lease
terms / Dilapidations / Repairs / Extension
• Penalties for non or late delivery
• Equipment replacement/Capex requirements
Trends – Increasing DD and Wider Scope
90. Access to Finance
• Increasing range of finance available from a range of
different (and often new) sources
• Supplier finance
• More use of platforms to access them efficiently
• Funding business models evolving
BUT getting tougher with more uncertainty on the way?
91. Access to Finance
• Amadeus Capital Partners
• Bowmark Capital
• Business Growth Fund
• Cairngorm Capital Partners
• Crowdcube Ventures
• Downing Ventures
• Draper Esprit
• Endless
• Foresight Group
• Foundation Capital
• Inflexion Private Equity
• Key Capital Partners
• LDC
• Lyceum Capital
• Mercia Fund Management
• Mobeus Equity Partners
• Notion Capital
• NVM Private Equity
• Piper Private Equity
• South West Ventures Fund
• YFM Private Equity
Numerous PE / VC investors in the SW in 2017:
93. • Significant Institutional funding
• Donation-based or reward-based growth
• 60% of surveyed platforms altered their
business models or have ‘introduced
significantly new products’
• Pricing is also changing
Alternative Finance - Evolving
94. AltFi – Weighted Average Interest Rates
Source: AltFi Data
7%
12-15%
8-9%
4-5%
95. www.website.com
Funding
Let’s not forget the basics
• Historics – with narrative!
• Projections – with narrative!
• Risk identification, monitoring and mitigation
• Management and staffing
• Headroom
• Look at it from the funders perspective
….and expect to be asked about Brexit, exchange
rate movements, how you coped with the last
recession, and ‘what if?’ questions
96. • Be properly prepared!
• And when you are considering
your future plans, remember:
• Turnover – vanity
• Profit – sanity
• But cash is still king!
And finally…