This document provides a directors' update for Bournemouth Essential covering the 6-month period of November 2019. It discusses navigating turbulent times amid political and economic uncertainty. The document announces new appointments to the firm and provides an agenda for an upcoming seminar covering various financial and tax topics, including property tax matters, financial reporting, VAT updates, and risks to businesses. It aims to help clients make sense of the current chaotic environment.
1. B O U R N E M O U T H
E S S E N T I A L 6 - M O N T H LY F I N A N C E
D I R E C T O R S ’ U P D AT E
N O V E M B E R 2 0 1 9
N AV I G AT I N G T U R B U L E N T T I M E S
M A K I N G S E N S E A M I D T H E C H A O S
4. NEW APPOINTMENTS
Paul Stout
Partner – Poole office
Joined 1 April 2019
Victoria Christopher
Director – Poole office
Promotion 1 April 2019
Lisa Whitbread
Director – Poole office
Promotion 1 April 2019
Mike Butler
Partner – Salisbury office
Joined 1 August 2019
6. MAKING SENSE AMID THE
CHAOS
Identify potential risks
Our advice has been
Be prepared
Be aware
Be agile
A good time for strong governance
Protect what you have
Make the most of opportunity
7. PROGRAMME
8.35 – Property Tax Matters - Lisa Whitbread
9.00 – Financial Reporting & Corporate Governance - Chloe Mills
9.30 – VAT and Making Tax Digital - Simon Anslow
10.00 – Break
10.30 – Cyber, GDPR and Brexit - Peter Lannon
10.45 – Mitigating risks to the business - Aimee Raymond
11.00 – Employment Tax Update - Steve Ashworth
11.15 – Corporate Finance - Paul Stout
11.30 – Panel Q&A session - www.sli.do (code #FD05)
11.45 – Close
10. “there are known knowns;…there are known
unknowns;…there are also unknown
unknowns;…it is the latter category that tend to
be the difficult ones.”
Donald Rumsfeld – February 2002
TAX RATES AND RELIEFS – NOVEMBER 2019
11. THE KNOWN KNOWNS
Budget – 29 October 2018
Boosted tax relief on capital expenditure
Based around expected Brexit date of 29 March 2019
Transitional period under Teresa May deal was to run
until 31 December 2020
12. PLANT AND MACHINERY –
CURRENT POSITION
Annual Investment Allowance = 100% tax relief
Maximum £1m to 31 December 2020
Writing Down Allowance
18% main rate
6% for long life & integral features (reduced
from 8% from April 2019)
Limited period left to obtain First Year Allowances
(100%) for:
Energy saving (6 April 2020)
Water efficient technology (6 April 2020)
Low emission cars (6 April 2021)
Electric charge points (5 April 2023)
13. PLANT AND MACHINERY IN
COMMERCIAL BUILDINGS
Fixtures = plant and machinery installed/fixed
to building or land
Integral features include cold & hot water
systems, heating, electrical systems, lighting,
air con
Includes fitted kitchens, bathroom
equipment, fire alarms, data cabling, etc.
Issue for both new and used commercial
buildings
14. CASE STUDY – NEW CAR
DEALERSHIP BUILDING AND
WORKSHOPS
Build costs £9,500,000
Special rate pool £412,000
Main rate pool £2,107,000
Ineligible £7,002,000
Tax value of exercise £478k (@19%)
Plant & machinery element is 26%
15. PLANT & MACHINERY FIXTURES IN BUILDINGS
Property Type P&M % of cost
Office – low to medium rise, not air conditioned 15% - 30%
Office – prestige air conditioned 30% - 45%
Industrial Unit 10% - 15%
Hotel 35% - 50%
Nursing Home 30% - 40%
Bars, pubs and restaurants 20% - 45%
Health centres/surgeries 30% - 40%
16. PURCHASE OF SECOND-HAND COMMERCIAL
BUILDINGS
Capital allowances need to be considered & early planning is key
Fixtures can be substantial part of property price
CPSE responses very important & early negotiation
If vendor has overlooked fixtures claim include contractual clause
(to require vendor to pool and pass via s198)?
s198 elections = default position – sets price of fixtures within
building and binds both parties
Impact if get it wrong = substantial & irreversible
Specialist valuations may be required
17. STRUCTURES & BUILDINGS
ALLOWANCE (SBAS)
Remember old industrial buildings allowance
and hotel allowances
SBAs more wide ranging but at lower rate
2% deduction over 50 year period
All trades & professions
Available for investors and occupiers
18. SBA – WHAT CAN BE CLAIMED?
New or renovated commercial structures
Where construction commences on/after 29
October 2018
Claim for cost of physically constructing
building including:
Costs of demolition or land alterations
necessary for construction
Direct costs to bring building into existence
Claim when building comes into use
Any grant funding excluded
20. Tax Revenue (£bn)
Income Tax 191
VAT 132
Corporation Tax 53
SDLT 12
CGT 9
IHT 5
SD 4
SDLT and SD on shares raises
more revenue than CGT and
IHT combined!
STATISTICS – TAXES COLLECTED BY HMRC
2018-19
21. RATES – ENGLAND & NORTHERN IRELAND
Residential property – 3% surcharge rate Rate
Up to £125,000 3%
£125,001 to £250,000 5%
£250,001 to £925,000 8%
£925,001 to £1.5 million 13%
Above £1.5 million 15%
Non-residential Rate
Up to £150,000 0%
£150,001 to £250,000 2%
Above £250,000 5%
22. RESIDENTIAL PROPERTY PURCHASE BY
COMPANY
SDLT charged at 15% on residential properties purchased for more
than £500,000 by certain corporate bodies:
Companies
Partnerships with corporate member
Collective investment schemes (including a unit trust)
Where the 15% charge applies, the 3% charge does not apply
If relief from the 15% charge applies, 3% charge may apply
23. RESIDENTIAL PROPERTY
PURCHASE BY COMPANY
The 15% rate does not apply to property bought by a
company that is to be used for:
a property rental business
property developers and trader
property made available to the public
financial institutions acquiring property in the course of
lending
property occupied by employees
Farmhouses
Relief must be claimed via SDLT return
Change of qualifying use within 3 years triggers
withdrawal!
Also need to consider Annual Tax on Enveloped Dwellings
(ATED)!
24. SOME VALUABLE SDLT RELIEFS
Relief SDLT saving? 3-year clawback?
Multiple dwellings relief
Sale and leaseback
Pre-completion relief
Group relief
25. PERSONAL CAPITAL GAINS
TAX CHANGES
Announced in 2018 Budget and draft legislation in
Finance Bill 2019
To take effect on all disposals made from 6 April
2020:
- Final period of PPR exemption reduced from
18 months to 9 months.
- Lettings relief will only apply where an owner
is in shared occupancy with a tenant.
Lettings relief restriction retroactive - no relief for
let periods prior to April 2020 where not shared
occupancy.
ALSO - Post 6 April 2020, where a UK resident
make a disposal of a residential property which is
not covered fully by a relief (e.g. PPR), a return
must be made to HMRC within 30 days after
completion and payment made.
26. Miss Wise purchased a house for
£200,000 in April 2000
Sold for £500,000 in April 2020.
During 20 years of ownership:
Lived in the house as her only
residence for 15 years
Let the entire property for last 5
years before sale.
Gain:
5 April £12,500
6 April £63,750
EXAMPLE - MISS WISE
27. Known unknowns:
General Election – 12 December 2019
BREXIT – 31 January 2020?
Will Sajid Javid be the shortest serving living
Chancellor since Philip Snowden in 1924?
When will we next have a Budget?
And then there are the unknown unknowns?
TAX RATES AND RELIEFS – OUTLOOK
29. IN THIS SESSION:
Audit – the state of the nation
FRS 102 – the updated version
Enhanced narrative reporting
Business resilience
Coming soon: Carbon Energy Reporting
30. AUDIT – THE STATE OF THE NATION
Consultations
and reviews
Brydon still to
report
Government
action
expected 2020
Response
FRC and audit
quality
Fee impact
32. FRS 102 (MARCH 2018)
Periods beginning 1 January 2019
For all entities who did not early adopt
Key accounting changes:
Intangibles acquired in business
combinations
Investment property and related
clarifications
Key management personnel compensation
Removal of undue cost or effort
exemptions
Disclosure changes
New: Net Debt Reconciliation to inform
CFS
No longer required: inventory charged as
an expense
Restricted: financial instruments note only
for fair valued items
33. INTANGIBLES AS PART OF ACQUISITION:
NEW RECOGNITION RULES
• Separable and arising from
contractual or legal rights
Must
capitalise
• Separable
• or
• Contractual or legal rights
May
capitalise
Policy decision per class of asset
Apply consistently between acquisitions
34. WHICH INTANGIBLES COULD BE CAPITALISED?
Type Contractual or other
legal rights?
Separable? Capitalise*
Trademarks Yes Yes Must
Customer lists No Yes May
Customer contracts Yes If transferable Must if transferable
Construction permits Yes If transferable Must if transferable
Unpatented technology
/ software
No Yes May
* As long as probable expected future economic benefits and reliable cost/value.
35. INTRA GROUP PROPERTY RENTAL
Accounting
impact
Revised
policy
options
Existing
treatment
Investment
property
Reclassify as
TFA
Freeze FV as
deemed cost
Reverse FV
and carry at
historic cost
Retain
classification
Fair value via
P&L
36. ACCOUNTING FOR CHANGE OF USE IN
PROPERTY
Investment
property
TFA/ Stock
Investment
property
TFA
Investment
property
Stock
Fair value at date
of transfer =
“deemed cost”
Depreciation to
date of change
Uplift to FV
Initial uplift to RR
Uplift to FV
Difference to CV
recognised in
P&L
38. ENHANCED NARRATIVE REPORTING:
PLANNING REQUIRED!
Average >250
employees
Large
companies
How
directors
have met
their duty
under s172
Periods
beginning on or
after 1/1/19
39. ADDITIONS TO DIRECTORS’ REPORTS
DIRECTORS’ REPORTS
Employee engagement Stakeholder engagement
Statement which
summarises how directors:
have engaged with
employees
had regard to
employee interests and
impact of that regard
on principal decisions
taken in year
Statement which
summarises how the
directors:
Have had regard for
need to foster
business
relationships
The effect of that
regard on principal
decisions taken in
year
40. S172 STATEMENTS: SOME POINTERS
Meaningful
and
informative
Matters of
strategic
importance
Consistent
with size and
complexity of
business
Separately
identifiable
statement
Focus on
principal
business
decisions
41. S172 STATEMENT: PRINCIPAL DECISIONS
EXPLAINED
• May cross refer to detail elsewhere in SR
• Focus on the strategically important items
Summary of
principal
decisions
• Business model and strategy, principal risks,
reputation, value creation
Impact on long
term success of
business
• How we engaged
• Impact on decisions
• Mitigating actions
Stakeholder
considerations
45. BREXIT IN YOUR ACCOUNTS
PRUs
Impact on
projections
Going
concern
PBSEs
46. CLIMATE CHANGE:
IN YOUR BUSINESS PLAN?
Physical
risks
Direct
Indirect
Transition
risks
Policy
Market
47. REMINDER: CARBON ENERGY REPORTING
WILL YOU BE READY TO REPORT?
Large entities, periods beginning 1/4/19
UK energy use, tCO2e
Intensity ratio
Energy efficiency measures
52. BREXIT – WHERE ARE WE?
31/10/19
No deal
does not
happen
31/01/20
UK leaves
EU customs
union
Transitional period – UK
abides by EU rules
31/12/20
End of
transitional
period
UK no longer treated as part
of EU for VAT customs duty
Technically there could still be a no deal, but unlikely
53. Whole of the UK leaves the customs union
Legally there is a border between Northern
Ireland and the Republic but no checks will
be made at the border
Checks will be made at the point of entry
into Northern Ireland
VAT and duty will be paid at point of entry
into Northern Ireland on ‘at risk’ goods
which could be transported to the Republic
Goods stay in Northern Ireland – refund
Goods move on to the Republic – no
refund
EU law on VAT will apply in Northern
Ireland for goods
BREXIT – WHERE ARE WE?
IRISH BORDER PROBLEM
54. BREXIT – WHERE ARE WE?
GOODS
Goods sent
from UK to
EU
countries -
exports
Goods sent
to UK from
EU –
imports
No more EC
Sales Lists
and
Intrastats
Distance
sales
55. BREXIT – WHERE ARE WE?
SERVICES
Services supplied to customers outside UK – most
outside scope of UK VAT
Services purchased from non-UK suppliers – reverse
charge applies to most
Mini One Stop Shop (MOSS) – new non-Union
registration will be required
56. BREXIT – WHERE ARE WE?
TRADING IN EU COUNTRIES
Goods
held in
EU
Fiscal rep
required?
Apply
for EU
EORI
Exporter
of record
57. BREXIT – WHERE ARE WE?
NO DEAL
Postponed import VAT accounting and no deal tariff
Transitional
Simplified Procedure
(TSP)
No deal deferment
account
Changes to VAT
return
58. Check:
EU EORI needed?
Submission date for EU claims
Existing contracts with customers / suppliers
Appoint fiscal EU reps?
B2C registration in (multiple) EU countries?
Accounting software update for changes
Are your suppliers / customers ready?
BREXIT – WHERE ARE WE?
TIPS/CHECKLIST
60. CUSTOMS DUTY
BACKGROUND
Payable on goods imported into the UK from ex-EU
Rates → 0% - 20+%
Irrecoverable cost for businesses
Brexit → Additional duty cost for UK business
62. CUSTOMS DUTY
OTHER CONSIDERATIONS
Classification support – correct classification = duty rate
Valuation
HMRC
Inspections
Dedicated customs duty staff
Export Licence issues
Grants available for Brexit customs training
63. EXAMPLE
CLASSIFICATION
Company importing under 0% wood code
Wood/Plastic Composite decking found to be
Plastic in EU 2013 Regulation (6.5%)
Assessment raised for unpaid duty in past 3
years - £67,000
Potential for penalty
64. EXAMPLE
BORDER FORCE SEIZURE
Border Force: seized goods –
Company bought products in UK /
sold to Africa
40 years trading / no previous queries
Goods subject to licences
20% Penalty on Value of Goods
Licencing issue → compliance audit
66. KEY UPDATES
INVESTMENT PROPERTIES
REMINDER! Don’t forget about VAT when purchasing
or letting investment properties
Less than 3 years old?
Has vendor opted to tax?
Status of entity purchasing
Could purchase be a TOGC?
67. VAT – KEY UPDATES
MAKING TAX DIGITAL
Deferred taxpayers - comply from 1 October 2019
March/June/Sept/Dec –December quarter
Deadline Friday 7th February or Friday 31
January if payments on account
Online set-ups have encountered glitches
1 year extension for digital links
73. CYBER, GDPR & BREXIT
Peter Lannon, Cyber Protection Adviser
74. CURRENT THREATS IN CYBER
SECURITY
• Business email compromise
• Ransomware
• Data breaches caused by external threats
• Data breaches caused by employees
What are the current threats?
Does this affect me?
• Do you use email to communicate?
• Do you have critical systems or data on a computer network?
• Do your employees use your computer network?
• Educate everyone
• Implement proven controls
• Have robust response and continuity plans
What do I need to do?
76. DATA PROTECTION UPDATE
• Brexit (apparently)
What is happening?
Key points
• GDPR will be written into UK law as part of the
withdrawal agreement.
• The transition period will see us still treated as an
EU member state so there will be no change during
this time.
• We will seek ‘adequacy’ during this period.
79. AGENDA
Why is the absence of a key person a risk?
(we’re talking about death, illness, injury)
Types of Risk
Mitigating the risk(s)
Trigger Points for review
80. WHY IS THE ABSENCE OF A KEY PERSON A RISK? –
CASE STUDY
81. A successful business: brothers Angus, Alistair and Allan
started the business with dad Alexander in 1993
Equal shareholding: 25% each
Sold coffee at railway stations across UK
Business expanded quickly and was profitable and
successful
Angus died of cancer, in 2006, aged just 45
His shares were held by his estate
No proper structure in place.
WHY IS THE ABSENCE OF A KEY PERSON A RISK? –
CASE STUDY
82. WHY IS THE ABSENCE OF A KEY PERSON A RISK?
Consequences:
No plan for what happens next
Angus’ spouse lost control and influence of the business – but had no
recourse to cash-in shares
The surviving brothers scuppered a business sale
And ran up huge directors loan accounts
And paid themselves excessive wages without proper shareholder approval
And failed to pay dividends (deprived estate of funds)
83. WHY IS THE ABSENCE OF A
KEY PERSON A RISK?
The Daily Mail headlines:
Widow of AMT coffee tycoon wins
settlement from his business partner
brothers
The brothers 'used the firm like a piggy
bank'
When Angus died of cancer, brothers’
partnership collapsed into ‘squabbling’
Alistair branded sister-in-law a ‘gold
digger’ but court has ruled in her favour
84. HOW BIG WAS THE
SETTLEMENT?
A) £75,000
B) £700,000
C) £750,000
D) £7m
85. TYPES OF RISK
Risks that are taken as a given:
Fire
Property dilapidation
Break-in/Theft
Machine/Vehicle Breakdown
Public Indemnity
Fraud
Cyber Security
Disruptive Technology
Tax/Legislation change
What about people?
What about the MD?
86. TYPES OF RISK
Three key areas to consider with the absence of a person
Key Person
Loan Protection
Shareholder Protection
87. TYPES OF RISK KEY PERSON
Develop business plans, budgets and strategies
Implement them
Ensure the organisation’s operations and business are within the
parameters set by the board
Identify and manage operational and corporate risks for the organisation
Formulate strategies for managing and mitigating those risks
Manage the organisation’s financial and other reporting mechanisms, and
control and monitoring systems
Ensuring that the board is provided with sufficient accurate information on
a timely basis in regard to the organisation
Provide management oversight and responsibility across the organisation
Ensure the effective and efficient functioning of the organisation
MDs – (some) key responsibilities
88. TYPES OF RISK; KEY PERSON
Some people’s skills are irreplaceable.
In your business think of the most important/most skilled person
In their absence would you have confidence in others performing
their role?
In their absence would you have confidence in others performing
their role, properly?
When was the last time you reviewed the responsibilities of senior
people in your organisation?
89. TYPES OF RISK; DEBT
Debt
Loans must be repaid immediately?
How will debt be serviced?
Other Creditors?
90. TYPES OF RISK; BUSINESS OWNERS
What happens to the business ownership on
death?
What do the owners want to happen?
What happens to the business ownership on
illness?
What do the owners want to happen?
91. MITIGATING THE RISK
If you haven't got a successor lined up for a key
person…
The business needs funds to ‘buy in’ skills
And provide financial confidence
Identify:
Who are the key people?
What do they do?
What are their skills worth to the business?
92. MITIGATING THE RISK
Structure of Key Person protection
Ensure tax relief is claimed on premiums at outset, if applicable.
(Anderson Principles apply)
Pay-out may be taxable – because it’s to cover lost profits
Get the sum assured correct – and review it!
If Anderson Principles are not met ensure your accountants are
aware of the purpose of the cover.
93. MITIGATING THE RISK
Structure of Loan Protection
…Should mirror the terms of the loan
And should be reviewed as borrowings change
94. MITIGATING THE RISK
Structure of Shareholder protection
Get the valuation right!
Decide on structure;
Share buy back
Trust and Option
Life of Another
Automatic Accrual (Partnerships)
Articles of Association
Shareholders Agreement
Does it facilitate the correct valuation?
And transaction? (cross-option)
95. TRIGGER POINTS FOR REVIEW
Retirement
New Appointment
New Role / Department
Company re-structure
Mergers & Acquisitions
Qualification / Ascension
Increased (or decreased) debt
Increase (or decrease) in Business Value
Marriage
Business Protection is NOT a one-time-only
consideration!
97. EMPLOYMENT TAX UPDATE
Off payroll working – the future of
employment status
Termination payments – not just taxing.
Salary sacrifice – are you missing an
opportunity to save money?
99. OFF PAYROLL WORKING – THE FUTURE OF
EMPLOYMENT STATUS
IR35/Off payroll/Status
update on where we are ahead of April 2020 and
recent reaction by large employers for example Barclay’s Bank
Recent BBC cases and what we can learn
Office Holders and Petrol Services Ltd Tax Case
100. OFF PAYROLL WORKING – THE FUTURE OF
EMPLOYMENT STATUS
Organisations affected by the reforms should act sooner rather than
later to prepare for the April 2020 changes.
Organisations need to identify and review their current
engagements with intermediaries, including PSCs and agencies that
supply labour to them
Put in place comprehensive, joined-up processes (assess roles
from a procurement, HR, tax and line management perspective) to
get consistent decisions about the employment status of the people
they engage
Review internal systems, such as payroll software, process maps,
HR and on-boarding policies to see if they need changes.
102. TERMINATION PAYMENTS – NOT JUST TAXING
Pre 6 April 2018
Contractual or Expectation for Payment in Lieu of Notice (PILON) liable to tax
and NI
Potential for £30,000 tax and NI free
Excess over £30,000 taxable but not liable to NI
Post 6 April 2018
New Post Employment Notice Pay (PENP) legislation results in all PILON
payments, both contractual and non-contractual, liable to tax and NI
See worked example
Post 6 April 2020
Class 1A NI due on termination (compensation) payments over £30,000
NI could be in real time via the payroll
104. SALARY SACRIFICE – ARE YOU MISSING AN
OPPORTUNITY TO SAVE MONEY?
Opportunities for savings
Savings for both the employee and employer
Salary Sacrifice still available on:
employer provided pensions and pension advice;
cycle to work schemes; and
ultra-low emissions cars, with emissions not exceeding 75g CO2 per
kilometre.
Pension Contribution 50 x £600 = £30,000 50 x £1,500 = £75,000
Employer NI Saving at
13.8%
£4,140 £10,350
Employee NI Saving at
12%
£72 £180
108. EVOLUTION OF DEBT MARKET CONTINUES
• Significant change by many of the traditional debt funders
• Challenger Banks refocusing their strategy
• New Debt funds and Mezzanine offerings now in the OMB/SME
marketplace
109. GROWING SIGNIFICANCE – VENTURE DEBT AND
PEER TO PEER
Funding for fast growing companies
Normally alongside private equity (high growth)
Large players picky about who they will invest with
Venture debt
Peer to Peer
Strong growth, £4.5b, doubled 2018 vs 2016
Default rates edging up
Care over PGs
110. DEBT MARKET RESILIENCE
“The UK financial system is resilient to the wide
range of risks it could face, including Brexit.”
Source: BoE, Nov 18
Stress test:
GDP down 4.7%,
Unemployment 9.5%,
33% fall in property prices
27% fall in sterling
Base rate 4%
111. PRIVATE EQUITY: END OF A CYCLE?
Lots of funds investing and money being raised
Looking to counter cyclical businesses
Tech sector
Recruitment sector (no equity investments 2019)
BGF and few others look at cheques below £5m if non VCT qualifying
HNWI difficult to access
Debt vs equity risk often misunderstood
113. Go to new
funders
Consider
reasons for
rejection
Funders’
review
Produce
forecasts
Write business
plan
Funding
requirement
identified
FUNDING PROCESS
Rejected by funder
Difficult to return to same funder
Forecasts don’t match business plan
115. Is incremental changes creating a sustainable proposition?
What assumptions have you made and are they valid?
Look at other businesses and any ideas (in other markets) that have
been game changers
Digital Disruption will radically affect and change many markets
Vision, value and culture alignment - purpose
CHALLENGE THE ASSUMPTIONS –
HORIZON PLANNING
116. Independent facilitator / third party view of market
Look at all relevant material – benchmark and analysis of current
position
Tie back to numbers and document in a form which can easily be
revisited
Measurement and challenge on progression against the strategy;
revisit assumptions
STRATEGY SESSIONS
118. SOUTH WEST DEALS (2010 -2019)
Source: Experian
20% fall
268
337
119. M&A DEAL STRUCTURE TRENDS
Multiples holding up for good quality businesses
Increasing focus on:
Earn outs
Retention of vendors for consultancy / handover period
Overseas buyers
Impact of exchange rates – lower cost of UK assets
Confidence in the UK economy; almost despite Brexit
120. M & A D E A L S T R U C T U R E T R E N D S
Alignment of ‘financial planets’
Funding availability
Pricing
Multiples
Entrepreneur’s Relief …but for how long??
122. SNAPSHOT
Session Topic Takeaway
Tax Property taxes Bigger and more complicated
Financial reporting Audit market is changing
FRS102 revised
Enhanced reporting
Costs are increasing from regulatory pressure
Acquisitions need thought
Not a boilerplate exercise – takes time
VAT Uncertainty
More customs visits
MTD
Know the rules when they are known
Be prepared for challenge
Takes time to work
Cyber Attacks and consequences
happen
Becoming more of an
element of due diligence,
bank funding decisions and
procurement generally
Do some basic penetration testing
It could happen to you, consequences are severe
123. SNAPSHOT
Session Topic Takeaway
Business risk Shareholder protection Have you reviewed cover
Employment tax Off payroll workers
Termination payments
Salary sacrifice
Rules are changing, its complicated – review your
arrangements
Rules are changing, its complicated – review your
arrangements
Good opportunities here
Corporate finance Funding landscape is changing
Deals are down
Planets are aligned
Know where to look
Is it Brexit or more fundamental?
For how long?
Take advice where you need to!
125. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other
individual member firm or firms.
01392 667000
Exeter
01722 337661
Salisbury
01823 275925
Taunton
01803 320100
Torquay
01872 276477
Truro
01752 301010
Plymouth
01202 663600
Poole
Bristol
0117 403 9800