Why fraud keeps happening and how to stop it
Financial fraud continues to make headlines around the world—the recent Patisserie Valerie scandal in Europe comes straight to mind.
With modern technology, and seemingly loads of checks and balances in place, it’s fair to wonder how this type of fraud still takes place. Here are four examples of common fraud schemes designed to fool an auditor.
Client provides false information
With today’s technology, a dishonest client can easily manipulate or create a false statement and provide incorrect contact information. For years PFGBest, a commodity brokerage unit of Peregrine Financial Group, Inc., looked financially sound because the confirmation responses showed that the bank statements matched the firm’s financial statements. PFGBest CEO Russel Wasendorf concealed a multi-year $215 million fraud using a combination of Photoshop, Excel, scanners, and printers to make very convincing forgeries of nearly every document that came from the bank. He opened a post office box and put the address on the counterfeit bank statements. When the auditors mailed confirmation requests to the bank’s false address, he would intercept the request, type in the amount he needed to show, forge a bank officer’s signature, and mail it back to the auditor.
Client provides the contact name
When auditors do independently validate the address, phone and fax number or email for a financial institution, they often still do not validate an individual clerk within the confirming entity. Typically confirmation fraud involves collusion, where the company being audited requests certain individuals within the bank to either provide false information in the audit confirmation response or to leave off information that would be material to the financial statement audit. Olympus Corporation’s accounting scandal hid $1.7 billion in investment losses from investors over a 13-year period due to executives arranging for foreign banks to only provide the balance amount while intentionally not providing material information to their auditors.
Client influences the confirmation process
With a little effort, a dishonest client can create third-party credentials that closely resemble legitimate credentials. For example, an inexpensive fake website, displayed as if it were for a legitimate financial institution, can be quickly created to provide illegitimate contact information. This appears to be one of the techniques employed by China-Biotics, Inc. (CHBT), which directed their auditors to a fake bank website to deceive the auditors with false audit confirmations and online verifications.
Signature verification is impracticable
Given all the possible loopholes to circumvent the paper confirmation process, it's not practical to think an auditor has the resources to validate the signature of the person responding to a confirmation request. Fraudsters know that the effort required to validate the signature of the confirming entity is rarely used proactively to prevent fraud. With this in mind, fraudsters falsely responding to a confirmation request simply scribble the signature of anyone, to include the signature of a legitimate signatory, to effectively validate a paper confirmation response.
Confirmation’s secure, digital platform helps eliminate fraud associated with the confirmation process. All parties are validated, and the auditor retains control of the process from start to finish. Visit Confirmation at Accountex, Stand 865, to learn more.
How to balance work and life as an accountant
Working in accountancy is not easy and doesn’t always lend itself to an equal work-life blend. We know from our research that 36% of ICAEW members are currently unhappy with how they balance their work and home life. Striking this balance is tricky, especially with today’s 24/7, ‘always on’ culture.
Accountancy is a particularly competitive environment and one, which is accustomed to busy schedules and mounting workloads. This was supported in our research which found that over half (54%) of ICAEW members work late in the office on a weekly basis, and 22% do this every day. Workload pressures also resulted in 47% taking work home with them, with a quarter (25%) doing this every day.
From the findings above, it’s imperative for you to learn how to look after yourself whilst managing your day to day workload with a methodical approach. So, how does an accountant balance work and life? By learning to become more resilient and knowing to separate the two. Ultimately, it’s about being present during your down time, in order to make the most of it. This creates a clear boundary between your home and work life. Additionally, juggling tight deadlines and multiple clients are part of the job, so being able to keep a cool head and put absolute trust in your abilities and skillset will translate into your personal life too.
Utilise your time well and find time in your day to eat healthily, rehydrate and leave the office for fresh air. Exercise can be especially beneficial as it relieves tension, releasing feel-good endorphins and improving or stabilising your mood. Taking a rest to supercharge your afternoon can pay dividends too, but only if that’s acceptable at work! Working through your lunch is never the most effective option and is often counter-productive as you become fatigued the fewer breaks you have.
Establishing a good work-life blend means setting boundaries and sticking to them. No one can work long hours constantly, so if you want to climb to the top of the career ladder, listen to your body, take a rest and use your energy in concerted bursts of effort. Trying to integrate our work and personal life in a responsible and reasonable way will not only benefit ourselves but our loved ones and also our colleagues and the company we work for too.
For information and advice, visit Caba HERE or on Stand 591 at Accountex
HMRC’s new portal for submitting R&D claims
With not much in the way of public fanfare, HMRC recently launched their beta online platform to support the submission of SME R&D claims.
As we’re in the R&D software platform business ourselves, you can imagine we had been awaiting this development with bated breath! So, now that it’s broken cover – what does it look like and what’s it for?
Well, our first impressions are that the tool is surprisingly basic and comes with a couple of fairly substantial limitations. The good things first – it allows SMEs to present their R&D claim information directly to HMRC.
They can enter the usual costs – employees, connected and unconnected EPWs and subcontractors, software, consumables and costs for clinical trial volunteers. They can also enter a technical description of their projects, covering the baseline state of technology, the advance attempted, and the technical challenges faced on the way.
The big catch is that the portal assumes that the SME knows what they want to claim for – and that’s a big assumption. If you’ve ever been asked to assist with a client’s claim, you know that they usually need help in assessing their SME status, the boundaries of their R&D, and whether their work would even be considered eligible by HMRC.
In the new portal, however, there’s not much in-built support to help claimants or agents who are unfamiliar with the scheme to answer these questions. It also doesn’t help companies to calculate whether they’re an SME, or support SMEs who have received grants, or undertaken work as a subcontractor to a Large Company.
This means that complex claims with expenditure eligible under the SME and RDEC schemes are essentially not supported at all. That affects a pretty chunky number of companies, particularly within the life sciences and manufacturing sectors.
Maybe these areas will be addressed in the future. In the meantime, we’re confident that WhisperClaims, our award-winning cloud based platform for R&D tax submissions, will continue to prove more useful (and useable) to our accountancy clients, helping them generate significant additional revenues by delivering truly comprehensive R&D support to their clients.
WhisperClaims www.whisperclaims.co.uk
The change to becoming an advisory-led firm
If you’ve made the decision to become a business advisory firm and operate in the high value sector of the market then well done! You have made the first change in a process that will differentiate your firm from compliance led businesses.
If you make the change then you will be spending more fee earning time advising clients and less time on producing accounts and tax returns.
Create a vision or your future practice in two years, see what your people need to learn, how they need to develop and help them to embrace that change.
Change is necessary to reposition so share your vision with your team early, people don’t generally like change, but it is essential in today’s environment. Get your team on board early.
The next step is to systematise compliance work using cloud accounting software and most importantly choosing software that allows bookkeeping and the filing of accounts and tax returns directly from that package. This will speed up your MTD quarterly or year- end procedures. You may choose to outsource work or use an offshore team for production, the most profitable firms do this already.
Once you’ve reorganised compliance now is the time to “Position” as an advisory firm. This means you demonstrate you can help business owners with their future and not just the past. Your web site should prominently feature advisory services such as Finance, Strategy, Wealth Management, Tax planning and profit improvement. Readers should immediately understand your sales proposition. You should put educational resources and articles on your web site.
All social media should demonstrate you advise “on the future”, use case studies, testimonials and focus on the benefits of advisory. You need to this daily and you may choose to hire a social media person to help you. Content should come from your team if practicable. Example reports such as a strategic plan, “what if” scenario and similar should be sent to prospects and clients and available for down load for your web site.
Team training to use planning tools and to become more aware of the opportunities to advise clients will need to be done regularly. Use your Wealth management, finance, tax planners to educate your team and to encourage discussions with clients about their aims, hopes and ambitions. Generating advisory work typically requires a conversation about a client’s future.
Positioning your firm and making the changes now will keep you ahead of the curve and it is more rewarding advising clients about their future rather than “filing away” their past!
The Business Advisory Manual (B.A.M) contains the guidance, training and tools, to position your firm as a business adviser and the resources to make this happen.
B.A.M is supported by the Business Adviser Hub, a dedicated resources centre containing the training, marketing resources, engagement letters, checklists, guidance notes and calculators to help you become more confident in promoting and delivering advisory services.
See more at Accountex on Stand 676 or HERE
The true meaning of cloud: cost and customer experience
There’s no shortage of buzzwords in accounting: Advisory services, AI, fintech - and, of course, ‘cloud’, or more specifically ‘cloud accounting’.
The term ‘cloud’ has been bandied around for the last five years. The trend made its mark in the profession a while ago, but in the last few years, something changed. You may have heard of it: Making Tax Digital.
As many industry experts have pointed out when MTD was announced, the quarterly filing requirement and expense updates with HMRC triggered a second boom in cloud adoption among practitioners.
But what happened after this second boom is telling. While accountants drove the cloud boom, businesses lagged behind in cloud accounting software adoption. In other words, once the initial MTD panic fizzled after MTD for income tax was delayed, cloud adoption waned, too.
This cycle of cloud boom and bust shows that, for too long, the real benefits of cloud software, both from a customer experience and cost perspective, have remained elusive. Cloud was a feature, something tacked on to make the software more marketable rather than more effective.
To extract the real benefits of cloud – whether that's improved security, the elimination of annoying, repetitive task or good old-fashioned value for money – it needs to bind every corner of your practice’s work together.
That is what sets Capium apart; it has been a true cloud system from day one. It offers the decentralisation you expect from the cloud, but it goes so much deeper than that. As much as it liberates your accounting software from the desktop, it consolidates your workflow into one place.
That means a clear overview of all your work in one place, increased efficiency, reduced cost and clear accountability and resource management. True cloud accounting will filter into every corner of your practice.
You could finally offer sustainable, flexible working and deliver amazing, always on customer service from anywhere. This is a different vision of cloud accounting: No longer a buzzword or an added-on feature -- but the central pillar of your practice and customer experience.
Capium are at Accountex on Stand 410
Software for everyone: Capium is designed with accountants in mind
Capium is designed for everyone. In other words, our users aren’t just business owners, but the legion of agents that represent them.
That’s an important distinction to make because accounting, more so than ever, is a collaborative enterprise. It doesn’t happen in steps and stages anymore, bouncing back and forth between client and accountant.
Instead, it’s a continuous, iterative process involving both stakeholders. Making Tax Digital is deepening this dynamic. With quarterly filing requirements, MTD is a logistical challenge as much as it is a technical one.
The era of digital tax means accountants need better communication, more fluid workflows and secure data capture all through one, centralised and simple-to-use software. Both the accountant and client will work side-by-side under MTD.
Capium is an end-to-end software, including practice management (along with a CRM) and SME data capture tools, all of which connect seamlessly with our core tax software. And best of all, it all just works from day one.
Top tips – start offering finance to your clients
The British Business Bank’s recent Small Business Finance Markets 2018/19 Report found that only seven percent of UK businesses turn to their accountant or financial adviser when in need for finance. In comparison, 37 per cent reach out to their bank directly for help, while 19 per cent conduct their own online research. Even more striking, 20 per cent of UK businesses don’t act at all if in need of additional funds.
These numbers clearly illustrate that there remains a significant untapped opportunity for accountants and business finance advisers when it comes to helping their clients raise finance.
Working with a range of partners, we often hear it can be difficult to initiate conversations with clients about sourcing funding and knowing when it is required. Recognise the predicament? If so, the following tips will help you get started:
Identify your clients’ needs
How do you know whether one of your clients might need additional funding? Planning ahead is crucial. Luckily, a growing number of businesses are getting in the habit of cash flow forecasting. Accountants and financial advisers are therefore in the perfect position to help their clients develop a proactive attitude towards business planning.
That said, it is not always easy to anticipate clients’ needs months in advance. We see an increasing number of partners investing time in building stronger relationships with clients in order to better understand their exact business needs. Not only can they then start offering the right support and advice when it comes to funding and business planning, but crucially, they are in a better position to deliver it at the precise time required.
Find out how much funding your client needs
Once you have identified the requirements of a client, how do you know how much additional funding a business needs? For George Wright, MSIF Finance Hub Facilitator, this is a daily task when supporting the growth of businesses: “One of my first questions when dealing with a business looking for funding is ‘How much do you believe you need?’ If it’s an amount that they know, I will always ask how they have arrived at that figure. My reasoning for this is that irrespective of the amount that the business might ask for, they shouldn’t be applying for funding without having undertaken some kind of forecasting, whether this is a simple cash flow or an integrated set of forecasts.”
Gregg Harding, Business Finance Specialist at Oxford Innovation, a business advisory organisation, believes that intermediaries can add value by sometimes asking the more uncomfortable questions: “Helping clients with a ‘sanity check’ and determining why the funding is necessary is where accountants and financial advisers can really make a difference. New funding might increase a business’ turnover, but is it having a considerable impact on their profit? And if the client is taking quite a risk, does it, ultimately, make business sense?”
Stay on top of a changing industry
In order to be able to advise clients about the different funding options available to them, it is crucial to stay up-to-date with current trends and developments, but also to make the relevant industry contacts. Regularly attending trade shows, networking events and reading relevant news and publications all help to provide a solid understanding of the funding landscape.
With the advisory landscape constantly changing, knowledgeable and dynamic accountancy and business advisory practices are set to be the real winners. Ultimately, they will be in a better position to attract and retain clients than their competitors, and by extension, grow their own business.
Ben Bradnam is Spotcap’s Business Operations Manager and will be speaking at Accountex on Wednesday, 1 May, on Business Funding Beyond Banks. Find out more about Spotcap here:
Scanning solutions boost MTD efficiency for accountants
Making Tax Digital Is Simple With Fujitsu ScanSnap Scanners
If you represent a business, you'll be aware of HMRC’s Making Tax Digital policy. To recap, it's a plan to ensure every business and individual has access to their own digital tax account. As of April 2019 businesses operating above the VAT threshold of £85k will have to use this system to digitally keep their VAT records and file their VAT returns using MTD compatible software.
If you’re used to dealing with paper, this can sound like a daunting proposition. Fortunately, Fujitsu’s cutting-edge scanner hardware and the ScanSnap Cloud are the ideal solution for HMRC’s Making Tax Digital plans. Read on to find out more…
What exactly is Making Tax Digital?
If it’s not something you’re already thinking about, it’s important to know that businesses are now mandated to use the recently announced Making Tax Digital platform to meet their VAT obligations.
If you’re running a small business with a turnover below the VAT threshold, you can choose to use the system but you won’t have to. The deadline has been extended.
Benefits of the online portal
So what are the benefits? Well, apart from the end of the dreaded tax return, this change means users won’t have to give HMRC information it already has access to – such as from employers, banks and other government departments.
It also enables people and businesses to keep an eye on their tax in real time. No more waiting till the end of the financial year – or longer – to find out how much tax is owed to HMRC or due in repayments.
Just as with online banking, with Making Tax Digital, businesses will be able to access a comprehensive online account. Digital record-keeping software will be linked directly to HMRC systems enabling people to send and receive information using the software – and that’s where your Fujitsu ScanSnap scanner comes into play.
Fujitsu ScanSnap scanners
Scanning documents is a simple and effective way to ensure all the documentation you need for your VAT and tax returns is stored securely in one place and is easily accessible for your online accounts.
ScanSnap Scanners from Fujitsu enable everything from printed receipts to invoices and even parking or train tickets can be quickly and simply scanned in. ScanSnap Cloud will even identify the type of content you upload and route it directly to your preferred cloud service, so there’s no need to even boot up your PC.
You can rest assured everything you need is held securely online and all in one place, making it easy to submit your VAT and online tax return when the time comes. It’s organised, effective document-keeping – ideal for businesses large and small.
Check out our comprehensive selection at www.ScanSnapit.com. Until 12 May anyone purchasing a ScanSnap iX1500 can claim a free ScanSnap iX100.
Why add scanners to your product portfolio?
Digital transformation has been around a while but it is only really just starting to come to the thinking and realisation of small and medium sized businesses who are looking at ways of becoming more efficient, working smarter and saving money.
There are several advantages to scanning documents and merging them with digitally born material, all of which can help open up a conversation with your customers around document scanners and the need for a dedicated scanning device.
Save Money - Document scanning eliminates the need to maintain paper based filing systems. This reduces the costs associated with filing, archiving and long term storage of paper records
Productivity Gains – Studies have shown that employees spend twenty percent of their day searching for information. Using document management software, users can access decision making information in seconds, saving time and improving productivity.
Collaboration – Many document scanning systems integrate with business applications allowing faster access and the ability to share information in real-time.
Easy organization - Electronic documents can be organized much faster, better, and more easily than paper documents. In addition, finding, viewing, and sharing electronic documents can be achieved with unprecedented speed and ease – instantly.
Smarter working – The proliferation of mobile technologies and the ability to scan and view directly to either smart devices, via a cloud service or via a network means more efficient ways of working can be adopted enabling you to build a business around your employees rather than the other way round. Costs could be saved for example in office space and office overheads should staff be based at home. Adopt a more proactive and forward thinking approach ready to embrace the challenges of operating and competing in the 21st century.
Free your Space - Space has become an expensive asset. Save time and money on expensive office relocations and free your space and make the paperless office dream a reality.
Disaster Recovery Planning - Would your customer’s business cope in the event of a fire or flood? Can they afford to lose those valuable documents if they are filed incorrectly after use? Document scanning allows them to keep a set of their records on cd or dvd in another location or office or in the cloud to reduce the risk of losing their valuable information to natural disasters.
Deterioration of Quality - When information is currently on paper there is a problem of deterioration of the original page. Paper can fade over time and be torn through excessive use. A scanned image will not fade or deteriorate
Efficient Retrieval - Enables access to important information from a desk. It can be shared through offices and other branches saving time and money on physical page retrievals, copying and faxing.
Legal Admissibility - General opinion is that scanned images are likely to be admissible in court, with the same weight as of evidence as photocopies which are considered as secondary evidence. There is a potential reduction in the weight of evidence if the authenticity of the copy is questioned (e.g. if a signature is being disputed).
Document and Records Retention - Records need to be retained not only for the purposes of business use, but also to meet legal and regulatory obligations such as for GDPR compliance. For example, in the UK, Acts like Sarbannes Oxley and The Companies Act 1985 (Section 221) requires companies to keep accounting records sufficient to give a "true and fair view of the state of the company's affairs and to explain its transactions." It also requires adequate precautions be taken against falsification of records and to discover any falsification that occurs.
Recent legislation directives are really becoming focussed on the virtues of operating a digital workplace, embracing mobility and collaboration.
Equally digitised and searchable content allows a public sector body to respond to Freedom of Information and Subject Access requests promptly and within permissible time limits.
Greener - Scanning is a paperless process, and often there is no environmental cost when documents are distributed electronically. If documents are scanned less paper is wasted, transport of documents is reduced and the amount of landfill used is reduced. Reducing paper, its transport and the amount of bleaches used in recycling benefits the environment.
Customer Satisfaction – Response times are reduced, information is available in seconds from a computer, remote locations and global business offices are connected and able to respond to customer needs faster and more efficiently.
Fujitsu are exhibiting at Accountex on 1-2 May at ExCeL, London, on Stand 1031.
How the cloud transforms workflow and processes...
... from onboarding, to accounting and tax, and beyond
The problem: Accountancy firms struggle to drive a fluid flow of information around their organisation. This can become worse when team members and clients want information on the go. Their technology is often unlinked, and processes can be both manual and inconsistent.
The solution: Cloud-based workflow solutions are able to communicate, share, approve and signoff on information/documents and more – all in a paperless environment. This could be from client onboarding; to managing their compliance needs; through to analyzing client information to provide more valuable, forward-looking, services.
These tools provide accountants:
Ease of access
They don’t require accountants to be in a specific location or environment, and information can be available on any device – mobile or desktop.
No upfront or high overheads
With the cloud there is no pricey, one-time or high overhead cost. It’s a ‘pay as you go’ model.
Low monthly access fees
You can access the appropriate resources for your need at an appropriate monthly fee. You’re not spending excess money on superfluous accessories and applications.
Cloud tools are ‘responsive’ to a practice’s needs
This model allows for constant upkeep and improvement. Moving away from a hosted solution means that clients can expect good service and improving product features.
The outcome
As you look to transform your accounting practice, look for an affordable, flexible and scaleable digital transformation tool.
One Paper Lane is helping accounting firms of all sizes digitise workflow and automate their client work, with little coding required and deployed rapidly. Data and real-time analytics can then be accessed to improve business performance.
Who we are and what we do
We are One Paper Lane, the digital process automation and collaboration platform of the future. We are launching in the UK at Accountex on stand 490.
Our technology will enable you to streamline, automate and improve your processes. It can work together with your existing software, apps and tech tools.
We have already helped accountancy and other professional services firms increase productivity and improve both the client and team member experiences.
Visit us and our UK partner, practice advisers Foulger Underwood, at Accountex. Alternatively, for more details, contact Julia Whistler at [email protected]
Managing change in an evolving industry
As the industry evolves with the rapidly changing times, your practice will have had to adapt to big and small, internal and external pressure to transform.
Change is constant and relentless and requires your employees to change how they communicate, learn new skills and transform their perspective on their work. In addition to adapting to new ways of working, your employees will have had to maintain focus on the day job and remain calm and professional.
What to do with an IT change
One change that might leave businesses feeling anxious is a software change or full suite migration. It’s easy to underestimate how much behavioural change is needed to successfully implement software or process changes. It is more important than ever to manage change when IT is at the heart of the transition.
Managers tend to focus on the software and logistics rather than people who will be operating the new systems.
To succeed you need to:
- Invest time and resources in training for your employees on how to use the software or new processes and how it will improve the way they operate.
- Spend time explaining the new processes and bring people onboard as change ambassadors.
- Develop your employees' collaborative capability both with the software provider and colleagues who may be help with the transition.
- Create regular opportunities for employees to feedback on the progress of the transition.
- Ensure that you’ve managed expectations of employees, particularly during transition phase as some might expect immediate success.
- Ensure that everyone is using a common language so that the transition plan is fully understood by all.
- It is helpful to appoint one project manager to oversee the process from beginning to end. This person will be responsible for pulling together all the different processes and ensuring that it keeps on track.
Taking the plunge
If you are about to initiate a change in your practice, it’s important to remember that change can take many different forms and there isn’t a one size fits all plan to ensure success. Before hitting the ground running, businesses should analyse what other changes are taking place within their business and whether programmes dovetail or detract from each other.
Communication is key
Designing a communications strategy should be central to your change programme planning. The key to communicating change successfully is to create a story that demonstrates a vision, reduces uncertainty and creates a deeper understanding of the journey. Doing these three things could be the difference between a change which achieves its targets and one that fails.
Empathy and culture
Change and an organisation’s culture go hand to hand. When leading change, you need to bring people with you on the journey. Your aim is for your employees to feel valued and empowered through the changes, rather than disinterested and irritated. The true secret to success is considering your organisation and the most important assets, the employees, in context.
If you are considering changing your software suite, visit Wolters Kluwer at Accountex Stand 1060 for more tips on how to manage change in your practice.
How to maximise the value of your business
When it comes to maximising the value of your business, there’s a lot more to consider than meets the eye. An uncertain market creates the opportunity for businesses to review their strategic options with a view to unlocking embedded value and accelerating growth.
There are a number of options business owners may consider when appraising, looking to increase or ultimately, realising value.
Questions we are often asked, along with our answers, are outlined below:
1. How might I value my business?
Business valuation is very subjective depending on the size and nature of the firm. However, recent transactions in relevant sectors involving similar-sized businesses provide a great basis for determining defensible valuation ranges. Looking at multiples achieved by companies in your sector that are listed on the public markets are also a good indicator. Naturally a significant discount factor should be applied to account for the much-reduced liquidity of privately-held shares. In addition, you could use a discounted cash flow.
2. Who might buy it?
Depending on what stage of the lifecycle a business is at, buyer options tend to vary. Fast-growing and earlier stage businesses may be suited to venture capital or private equity funds. Whereas, for more steady-state businesses, trade sales are often optimal. For smaller businesses, it may be more appropriate to look to high-net-worth investor groups that look to invest modest capital in a range of companies.
3. What might I do to increase the value of my business?
If you or your client are considering selling a business in a few months or years’ time, rather than right away, taking advice as well as investing that time and effort now can positively impact the value of the business at the point of sale.
This may include managing working capital effectively, optimising the capital structure and ensuring an appropriate debt/funding structure. Owners may also look to acquire relevant businesses, expand into new and more popular markets as well as integrate a strong Tier 2 management team who can readily take over so that as an owner you can gradually step back from the day-to-day running of the business.
4. How long will the process take?
Each transaction takes a different amount of time, largely depending upon the complexity of the business being sold, the intricacies of the transaction and also drivers to the disposal process. To run a full process with a view to achieving maximum value, it might take six to eight months.
5. How much tax might I pay?
Even if not a full disposal it is possible under partial exits to apply Entrepreneur’s Relief which is currently 10%, albeit successive governments have legislated restrictions as to its application on share disposals. With repeated political pressure to scrap Entrepreneur’s Relief, significant changes could be made to this relief in the near future which may eat 30% or more of an owner’s value on exit if the rates begin to approach comparative income tax rates.
Quantuma is an independent advisory firm which helps organisations and individuals overcome a range of operational and financial challenges. Established in 2013, we have over 170 employees across the UK and Cyprus. www.quantuma.com
Quantuma are at Accountex on Stand 331.