Press Release from Horwath Clark Whitehill




Accountants and business advisers Horwath Clark Whitehill in Reading have issued a “Stop, Start and Continue” challenge to Chancellor Alistair Darling just days before his first Budget.



Tax partner Chris Denning said that the Chancellor had “enjoyed” a tricky first few months with Northern Rock and the furore over his Capital Gains Tax proposals just some of the issues he has had to handle.



“The overall feel of his first six months has been somewhat kneejerk in nature and Horwath Clark Whitehill is calling for more consistency of approach to be displayed in his first Budget,” he said.



He called on the Chancellor to Stop, Start and Continue on a number of major issues affecting the economy in general and business confidence in particular.



“Stop burdening small business with complex legislation such as the new income splitting rules. Stop creating the impression that legislation is being rushed out in response to media pressure and shadow policy and stop introducing tax increases through the back door.


“Start using consultation before major legislative changes are announced and respond to concerns raised. Start considering the wider impact of proposed tax changes not just on the revenue they generate and start demonstrating that environmental taxes are making a difference both to the environment and on people’s behaviour.


“Continue with tax initiatives that encourage investment and create wealth and continue with tax initiatives that encourage innovation and overseas companies to locate in UK,” he said.



Ends (240 words)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from Horwath Clark Whitehill



The taxman (HMRC) now has the power to bug British businesses, accountants and business advisers Horwath Clark Whitehill in Reading are warning.



Senior tax partner Angela Lazda said: “He already has the power to arrest and now the British taxman can intercept phone calls, emails and letters, as well as bug residential premises and private vehicles.”



The powers were granted to HMRC in the Serious Crime Act, which gained Royal Assent in October, but did not come into force until the relevant statutory instrument was issued in February.



An HMRC spokesman said: “Customs officers have always had these powers because of their criminal investigations into drugs and guns. Now they will be granted across the board. We could use it purely in tax matters. Tax offences are quite often combined with other forms of criminality.”



HMRC has stated that all surveillance will be conducted in compliance with the Regulation of Investigatory Powers Act and the Wilson Doctrine, and subject to checks by the Office of Surveillance Commissioners and the Interception of Communication Commissioners Office. However, the department will not need to seek external authorisation for any of its surveillance activities.



Angela Lazda said: “The move flies in the face of assurances given when the Inland Revenue and Customs and Excise merged in 2005 that integration would not necessitate an alignment of powers. Professional bodies such as the Institute of Chartered Accountants of England and Wales will be further disappointed that HMRC has yet to draw up its own code of conduct regarding the new powers.”



She said it looked very much as thought HMRC had used the merger to push for greater powers.



“Where is the evidence that bugging powers are needed in relation to direct tax fraud? And in any event HMRC has not even attempted to provide justification for its new powers.”



After a number of cases collapsed in court in 2000 the then Attorney General called for Custom & Excise’s powers to be reviewed. A prosecution in Liverpool Crown Court six years ago which ended with the collapse of a £30 million trial led to a judicial inquiry into the investigation techniques used by Customs & Excise.



And abuse of custom officers’ powers has also been under the spotlight after a number of Customs & Excise prosecutions collapsed since 2000.



According to Mr Justice Crane sitting in the trial following the prosecution for Operation Venison, which led to accusations of VAT fraud for five Manchester businessmen three years ago, the case collapsed through due to “muddle, incompetence and lack of frankness”.



The news that HMRC can now bug businesses comes shortly after the publication of the Chilcot Report, which recommended that intercept evidence should be used in court.



Ends (450 words)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from Horwath Clark Whitehill LLP



Horwath Clark Whitehill has appointed a senior figure from the Crown Agents for Overseas Governments and Administration as Midlands Director of VAT.



Denis Holly, a chartered accountant, was Director of Tax in the Public Finance Management department of Crown Agents until March last year when he became a freelance consultant.



He is a member of the FCA, a fully trained Inspector of Taxes, and holds a diploma in company management from the Institute of Directors.



Mr Holly is on the committee of the Federation of Small Businesses in Worcestershire, and a governor of Hereford Sixth Form College.



An England international athlete in the 20 kilometre walking event in 1973, Mr Holly still runs three to four days a week to keep fit.



He will direct all client-related VAT operations from the firm’s offices in the Midlands.



Mr Holly’s former employers Crown Agents are an international development company working in more than 110 countries providing direct assistance and training for public sector modernisation, particularly in financial management and procurement and logistics.



Their clients include the British Overseas Development Administration, the World Bank, the European Commission, and United Nations agencies.



Formerly a British public corporation, Crown Agents were transferred to the private sector in 1997 as a limited company owned by the Crown Agents Foundation.



Mr Holly worked with governments in the Third World setting up indirect and direct tax systems at national and sub national levels in underdeveloped, fragile and hostile states in Africa, Asia and Europe.



Pat Moore, chairman of Horwath Clark Whitehill in the Midlands, said: “Denis Holly’s experience in all areas of direct and indirect taxation, and his previous roles in public financial administration at an international level, will be a major bonus for the firm. We are pleased to welcome him into our team, which continues our strategy of growing our business through organic staff development and lateral hires in specialist areas.



“VAT-related management is a complex high priority area for all our clients. We feel confident they will be delighted to know such a respected figure will be directing this area of the firm’s operations.”



Mr Holly has also worked for BNB Tax Consultants, Birmingham, Price Waterhouse Cooper, Kenya, Liaison VAT Consultancy Ltd, the Audit Commission, Ernst & Young, and KPMG.



He is married and lives in Bromyard, Herefordshire.



Ends (374 words)



For further information, please contact:



Miriam Sherwood - Marketing Manager

Horwath Clark Whitehill LLP, Foley House, 123 Stourport Road, Kidderminster, Worcestershire DY11 7BW



Tel: 01562 60101



For further information, please contact:



Prepared and issued by Dale le Vack of ASAP PR, 01527 892004, or mobile, 07972 506170.



Notes to editors



Horwath Clark Whitehill is a leading national provider of accounting and business advice. The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.



Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.



Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.



For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from PKF (UK) LLP



Accountants and business advisers PKF in Lincoln are warning that HM Revenue and Customs (HMRC) is targeting buy-to-let property investors for back taxes on undeclared rents.



PKF are urging those who receive an “intervention” letter not to ignore it – even if they have not made profits on their letting.



The campaign is one of a series of new type interventions designed to avoid lengthy, traditional tax investigations. HMRC has sent out the first batch of letters and they will be arriving on people’s doorsteps shortly.



PKF tax partner Adrienne Kerry said: “We have already seen HMRC use its powers to require banks to provide information regarding specific or unnamed or unknown taxpayers holding offshore bank accounts.



“Now the Revenue is becoming more active in using Government data from Stamp Duty Land Tax returns and other sources to pinpoint individuals who may be letting properties but do not declare rental income on their Self Assessment tax returns.



“While HMRC cannot be certain these individuals have made profits and there is no legal requirement to respond to such letters, ignoring such a letter may be counter productive. Once HMRC has identified a tax risk it is unlikely to let go until the issue is cleared up.



“Over the last few years HMRC has geared itself towards tackling tax evasion and avoidance and it intends to use the information it has to seek out evaders in a systematic fashion across the board.



“Those who did not receive a letter this week and believe they may have escaped the Revenue’s grasp should note that this is only a pilot exercise for ongoing interventions that will start later this year.”



Ends (275 words)



For further information, please contact:

Adrienne Kerry, Tax Partner,

PKF, St Hugh's, 23 Newport, Lincoln LN1 3DN

01522 531441


Prepared and issued by Andy Skinner of ASAP - 01527 892004, mobile - 07990 978257.



Notes to Editors:

1. PKF is a leading firm of accountants and business advisers with more than 1,800 partners and staff operating in 23 offices in the UK mainland firm, a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk.



2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.



3. PKF (UK) LLP is a member of PKF International which is an association of legally independent firms with more than 14,650 people operating in 119 countries around the world.

Press Release from Horwath Clark Whitehill



Business experts in the Thames Valley office of accountants Howarth Clark Whitehill are advising businesses to take urgent steps to ensure they ride out the predicted business downturn. Partner Jeremy Cooper suggests that there are some practical steps business owners can take to help their businesses survive the knock on effects of the global credit crunch.



Beat the credit crunch downturn with Horwath Clark Whitehill



Whether you believe the doom and gloom merchants or whether you reckon this year is simply going to be a bit harder than last, it certainly pays to take stock of your business and ensure that you are prepared for whatever the global markets and City troughs and peaks throw at you in 2008.



At Horwath Clark Whitehill, we have drawn up this eight point checklist that it is well worth taking time to work through and ensure that your business is in tip top shape to survive and even prosper.



Plan & monitor your businesses performance. Prepare realistic business plans & consider worst case scenarios. Then actively monitor the business’s performance through key performance indicators and monthly management accounts. If things don’t turn out as planned, don’t bury your head – take action sooner rather than later


Review your existing facilities. Understand how much debt is repayable on demand and how much is medium term finance – be wary of using short term finance to fund medium or long term assets purchases. Understand banking covenants – can you operate within them?


Actively communicate with your bankers. Give them your management accounts each month. Explain what’s happening in the company – even if it’s bad news. If things aren’t going well, tell them your plans, get their buy in and then take action. What bankers loathe is the customer who doesn’t keep them informed, provides meaningless or out of date management information & only contacts them the day they need further facilities


Only commit to large capital expenditure when you are certain that you have the finance in place.


Ensure you have good credit control procedures in place. Understand your customers’ financial positions before you give them credit and don’t be afraid to be tough on your payment terms. Avoid having all your eggs in one basket and consider insuring your debts – can be expensive but could be the difference between being in business & being in liquidation.


Certain industries get hit harder than others in downturns – ones to watch include industries selling capital goods – large plant & machinery, construction companies. The printing industry.


Don’t overexpand – just because things might be rosy now, be careful not to commit to large capital expenditure or increased overheads such as rent and payroll. If your business declines, can you easily cut costs to survive?


Finally remember, cash is king. Most businesses go under not through a lack of profit but from the inability to access cash.


Above all, be prepared. Take professional advice and act early. Every year many businesses that might have been rescued go under because the owners failed to respond to changes in their circumstances.



On the other hand, in every downturn there are winners and losers. Make sure you are on the winning side!



Ends (532 words)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from Horwath Clark Whitehill



Married couples looking to save tax and make a romantic gesture at the same time should consider passing non-business assets between them before April 6, tax experts at Horwath Clark Whitehill's Thames Valley office are recommending.

Tax partner Angela Lazda said: “Most of the fuss over the radical capital gains tax changes that come into effect on April 6 this year has been about so-called ‘business assets’, with the CGT rate increasing from 10 to 18 per cent.”

She said that Chancellor Alistair Darling had relented to some extent with the “entrepreneurs’ relief” that will continue to give a ten per cent rate for the sale of ‘small’ businesses.

“But what about ‘non-business assets’?”

She explained that a typical non-business asset (NBA) might be a second home.

“Currently CGT rates for NBAs vary between 24 per cent and 40 per cent depending on the length of period of ownership.

“On the face of it, a reduction in the rate of CGT to 18 per cent seems very good news, but that’s not necessarily so because indexation allowance is not given after April 5, 2008. This means that for NBAs acquired before 1998 the CGT liability can be higher after April 2008 despite the new lower rate of tax,” she said.

But, married couples can preserve the indexation allowance if they make a gift of the asset to between themselves before April 6.

“There is no tax to pay when the gift is made, not even Stamp Duty Land Tax,” she said.

She cited an example of a second home that was purchased in 1975 for £60,000 and valued at £225,000 in March 1982.

Its value now might be £850,000 but if it was transferred from one spouse to the other before April 2008 and sold later in the year, the couple would make a CGT saving of more than £42,000.

She said: “The moral of the story is that the tax rate is only ever part of the calculation. The Government can raise tax by lowering the tax rate while increasing the amount that is chargeable.”

But she cautioned that married couples thinking of marking Valentine’s Day with a major present should bear in mind one golden rule.

“Don’t do anything just because it seems a good idea for tax reasons without properly considering all of the implications. No one likes paying tax but it’s better to pay tax when you sell something than when you have nothing left to sell. You might just like to ‘audit your amour’ before you sign on the dotted line!” she pointed out.



Ends (428 words)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL



Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile, 07990 978257.



Notes to editors



Horwath Clark Whitehill is a leading national provider of accounting and business advice. The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.



Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.



Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.



For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from Horwath Clark Whitehill



Thames Valley small businesses could be in for a shot in the arm because of changes in the capital allowances rules, according to accountants and business advisers Horwath Clark Whitehill in Reading.



Senior tax partner Angela Lazda said: “For a number of years small businesses have been able to claim tax relief on 50 per cent of the cost of plant and machinery in the year of purchase, and 25 per cent in the following years on a reducing balance basis.”



From April 2008 this will no longer be the case. An annual investment allowance of £50,000 is being introduced which provides for 100 per cent relief in the year of purchase.



Where a business has excess expenditure not covered by the £50,000 allowance, that will qualify for 20 per cent allowances on a reducing balance basis.



Angela Lazda said: ““This is clearly advantageous for small businesses that spend up to £50,000 per annum on equipment in a year. For businesses with higher spends there may be a disadvantage.



“Businesses need to be considering their short term spending plans. Those who are unlikely to spend much more than £50,000 in a year would do better to postpone spending until April 1 (or April 6 for businesses not run by companies).



“Where spending is on a larger scale, accelerating expenditure so that it falls before these dates should provide for earlier tax relief.”



Ends (232 words)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from Kaupthing Singer & Friedlander



Investment bank Kaupthing Singer & Friedlander has provided Nurton Developments Ltd with a £25 million rolling credit facility to assist with new investment opportunities.


Nurton Developments is one of the Bradshaw family property companies and is a mainly Midlands-focused enterprise, which specialises in taking on under-managed and under-developed properties.


Managing director David Bradshaw said: “We have invested approximately £150 million in the Midlands over the last nine years, and are continuing to look for opportunities to add to our portfolio of properties.


“Kaupthing has provided us with a £25 million revolving credit line, to assist with new investment opportunities, which will be used for redeveloping property across all sectors of office, industrial and mixed retail/leisure space. Although our portfolio is predominantly in the Midlands, we do have projects nationwide and will look at potential opportunities anywhere in the UK.


He added: “Our philosophy is to put new life back into neglected and under-managed buildings, through intensive management intervention, refurbishment, restructuring of leases and new lettings.



“We have undertaken a variety of schemes, ranging in size from £200,000 for the redevelopment of a single, industrial building of 37,000 sq ft, up to a £25 million rolling renovation programme on 300,000 sq ft of city centre office space. We have the capacity to take on even bigger projects in the future.”


David Smith, Kaupthing director of property finance in Birmingham, said: “Nurton is exactly the type of entrepreneurial property company that Kaupthing wish to back and we will be looking to support them in future as the business continues to grow.”


Partner Jason Jackson and associate Tom Bird of law firm Shoosmiths in Birmigham acted for Nurton Developments.



Property lawyer Carol Betts of HBJ Gateley Wareing in Birmingham assisted with loan documentation for the facility.



Ends (293 words)


For further information contact:


David Smith, Director of Property Finance,

Kaupthing Singer & Friedlander Ltd, 9 Colmore Row, Birmingham B3 2BJ

0121 200 3777

Nurton Developments

Debbie Munro

Munro Quantrill Marketing Ltd – 0121 240 4040 / debbie@munroquantrill.co.uk



Prepared and issued by Andy Skinner of ASAP, 01527 892004. Mobile, 07990 978257.


Editor’s Notes:

About Nurton

With offices in Birmingham and London, Nurton developments is a specialist developer of under-developed and under-managed properties in the commercial, industrial and mixed retail/leisure sectors. Recent projects have included the £25m redevelopment of the famous Priory & Cannon House in Birmingham. The first phase, the transformation of Cannon House into a stunning, 21st-century city centre landmark, was completed at the end of last year, and now the team has moved on to the redevelopment of adjoining Priory House in even more dynamic fashion, including 40,000 sq ft of penthouse office accommodation.


The company also owns the 73,000 sq ft TriGate office building at Hagley Road West, Birmingham, which was acquired in January 2006 for £5,600,000. Other current holdings include property in Coventry Road, Birmingham, and in Derby, Wolverhampton, Stafford, Cannock and Telford.



About Kaupthing


Kaupthing Bank is a northern European bank offering integrated financial services to companies, institutional investors and individuals. These services include corporate banking, investment banking, capital markets services, asset management and comprehensive wealth management for private banking clients. The Bank operates in ten countries, including all the Nordic countries, Luxembourg, Switzerland, the UK and the US. In addition the Bank operates a retail franchise in Iceland, where it is headquartered.


Kaupthing Bank is currently among the seven largest banks in the Nordic region in terms of market capitalization. Through sound organic growth and strategic acquisitions, Kaupthing Bank has fortified its position to provide outstanding services to its client base in the UK, the Nordic countries and elsewhere in northern Europe.



Ends

Press Release from Horwath Clark Whitehill LLP



The Government’s predicted crackdown on “income shifting” is on its way, according to tax experts in the Thames Valley office of accountants and business advisers Horwath Clark Whitehill.



Stuart Weekes, senior tax manager, said: “I predicted that if HM Revenue & Customs (HMRC) lost Arctic Systems the backlash would be worse than if they had won and, unfortunately, I seem to have been proved right.”



A consultation document has been issued jointly by HM Treasury and HMRC with a consultation period ending on February 28. It contains draft legislation which the Government proposes to have in place from April 6, 2008.



Mr Weekes explained: “The proposals follow on from HMRC’s loss of the Arctic Systems Ltd or Jones v Garnett case at the House of Lords in July this year.



“HMRC is targeting individuals who have entered into arrangements to divert income to another or other individuals so as to reduce or remove income tax liability. The income being targeted is partnership profit shares and company dividends.”



The legislation, if it goes through, will require the individuals to self assess their income tax liabilities as if they had not entered into those arrangements.



The proposals will apply to any existing arrangements.



Mr Weekes said: “If this becomes law it will be a blow to many SMEs and partnerships and is quite swingeing in its impact.



“Quite how legitimate such a short consultation period with proposed implementation in April will be remains to be seen.”



Ends (244 ends)



For further information, please contact:
Michelle Hewitt, Marketing Manager,
Horwath Clark Whitehill LLP, Aquis House, 49-51 Blagrave Street, Reading, Berkshire RG1 1PL

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.



This information is published without responsibility on our part for loss occasioned to any person acting or refraining from acting as a result of any information published herein. © Horwath Clark Whitehill LLP - 2008.

Press Release from PKF (UK) LLP



The draft legislation amending the tax position of non-domiciled individuals will hit more people than first thought, affecting everyone claiming to be non-domiciled, tax experts at accountants and business advisers PKF in Birmingham have warned.



The legislation includes significant measures which were not included in the Treasury consultation announced in the last Pre-Budget Report (PBR).



PKF tax partner Simon Littlejohns is concerned that the focus to date has been on the £30,000 charge for non-domiciled individuals who have been resident for seven of the previous nine years and that others who have been here less time may mistakenly believe they have escaped for now.



“There are measures in the draft legislation which will affect all non-domiciled individuals regardless of whether they have been here 60 years or 60 seconds,” he said.



“Anyone claiming non-domicile tax status needs to review their tax position urgently however long they have been tax resident in the UK.



“The legislation is particularly likely to hit those with investments held in offshore trusts and companies where past income and gains going back for many years may become taxable if brought into the UK after April 5, 2008. As things stand, non-domiciled individuals may need to act before April 6 or they could be hit with large tax bills in future years.



“It is particularly frustrating that these measures have only just come to light now in the draft legislation, having been left out of the consultation document published in December. ‘Cynics’ might claim that its earlier omission was deliberate in an attempt to restrict the time non-domiciled individuals have to act.



“My advice to all non-doms is to review of your position with your tax-adviser now so that there is sufficient time to do something about it”, he said.



Ends (293 words)



For further information, please contact:

Simon Littlejohns, Tax Partner,
PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway,
Birmingham B3 2LX
0121 212 2222

Prepared and issued by Andy Skinner of ASAP - 01527 892004, mobile - 07990
978257.



Notes to Editors:

1. PKF is a leading firm of accountants and business advisers with more than 1,800 partners and staff operating in 23 offices in the UK mainland firm, a wholly-owned financial planning company and associated offshore practices. The firm specialises in advising growing and entrepreneurial/owner-managed businesses, AIM and fully listed companies, and also has extensive experience in the public and not-for-profit sectors. Principal services include assurance and advisory; taxation; consultancy; corporate recovery and insolvency; corporate finance and forensic. The firm has particular expertise in advising sectors such as hotels and leisure; mining and resource; public sector; real estate and construction; professional practices; not-for-profit; and medical. The firm’s web site is www.pkf.co.uk.



2. PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited. PKF (Isle of Man) LLC is a limited liability company registered in the Isle of Man. PKF (Guernsey) Limited is incorporated in Guernsey.



3. PKF (UK) LLP is a member of PKF International which is an association of legally independent firms with more than 14,650 people operating in 119 countries around the world.

Picture caption: Demonstrating confidence in the Midlands commercial property marketplace – Marcus Daly (left), finance director of REI plc, with chief executive officer Paul Bassi and Bank of Scotland director Mike Murphy and area director for real estate Steve George.



ends



Press Release from Real Estate Investors plc



Real Estate Investors plc is bucking the trend and committing £100 million to purchasing commercial property in the region.



REI has refinanced part of its debt-free property portfolio, raising a further £20 million through the Birmingham office of Bank of Scotland to provide a total war chest of £100 million to target commercial property in the Midlands.



Through his private company Bond Wolfe Assets, Midlands investor Paul Bassi owns 20.47 per cent of REI having continued to purchase shares in the group throughout 2007.



He said: “Despite the credit crunch and the reluctance of some banks to fund commercial property, REI has refinanced part of its debt-free property portfolio and released a further £20 million which, together with existing cash and bank facilities, will provide it with £100 million of firepower to capitalise on commercial property opportunities in the present market, effectively creating a specialist regional vulture fund.”



He pointed out that Scottish Widows, Norwich Union, New Star, Aegon and many other funds have been selling commercial property investments at significantly below valuation in order to release funds to their policy holders.



The lack of liquidity in the market, and with banks reducing their appetite to lend to the property sector, is providing opportunities for those companies with cash and bank facilities to capitalise on this downturn.



Paul Bassi said: "REI remains committed to growing its investment base in the Midlands. The property fundamentals of high occupancy demand and low interest rates provide an ideal opportunity to acquire quality commercial property.



“Additionally, we have a very volatile stock market and I believe that investors will return to the stability and safety of quality bricks and mortar.



"We received several offers of funding from other banks to support our strategy and decided to partner with Bank of Scotland with whom I have worked for a number of years."



Steve George, Bank of Scotland's area director for real estate, said: "We have been in close dialogue with Real Estate Investors since Paul Bassi become chief executive officer, and we have worked with Paul on a number of transactions in the past for Bond Wolfe.



"Paul has an excellent track record in adding value to properties of this nature - the right properties in the right locations.



"We fully believe in his strategy for REI. Occupier demand is there and there is potential to improve income streams where properties acquired have been unloved by previous owners.



"Against the current background of market uncertainty, at Bank of Scotland we remain firmly open for business for the right borrowers and good propositions will always be supported.



Steve George led a team at Bank of Scotland which included director Mike Murphy and associate director Nigel Johns.



Property consultants DTZ advised on valuations, law firm George Green LLP advised Bank of Scotland and Challinors Solicitors provided legal advice to REI plc.



Ends (469 words)



For further information, please contact:



Paul Bassi, Chief Executive,

Real Estate Investors plc, West Plaza, 8th Floor, High Street, West Bromwich B70 6JJ



0121 525 0600



www.reiplc.com



Prepared and issued by Andy Skinner of ASAP, 01527 892004. Mobile, 07990

978257.



Editor’s notes



1. Real Estate Investors plc (REI) is Birmingham’s only quoted property investment company, specialising in commercial property in the West Midlands and central England.



2. The REI board is led by Paul Bassi, who is also chairman of Bond Wolfe Auctioneers and vice-chairman of Bigwood chartered surveyors - who are in the top 50 UK estate agents.



3. REI plc was admitted to trading on AIM in June 2004.



4. Further information is available on www.reiplc.com

Press Release from Horwath Clark Whitehill LLP

Horwath Clark Whitehill first choice for owner-managed businesses

Horwath Clark Whitehill has appointed Andy Pullinger as audit director of its Midlands team.

He joins the assurance and business advisers from BDO Stoy Hayward's Birmingham office where he has been servicing his client base for over 18 years. He previously trained with Grant Thornton and has also worked in Bedford, Telford and Wolverhampton.

He said: "Horwath Clark Whitehill is a national practice with all the technical support my clients need both nationally and internationally, but is as a firm very close to its local roots.

“Having offices in Walsall and Kidderminster is a particularly strong proposition for my clients. I was attracted to the firm because of its strengths in advising owner-managed and family businesses which is my core area."

Horwath Clark Whitehill Midlands Chairman Pat Moore said: "Andy arrives at a time when we are growing our Midlands practice significantly, both organically and by lateral hires. His appointment follows the recent addition of Angela Cornell to our tax practice."

Mr Pullinger, aged 49, lives in Telford with wife Sue and two daughters. He is an AFC Telford United season ticket holder as well as being secretary of the Wrekin 41 Club.

Ends (192 words)

For further information, please contact:
Miriam Sherwood, Marketing Manager,
Horwath Clark Whitehill, Foley House, 123 Stourport Road, Kidderminster, DY11 7BW
01562 60101

Prepared and issued by Andy Skinner of ASAP PR, 01527 892004, or mobile 07990 978257.

Notes to editors

Horwath Clark Whitehill is a leading national provider of accounting and business advice.
The firm offers specialist and technical expertise to owner-managed businesses and larger corporates, not-for-profit organisations, pension funds, professional practices and private clients.
Horwath Clark Whitehill has over 60 partners and around 500 staff based in 8 offices in the UK.
Worldwide, Horwath Clark Whitehill is the UK member of Horwath International. As one of the largest global professional service organisations, Horwath International has more than 120 independent member firms operating from 430 offices around the world.

For more information visit our website at www.horwathcw.com.

European investment bank Kaupthing is to launch a major regional office in Birmingham under the direction of a face very familiar to the city’s corporate market.

Trevor Foster, former regional director of Bank of Scotland, is to have overall responsibility for the new Midlands operation, based in Birmingham, which will initially focus on three banking divisions - corporate and structured finance, property and a dedicated private banking/ wealth management service.

Kaupthing is represented in ten countries across Europe, Scandinavia and Iceland and has 2,600 employees with around 700 in the UK. The bank has a market capitalisation of 6.6 billion euros and has recently announced record profits of just under 1 billion euros.

In the UK, Kaupthing has its headquarters in the heart of London’s West End at One Hanover Square and the growing bank acquired Singer and Friedlander in 2005.

This new mid-market integrated investment banking service is aimed at the region’s entrepreneurial set and fast growing companies.

Trevor Foster said he will be launching the bank with three well known banking figures heading up each division and intends to be fully operational by summer 07.

The Birmingham and Midlands operation will also have its own regional board – with the names of a number of the region’s key business players to be announced in the Spring.

And to demonstrate its commitment to the city and the region, Kaupthing is to sign a long term deal on offices in the heart of the city centre’s professional quarter. Trevor Foster said negotiations on around 4,000 sq ft of office space were entering their final stages.

“Clearly we do not immediately need a long term lease on as much space as 4,000 sq ft. This is strong evidence that we are setting up in Birmingham and are here to stay.

“We will be recruiting staff at all levels and I anticipate we will have 20-30 staff based in Birmingham within two to three years.

“As well as focusing on corporate, property and private banking, our Birmingham office will also be the gateway to all the Kaupthing services available through our London office at One Hanover Square,” he said.

These include treasury services, investment management, asset finance, investment banking and capital markets.


But it is the Kaupthing approach that Trevor Foster believes will differentiate the newcomers from the usual high street and other investment banks.

“Kaupthing is a relatively young and growing bank, nearing 25 years old, with a forward thinking management team and a far more entrepreneurial and client friendly spirit than perhaps most clients have been used to.

“We encourage our people to take a business view, a more commercial view, rather than a strict banking view, of deals and opportunities that are presented to us.

“We understand the entrepreneurial spirit and this is reflected in the strong relationship focussed service that we provide which is both bespoke and flexible,” he said.

Trevor Foster, who was appointed managing director of banking at Kaupthing in the summer of 2006, has maintained his links with Birmingham and is a non-executive director of Marketing Birmingham and Birmingham Forward. He is also chairman of the judging panel for this year’s Birmingham Young Professional of the Year Awards run by Birmingham Future.

Kaupthing counts Matalan, Karen Millen, Gordon Ramsey and Robert Tchenguiz amongst some of its high profile existing clients as well as Bakkavor, the owner of Geest, Mosaic Fashions, the high street retailer and Costcutter.

Press Release from PKF (UK) LLP

Don’t panic over September 30 tax return deadline - internet filing extends Revenue & Customs returns cut-off

Taxpayers should look to file online rather than sacrifice accuracy if the September 30 deadline for submitting paper tax returns without completing the tax calculation is proving a problem, accountants and business advisers PKF are warning.
HM Revenue & Customs (HMRC) will calculate the tax payable for online submissions filed as late as New Year’s Eve, giving an extra three months to comply said Karen Francis, tax partner at PKF in Nottingham.
“With the deadline looming for year to 5th April 2006 paper returns, taxpayers must remember that a single mistake can have a drastic impact on the final figure,” she said.
“While HMRC’s online returns systems do not have the best track record, filing over the internet may prove the better option.
“Anyone missing the September 30 postal deadline need not face the long and complicated task of calculating their own tax liability and will not lose the opportunity of deferring tax payment of up to £2,000 to next year if they file online.
“Calculating tax can be a complicated business and it makes sense to use tax software or an accountant to do the work, rather than risk getting the numbers wrong.”
But she cautioned against putting off completing tax returns whether on paper or online.
“Taxpayers shouldn’t bury their heads in the sand and do nothing now. The end of the year will come round very quickly and nobody wants to be on the HMRC website when they’re preparing to see in the New Year. My advice is to bite the bullet, get your figures together and file online well before the December deadline. Using an accountant to help with the tax calculations takes the weight off your shoulders,” she said.
This is particularly important for taxpayers whose affairs are less than straightforward but could also be especially important for taxpayers who miss both the paper and online filing deadlines as, by that stage, they will have only a few weeks left to meet the January 31, 2007, deadline and avoid an automatic tax penalty.

Ends (339 words)

For further information, please contact:

Karen Francis,
Partner in charge, PKF, Regent House, Clinton Avenue, Nottingham NG5 1AZ
0115 960 8171

Press Release from PKF (UK) LLP

New Wolverhampton tax fraud office is a waste of taxpayers’ money - PKF

The transfer by HMRC of some tax fraud investigations work from its Special Civil Investigations (SCI) offices to a new team in Wolverhampton – one of 11* new offices across the UK – is not in the best interests of the taxpayer.
That’s the view of Simon Littlejohns, tax partner at accountants and business advisers PKF in Birmingham, who believes that downgrading tax fraud investigations is an inappropriate waste of taxpayers’ money.
Dealing with Civil Investigations of Fraud (CIF), the new CIF teams will be charged with investigating cases of serious fraud – not routine inquiries – with the SCI still handling larger cases.
Simon Littlejohns said: “In our experience, tax fraud investigations handled by HMRC officers in local offices are dealt with in a very formulaic way and one often gets the impression that the investigating officer is simply following a checklist.
“This is risky and could lead to the enquiry being handled in an inflexible way which, in some circumstances, can put inappropriate and unacceptable pressure on the taxpayer.”
HMRC held a joint meeting with tax investigation practitioners last summer to review how it deals with investigation of tax fraud under the redrafted Hansard procedures.
These allow tax investigations to be carried out without the threat of direct criminal charges. HMRC was warned that downgrading fraud investigations to less experienced officers would not be a success but it has gone ahead and done it anyway.
Announcing the change, HMRC said it intends to handle more tax fraud investigations using newly trained CIF teams.
Simon Littlejohns added: “This just emphasises how much work SCI offices are having to deal with now that HMRC is obtaining more and more information on suspect taxpayers through bulk exercises such obtaining details of offshore bank accounts from the banks.
“While it makes sense to prioritise large and complex cases, I fear that a large number of taxpayers suspected of tax fraud will be investigated by inexperienced staff blindly following set procedures
“Tax fraud investigations are rarely straightforward and ought to be investigated by experienced personnel who deal with such issues on a daily basis. Anyone facing a CIF enquiry is being accused of a serious criminal offence and will need expert advice to ensure they are properly handled.”

Ends (371 words)

* London, Nottingham, Wolverhampton, Bristol, Stockport, Southampton, Leeds, Belfast, Cardiff, Glasgow and Edinburgh.

For further information, please contact:
Simon Littlejohns, Partner,
PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway,
Birmingham B3 2LX
0121 212 2222

Prepared and issued by Andy Skinner of ASAP - 01527 892004, mobile - 07990 978257.

Press Release from PKF (UK) LLP

Small businesses in the West Midlands are missing out on ways to save tax and increase their profitability, according to Simon Littlejohns, tax partner at accountants and business advisers PKF in Birmingham.
“There are many attractive tax reliefs and Government-approved tax saving schemes which apply to small businesses and their investors, and it seems wasteful at best not to make the most of them,” said Mr Littlejohns.
He outlined just three schemes that could create more profits and enhance small companies’ ability to reinvest in their future: the Enterprise Management Incentive Scheme, the Enterprise Investment Scheme and Enhanced Capital Allowances.
Enterprise Management Incentive Scheme (EMI) - Many small company owners find that, to motivate and retain their key employees, it is helpful to give them a piece of the action by way of an option over equity in the company.
Broadly speaking, trading companies with assets below £30 million in total can grant options over shares worth up to £100,000 with a maximum of £3 million of unexercised EMI options allowed.
Under the EMI scheme, the employees should then pay no income tax on the grant of the option.
Provided that the price the employees pay for the shares on exercise is no less than the shares’ market value at the date the options were granted, and they do not sell their shares until at least two years after they receive their options, employees should ultimately pay tax at no more than ten per cent on the growth in value of their shares.
In addition, the company may claim a tax deduction when the options are exercised, for the amount of the increase in the shares’ value since the options were granted.
Enterprise Investment Scheme (EIS) - This longstanding scheme was designed to encourage outside investment into riskier small companies.
It remains a very effective Government-approved tax incentive for entrepreneurial investors, although the cumulative effect of several Chancellors’ tinkering has been to surround this tax relief prize with a minefield of anti-avoidance measures.
Investors whose investee company manages to keep within the strict rules to qualify for the scheme, benefit from attractive tax relief in respect of a subscription for new shares in the company.
For an investment of less than £400,000 in a company with total assets less than £7 million, there is an immediate 20 per cent income tax relief for the investor and an exemption from capital gains tax if the shares are sold at a gain after more than three years have elapsed.
On the other hand, if the company does badly and it becomes necessary to sell the shares at a loss, the investor may set the loss – net of tax relief already received – against their taxable income for the year.
Enhanced capital allowances - Small businesses still benefit from the ability to write off certain capital assets more quickly for tax purposes than larger businesses can. In particular, businesses which qualify as “small” can claim a first year allowance of 50 per cent on the purchase of plant and machinery and those which qualify as “medium-sized” may claim at 40 per cent.
Simon Littlejohns added: “Businesses, large or small, which invest in environmentally-friendly assets can do even better.
“Capital expenditure in three categories of environmentally friendly expenditure, namely energy-saving plant and machinery, low-emission cars and gas refuelling equipment qualify for first year allowances at 100 per cent.
“The message is that wholly legitimate, Government-sponsored tax saving opportunities do exist, without affecting the bottom line, but you must ensure that you have been very careful to meet the demanding criteria to claim these opportunities and professional advice is strongly advised,” he said.

Ends (607 words)

For further information, please contact:
Simon Littlejohns, Partner,
PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway,
Birmingham B3 2LX
0121 212 2222
Prepared and issued by Andy Skinner of ASAP - 01527 892004, mobile - 07990 978257.

Notes to Editors:

PKF (UK) LLP is one of the UK’s leading firms of accountants and business advisers and specialises in advising the management of developing private and public businesses. The firm has more than 1,500 partners and staff operating in 23 offices around the country. Principal services include assurance and advisory; consultancy; corporate finance; corporate recovery and insolvency; forensic; and taxation. The firm has particular expertise in advising sectors such as small and medium-sized companies; charities; hotels and leisure; medical; professional partnerships; public sector; property and construction; and technology. The firm’s web site is
www.pkf.co.uk.
PKF (UK) LLP also offers financial services through its FSA authorised company, PKF Financial Planning Limited.

Internet calls firm Citel to float

Citel plc, a UK company whose headquarters are in Seattle, USA, is aiming to raise £10 million in a flotation on the Alternative Investment Market (AIM) advised by the Birmingham office of global law firm DLA Piper Rudnick Gray Cary.
The company, based in the UK at Edwalton, Nottingham, provides voice over internet protocol (VOIP) services which allow ordinary phones to make cheap phone calls through broadband internet connections.
This service normally required specially designed phones but Citel has produced technology that lets digital phones built for ordinary lines link up to the VOIP services.
Citel has been advised by DLA Piper partner Charles Cook and lawyer Nikk Bond. A key factor in DLA Piper winning the business was its ability to advise both in the UK and the US.
Charles Cook said: “The market for VOIP services in the US in 2004 was estimated to be worth around US $1.2 billion and is expected to grow to US $23.4 billion by 2009, a compound annual growth rate of 79 per cent.
“Now UK business will be able to tap into the cost savings provided by Citel.”
The technology was developed at Citel’s Edwalton Centre where it has a team of 22 hardware and software engineers.
Citel chief executive officer Michael Robinson said it would offer big businesses a quick and cost-effective route into VOIP services.
“The cost savings with VOIP telephony can be considerable, with lower phone bills and simplified administration, and it also brings new features that integrate your mobile and fixed line numbers and allow you to quick dial from your PC.”
In the past, businesses wanting to access the service had to replace their PBX exchange box with a device that allows the existing telephone network to transfer on to VOIP.
Citel has been advised by brokers Panmure Gordon and is being backed by a range of venture capital funders including Doughty Hanson, the investment firm in which Nottingham Forest chairman Nigel Doughty is a partner.
Citel has already signed a contract with Sprint Nextel Corporation, the third largest telecommunications carrier in the US which will involve Sprint offering Citel’s Handset Gateway product to end users as part of its VOIP service, and the company expects to enter into further supply contracts with a number of major telecom carriers as these carrier continue to roll out their hosted VOIP services.
Citel’s products are already in use by a number of blue chip customers including United Airlines, American Express, Deloitte and TD Waterhosue, Wachovia and Metlife.
Turnover to the year end of March 31, 2006, was £4.02 million, up 265 per cent on the previous year.

Ends

For further information, please contact:

Charles Cook, Partner,

DLA Piper Gray Cary UK LLP
08700 111 111

Prepared and issued by Andy Skinner of ASAP, 01527 892004. Mobile, 07990 978257.

Press Release from PKF (UK) LLP

Mike buys back the business he founded

An Aston business originally launched in 1986 has been bought by its founder in a management buyout (MBO) advised by Birmingham professional firms.
Mike McDonough, founder of Sertec Plastics Ltd, has bought the company out of the Sertec Group with financial backing from Lloyds TSB Commercial Finance in Birmingham.
The transaction was led by Jat Najran and Andy Kay, corporate finance directors at accountants and business advisers PKF and the management team was advised by Gary Davie and Sara Woodward of Putsmans Solicitors. Sertec Group took external advice from Paul Wakefield of Clarke Wilmott.
The company specialises in vacuum-formed and polyurethane moulded components for a variety of applications including automotive, construction, agriculture, work vehicles and general engineering.
As well as supplying interior vehicle trim components for specialist car manufacturers such as Aston Martin, Lotus and Renault, Sertec Plastics also supplies items such as replacement blue plastic hoods for lottery ticket stands.
Having carved out a specialist niche in its sphere of operations, Sertec Plastics now manufactures some 300 different parts and in the last 12 months has added JCB and Land Rover to a growing list of customers.
Now the business is looking to grow both in premises and staff. Staff numbers have already grown from 32 to 43 and managing director Mick McDonough is looking to expand near the current 36,000 sq ft Witton premises and add skilled staff as the business grows.
Mike McDonough explained the reasoning behind the management buyout.
“The products and services we provide were no longer regarded as a core activity by the Sertec Group and we felt that more focus and investment was needed on Sertec Plastics to put us in a position to deliver the ever more demanding requirements of our customers.
“We appreciate the role our advisers played in structuring the transaction and believe that with our technical expertise and experience and continued close business relationships we are now in a position to move forward.”
Jat Najran of PKF Corporate Finance said: “In the wake of recent problematic conditions in the West Midlands engineering community it was particularly rewarding to be involved in a deal that secured an excellent company’s niche position in a competitive market.
“Mike has an established track record of investing in and developing businesses and with his company’s knowledge of their existing markets and innovative engineering capability, Sertec Plastics should be well placed to exploit its undoubted potential.”
Putsmans corporate partner Gary Davie said: “We are always delighted to be working with and supporting West Midlands manufacturing companies. The successful completion of Sertec Plastics is the latest of several management buyouts we have acted on in recent months. Mike came to us on the recommendation of another client, which is always nice, and we look forward to working with him and his team in the future.”
Ends (469 words)

For further information, please contact:

Jat Najran, corporate finance director
PKF (UK) LLP, New Guild House, 45 Great Charles Street, Queensway,
Birmingham B3 2LX
0121 212 2222

Or

Gary Davie, corporate partner, Putsmans

T:0121 2600269 F:0121 260 0231

Press Release from PKF (UK) LLP



How Leicester can make the most of 2012



Accountants and business advisers PKF have launched a 2012 Unit dedicated to helping Leicestershire businesses make the most of the opportunities that the Olympic Games in London will bring.



PKF partner Steve King said: “This once in a lifetime event presents Leicestershire-based organisations in business, retail, IT, construction, engineering, tourism, hospitality and creative with opportunities to grow their businesses and be part of one of the largest urban regeneration programmes in Europe, post World War 2.”



He said that Leicestershire businesses needed to ask themselves how they could take advantage of the opportunities, what are they and how do Leicestershire businesses understand and quantify them?



“Unless you make the time to ask these questions, you may miss out on the opportunities on offer,” he said.



PKF has itself gone through this very same process and has assembled a team of senior personnel from across the firm’s management consultancy, research and finance teams to form a dedicated 2012 Unit.



Steve King said: “The main purpose of the 2012 Unit is to help our clients in both the public and private sectors understand how to take advantage of the opportunities arising from London 2012.



“As we represent organisations from across hotels, construction, skills, training, tourism, hospitality, and business services sectors, we have built a valuable knowledge base about the interests, concerns and challenges these organisations face as they gear up to make a positive contribution to what we all recognise to be a once in a lifetime opportunity.”



He stressed that PKF has a competitive advantage as the firm works closely with the public sector organisations charged with delivering the infrastructure, events and legacy benefits for the UK, putting PKF in a pivotal, privileged position and giving its research and advisory team a privileged insight.



“Our dedicated 2012 Unit will provide sound analysis and intelligence on which to make investment decisions. Moreover, in a complicated organisational environment, with impending procurement deadlines, we will help our clients to shape, rather than react to opportunities, at each stage of the planning and delivery of the Games.



“Remember, if you don’t ask, you don’t get!” he said.



Ends (352 words)



For further information, please contact



Steve King, Partner

PKF, Pannell House, 159 Charles Street, Leicester LE1 1LD

0116 250 4400



Prepared and issued by Andy Skinner of ASAP – 01527 892004, mobile – 07990 978257.

Press Release from PKF (UK) LLP


Food for thought from PKF

Accountants and business advisers PKF in Leicester have responded to the City Growth Strategy report by launching a specialist division dedicated to supporting the county’s burgeoning food and drink sector.
“Food for Thought” is a new initiative spearheaded by PKF partner Nish Bathia and director Gareth Singleton which has been set up to support Leicestershire’s food and drink businesses with financial advice and strategies for growth.
“PKF has always been the champion of the growing business, particularly in the small to medium sector,” said Nish Bathia.
“Before you even start to discuss Leicestershire’s skills base that is available to start-ups or growing companies, you have to recognise the county’s excellent central location in the UK which is vital for distribution.
“Leicestershire is well placed on several levels to really get behind its food industry and push hard. We have the location, the skills and the will to win.”
He said that building a successful business strategy and taking advantage of every tax and financial break available was essential if the county’s fledgling food firms were to prosper.
“The county’s big food and drink firms like Walkers Snack Foods, Pukka Pies, Samworth Brothers, Pedigree Masterfoods and Everards Brewery can lead from the front and inspire their smaller brothers and sisters across the county.
“They can help us all by sharing best practice in areas such as marketing, quality and health and safety,” he said.
He said the county was already known worldwide for products such as Melton Mowbray pork pies and Stilton cheese and the time was ripe to build on this reputation.
The “Food for Thought” initiative will feature a series of sector-focused seminars, briefings and newsletters prepared and issued by PKF aimed at identifying the key drivers of growth in the food and drink marketplace.
PKF is also putting its weight behind the East Midlands Food Forum initiative, in particular the Ethnic Food Forum.
Kamal Dhutia, director of sauce firm BI, has been appointed Food and Drink cluster champion by the Leicester Shire Economic Partnership, in a new series of initiatives aimed at supporting businesses in the areas of food and drink, construction, technology and retail.
“We welcome this move by the public sector and call upon the private sector to help build a vibrant and growing food and drink sector in Leicestershire,” said Nish Bathia.
“We will be working hard with clients and contacts in the private sector and also with public sector partners such as Leicester Shire Economic Partnership and the East Midlands Development Agency to identify every last penny available in grant aid and financial support to food and drink sector businesses, and we will be working with them to ensure they make the most of the opportunities for growth.”

Ends (457 words)

For further information, please contact:

Nish Bathia, Partner,

PKF, Pannell House, 159 Charles Street, Leicester LE1 1LD

0116 250 4400

Prepared and issued by Andy Skinner of ASAP - 01527 892004, mobile - 07990 978257.