NEWSLETTER IT PAYS TO PLAN AHEAD ON BUSINESS EXITS. We explain why taking a longer term view is important PLUS:

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1 NEWSLETTER MARCH 2013 EDITION IT PAYS TO PLAN AHEAD ON BUSINESS EXITS We explain why taking a longer term view is important PLUS: NEW BATH OFFICE MAKES A SPLASH! OUR WINNING WAYS CONTINUE R&D OFFERS REAL TAX BENEFITS WHY THE RIGHT ADVICE CAN BE PRICELESS KEVIN KEEPS EXPERT EYE ON ECONOMY DON T GET CAUGHT BY PENSION SAVINGS CUT AUTUMN STATEMENT 2012: THE KEY POINTS w w w. m i l s t e d - l a n g d o n. c o. u k a d v i c m i l s t e d - l a n g d o n. c o. u k

2 WELCOME By Jonathan Langdon Welcome to the latest issue of the Milsted Langdon newsletter, our regular bulletin keeping you in touch with issues that may affect your business or personal finances. This edition includes a look at why it pays to plan ahead on business exits, a focus on our new Bath office and the benefits of claiming research and development tax relief. We are also pleased to report that we ve continued our award-winning success in 2011 by gaining more accolades in 2012, including winning one top title for the second year running. We are always interested in receiving your feedback on our newsletter, or ideas for topics that you d like to see featured in the future. If you would like to comment please jlangdon@milsted-langdon.co.uk or call our Taunton office on , our Bristol office on , our Yeovil office on or our Bath office on NEW BATH OFFICE MAKES A SPLASH! By Peter Groves In the current economic climate, there s a lot of news about businesses downsizing their operations or just about managing to keep things ticking over at their current level. So it s always good to hear when a firm is able to expand and that s what Milsted Langdon has done, by opening a new office in Bath, which I am now leading. As someone who knows Bath well, having practised here for many years including as managing partner of the independent firm Richardson Groves this is a great opportunity to be able to build on my existing relationships in the local business community from our office at 1 Queen Square. For those of you who don t know me, I have more than 30 years experience as a chartered accountant and specialise in strategic business and tax planning, along with audit, tax, tax investigations, accounting and advisory services. I work with a broad range of clients, with particular expertise in high net worth individuals, large regional law firms and SME businesses with an annual turnover of up to 40 million. At Milsted Langdon, we see Bath and the surrounding area as a place with real potential for significant business growth. Our new office demonstrates our commitment to supporting local businesses with expert accountancy, tax and strategic advice and I am delighted to be part of this new phase in the firm s development. For more information on our services in Bath, please call or pgroves@milsted-langdon.co.uk.

3 IT PAYS TO PLAN AHEAD ON BUSINESS EXITS Business owners usually have more than enough to keep them occupied on a day-to-day basis. But as well as dealing with immediate and short-term By David Fawcus priorities, it s equally important to look further ahead. Taking a longer term view is an integral part of identifying ways to increase the capital value of a company and to put in place exit strategies for key players that support a smooth transition of ownership. It s not always easy, but it s good business practice to set aside time for strategic planning, outside normal, daily business operations, and to do so on a regular basis. Even if you are not planning to sell, you never know when you might receive an unexpected offer that could make you change your mind and if you have done your forward planning, you will then be prepared if an attractive opportunity does come along. At Milsted Langdon, the importance of this process has been highlighted by the recent surge we ve seen in merger and acquisition activity resulting in company sales. We ve been involved in eight significant completions over the last few months, and there are several more in the pipeline. It s not always easy to take an independent, objective view of your company and what needs to be done to maximise its value, which is why it can be wise to seek expert advice. At Milsted Langdon, we can help company directors and shareholders to identify and take key steps necessary to build the value of their business, so that whenever a sale opportunity does come along, they ll be ready to achieve the best outcome. We also take companies to market, which means that rather than wait for an opportunity to come along, we plan and execute sale transactions. This involves identifying and making initial approaches to potential purchasers, and then leading the negotiation process right through to completion. To discuss in more detail exit planning strategies and achieving company sale transactions, please contact us or dfawcus@milsted-langdon.co.uk. These deals have involved a range of strategic corporate purchasers and private equity providers who are prepared to pay realistic valuations. At the same time, the current tax regime is favourable towards company sales, which means that this is now a good time for business owners to consider carefully whether and when they want to realise the value of their business enterprise.

4 WHY THE RIGHT ADVICE CAN BE PRICELESS By Roger Isaacs The question of how much an insolvent company is worth lies at the heart of the most controversial of insolvency procedures, the prepack administration. A pre-pack involves the sale of the insolvent company immediately after an administrator is appointed, under terms agreed beforehand and often to former directors or connected parties. The first creditors know of the insolvency is the notice informing them that the company has gone bust and been sold hence the adverse publicity pre-packs attract. Regulation, in the form of Statement of Insolvency Practice 16, requires the administrator to give full disclosure as to the rationale for the sale. But the question often asked is whether the business could have been sold for more had it been marketed differently. While it is fairly easy to establish the worth of assets like book debts, property, plant and machinery, valuing intangibles like goodwill, including intellectual property such as websites, reputation, customer lists and the company name, is far harder. The best way to ascertain the market value of anything is to put it up for sale and see what the highest bidder bids, which is why any reputable insolvency practitioner (IP) would like nothing better than to market a business for sale as widely as possible. The fatal flaw in this approach is that in many cases, once word gets out that a business is for sale in distressed circumstances, the value of its goodwill plummets as customers desert in droves, employees leave and competitors do all they can to hasten its demise. Banks may freeze accounts and suppliers often insist on being paid cash on delivery or may arrive unannounced to take back goods not yet paid for. Staff cannot be paid, orders cannot be fulfilled and whatever business might have been salvaged will be destroyed. This demonstrates the dilemma behind every pre-pack. How can the prospective administrator ensure that marketing maximises the realisable value of the company s goodwill and intangible assets without being so vigorous it destroys what is being sold? There may also be a conflict of interest if directors are preparing a bid to buy the company via a pre-pack. As directors, they have a duty to sell the assets for as much as possible. As bidders, they would like the price they pay to be as low as possible. These challenges underline how vital it is for directors to work with an IP with the right mix of skills to ensure the best outcome for them and for their company. Unfortunately, some advisers of insolvent businesses not licensed insolvency practitioners make extravagant promises to directors about the ease of throwing their companies into administration and buying them back cheaply via a pre-pack. In our experience, directors seduced by those offers often end up regretting it as they and their new companies start receiving legal claims seeking to unravel the pre-pack agreements. Such claims can come several years down the line from liquidators appointed to succeed the administrator who undertook the original pre-pack. Using a reputable and skilled insolvency practitioner minimises the chances of criticism of the pre-pack and of a subsequent legal challenge. With careful, considered planning, it is possible as the Milsted Langdon team has proved time and time again to achieve the right balance between the interests of interested parties, be they directors, shareholders, investors or creditors. Insolvency will never be anyone s preferred option but the key to a successful rescue is to ensure that a distressed sale doesn t cause undue distress to those involved. For further information, please contact us or risaacs@milsted-langdon.co.uk.

5 KEVIN KEEPS EXPERT EYE ON ECONOMY By Jonathan Langdon A key announcement in Chancellor George Osborne s Autumn Statement was to confirm 1 billion in government funding for a new business bank to support small enterprises. The measure, which had been flagged up earlier in the autumn by Business Secretary Vince Cable, is welcome news but it also caused a spot of déjà vu at Milsted Langdon. Back in October 2011, our in-house consultant economist Kevin Butler had proposed a very similar measure, suggesting that corporate bond arrangements for smaller businesses could be facilitated through the setting up of a new government-backed financial institution. Kevin s 20 years of experience at the Bank of England, where his roles included regional agent for the South West reporting to the bank s Monetary Policy Committee on economic and business trends in the region has given Milsted Langdon s services a real extra cutting edge since he joined our team in May last year. He also runs the Milsted Langdon Business Club in various locations across the South West, an initiative modelled on the Bank of England s regional Business Panels, which is designed to promote thought leadership in the SME community and to identify opportunities for profitable growth in uncertain economic times. financial benefits of proposed commercial developments for the local economy, he has been able to help clients win planning applications on appeal. In a difficult financial climate, making the strongest possible case for investment includes a comprehensive assessment of the economic and financial impact of the proposals taking into account the interests of different stakeholders, including the local community and Kevin s expertise in this area has been invaluable. Kevin has also been much quoted in the media as a regular commentator on economic issues, and over the last year or so has clocked up appearances on BBC Radio Bristol, BBC Radio Somerset and the BBC South West Spotlight and BBC Points West news programmes. He has also been in demand further afield, giving his views on BBC WM radio in the West Midlands, and all Kevin s appearances can be downloaded from our website at If you would like to find out more about the Milsted Langdon Business Club or our economic impact assessments service, please contact us or jlangdon@milsted-langdon.co.uk. Kevin has also been putting his economist s expertise to good use recently, assisting clients who have had applications for planning permission refused at first instance. By providing Economic Impact Assessments that demonstrate the

6 R&D OFFERS REAL TAX BENEFITS By Simon Brown If your business comes up with bright ideas that make a difference to science and technology, your research and development (R&D) could bring you valuable tax benefits. R&D tax relief, or tax credits, was introduced in 2000 and, broadly speaking, is available to any company: developing new processes or products that advance science or technology, even in a modest way by resolving an area of uncertainty. In some cases, R&D activities are obvious, but in most they are less so, for example in software development. Since April 2012, SMEs have been able to claim R&D relief at a very favourable 225 per cent of qualifying expenditure, with no minimum spend, allowing them to claim 225,000 for every 100,000 of qualifying R&D costs. Where the business is lossmaking, they can claim a tax credit worth up to 24.75p for every 1 spent. With a limit on refunds which had been capped at a company s total PAYE and national insurance contribution liability also abolished, making a claim is now even more attractive, particularly for businesses in their early years. Historically, many businesses have ruled themselves out of claiming R&D tax relief because they think the rules are too complex. Others may not realise they only have two years from the end of their accounting period to make a claim, so may miss the opportunity to do so. But with HM Revenue & Customs (HMRC) actively encouraging businesses to submit R&D claims even if there is an element of doubt and with potentially significant benefits, businesses have everything to gain from exploring making a claim. At Milsted Langdon, we recognise that our clients don t want to incur professional fees if the claim is unsuccessful, so we offer a success-based service, receiving fees only when an R&D claim is paid. We will support businesses throughout the entire process, including identifying eligible expenditure, preparing the strongest possible submission and liaising with HMRC. For more information on our R&D services, please contact us or sbrown@milsted-langdon.co.uk. DON T GET CAUGHT BY PENSION SAVINGS CUT People who put money into their pensions as early as this spring could find it counts towards their annual savings in the following tax year meaning they would be By Steve Horton caught by the cut in the tax-free allowance from 50,000 to 40,000 Chancellor George Osborne announced in his 2012 Autumn Statement. People who want to increase contributions in an attempt to beat the cut need to take note of their pension input periods. Some input periods start from the time the person started saving, others are set by their pension schemes and some have been adjusted by the savers themselves. However, every tax year begins on 6 th April, which is the date the tax-free allowance will change for 2014/15. If an individual s fund has an input period starting in May, it will overlap the following tax year by a month and pension contributions in the year starting in May 2013 would count towards their 40,000 allowance in 2014/15. Mr Osborne said his changes would only hit one per cent of all Britons, as most put far less than 40,000 into their pensions and the average is 6,000. But many middle class earners, or those who have worked in one place throughout their career and secured final salary pensions, will also be caught by the changes, while someone on a 55,000 annual pension could have to pay around 13,000 in new tax. For more detailed advice on these and other pension issues, please contact us or shorton@milsted-langdon.co.uk.

7 AUTUMN STATEMENT 2012: THE KEY POINTS Chancellor George Osborne s Autumn Statement in December included a number of measures of interest to businesses and individuals. If you would like more information on any Autumn Statement issues, please contact us. BUSINESSES The government confirmed the setting up of a 1 billion Business Bank designed to boost finance to small and mediumsized enterprises. It will become fully operational in the autumn of The annual budget of UK Trade & Investment will increase by 70 million to help more small and medium-size exporters. The temporary doubling of the Small Business Rate relief scheme which benefits more than half a million small firms, with 350,000 paying no rates at all will be extended by a further year to April Subject to consultation, all newly built commercial properties completed between 1 October 2013 and 30 September 2016 will be exempt from empty property rates for the first 18 months. The introduction was confirmed of a new cash basis system for small, unincorporated businesses to calculate their tax from April It will be open to businesses with receipts of up to 77,000 and they will be able to use it until receipts reach 154,000. Changes will take effect in 2013 to simplify the four government-approved tax advantaged employee share schemes, which attract special tax reliefs. The government will consider incentives to support employee ownership as a business model and will report at Budget 2013 on 20 th March. The government announced a consultation, which has now begun, on the TUPE regulations which protect employees terms and conditions of employment when a business is transferred from one owner to another with a view to removing what it calls unnecessary burdens on businesses. PERSONAL BUSINESS BANK There will be a 235 increase in the income tax personal allowance in April 2013, bringing it up to 9,440. This rise will also be extended to higher rate taxpayers who receive a personal allowance. SMALL BUSINESS RATE RELIEF SCHEME COMMERCIAL PROPERTIES CASH BASIS SYSTEM EMPLOYEE SHARE SCHEMES EMPLOYEE OWNERSHIP TUPE REGULATIONS The threshold for the 40 per cent rate of income tax will rise by one per cent in both 2014 and 2015, increasing it to 41,865 and then 42,285. The capital gains tax annual exempt amount will increase by one per cent each year to 11,000 in and 11,100 in The basic state pension will rise by 2.70 a week from April 2013 to a week. Child benefit will be frozen in April 2013, as previously announced, but will then rise by one per cent for two years from April The overall ISA investment limit will rise to 11,520 in April 2013 and the government will consult on allowing investment in SME equity markets, like AIM, to be held directly in stocks and shares ISAs, to encourage investment in growing businesses.

8 OUR WINNING WAYS CONTINUE Winning an award is always pleasing, and particularly so when the opinions of your clients or people who work in the same field contribute to your success. By Simon Rowe So we were delighted to have been named as the UK s Best Large Practice for the second year running in the AccountingWEB Practice Excellence Awards in September More than 80 firms entered the awards, which resulted in 2,000 of their clients being surveyed. Their responses were then scrutinised by fellow accountancy professionals and a panel of experts to decide the winner. At Milsted Langdon, we always try to go the extra mile for our clients and the fact that our shortlisting was due to the positive feedback our clients gave us, as a result of excellent support they receive from our team, is very rewarding. A month before the AccountingWEB awards, we were named winners of the UK Business Turnaround Firm of the Year category in industry publication Acquisition International s 2012 M&A Awards, for our work in helping businesses in financial difficulties. These awards were decided by votes cast by the magazine s subscribers and industry partners, so it was particularly pleasing to win the support of people who work in and understand this sector. As a firm that works very much as a team, this award again reflects the contribution of everyone at Milsted Langdon, including our specialist insolvency and commercial support departments. Commercial support is a new service, which provides small and medium-sized businesses with additional expert support to help them make strategic decisions and is also able to step in and run a business if the owner is incapacitated for any reason. Having launched the commercial support service only last year, we are delighted that the market recognises how valuable this style of pragmatic business strategy advice can be to clients especially those struggling in the current economic uncertainty. For more information on commercial support or any of our services, please contact us or srowe@milsted-langdon.co.uk. BATH OFFICE 1 Queen Square, Bath, BA1 2HA Tel: BRISTOL OFFICE One Redcliff Street, Bristol, BS1 6NP Tel: TAUNTON OFFICE Winchester House, Deane Gate Avenue, Taunton, TA1 2UH Tel: YEOVIL OFFICE Motivo House, Yeovil, BA20 2FG Tel: Disclaimer - for information of users: The information in this newsletter is intended for general advice only and no action should be taken in respect of individual circumstances without receiving specific advice. MGI is a worldwide alliance of independent auditing, accounting and consulting firms. Neither MGI nor any member firm accepts responsibility for the activities, work, opinions or services of any other members. w w w. m i l s t e d - l a n g d o n. c o. u k a d v i c m i l s t e d - l a n g d o n. c o. u k

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