Chartered One Magazine - Issue 33

CharteredONE

ISSUE 33 SUMMER 2022

The official magazine of the Liverpool Society of Chartered Accountants

Past President Jan McArd Exceeds her expectations P.26

Jonathan Mounsey Honorary Life Member P.35

Professional of North Chester & Wales: Pan Professionals Event Racism - Brendon Batson OBE. P40.

Jonathan Mounsey Honorary Life Member

LSCA Business

Contents

26 02 THE PRESIDENT'S WORDS 03 LEGAL RSS 05 REFLECTIONS FROM OUR EDITOR

35 19 ICAEW NORTH WEST REGIONAL PROGRAMME OF EVENTS SEPTEMBER – OCTOBER 2022

40 32 D SG- PLANNING TO INVEST IN PLANT & MACHINERY? 33 D SG SPOTLIGHT: CALLUM NORRIS & LOUIE WILLIAMSON. 32 W ORKING IN CHESTER? LOOKING TO GROW YOUR PROFESSIONAL NETWORK?

06 OUR PRIZE WINNERS

20 ICAEW - ARE YOU READY FOR THE NEW ISQMs?

07 DAVID CRADDOCK

21 DO YOU REMEMBER?

12 CIVIC RECEPTION AT THE TOWN HALL

22 REFLECTIONS OF A PAST PRESIDENT

14 WELCOME TO THE FINANCE HUB

23 DOCUMENT DIRECT

35 JONATHAN

MOUNSEY - HONORARY LIFE MEMBER

15 CYBER RESILIENCE

24 GOLF - THE ANNUAL TROPHY

39 YOUR NEW PRESIDENT - JUSTIN LANG

16 CHRIS WAINWRIGHT MOTIVATING COLLEAGUE AND STAFF

25 PAST PRESIDENTS' LUNCH

40 PAN

PROFESSIONAL EVENT - RACISM BRENDON BATSON - OBE

18 L IVERPOOL SOCIETY OF CHARTERED ACCOUNTANTS – EQUALITY, DIVERSITY AND INCLUSION

26 JAN MCARD - EXCEEDS HER EXPECTATIONS 31 DSG - FLEXIBLE GROWTH FUND

33 LEGAL RSS 34 ICAEW

- INFORMATION HUBS

42 TECHNICAL REPORT 44 LEGAL RSS

LIVERPOOL SOCIETY OF CHARTERED ACCOUNTANTS

PRESIDENT Rob Young president.liverpool@icaew.com CHARTERED ONE EDITOR Martyn Best martyn.best@charteredone.co.uk For all content and advertising enquiries please contact Martyn Best.

The Liverpool Society of Chartered Accountants was founded in 1870 and is the oldest district society in the Institute of Chartered Accountants in England & Wales, and was one of the four founding societies of the ICAEW. The Society has an illustrious history and has provided in Harmood Banner, Arthur Green and Ian Morris, three National ICAEW Presidents.

Awarded the Freedom of the City of Liverpool in 2011, the Society continues to play an active role in local and ICAEW issues.

There are over 1.7m chartered accountants around the world – talented, ethical and committed professionals who use their

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expertise to ensure we have a successful and sustainable future.

Over 150,000 of these are ICAEW Chartered Accountants. We train, develop and support each one of them so that they have the knowledge and values to help build local and global economies that are sustainable, accountable and fair.

The ICAEW have been at the heart of the accountancy profession since we were founded in 1880 to ensure trust in business. We share our knowledge and insight with governments, regulators and business leaders worldwide as we believe accountancy is a force for positive economic change across the world.

LSCA Business

The President's Words The One missing constant that is returning, post-pandemic, is the ever popular Annual Dinner, and I look forward to welcoming you all on Friday 25th November 2022, which I hope will be a great night!."

The growing cost of living crisis is the next challenge, that will test our abilities as advisors to both our clients and colleagues.

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reetings! It is with great pleasure, and honour, that I take on the role of President of the Liverpool Society of Chartered Accountants. It has seemed a long time coming with the hiatus caused by the pandemic, but my year is finally here and I’m very much looking forward to it.

I am a Chartered Accountant in industry, having qualified in the Liverpool office of Ernst & Young – I was interviewed by Arthur Young, but by the time I joined, the merger with Ernst & Whinney had completed.

I grew up in Portsmouth, but like many, I stayed in the North West after graduating, and my active involvement in the Society has given me the ability to give back both to the profession and the City that has opened up so many opportunities.

I’ve spent the last 15 years in the nuclear industry, which has a strong presence in the North West, not just in Sellafield, but in Warrington,

North Wales, Preston and Cheshire and is on the verge of a boost arising from the drive for net zero emission power generation. This was after a number of roles in industry ranging from plc’s to start ups, proving the flexibility of our qualification.

I’d previously been an active member with the student society in my days at Ernst & Young, before qualifying and moving into industry, but it was our past president, Andrew Moss, who lured me back to the Society to represent members in Industry, and the rest is history.

The pandemic has impacted all walks of society, and it’s apparent that behaviours and attitudes have changed the way that we live and work. The Society has not been insulated from these changes and we are looking at how we can serve the membership to ensure that we can support and serve you in the most appropriate ways, and the current review and update of the Society strategy is a key part of this.

Online meetings and training have now seemed to have become the default method of engagement, but I know from personal experience that social engagement and networking still plays an important part in our business life, and we will be looking at ways that we can facilitate this, along with the continuing online provision.

This includes the business tours that we successfully ran pre-pandemic.

One missing constant that is returning, post-pandemic, is the ever popular Annual Dinner, and I look forward to welcoming you all on Friday 25th November 2022, which I hope will be a great night!

Finally, I’d like to thank Rob Young, our outgoing President, for leading the Society through the most challenging of times for the last two years, and my fellow office holders and committee members to their dedication in challenging times.

I can’t wait to get started!

JUSTIN LANG President

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LSCA Business

Reflections from our Editor I have known Justin for many years and worked with him on two occasions, and I know he will be a more than capable President. "

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Dear readers and members,

Welcome back to the Summer’s edition of Chartered ONE. In this issue we bid farewell to Rob Young’s extended period as President and acknowledge his fine contribution to the Society, and we welcome Justin Lang as our new President.

I have known Justin for many years and worked with him on two occasions, and I know he will be a more than capable President. Chris Wainwright and I have been with Justin on our Business Members Committee for

some time and Justin will now oversee the interests of us all.

He looks to be ably supported by our Deputy President Rob Adams and Vice President Nick Ledingham.

Justin has confirmed the long awaited return of our famous Annual Dinner which will take place on Friday 25th November at the Crowne Plaza, and ticket details will be available soon.

Our sporting summer, as you know I enjoy reporting on, has had some mixed success at Wimbledon, a mixed end of footballing season with all three

teams achieving mid-table mediocrity and some remarkable cricketing results.

We move towards the start of the new footballing season, with hope as ever living high.

I hope you enjoy the new issue, and see you all later in the year.

Kind regards, MARTYN BEST Editor & Past President

CharteredONE is designed and published on behalf of the Liverpool Society of Chartered Accountants by Legal RSS.

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Our Prize Winners At our recent Annual General Meeting, our outgoing President Rob Young was delighted to present our two long-standing prizes recognising accomplishments in the ICAEW professional examinations.

Our winners were:

Samantha Townsend of GT 125th Anniversary prize

Samantha Rawlings of GT Liverpool Society Prize 2021

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Professional Services | Financial

Employee Share Schemes: The Impact of Inflation and the Cost-of-Living Crisis David Craddock is a recognised authority in the UK and worldwide on employee share schemes and cash profit-sharing schemes and is the author of Tolley’s Guide to Employee Share Schemes.

In this article, David Craddock offers a prescription for the British Government on how to tackle the cost-of-living crisis through the application of employee share ownership economics.

The Cost-of-Living Crisis The practical manifestation of the seriously harmful effects of inflation is the cost-of-living crisis that increasingly dominates the news cycle and, at the present time, shows little sign of abating. This focus from the television and radio stations in a democracy is fully justified, given the impact of inflation on people’s everyday lives, taking the equivalent form of a regressive tax by consuming a higher proportion of the income of poorer people who are forced to make stark choices, even to the point in some cases of “eating or heating”. The resort of many is to be forced either to draw on hard-earned savings or to take out debt or to go into arrears, with the mental trauma that any of those responses has the acute propensity to create for the individual. At the extreme, the consequences can be homelessness or hospitalisation or even death – yes, it is that serious! The impact of inflation is truly uneven, not only hitting low-income families the worst, but affecting public sector employees disproportionately more than private sector employees to whom companies typically award higher wage rate increases than do government bodies to their employees. By contrast to the plight of the poorer people, for the wealthy, capital asset values increase

with inflation, and the debt taken out by the wealthy to fund capital projects reduces in value. Furthermore, the conundrum of how to cure the UK economy from the impact of inflation is compounded by the fact that the costs of food, home energy and vehicle fuel – all absolute necessities for living – seem to be outside the control of government.

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Professional Services | Financial

The Response of the Bank of England A sure indication of concern within the Western economies came in June with the latest increase in interest rates, notably for the UK on 16th June 2022 with the Bank of England increasing the Bank Rate from 1% to 1.25%, presumably a response to the initiative of the US Federal Reserve the day before to increase its rate by 0.75%. For the Bank of England, the gravity of the issue is best illustrated in the comparison between the target inflation rate as measured by the Consumer Price Index of 9%, expected to reach 11% by the autumn, and the Bank of England’s own target rate of 2%, a level estimated to keep the economy buoyant and avoid the recession-inducing effects of deflation.

The assumption must be that the Bank of England, with its interest rate increase, is seeking to stabilise sterling in the exchange rate markets and keep the demand for sterling high to lower the cost of imports. The converse effect, though, is to increase the cost of exports, with a stifling effect on export-led growth and contributing to the fears of a recession.

The Economic Lessons of the 1970s The inevitable question to ask is this: Are we witnessing a return to

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the 1970s when inflation in the UK reached 25%, with interest rates reaching 17% in valiant attempts to break the inflationary pricewage spiral? That was a time when expectations had spiralled out of control with trade union demands for ever-increasing wage hikes to maintain purchasing power, chasing to keep up with price increases as businesses sought to maintain their profit margins. Therefore, the key in the current economic crisis is to learn from the 1970s that expectations of further price increases must be kept under control and that requires cooperation from all decision-makers at the macroeconomic level, i.e., governments, banks, employers, and trade unions. If the combination of: (1) fiscal policy from the British Government, (2) monetary policy from the Bank of England, (3) the management of industrial relations by company employers and (4) restraint from the trade unions cannot control expectations, then further interest rate rises will almost certainly follow. However, the difference from the 1970s is that the evidence indicates that the UK economy is slowing down with 0% growth projected for the 2022 calendar year, in which case the slow-down in the economy may do the job that the massive hikes in interest rates in the 1970s were intended to do at the time.

The point is that somehow inflation must be squeezed out of the economy.

The Dangers of Stagflation in 2022 Ultimately, the danger is that inflation, if left unchecked in any given nation’s economy, will reduce demand through lower purchasing power, with a consequential downward spiral of the economy into recession. The hidden danger in 2022 is that further successive increases in interest rates, if that becomes the policy adopted by the Bank of England, may fail to reduce inflation. Why? The answer is that the conditions that have created the inflation may remain unaffected by a monetary policy that revolves around rises in interest rates. In summary, those conditions are: (1) the massive increase in the country’s money supply to fund the Covid-19 lockdowns, (2) the food shortages through the war in Ukraine, (3) the restrictions in the supply of fossil-based fuel supplies through the resolve to combat climate change, (4) the supply chain bottlenecks from China, and (5) the shortage of labour arising from lifestyle changes in response to the pandemic. The absence of any policy to address these supply-side distortions in the market combined with the rises in interest rates represents a recipe that could create the conditions for stagflation, i.e., stagnant growth

Professional Services | Financial

combined with rampant inflation. The path away from this outcome must be navigated carefully. The point is that even if demand is strong, the failure to address the supply-side issues contaminates the demand-side within the quest to bring demand and supply into equilibrium at a place that creates a healthy economic outcome.

The Economic Evolution from the 2000s to the Present Day The received wisdom in the 2000s among the economist elite was that through globalisation lower prices were assured through the organisation of supply from low-cost countries in relation to the world’s food supplies, pharmaceuticals, component parts, etc. and that there was ample supply of oil and gas available to the Western world – problem solved! However, the realization slowly dawned among the Western nations that supply chains should not be entrusted to non-democratic nations that were not natural geopolitical allies of the West,

coming to a head in 2020 with the Covid-19 pandemic emanating from China and in 2022 with the war in Ukraine arising from the unprovoked aggression from Russia. The process of deglobalisation had begun, though, prior to the pandemic with the trend to organise world economics into regional areas and the UK going to the extreme in this process through Brexit. What has come together at the same present time are two key factors: (1) the response to Covid-19 that has seen a massive increase in the money supply, devaluing the currency and creating excessive liquidity in the market, both of which have caused prices to rise through demand-pull inflation, and, (2) a contraction in the supply of goods and services from previously reliable supply sources with a reduction in productivity both at home and overseas. It is also important to note that the increase in the money supply in 2020/2021 has landed directly into people’s bank accounts, unlike the quantitative easing in response to the 2008

financial crisis when the newly created money went to store up the banks’ balance sheets and stayed there with minimal recycling into the economy as a whole.

The Search for a Solution for the Present Day How, then, can inflation be combated in 2022? Is it the case that there are only two alternatives: either for the government to allow the economy to drift into recession and use that brutal technique to eliminate inflation out of the economic system, or for the government to reduce taxes with a view to keeping the economy operating while the issue of productivity is properly addressed, and responsibility and efficiency are reintroduced into the economic system?

The approach of reducing taxes was taken by President Ronald Reagan in the USA in the I980s while, at the same time, Prime Minister Margaret Thatcher pursued a similar strategy in the UK. Such an approach recognises

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Professional Services | Financial

that inflation is a symptom of a deeper malaise relating to productivity, and that to appeal to the motivational and incentive instincts of the human condition is the basis for navigating a path to recovery. For the UK, the approach of reducing taxes, combined with the introduction of incentive, finds its natural ally in employee share schemes, working with its natural sister policies of profit-sharing, training and development, devolved decisiontaking and a strong emphasis on purposeful goal setting.

The Unique Features and Characteristics of Stocks and Shares An employee share scheme links employee incentive to the growth in the share price, a concept that is predicated on the properties, features and characteristics that are embodied in a share, fundamentally the capacity in a market economy to capture value that is generated as a result of genuine human endeavour and purpose. The testimony of economic history is that the shares of a company whose underlying foundations are strong will ultimately rise in value and deliver gains. How short-sighted it is, therefore, to take the view that cash holdings subject to, say, a permanent

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9% inflation erosion represent a hedge against, say, a temporary 20% reduction in share values! Volatility at varying degrees of severity is part of the behaviour of how stocks and shares work when tossed around on stormy seas but if the ship is built of sturdy material, then it will in time once again find a safe harbour laden with new gains for those who put their faith in its mission. The way to hedge, therefore, is the other way round, i.e., a carefully chosen portfolio of stocks and shares is a hedge longerterm against how the vicissitudes of inflation seek to attack cash reserves by inflicting permanent damage on cash values. Remember that confidence in the stocks and shares of your choice is a good reason for staying in the market and indeed, also benefiting from new share investment through the wonders of pound cost averaging. Stocks and shares are like people who grow as human beings when subject to the trials and tribulations of life and, ultimately, are better people for the experience.

The Blueprint for the Path to Recovery for the UK Economy The path to recovery is first to recognise that inflation is the most

aggressive symptom of the deeper underlying malaise of deficiencies in productivity. The credible and meaningful approach to recovery that is consistent with how the human spirit works is to combine: (1) lowering taxes with the effect of increasing private investment and releasing the growth potential in the economy, and (2) increasing wages but only in line with productivity, i.e., pay rises and business rewards only after productivity has been achieved and not before. In the execution of the latter, employee share schemes make their unique contribution. This approach represents a firm alternative to the approach currently being pursued by the US Government which has embraced increased spending and higher taxation as, surprisingly, the solution to inflation! The present US Government does not appear to have learnt the lessons of the 1970s that it is not possible to spend your way out of inflation or to high tax an economy into growth. Such an approach denies to the naturally creative human spirit the liberty that is required to maximize the benefits of human endeavour acting individually, as a business team and as a vibrant and growing nation.

The Unique Contribution of Employee Share Schemes on Productivity/Pay/ Prices The unique contribution of employee share schemes is in facilitating business reward through matching wages with productivity, and rewarding productivity once it has been achieved, after the evidence of the achievement, not before. Surely, that is consistent with best business practice, the equivalent of a trader invoicing once the job has been completed or invoicing on a step basis as the project work develops. In business terms, paying before the job has been done does not make any sense at all!

The point is this: (1) once paid, wages create the demand in the economy while (2) the productivity creates the supply, and the matching occurs. The principle has to be applied first at the microeconomic level of individual companies, then extrapolated at the macroeconomic level to the economy

Professional Services | Financial

as a whole, and in that context, employee share schemes assume a role in the management of national economies. With the wage reward as the incentive, augmented by the employee share scheme rewards, truly “The Wages of Capital” as envisaged by Louis Kelso, historically the foremost contributor to employee share scheme economics, the reward is extended for the employees to include dividends as profit share and capital gains.

Furthermore, through that mechanism, the employees receive their true worth from the business. Kelso had always predicated his work on the premise that capital values rise faster than wages and, that capital values, in practice, require a fusion with the labour factor of production to truly flourish. Also, by fostering good and improved industrial relations, productivity improves, the employees enter into a deeper understanding of how businesses work through their employee share scheme involvement and, most importantly, they reap rewards – “The Wages of Capital” – to pay for goods and services at prices that are commensurate with their productivity and pay outcomes.

The Unique Contribution of Employee Share Schemes to Self-Sufficiency and Self-Regulation The renewed capacity for efficient productivity in turn enhances the capacity for self-sufficiency for companies and for national economies, which is best achieved by the decentralisation of economic activity, lessening dependence on overseas economies, bringing the supply chains home, working with a tight labour

market to enhance employment levels, and keeping wage levels buoyant but always in line with productivity. The traditional remedy for inflation is to reduce growth, but growth is at “a slow low” at the present time so how can slowing growth constitute a remedy?

And in any economic circumstances, it is a negative debunked economic philosophy anyway. There is a better way but only if it is recognised that the key matter that needs to be addressed is productivity and its relationship with pay and prices. Inflation is a symptom and not the underlying cause of the economic predicament. The work of Professor Martin Weitzman, author of “The Share Economy”, demonstrated that the operation of the selfregulatory mechanism of variable employee rewards through employee share ownership, potentially combined with cash profit-sharing, mitigates against fluctuating company wage bill levels over a given business cycle.

The Employee Share Scheme Opportunities in the UK UK companies have a galaxy of employee share schemes from which to choose, often including significant tax reliefs, i.e., discretionary share option schemes or all-employee share option schemes, share gifting schemes, share purchase schemes, growth share schemes, deferred share schemes, restricted share schemes, employee share trusts and employee ownership trusts. It is so important that this fine array continues to be on offer to allow companies to bespoke their share scheme arrangements to meet their own business commercial requirements and benefit from their capacity through employee motivation and incentive to improve productivity and enhance company profit margins.

"Stocks and shares are like people who grow as human beings when subject to the trials and tribulations of life and, ultimately, are better people for the experience."

The effect is to avoid the need for the government to introduce heavy stimulus through fiscal and monetary measures to recover from a trough recession, thereby curtailing inflationary pressures in the economy that would otherwise arise through either a cost-push and/or a demandpull impact on prices.

David Craddock, the Founder and CEO of David Craddock Consultancy Services and David Craddock International, has been advising on employee share schemes and cash profit-sharing arrangements for over 35 years. He advises on every aspect of the implementation process, working personally with the client at each stage, and offers solutions and expertise on all the technical questions that require clarification during the entire consultation. David is also a member of the Steering Committee of The ESOP Centre and the Educational Director and Fellow of The ESOP Institute.

DAVID CRADDOCK, MA(Oxon) David Craddock Consultancy Services

David Craddock welcomes an opportunity to discuss your Employee Share Schemes Initiative with you. Please feel free to contact David at: T: 01782 519925 | M: 07831 572615 E-mail: d.craddock@dcconsultancyservices.com Visit: www.davidcraddock.com David Craddock Consultancy Services * Expertise and Experience * Specialist in Employee Share Ownership, Cash Profit-Sharing and Reward Management,Share Valuation, Management Buyouts, Employee Ownership Trusts (EOTs) & Investment Education

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LSCA Business

Civic Reception at The Town Hall ROB YOUNG, in his last effective Presidential duty, delivered the response to The Lord Mayor of Liverpool during the civic Reception at the Town Hall on 29th June in the long overdue celebration of the Society’s Sesquicentennial – its 150th anniversary.

Thank You, Lord Mayor Welcome to the much delayed Sesquicentennial reception.

As many of you also know this was originally due to take place in March 2020, and despite other attempts, at many times during the pandemic we thought this wouldn’t happen and it is at least third time lucky that we stand here today.

As many of you know my two years as President recently ended It is the first time since Leslie Hanmer in 1944-46 that a President has served consecutive terms which speaks for the near unprecedented times in which we have recently lived.

I now need to say a big thank you to this year’s newly installed President Justin Lang for feeling sorry for me and allowing me to stand up in public at least once. Unfortunately, it wasn’t totally

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Justin’s decision, as sadly, he can’t be with us today having tested positive for Glastonbury flu, also known as Covid.

As the oldest society of Chartered Accountants, we as a committee felt it was important to complete the celebration of the 150th year. It is a long time ago but the last event in these celebrations was on 25th January 2020. This was putting in place the plaque that is blue on North John Street near to the spot where the original “14 gentlemen” met to form the Society.

I would urge you to keep an eye out for it as you pass the jewellers just opposite the Hard Days Night hotel.

Some six weeks after that event the world started to turn upside down and since then we have lived through events we wouldn’t have dared to imagine as we were squashed into that old historic room.

During the pandemic it was clear that Chartered Accountants played a vital role.

LSCA Business

Not only in assisting clients and their employers through difficult trading times but advising on such matters as furlough claims sometimes within minutes of information being published by government.

The ICAEW itself also played an important role. Gathered through the District Society system Iain Wright’s reputation and influence team gave important feedback to government on the CBILS scheme. This led to the roll out of the Bounce Back Loans. Despite the bad press caused by some abuse these loans were vital for many legitimate businesses.

"Going forward Justin and the committee remain committed to the return of events and plans are well underway for the dinner to take place once again this November – in fact on the traditional first Friday after the fourth Thursday in November – the 25th"

Thank you to all for attending, to the Lord Mayor, the caterers and the staff of the Town Hall who have assisted today.

Also I would like to thank our regional Executive Alex Pilkington without whom none of these things would be possible So, finally, a toast - the city of Liverpool Thank you.

My final duty today is to present one of our esteemed members with an Honorary Life Membership.

This gentleman has been a chartered accountant for longer than my life time, retired as a partner of PKF a number of years ago and has been a stalwart of our Society over many years.

On behalf of the Liverpool Society of Chartered Accountants, I give your Mr Jonathan Mounsey.

Nationally the Pandemic changed many things in the way District Societies connect with their members with many CPD offerings now delivered online.

During the pandemic the ICAEW also provided significant levels of engagement with its members providing vital education and information through daily updates and their communities.

This increased engagement remains with much of the CPD now delivered centrally.

Going forward Justin and the committee remain committed to the return of events and plans are well underway for the dinner to take place once again this November – in fact on the traditional first Friday after the fourth Thursday in November – the 25th.

In this fabulous Town Hall I’m reminded of the many people LSCA has represented in the last 150 years and the relationships and friendships it has fostered.

As we move forward I hope we can live up to that legacy and help to represent members in the next 150 years.

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LCR FINANCE HUB

Welcome To The Finance Hub

What Is The LCR Finance Hub? The LCR Finance Hub is a free gateway for SMEs wishing to access external funding, with the aim of making the whole process less confusing.

The LCR Finance Hub is powered by the Liverpool City Region – Growth Platform and MSIF, who recognised that whilst SMEs may need financial support, their propositions are not ready to pitch to the potential funding sources.

What Does The LCR Finance Hub Do? We create an individually tailored package to suit the requirements of each unique company. The package aims to make the proposition ready for the external funding the SME requires.

The package may include many services, including: • An assessment of the SMEs financial position and funding requirements • Appraisal of the business plan, including help with financial forecasts and other supporting information • I dentification and explanation of the finance products that could help your business •C oaching and mentoring, helping you to develop your investment proposition and ensuring you are pitch ready • Introductions to suitable finance providers

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• Introductions to other business support and financial service providers • Support at meetings with lenders and investors If you are trying to access funding and feel you need help, contact us and let us know more about your situation and we’ll try our best to assist you.

Who Can Use The LCR Finance Hub? This service is aimed at SMEs within the Liverpool City Region and surrounding areas that are not in a position to pay for this kind of support.

Who Are The LCR Finance Hub? All of the LCR Finance Hub’s services are delivered by a team of experienced Specialist Finance Advisors, providing an impartial, confidential and professional service. You can meet the team here> follow us on LinkedIn and drop in to any of our regular open sessions.

LSCA Charity

Cyber Resilience North West Cyber Resilience Centre The Cyber Resilience Centre is a trusted, not-for-profit venture between North West Police forces and Manchester Digital.

I​t is their ambition that every business within our region will have the skills and knowledge to protect themselves from online attacks in order to make the region one of the safest places to live, work and do business.

New cyber incident pack A new Cyber Incident Pack has been launched following data from the department for digital, culture, media and sport which found that only 19% of businesses and 22% of charities have a formal incident response plan in place.

The new documents are “best suited” for small businesses or charities that don’t have an existing plan in place and want to create one, but they can also complement any existing plans. The five-part pack includes an emergency contact list template and covers the legal implications of a cyber incident for businesses.

They achieve this by providing education, testing and training delivered by our team of trusted professionals, seconded police officers and Ethical Hacking students studying cybersecurity at local universities.

And are proud to now form part of a national network of regional Cyber Resilience Centres, featured in the HM Government National Cyber Strategy 2022.

There are a huge amount of resources of support a vailable to local business either at a subsidised low cost or no cost at all so please do take advice from these trusted experts – more information here.

The checklists included in the guide will that businesses to consider the full spectrum of possibilities – from undertaking weekly IT security checks to ensuring you are testing your staff's response to incidents. https://www.nwcrc.co.uk/post/how-to-react-to-a-cyberattack-cyber-incident-response-pack-launched-for-northwest-businesses www.charteredone.co.uk

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LSCA Charity

CHRIS WAINWRIGHT Business Committee member, athlete extra-ordinaire, and best selling author now discusses how he motivates his colleagues and staff.

Every now and then in history, mankind or maybe personkind achieves something extraordinary and some of those times unexpected.

In May 1954, a tall and rangy 24 year old called Roger Bannister collapsed over the line into the arms of overcoated gentlemen to become the first human to run a mile in under 4 minutes.

Some 14 years later in 1968 and at the Mexico Olympic Games, Robert Beamon was starting his run up in the long jump unaware that he was about to leap a colossal 29 feet and 2.5 inches, nearly 22 inches more than any other human being had ever done before. That feat still remains to this day the second longest long jump ever.

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Such things are rare but those that witness them will never forget the day and what they saw there: their lives will never be the same again.

Such is the new life now for the small gathering that recently witnessed the inaugural Beech employees seven a side association football match on the all-weather pitch at Birkenhead Park Football Club.

They witnessed greatness.

It wasn’t a single athletic one off that they witnessed but a glorious selection of skills, tricks, athleticism and maybe even the occasional miracle that played out.

Fourteen players revealed secrets that had lain dormant for so many years hidden under office attire, work PPE and in most cases a copious supply of extra skin and natural padding.

The sporting world had been deprived of this spectacle for too long and it saddens the writer that the truth has taken so long to emerge.

LSCA Business

I think I overheard spectators incredulously asking why these men had not had their skills spotted when they were younger. Countries have missed out by not nurturing that possibility. I say I think, because I was playing myself and it was hard to hear clearly over my own heavy panting and the noise of the feet hitting rubber crumb all around me.

It was end to end and savage. Strava tells me I did 2.73 miles and the digital map it produces using satellites to follow me shows that I covered every single square metre of that hallowed pitch. I never stopped. I am trying not to be boastful, but it’s hard.

You see, I had worried that the raw talent that had seen me selected for Cornwall under 12s when I was merely ten years old would have gone by now.

But the opposite was true. Like the others, youth revisited me and I could pass, shoot and head like a hero from a 1950s boys magazine.

If De Bruyne had been watching I fancy he might have filled two notebooks with jottings to improve his one game, one which he had thought up to that moment was more than adequate……..

Do you know what, I will stop there.

I start typing and it all just flows out

but I really don’t know where it’s going so………. enough.

My message to you all out there is get your staff together do something new. The after-effects are staggering.

We all mucked in: trainee manager, digital marketing apprentice, asbestos surveys manager, machine drivers……… it didn’t matter: two teams fighting for the spoils and forgetting the stresses of the working day.

You only have to look at the photos to surmise that I am slightly exaggerate our abilities and quality but I cannot understate the effects of that afternoon off followed by sarnies, banter and a beer. For years to come the argument will rage: was James Millward, the youthful and mercurial transport and logistics manager of the Group heartlessly cut down on purpose or did rising demolition star Campbell Wainwright ‘not touch him, honest’……….?

I can’t describe to you how hard we all tried. It was so competitive. We were making ourselves run back to defend or attack when our bodies were screaming at us to stop messing about and sit down.

It’s a quiz night next but we have had a challenge through Linkedin from Catalyst Support Services who reckon they can ‘take us’ at football.

We will see, but we are reenergised, re focused and just buzzing now so the skies the limit.

It only took 40 minutes.

Did that ruin the game? Did that nasty twisted knee change the game, the office leading at the time 3-12 never recovered from the loss of their talented attacker and it reverse to 7-5 in favour of the petrochemical demo team…….. we will never know for sure….. but such is legend.

www.charteredone.co.uk

ISSUE 33 Summer 2022

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LSCA Business

Liverpool Society of Chartered Accountants – Equality, Diversity and Inclusion

Institute related news As part of the ICAEW Diversity and Inclusion program, a webinar was held “Understanding Neurodiversity and its benefit to workplace culture”.

Please see link here...

Webinar Registration - Zoom

Described as “a world where neurological differences are recognised and valued like any other form of human variation” If you would like to participate in a local network group for ED&I, please contact Barbara Boyle (LSCA ED&I champion) via LinkedIn.

If you need ED&I help or advice or wish to share ideas, please contact Barbara Boyle via her Linkedin page: https://www.linkedin.com/in/barbara-boyle/ 18

LSCA Business

ICAEW North West Regional programme of events Sept – Oct 2022 All ICAEW events across the North West Region currently take place via Zoom unless stated otherwise. Registration for all events is available online www.icaew.com/events DATE

DAY

EVENT

01-Sep-22

Thu

Modern slavery – responsibility, detection and accountability

07-Sep-22

Wed

Chester Town Group

08-Sep-22

Thu

North West Practice Members' Network

13-Sep-22

Tue

Southport Members' Forum

14-Sep-22

Wed

NW Charity Sector Insight Group

15-Sep-22

Thu

Wigan Members Network

21-Sep-22

Wed

Work-Life Balance for the Working Woman

23-Sep-22

Fri

Personal Tax Autumn Update

26-Sep-22

Mon

Accounting / Financial reporting Autumn Update

27-Sep-22

Tue

Audit and Assurance Autumn Update

27-Sep-22

Tue

Understanding mental health: Supporting others

29-Sep-22

Thu

Business Re-organisations and restructuring

30-Sep-22

Fri

ICAEW North West Q3 BCM

04-Oct-22

Tue

Accounting for LLPs

06-Oct-22

Thu

Tax Club

11-Oct-22

Tue

Southport Members' Forum

12-Oct-22

Wed

ESG Insight group

13-Oct-22

Thu

Tax Update for accounts and audit staff

17-Oct-22

Mon

Menopause seminar - basic menopause facts and where to go for help

18-Oct-22

Tue

Menopause seminar - a doctors' view

19-Oct-22

Wed

Menopause seminar - nutrition / health aspects

All of these events and more can be found at www.icaew.com/events

Essentials CPD The 2022 programme is now well underway and we would appreciate your support in sharing this with your colleagues.

https://events.icaew.com/pd/21392/essentialscpd-virtual-programme-2022?txt=essentials&ret urncom=productlist&source=search

Member insight Please share your member insight with the local regional team, your views are important and will be fed back through the ICAEW network.

www.charteredone.co.uk

ISSUE 33 Summer 2022

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Are you ready for the new ISQMs? 16 Sept 2022

10:00 - 12.20

Virtual

Book here

Audience: Practice Speaker: John Selwood ACA New auditing standards are planned to apply on quality management (QM). These standards comprise: • International Standard on Quality Management 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements (ISQM 1); • ISQM 2 Engagement Quality Reviews; and • a revised ISA 220 Quality Management for an Audit of Financial Statements.

The QM standards will apply from 15 December 2022. This means that the systems of quality management are required to be designed and implemented by this date.

+44 (0)1908 248 250 20

This course is designed to help auditors ensure that their procedures are up to date and ready for the new Standards.

This webinar will cover: • Overview of ISQM 1, ISQM 2 and ISA 220 Revised • Establishing quality objectives • Risk assessment – identify and assess risks • Design and implementation of Systems of Quality Management • Monitoring and remediation processes including root cause analysis • Documentation • Using off-the-shelf solutions • Implementation and the possibility of early adoption Suitable for: This update is for all senior auditors, particularly those responsible for the firm’s quality management systems.

contactus@icaew.com

icaew_uk

icaew.com

LSCA Business

Do you remember?

ne of the absolute highlights of our Society’s calendar was always the prestigious Annual Dinner, recalls our Editor, and Past President, Martyn Best.

O

Our last one was incredibly back in November 2019, hosted by Andrew Lovelady, with Matthew Pariss as our guest speaker.

You may recall it taking place at the Titanic Rum Warehouse with around 400 guests and a super evening it was.

Whisper it quietly, but not too quietly as the annual dinner is returning – and returning to a place of many good memories – the Crowne Plaza.

In an exclusive interview with Chartered ONE, Justin revealed that he has begun discussions for the return of our much-loved Annual Dinner.

“I do appreciate we need to ensure our Annual Dinner will be safe, and for our members to feel secure in returning to such activity, but we are now seeing some return to normality, and I hope that by November we will all feel a

lot happier in going our and meeting our many friends and colleagues again. ”I am really looking forward to seeing a return of our much-loved Annual Dinner, and welcoming as many of our members and friends as possible.”

Chartered ONE was able to extract the likely date – so please do keep Friday 25th November for your diary.

One of the favourite elements of our Annual Dinner has always been a prestigious guest speaker. Justin has one in mind but won’t allow me to reveal who it is until the tickets are ready. However, let me give you a very small clue, and you can speculate on who it may be: The person has been a contestant on STRICTLY COME DANCING ! Their name is amongst this page: Strictly Come Dancing

Save the date: Friday 25th November 2022 www.charteredone.co.uk

ISSUE 33 Summer 2022

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LSCA Business

Reflections of a past President Rob Young, our Immediate Past President has a few final reflections on his year, sorry, two years.

Final Words

S

o, my momentous two years as President has finally come to a conclusion, and may I say what an honour it has been to serve as your President in what has certainly been unprecedented times.

I am sad to have missed a number of the usual highlights, such as certainly hosting our enormously well respected Annual Dinner, attending and representing the Society at many other District Societies, and meeting many of our local members.

We were also able to host the LCR Innovation Investment Summit at the end of May, which proved to be a hugely positive event for the Society and the region."

However, in contrast to my first twenty one months as President my last three months have been active.

I have enjoyed dinners in Sheffield, London (twice) and Leeds. I also attended the Beds, Bucks and Herts dinner in St Albans which sadly was the victim of a last minute power cut and had to be abandoned.

We were also able to host the LCR Innovation Investment Summit at the end of May, which proved to be a hugely positive event for the Society and the region.

I was also, rather ironically in light of our new President falling prey to the virus, able to leave you in person, by hosting the long overdue Civic Ceremony to commemorate the 150th anniversary of our Society at the Town Hall.

It has been a pleasure to chair the LSCA committee and I would like to thank the officers and committee members for their help and engagement during my time as President. I wish Justin the best of luck for his year in office.

Best wishes,

ROB YOUNG President 22

Annual Trophey

At Caldy Golf Club 28th July 2022 The Annual Trophy will take place at Caldy Golf Club on 28th July 2022.

First tee is 2.42pm.

Cost is £90/person to include soup and sandwiches before hand and a two course meal afterwards.

Can all interested players let Dan Morton, our Golf Secretary know: dmorton@lonsdales.co.uk

Dan Morton – Golf Secretary Lonsdale & Marsh, Cotton House, Old Hall Street, Liverpool, L3 9TX (t) 0151 236 8211 | (f) 0151 236 4485

LSCA Business

Past Presidents' Lunch It was a beautiful summer’s day in the heart of Liverpool’s retail district, and after a small absence one of your Society’s warmest traditions returned.

The classic Atheneum Club played host to an assembly of Past President’s and current Committee members – some of whom could lay claim to both.

Justin Lang welcomed everyone in what is traditionally one of the first responsibilities of the new President.

The response was given by the eldest Past President, and this year the honour feel to Michael Potts. www.charteredone.co.uk

Martin Cook Nick Ledingham Jan McArd Andrew Lloyd Rob Adams Paul Cochrane Rob Young Chris Wainwright Michael Sale Justin Lang Andrew Lovelady Brian Ricketts Michael Potts Frank Murphy Martyn Best Andrew Moss Jonathan Mounsey Michael Cox ISSUE 33 Summer 2022

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LSCA Business

Jan McArd, one of our Past President’s exceeded her expectations recently...

I never really thought I would ever run a marathon and had no real desire to do so, after all why would anyone want to run 26 miles 385 yards? That’s about the distance from where “14 gentlemen were engaged in accountancy” at 24 North John Street to Knowsley Safari Park……… and back!

Having started my running “career” in July 2015, I found myself getting swept along by my fellow Wallasey Athletic Club runners to enter the ballot for the London Marathon. Fortunately, I was unsuccessful in the ballots to run it in 2019 and 2020, but in a moment of madness I put my name down for the club ballot, as each affiliated running club gets one London Marathon place.

Imagine my surprise, my I was “lucky” enough to be drawn out in December 2019 (a rude awakening on my return from Qatar having been to the World Club Cup) for the club place at the 2020 London Marathon.

The marathon training started in January 2020 and went well, hitting 18 miles before lockdown forced the London 2020 marathon to be cancelled. I ultimately deferred the place to April 2022 only to find that they moved it to October 2022.

Thinking I would never actually get to the London start line, in my second moment of madness, last year I signed up for the April 2022 Manchester Marathon.

Thinking I would restart the training after Christmas, as a general practitioner, the January tax return madness returned once more, and it was February 2022 before I started in earnest.

After “running every day in February” to raise some funds for Cancer research (https://fundraise.cancerresearchuk. org/page/janm-run-56-giving-page) I had to crack on. Although I usually 26

run twice a week with Wallasey AC, do parkrun, and run on a Sunday, as well has running club road races and crosscountry races, even running in the National Cross-Country Championships at Parliament Hill in London at the end of February, I felt my marathon training was a couple of weeks short of the plan.

I managed two 20 mile runs in March before the tapering started. “How is the tapering going” people asked? Errr

just like any other day really, eating sleeping and running!

The big day came and I was transported to Manchester on Sunday 3rd April by my support team of friends and family.

My training runs showed that I should be coming in at 3 hours 45 but as this was my first one, I had no over ambitious target, just to “run as well as I can, in under the magic four hour

LSCA Business

mark if possible, not to get injured and not make myself ill.” I was under strict orders from my husband to stop if I didn’t feel well, after all, “it is just a run.”

Taking on board everyone’s advice and fuelled by the previous evening’s pasta, a bagel for breakfast and my obligatory pre-race cake (the shop was out of do-nuts so I think I had an apple turnover) I started the race at 9.46am. I had been advised to try and stick with the 3:45 hour pacers but they were nowhere to be seen so I just settled in front of the 4-hour pacers thinking “if I just stay in front of them then that will be amazing”.

Everyone had told me that mile 20 is a BIG target. And almost exactly at the mile 20 sign (psychological?), the back and hips started to hurt, but at that point with only 6 miles to go I pushed on. I wasn’t clock watching but when I saw my time at mile 20 I knew I had a fair bit to play with to still get under 4 hours.

The run into the home straight is a bit of killer but the support in the last mile was unbelievable and the euphoria of crossing the line is the strangest feeling ever – you want to laugh, cry, shout to the world, drink, eat, be sick, and the whole body just seizes up .

When I eventually composed myself and checked my Garmin, I was absolutely staggered to see the watch face showing 3:32:36. A time that had never been in my wildest dreams, or even on my radar.

Would I do it again? Absolutely and that time should give me a “Good For Age” place in the Abbott World Marathon Majors (New York, Boston, Chicago, Tokyo, Berlin and London).

Having already got the place in London 2022 through the running club, I’m looking to be on the start line at Boston or Chicago next year, watch this space!

With the excitement of it all, by three miles, which is just around the city centre, I had caught up the 3:45 pacers and edged in front of them, although my thoughts were “this won’t last so we will see how long I can stay ahead of them” I had a few jelly babies and water on the course, and I fell into the zone and the beats of my music helped the miles to fly by. As did the support which is continuous along the entire course, and it was so nice and encouraging to see my family and friends along the route (as an aside, the tram netowrk lets supporters get around the course very easily).

I knew I was going well when I hit the halfway mark at 1:43:54 but didn’t for one minute think I could keep going at that pace.

www.charteredone.co.uk

ISSUE 33 Summer 2022

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LSCA Business

Flexible Growth Fund (FGF) – (only for Liverpool City Region (LCR) businesses) The £20m FGF has been designed to incentivise LCR businesses to invest in (primarily) new Capital Expenditure that will help to create new jobs. The funding is available to provide up to 50% of eligible project spend.

•M aximum amount £1m loan value per applicant repayable over maximum 5 years.

•A ny size of business is eligible (although large SME are less likely to have access to FGF due to relatively cheap funding available from conventional commercial resources).

• I nterest of 2% above Bank of England Base rate from time to time.

• No fees to borrower (e.g. monitoring or arrangement fees).

• I nitial capital repayment holiday up to 6 months available if needed.

Applicants must demonstrate Social Value; businesses within the Liverpool City Region Combined Authority’s identified priority sectors are preferred: •D igital, Createch and AI •A dvanced Manufacturing •H ealth and Life Sciences •P rofessional and business services •L ow carbon

28

• Maritime and logistics • Visitor economy, culture and heritage.

To find out more regarding eligibility please visit: https:// growthplatform.org/growing-business/business-growthpackage/flexible-growth-fund/ or reach out to us for further details.

LSCA Business

Are you a small or medium business?

There’s support for you to train, invest and innovate.

1. Claim up to £5,000 with the Employment Allowance: The Employment Allowance reduces employers’ NIC for businesses employing at least two people being paid above the Class 1 NIC Secondary Threshold, if the total employers’ NIC bill did not exceed £100,000 in the previous year. In the Spring Statement, the Chancellor announced an immediate increase in this tax relief from £4,000 to £5,000, taking effect from 6 April 2022. This will benefit around 495,000 businesses by up to £1,000 each in 2022/23 at a cost to the Exchequer of £425 million.

For more information visit https://www.gov.uk/claimemployment-allowance/eligibility 2. Get a discount of up to £5,000 on software, with Help to Grow As part of the Plan for Jobs, the government have launched ‘Help to Grow: Digital’ that aims to help you choose, buy and adopt digital technologies that will help you grow your business. Eligible businesses can receive a 50% discount on buying new software worth up to £5,000 per SME, alongside free impartial advice and guidance about what digital technology is best suited to boost your business performance.

To be eligible, you must be a UK-based SME, actively trading for at least one year and have a total of between 5 and 249 employees.

The Help to Grow: Management scheme supports senior managers of small and medium sized businesses to boost their business’s performance, resilience, and long-term growth.

The 12-week programme is designed to be taken alongside full-time work through a combination of online sessions and face-to-face learning. The programme is 90% funded by the government so you only pay £750.

Delivered in partnership with Small Business Charter, courses are running at leading business schools across the UK. For more information and to apply, visit Help To Grow on https://helptogrow.campaign.gov.uk/ 3. Get up to half off your business rates: In the Autumn Budget, the government announced several measures to reduce the burden of business rates in England: • introduce a new temporary business rates relief for eligible retail, hospitality and leisure properties for 2022/23, giving 50% relief up to a £110,000 cap per business • freeze the business rates multiplier for a second year, from 1 April 2022 to 31 March 2023 • extend transitional relief and supporting small business scheme for 1 year

• from April 2022 there will be no business rates due on a range of green technology, including solar panels and batteries, whilst eligible heat networks will also receive 100% relief.

• The government will reform the system of business rates by increasing the frequency of revaluations from 5 years to 3 years, starting in 2023.

For more information visit https://www.gov.uk/ government/publications/business-rates-guidance202223-retail-hospitality-and-leisure-reliefscheme/202223-retail-hospitality-and-leisure-reliefscheme-local-authority-guidance https://www.gov.uk/calculate-your-business-rates https://www.gov.uk/apply-for-business-rate-relief 4. Invest in your business with Super-deduction and Annual Investment Allowance The March 2021 Budget introduced enhanced capital allowances for companies investing in qualifying new plant and machinery (P&M) from 1 April 2021 until 31 March 2023 as follows: • a ‘super-deduction’, providing allowances of 130% on new P&M investment that would ordinarily qualify for 18% writing down allowances (WDAs) in the main capital allowance pool; • a first-year ‘special rate allowance’ of 50% on new P&M investment that would ordinarily qualify for 6% WDAs in the special rate pool (e.g. integral plant in buildings).

A reduced super-deduction rate of between 100% and 130% will apply for accounting periods which straddle 31st March 2023.

For more information visit https://www.gov.uk/guidance/ super-deduction The 100% Annual Investment Allowance (AIA), available to companies and unincorporated businesses, will also be available for qualifying expenditure on P&M up to £1 million until 31 March 2023. The limit will be subject to transitional rules where accounting periods straddle 31 March 2023. The AIA may produce more tax relief for companies than the 50% FYA available for special rate expenditure described above.

As the main corporation tax rate is set to increase from 19% to 25% on 1 April 2023, advancing expenditure to pre 31 March 2023 in order to secure a 100% deduction will result in a smaller amount of tax relief – the tax reduction will come sooner, but it will be given at the lower tax rate of 19%.

For more information visit https://www.gov.uk/ government/publications/annual-investment-allowanceextension/annual-investment-allowance-extension 5. Benefit from the cut in Fuel Duty The government has cut fuel duty on petrol and diesel by 5 pence per litre for 12 months, effective from 23 March 2023. As VAT is charged on top of the duty, this will reduce tax by 6p per litre in total.

www.charteredone.co.uk

ISSUE 33 Summer 2022

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LSCA Business

Selling a UK residential property – don’t forget to complete a Capital Gains Tax Return Since 6th April 2020, HMRC introduced major changes in reporting capital gains tax on the sale of UK residential property. With many people still unaware of the reporting requirements, we at DSG provide a reminder of this aspect of the Capital Gains Tax regime.

Historically, all disposals of UK residential property would be reported on a Self-Assessment Tax Return following the 5th April of the year of disposal. Now, from 6th April 2020, all capital gains made on the sale of UK residential property are required to be reported to HMRC within 60 days and the capital gains tax liability paid in full. For UK residents, the reporting requirement is for gains only, and any losses can be reported later via the Self-Assessment Tax Return. For non-UK residents, all sales of UK residential property must be reported on a Capital Gains Tax Return, regardless of whether a profit has been made.

Properties that fall within the Capital Gains Tax reporting regime are, broadly speaking, any UK residential property that is not a person’s main home, including the following: •A holiday home •A buy-to-let property •A n inherited property The 60-day reporting requirement applies to all UK residential properties sold on or after 27th October 2021.

Prior to that, if you sold a property in the UK between 6 April 2020 – 26 October 2021, you were required to pay and report any tax due within 30 days.

30

If you do not comply with the reporting requirements, penalties and interest will be charged, starting from a £100 penalty for a Return not more than 6 months late and rising to a maximum penalty of £700 or 10% of any tax due (whichever is greater) for a Return that is more than 12 months late.

To report a capital gain you will need to provide HMRC with the following information: • Details of how much you bought and sold the property for.

• The dates you purchased and sold the property.

• Details of any associated costs relating to the purchase and disposal of the property.

• Details of any capital expenditure work carried out on the property during ownership which has not already been claimed against rental income.

• If applicable, any period of time for which the property was your main residence.

The disposal should be reported using the online Capital Gains Tax UK property disposal service and for this you will need to register for a personal tax account if you haven’t already done so.

DSG can help you complete all the necessary steps in reporting your capital gain. If you require any further information, please do not hesitate to get in touch with your usual DSG contact.

LSCA Business

Planning to Invest in Plant & Machinery Planning to invest in plant & machinery? Spend now to make the most of tax reliefs before they are reduced.

2- The proportion of the period from 1 April 2023 to 30 June 2023

Annual Investment Allowance (AIA) is a form of tax relief for companies, sole traders and partnerships that allows 100% of the cost of qualifying expenditure on plant and machinery to be offset against business profits. The maximum AIA limit is currently £1,000,000. This was set to reduce from 1 January 2022, however, the government delayed the reduction by a further 15 months in a bid to support businesses and investment.

This produces a maximum AIA claim in the period ended 30 June 2023 of £800,000.

Now, from 1 April 2023, AIA on qualifying expenditure will be capped at £200,000 with any unrelieved balance only being eligible for the less advantageous Writing Down Allowance (WDA) of 18% for main pool items or 6% for special rate pool expenditure.

For example, a business with a year end of 30 June 2023 purchases equipment totalling £600,000 as follows:

This coincides with the end of the 130% super-deduction, which is available for capital purchases made in the period 1 April 2021 to 31 March 2023 for incorporated businesses only. Unlike AIA, there is no upper limit of expenditure for the super-deduction, and the enhanced 30% makes this currently more favoured than AIA in certain cases. However, it is only applicable to brand new purchases, and the relief is not as attractive for special rate pool items for which the super-deduction is just 50%, compared from 100% AIA.

Beware the pitfalls of accounting periods straddling 31 March 2023 If your business has a year-end which straddles the 31 March 2023 the maximum amount of AIA that can be claimed is time apportioned. For example, if a business has a year end of 30 June 2023, the maximum amount of AIA that can be claimed is as follows:

1- The proportion of the period from 1 July 2022 to 31 March 2023

i.e. 3/12 x £200,000 = £50,000

Using the above year end, if all the expenditure falls into the period before 31 March 2023, then AIA up to the full amount of £800,000 will apply. However, any expenditure falling into the period after 31 March 2023 will be capped at £50,000.

31 January 2023

£500,000

31 May 2023

£100,000

The AIA claim will be £500,000 + £50,000 totalling £550,000, as the part of the expenditure after 31 March 2023 is capped at £50,000. The remaining balance will be available for WDA. Future WDA may attract tax relief at a higher rate.

Many businesses will want to claim the AIA in the period it is incurred due to the cashflow advantages it provides.

However, from 1 April 2023, the rate of corporate tax is increasing for companies who have net profits that exceed £50,000. If profits exceed £250,000, then the corporate tax rate will rise to 25% and WDA, therefore, will attract tax relief at 25% compared from the current rate of 19%. The tax advantage of WDAs, however, is spread across time rather than achieved instantaneously.

If you would like to discuss any business plans and potential capital purchases, our team at DSG would be happy to advise and please do not hesitate to get in touch with your usual DSG contact.

i.e. 9/12 x £1,000,000 = £750,000

www.charteredone.co.uk

ISSUE 33 Summer 2022

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LSCA Business

DSG Spotlight: Callum Norris & Louie Williamson.

Callum Norris and Louie Williamson both joined DSG in January as graduate trainees. After completing Accounting and Finance degrees at Liverpool John Moores University, they are now working towards their ACA qualifications.

Starting your first role after university can be daunting, especially when it comes to transitioning from student life into working life. But with the right balance of challenge and support, Louie and Callum were able to transition smoothly into their first graduate role.

We had a chat with Callum and Louie about why they chose DSG, and life as a graduate trainee at DSG.

Callum – “I was attracted to DSG because I’d heard through a family friend that it was a company that really invests in its people. So I applied, had an assessment day at their offices in Liverpool, and got offered a role!

Louie – “When I left university, I liked the sound of DSG because they were a smaller firm, which was different to working for huge companies like the big four. They also cover a wide range of work, and I liked the sound of having more options in what I do.

“When I started at DSG I was given training, then eased into some client work. At university, the work was much more theory-based, so it was challenging at first – but I’m really glad that I was able to get stuck into client work pretty much straight away. I’m now working full-time on a client for the next five months.

“Everyone on my team has been great at helping me transition into my new role. They’re always willing to put time aside to take me through anything I’m struggling with.

“I’ve learned so much in just three months here. My degree gave me a good foundation of knowledge, but it’s totally different getting stuck into real life clients.”

“Graduates at DSG are given plenty of support; for example, everyone is allocated a buddy who they can ask questions to – whether this is about work, holidays, or anything else. Everyone is really approachable, and there’s no such thing as a stupid question!”

We are currently welcoming applications for our 2022 graduate scheme which will commence in August.

Find out more and how to apply here: https://dsg.uk.com/vacancies/ 32

LSCA Business

www.charteredone.co.uk

ISSUE 32 Spring 2022

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LSCA Business

Information hubs from the ICAEW BREXIT–the latest resources and advice for ICAEW members and their clients.

Business advice service (BAS) - Please do help us by promoting BAS to your contacts in business by explaining what the service is all about and pointing them to our new webpage.

A further promotional push with LEPs, growth hubs, chambers and so on is in planning, and further press releases are also planned across the UK to raise awareness of this important service to local businesses.

Latest ICAEW updates within the Coronavirus Hub - A reminder of the main Coronavirus Hub web link, including the Help for business section and a growing collection of sector-specific content relating to coronavirus. Just one of the recent areas of support is the Redundancy hub for employees and organisations.

Latest ICAEW updates within the COVID-19: global recovery Hub - Global recovery news and insights and accountancy's role in global recovery.

Modern Slavery – would you know what to look for? https://www.icaew.com/technical/legal-and-regulatory/ modern-slavery ICAEW helplines and support - Details of which telephone helplines are available, and alternative live web chat facilities, can be found here. An advisor will be able to take your query and resolve it or connect you with the relevant teams.

CABA courses - Learn how to support your physical and mental wellbeing and build your resilience in these challenging times. Upcoming live webinars, on-demand webinars and online courses enable you to achieve your goals, wherever you are in the world.

ICAEW Communities – many of which are available at no cost to join As always, please do get in touch with me, if you have any questions or comments.

Kind regards, Alex.

Alex Pilkington Regional Executive, Liverpool

T: +44 (0)192 559 4284 M: +44 (0)7876 035 943 E: Alex.Pilkington@icaew.com

ICAEW Jackson House, Meadowcroft Business Park, Pope Lane, Whitestake, Preston, PR2 2YB, United Kingdom icaew.com

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LSCA Business

If ever a family was associated with the Liverpool Society of Chartered Accountant’s it would be that of our latest member to be awarded an Honorary Life Membership.

Jonathan Mounsey is the 6th generation of his family to have graced the accounting profession, and it was with great delight to everyone assembled at the recent Civic reception at the Liverpool Town Hall that Rob Young, deputising for our current President Justin Lang, awarded Jonathan a very deserved Honorary Life Membership.

In the build up to the Sesquicentenary Jonathan delivered a fine history of the Society, and to acknowledge Jonathan’s fine life in the profession and his service to the Society we re-print it here:

A little bit about those "14 gentlemen At the recent AGM, Past President Jonathan Mounsey regaled us with a fascinating narrative about some of the founders of the Liverpool Society of Chartered Accountants, and his deep family connections.

Here is his near verbatim account, and as you read this, please imagine Joanthan talking to you.

Let me talk to you about the LSCA founders and provide you with a snaphot of some of those attending the first meeting on 25 January 1870.

LOCATION The offices of Harmood Banner & Son – 24 North John Street, Liverpool WHO?: • Harmood Walcott Banner • John Bewley • Henry Bolland • Anthony Wigham Chalmers • Edward Crossland • CF Finney • David Gibson • GE Holt • Williams Mathison • PB McQuie • RW McCarther • Edward Mounsey • Thomas William Read • E Roberts

Of those names, I will dwell for a little on Harmood Walcott Banner & Edward Mounsey in a moment.

Firstly though – what is the history of Accountancy in Liverpool before the formation of The Incorporated Society of Liverpool Accountants on 25th January 1870?

Some research undertaken back in 1895 indicated that the first reference to a Liverpool Accountant in a “Directory” was in 1783 and was about John Menzies, Accomptant of Basnet Street in Liverpool, however we are also told that in 1790 there were 5 Accountants in Liverpool 10 in 1796, 3 in 1808, 37 in 1832, 69 in 1849, 91 in 1860, 100 in 1864 & finally 139 in 1870.

The notice convening that first meeting in Liverpool cited the main motive for forming the society as being that “The important changes in the mode of winding up insolvent cases publicly and privately

appears to us to render it necessary to form such a society” So – picking up on the names of some of those present Firstly – Harmood Walcott Banner. who was he?

His father, Harmood Banner was born in 1782, his grandfather was Thomas Banner and his mother was the daughter of Captain Harmood RN. Harmood Banner – his father – was appointed in 1814 as a “Commissioner to take Bails” (whatever that was, and at that time he was described as “An Accountant”).

He set up his firm of Accountants in 1805 – the year of Trafalgar. Harmood Banner’s grave can be found in St James’ cemetery – in the quarry in the grounds of Liverpool’s Anglican Cathedral – a fascinating cemetery. if you haven’t wandered around it, I can highly recommend it.

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LSCA Business

So - Harmood Walcott Banner – one of the Founding Fathers – carried on the firm of Accountants called Harmood Banner & Son which operated from premises in Harrington Chambers, which was built on a site that Harmood Walcott Banner received as a dowry when he married Margaret.

The Incorporated Society of Liverpool Accountants first meeting was held in his offices.

Harmood W Banner and his wife Margaret are both buried in St Andrews cemetery in Bebington.

Moving on.

Harmood Walcott Banner had at least two sons, Harmood Banner and Sir John Sutherland Banner.

Interestingly LSCA Past President – Eileen Quinn was recently in a cemetery in Kandy in Central Sri Lanka when she spotted a gravestone bearing the name – Harmood Banner who died in 1873, aged 27. yes – the son of Harmood W Banner. What an amazing coincidence. You’ll have to ask Eileen what she was doing in a cemetery in Sri Lanka.

The Harmood Banner who had an enormous influence on the history of our society was the other son of Harmood W Banner – Sir John Sutherland Harmood Banner.

• He was born 1847 and died 1927.

• He was also in the practice – Harmood Banner & Son • He was LSCASA President in both 1884-1887 and 1893-1895 • And • He was LSCA President in 1893 – 1895 and 1901 -1902 • He was High Sheriff of Cheshire in 1902 • He was ICAEW President in 1905 – He was on the ICAEW Council for 42 years !! Astonishing.

• He was the Member of Parliament for Everton – 1905 – 1924 • He was the Lord Mayor of Liverpool 1912 – 13 • He was knighted in 1913 (reports state that his Braces broke when he was “Dubbed”).

• He was made a Baronet in 1924 • He died on 24th February 1927

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Sir John Sutherland Harmood Banner was the first of three LSCA ICAEW Presidents. The others were Arthur Green and Ian Morris. All distinguished LSCA contributors to the ccountancy profession.

Turning now to another Accountancy family, one of whom was also one of the Liverpool Society’s founders.

The Mounsey family started in the world of accountancy when in 1766, an Edward Mounsey was born. He was my Great Great Great Grandfather.

It is thought that his occupation included Land Management or Estates Management. He died in 1826.

He had a son, rather unimaginatively (and certainly confusingly) named Edward Mounsey. Born 1796 & died 1844. My Great Great Grandfather. He was listed as a partner in the firm Lewis & Mounsey, Accountants in 1830. he had a son, yes, you guessed it, named Edward Mounsey. Born 1825 & died 1903.

He was my Great Grandfather. He was also a partner in Lewis & Mounsey and in some records was listed as Sailmaker & Estate Agent. He was one of those who attended the 1870 meeting & was therefore a co-founder of LSCA. He was also President of LCASA in 1890/91 and President of LSCA in the same year!!

He had four sons – the first was – yes – Edward Mounsey, but he died age one.

The second son was rather helpfully called William Edward Mounsey – born 1870 and died 1953. He was articled to his father and I have the original Articles. I vaguely remember him – my Uncle Will. He had one daughter – Norah, who I ALSO remember well as a keen golfer and walker.

Uncle will was President of LCASA in 1906/07 and of LSCA in 1909/10. He was also captain of Royal Liverpool

Golf Club in 1925. Royal Liverpool - Hoylake are celebrating their 150th anniversary this year.

The third son – Charles Harrison Mounsey was born 1875 and died 1914. I know nothing about him – YET – maybe the first World War sealed his fate.

Finally the fourth son – Henry Parkinson Mounsey, born 1878 and died in 1962, my Grand-father.

I remember him – he was known in the family as HP. He was a distinguished gentleman, highly respected in the business world, but I cannot find any connection with either the LSASA or LSCA. He must have been proud when two of his three sons took Articles in Lewis & Mounsey, Arthur and Harry (my father), but he would have also been extremely concerned when they both abandoned their articles to volunteer for the Artillery on the outbreak of the Second World War in 1939.

Arthur was killed by German action on Crete a few days after meeting up with his brother Harry by chance in an olive orchard.

My father Harry was eventually captured by Italian forces at Tobruk.

After a period in an Italian Prison Camp he was being transported to Germany when he & a couple of others escaped from a Cattle Truck. They were free for some time, but were eventually recaptured and transported to a Prison Camp in Brunswick in Germany, where he was held prisoner for a number of years & until some months after the end of the war.

Like many others Harry suffered from very poor health, largely as a result of malnutrition and considerable weight loss. However, having got engaged to my mother during the war, their long wait ended when they married in 1946.

He re-started his Articles & his studies for the Accountancy exams.

At that time the working week for Articled Clerks was Monday through to Saturday lunchtime, with the Saturday

LSCA Business

The Mounsey Family Accountants in the family Generation

Relationship to JHHM Edward Mounsey (b. 1766, d 5 05 1826)

Described as A Sailmaker

1

Edward Mounsey (b. 18 02 1796, d 15 02 1844)

Described as A Sailmaker.

Also as an Accountant from approx 1830.

The Firm were Estate Accountants/Land Agents

Lewis & Mounsey Founded 1830

Great Great Grandfather

2

Edward Mounsey (b. 26 June 1825, d 13 10 1903)

Accountant

Described as "Partner" from 1850 approx

Lewis & Mounsey

Great Grandfather

3

William Edward Mounsey (b. 13 11 1870, d 16/10/1953)

Accountant

"Partner" from 1902 approx

Lewis & Mounsey

3

Charles Harrison Mounsey (b. 7 09 1875, d 16/04/1914)

Accountant

"Partner" from 1906 approx

Lewis & Mounsey then Harmood Banner.

3

Henry Parkinson Mounsey (b. 14 06 1875, d 28/02/1962)

Accountant

"Partner" from 1912 approx

Lewis & Mounsey then Harmood Banner from Merger in 1948

4

Arthur Mounsey (b. 1916 d 28/05/1941)

Articled Clerk

Passed Intermediate in 1939 then Enlisted in Army at start of war.

Killed in Action in Crete on 28 May 1941

Lewis & Mounsey

4

Henry Charles Mounsey (b. 1918 d 09/01/2003)

Articled Clerk

Enlisted in Army at start of war.

Qualified - 1948.

Partner - Harmood Banner, then Deloitte Haskins & Sells

Lewis & Mounsey then Harmood Banner from Merger in 1948.

Retired from Deloitte & Co in 1978

5

Jonathan Howard Henry Mounsey (b. 1949)

Articled to Chalmers Impey Worked Deloitte Haskins & Sells - London & Manchester.

Liverpool - Qualified 1973.

Joined Pannell Fitzpatrick 1981.

Partner PKF until 2010 Currently Self-Employed Chartered Accountant

JHHM

6

Julia Sally Holland (b. 1981)

Accounting Technician

Self Employed

Daughter

morning being reserved for lectures in the LSCA Library in 5 Fenwick Street.

Harry and a couple of other Articled Clerks knew that passing their exams would be a struggle without expert help. They knew Ronnie Anderson was a brilliant tutor and they went in search of him in North Wales. They persuaded him to tutor them through their studies and “Ronnie Andersons” (eventually Car Rhun Hall was born).

John Anderson later ran Caer Rhun Hall and was a distinguished LSCA President and an ICAEW council member.

The rest is history – more recent history.

One further notable achievement

by Hrry and others who returned from Bunswick Prison Camp was the fulfilment of a commitment made whilst incarcerated to set up a boys

club for inner-city kids. the Brunswick Boys Club (now Youth Club) in Bootle thrives to this day.

Harry was LCASA President in 1955/56. He was senior partner of Harmood Banner in Liverpool and was deeply involved in expanding that firm, which I recall at one point was called: Harmood Banner, Cash Stone & Mounsey, Stead Taylor & Stead…………

When it came to my turn to choose a career, try as I might I couldn’t find anything more exciting to do!

Eventually I was Articled to Chalmers Impey at 5 Fenwick Street in Liverpool - one floor above the LSCA Library.

I was secretary of LCASA for a couple of years & became a fifth generation qualified chartered accountant in 1973. I had the honour of being LCASA President in 1985/86, LSCA President in 1994/95 – our 125th

Grandfather

Father

Anniversary Year and Chester & North Wales Chairman in 1998/99.

Finally, I would like to point people towards the 1904 Collage of Accountants superimposed on a photograph of the Main Hall on the first floor of the Liverpool Town Hall.

There are numerous historic LSCA names featured there including many famous names in the history of the LSCA. To mention a few, Chalmers, Wade, Cook, Blease, Walker, Holt, Denton, Jude, Harmood Banner, Mounsey, Lloyd and so on.

All important & influential names in our 150 Years of Accountancy.

Thank you for listening.

Please support the 150th anniversary celebrations being planned by your committee.

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ISSUE 33 Summer 2022

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LSCA Business

Your New President At the recent AGM Justin Lang was elected as our new President.

For Justin this was perhaps a year later than he had first hoped for, but it was with delight that Rob Young, our outgoing President acknowledged the nomination of Justin.

His Deputy President is Rob Adams of RSM, with Nick Ledingham, Senior Partner of Morris & Co, and former Chair of the Chester & North Wales Society becoming Vice President.

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LSCA Business

Brendon Batson OBE

PROFESSIONALS OF CHESTER & NORTH WALES

Pan Professional Event - Racism The Chester & North Wales professional societies (i.e. Chester and North Wales Society of Chartered Accountants, The Insurance Institute of Chester & North Wales, The Chester Association of Property Professionals and Cheshire and North Wales Law Society) joined together to create their second Pan Professional event.

Jonathan Jones of Morris & Co, who spear headed the event, commented that “The local professional societies have a lot of common objectives. We 40

are looking to pool our resources and organise worthwhile events for all professionals. This may take the form of a social/networking event, the continual professional development and/or act as a platform to promote regional prosperity.

The event that took place at the The Storyhouse in Chester was a huge success. The breakfast event saw more than 70 professionals attending a networking session followed by a thought-provoking interview with

Brendon Batson OBE. The interview was streamed live on the big screen and showcase The Storyhouse’s cutting-edge audio-visual equipment.

Brendon Batson OBE is one of England’s pioneering black footballers, held a pivotal position in the Professionals Footballers Association and played a significant role in talking racism and discrimination in society.

Brendon spell binding interview covered his journey from Grenada to

LSCA Business

England as part of the “Windrush” generation, his first exposure as a young boy in England to racism, his football successes together with the charismatic and larger than life management of Ron Atkinson and fellow black team mates Cyrile Regis and Laurie Cunningham, his horrifying experiences of racism, the conflict felt when Ron Atkinson broadcast a racial remark live on television, the incredible work undertaken by Professional Footballers' Association and opportunity his executive position presented to address racism in football, sport and society.

The local professional societies have a lot of common objectives. We are looking to pool our resources and organise worthwhile events for all professionals. This may take the form of a social/networking event, the continual professional development and/or act as a platform to promote regional prosperity."

Jonathan Jones of Morris & Co

Jonathan Jones of Morris & Co commented “Everyone was in awe of the challenges Brendon faced and what he has achieved. He is a real super hero”.

The second Pan Professional Event was a huge success and the committee were all overwhelmed from the positive feedback from attendees.

No doubt, the next event will be announced shortly.

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LSCA Business

ICAEW know how

We published this in the last issue, and because it is such a wealth of information we shall be keeping this list of publications as a easy reference for you.

Technical Report PUBLICATIONS ISSUED DATE

TITLE

AREA

TYPE

13/01/21

Movement of goods - introduction to the UK-EU TCA

Tx F

Guide

14/01/21

Rules of Origin

Tx F

Online resource

20/01/21

The Modern Slavery Act 2015: An introduction for accountants

BL

Guide

20/01/21

The Modern Slavery Act : Section 54 transparency in supply chians statements

BL

Guide

21/01/21

Fraud and COVID-19 government support guide for auditors

AAF

Guide

21/01/21

The Modern Slavery Act: Actions for internal audit

BMF

Guide

21/01/21

How to spot victims of modern slavery

Multiple areas

HTML & PDF Guide

21/01/21

How to report modern slavery and human trafficking

BL

HTML & PDF Guide

22/01/21

Paying Dividends: The essentials

BL

Guide

25/01/21

AML: The Basics: Asset transfers

BL

Factsheet

29/01/21

Modern Slavery Statements; good and bad practice

Multiple areas

HTML & PDF Guide

31/01/21

LLP SORP 2020 annual review

FRF

Guide

05/02/21

UK endorsement of IFRS

FRF

Online resource

05/02/21

UK Endorsement Board

FRF

Online resource

08/02/21

Update to Brexit & Risk guide

AAF

Online resource

08/02/21

How to spot victims of modern slavery

BL

HTML & PDF Guide

09/02/21

Coronavirus: (Update) BBLS

CFF

Online resource

11/02/21

Contract modifications under IFRS 15 revenue from contracts with customers

FRF

Guide

22/02/21

Contract modifications under IFRS 9 Financial Instruments

FRF

Guide

25/02/21

AML: The Basics: Tax services

BL

Factsheet

26/02/21

2020 reporting year-ends: questions for the Board

BMF

Guide

28/02/21

Using open innovation

BMF

Guide

28/02/21

ESG in investment and transaction decisions

CFF

Guide

28/02/21

Red Flags : Signs of modern slavery

BL

HTML & PDF Guide

28/02/21

The Modern Slavery Act: section 54 transparency in supply chains statement checklist

BL

HTML & PDF Guide

28/02/21

Modern Slavery around the world

BL

HTML & PDF Guide

28/02/21

Modern Slavery Statements: Good and Bad Practice

BL

Guide

42

LSCA Business

EVENTS HELD DATE

TITLE

AREA

TYPE

11/01/21

Maintaining wellbeing during audit busy season

AAF

Webinar

13/01/21

MTD for corporation tax consultation

Tx F

Webinar

19/01/21

DAC6 affects SMEs too

Tx F

Webinar

21/01/21

What UK businesses and their boards need to know about the 6th carbon budget

Sus

Webinar

26/01/21

Bitesize Briefing: Amendments to UK GAAP for COVID-19-related rent concessions

FRF

On-Demand Recording

26/01/21

Review of UK Listings: Roundtable for Lord Hill with reporting accountants

CFF

Roundtable

27/01/21

Excel Tip of the Week Live - your questions answered (part 3)

TeF

Webinar

28/01/21

2020/21 Reporting: Going concern and impairment

FRF

Webinar

31/01/21

Modern Slavery - how to spot it

BL

Webinar

02/02/21

Hardman: Making tax digital - what does it mean for tax professionals

Tx F

Virtual event

02/02/21

Review of UK Listings: Roundtable for Lord Hill with lead advisers and principals

CFF

Roundtable

03/02/21

VAT reverse charge in the construction industry

TxFy

Webinar

04/02/21

Brexit and audit

AAF

Webinar

04/02/21

UK M&A in a Post-Covid World

CFF

Webinar

10/02/21

Interview techniques for the Zoom age

BMF

Webinar

11/02/21

MTD for income tax self-assessment

TxF

Webinar

11/02/21

COVID-19: A scientific perspective - looking to the future

FSF

Webinar

12/02/21

The Modern slavery Act 2015: An Introduction

BL

Webinar

12/02/21

The Modern Slavery Act: section 54 Transparency in Supply Chain Statements

BL

Webinar

15/02/21

IR35 and employment status

TxF

Webinar

22/02/21

Going concern and impairment - your questions answered (Bitesize briefing)

FRF

Webinar

23/02/21

Getting research & development claims right

TxF

Webinar

23/02/21

Getting more value from your procurement activities

BMF

Webinar

26/02/21

Improving use of charts in Excel

TeF

Webinar

26/02/21

Speech by Bank of England Deputy Governor Sir Dave Ramsden on bank resolution in conjunction with ICAEW

FSF

Webinar

www.charteredone.co.uk

ISSUE 33 Summer 2022

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Professional Services | Financial

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