The Global marketplace can seem a daunting and lonely place, especially if you are “dipping your toe in” for the first time.  But in today’s economic climate with improved communications, greater international mobility and with rapidly developing new markets - can you really afford not to be there?

Most successful worldwide businesses operate on an increasingly global scale and benefit significantly from engaging the services of accountants and advisers in that individual country to take advantage of their local knowledge, expertise and contacts.  However, when it comes to accounting and tax, how do you ensure that you are locally compliant? 

You would probably expect to have to engage the services of a “Big 4” or National firm of accountants to assist with overseas offices and global trading practices, well not necessarily so, says Chris Walklett – Business Tax Partner at leading independent Accountants and Business Advisers Peters Elworthy & Moore (PEM). “We recognised that our clients had an increasing need for reliable and convenient access to quality services of overseas Accountants and Business Advisers, similar to PEM.  We therefore, needed to be part of a credible international network that would enable us to manage international assignments.  Kreston International was the obvious choice”.

Kreston member firms have to meet stringent criteria, ensuring that international assignments are appropriately handled.

Adds Chris Walklett, “by becoming a member of Kreston International we have not only proved to our clients that we are a valued member of the UK business community, offering expert support and advice, but we can confidently recommend an expert of similar quality and ethics in over 75 different countries, removing the need to negotiate cultural bridges”.

As with any business, ensuring that your financial planning and procedures are in place is important to growth and success, however, when entering the international business arena for the first time or building upon an existing global enterprise, you can be assured that through PEM and Kreston International, you will be able to source international advice at competitive fees.

For further information on Kreston International and international structuring, accounting and tax advice contact Chris Walklett – Head of Business Tax  on 01223 728258 or email cwalklett@pem.co.uk

The fifth CETC event of the 2007/8 calendar will be held at St John’s Innovation Centre in Cambridge on Thursday 24th April 2008.

Event Summary
Title  -  The Future of LED Lighting
Date  -  24th April 2008
Location  -  St John’s Innovation Centre
Buffet & Networking  -  from 18:00
Speakers begin  -  18:30
Finishes  -  circa 20:30

Event Detail
For this event we have a distinguished line-up of speakers.

Colin Humphreys, who is the Goldsmiths’ Professor of Materials Science at Cambridge University, Professor of Experimental Physics at the Royal Institution in London and a Fellow of Selwyn College, Cambridge, will lead the evening by covering the move from incandescent lighting to fluorescent tubes and compact fluorescent lamps to LEDs.  He will comment on energy savings, the saving of carbon emissions, the move of LEDs into various markets, and then the key challenges, which are rapidly being overcome to introduce LED lighting into our homes and offices.

The second speaker is Dr Scott Brown, Vice President of Research and Technology, Cambridge Display Technology (CDT), a leading developer of technologies based on polymer light emitting diodes (P-OLEDs), which are the fast growing new generation of display technology set to replace liquid crystal displays (LCDs) and cathode ray tubes (CRTs) as well as opening up the possibility of flexible and even wearable displays.  Scott will explain the properties of P-OLEDs, compared with LEDs, and talk us through some of the manufacturing processes as well as detail the challenges of bringing CDT to market on the NASDAQ exchange and later positioning the company for acquisition by the Sumitomo Chemical Company.

The last speaker is Dr Neil Gerrard, formerly Director of Technical Marketing for Thomas Swan Scientific Equipment Limited (now Aixtron UK Ltd) with responsibility for Technology Strategy and New Product Development, and now an independent consultant.  Neil will bring the presentations together by covering the economics of LED devices, offering an overview of the market and highlighting the major players – past, present and future.

With the competing products and technologies it should be a most interesting and entertaining evening.
The finger buffet at St John’s Innovation Centre will commence at 1800 allowing for networking until the seminar itself commencing at 18:30.

For full details of the seminar please see the CETC Website www.cetc.info
Details of the St John’s Innovation Centre location can be found at the following address.  The best parking for the conference room is found by taking the last entrance into St John’s that leads around the back of the building.  http://www.stjohns.co.uk/directions.htm

To book a place at this seminar, simply email Jamie Murray: jamiemurray@hallammurray.co.uk

 

 

Put a Tiger in Your Tank!
Strategies for accelerating growth

 

‘Put a Tiger in Your Tank!’ is the theme of the 9th Cambridge Enterprise Conference, which is aimed at encouraging enterprise and helping new and innovative businesses to be a roaring success.

 

17 September 2008
Churchill College, Cambridge, CB3 0DS, UK
Registration 08:00 for a 09:15 start
Conference concludes at 17:30 followed by a drinks reception at Churchill College.

 

For further details, visit: www.cambridgeenterpriseconference.co.uk

 

 

 

Due to the success of the seminar series on ‘Business Exit Strategies’, PEM Corporate Finance is hosting another FREE seminars offering a half day Practical guidance on your business exit strategy or succession choices. This will be held on 24 April in Ipswich.

The Seminar will help you:

- Groom your business for value, growth or exit
- Understand how to sell your business
- Mitigate Tax
- Plan for succession instead of exit
- Evolve an ownership strategy
- When and Where?

Thursday 24 April 2008 - Holiday Inn, The Havens, Ransomes Europark, Ipswich, IP3 9SJ

Who should attend?

- Chief Executives
- Finance Directors
- Shareholders or Business Owners

For further information visit our website at www.pemcf.com. Alternatively, you can call Cheryl Westley on 01223 728289 or email cwestley@pem.co.uk

PEM Tax Team is delighted to announce that it has been short-listed for one of the most sought after and prestigious awards in the UK’s tax calendar.  For its entry in the category of “Best General Tax Practice”, the PEM Tax Team has overcome an incredibly high standard and a record number of entries to reach this important stage and to have become a finalist at the LexisNexis Taxation Awards. 

Now in its eighth year, the Awards honour those organisations that have made an outstanding contribution in the field of taxation. The results will be announced at a ceremony on the 22 May 2008 at the Park Lane Hilton Hotel in London.

The Taxation awards are recognised as the gold standard for tax teams throughout the UK. To be short-listed for the ‘Best General Tax Practice”’ Award, PEM has had to demonstrate Clear and specific evidence of teamwork and a proven ability to offer an exceptional service to its clients.

Chris Walklett, Business Tax Partner is thrilled with the news and says: “The level of competition for the Taxation Awards is extremely high and we are delighted that the judges have recognised the unique qualities of our Tax Team at PEM – even the entry document for the awards was a team effort and the team will be there to share the experience on the night”.

The business community has given Alistair Darling’s first Budget a strictly qualified welcome.

Most praise came largely because the Budget contained “no nasty surprises” and was generally low-key.

Richard Lambert, the director-general of the CBI, said: “The Chancellor didn’t set the Thames alight, but then he didn’t have anything to set it alight with. On the surface there are no nasty surprises, but his growth assumptions are optimistic and leave him with no room for manoeuvre should things take a turn for the worse.”

Mr Lambert continued: “The government has much to do if it is to win back its enterprise credentials, but the measures announced today are a credible first step on the road. Although the anger over capital gains tax is still simmering, entrepreneurs and smaller businesses will recognise that the government has made an attempt to listen.”

But he added that business still faces the burden of extra taxation: “For business, although there may have been no further big shocks in today’s speech, we mustn’t lose sight of the whole raft of tax rises announced in the previous Budget and the Pre-Budget Report. These are scheduled to kick in from April, putting a further squeeze on firms at this already turbulent economic time.”

John Wright, national chairman of the Federation of Small Businesses, agreed: “The Treasury’s dithering since the Pre-Budget report and a series of damaging tax rises in the last year have totally undermined the Government’s position with small businesses.

“Alistair Darling’s first Budget is unlikely to make that situation much better, but it is a relief that it will not make it any worse either. Finally it seems we may have an announcement from the Chancellor that doesn’t spring any nasty surprises on small businesses.”

On income shifting, Mr Wright said: “The deferral of plans to change income shifting rules, which would have forced tens of thousands of family businesses to create and maintain a massive amount of extra paperwork on individuals’ contributions to their business, is welcome news. The plans should now be abandoned permanently.”

Also positive was the delay in implementing the rise in fuel duty.

Mr Wright commented: “We welcome the freeze on fuel duty until October, but the issue is unlikely to go away. The cost of fuel is damaging small businesses and their customers in every industry and every area of the country.”

He applauded plans to help fund new businesses and limit the effects of regulation: “Plans to reform regulation, improve access to finance by expanding the small firms loan guarantee scheme, help female entrepreneurs and for a goal to give at least 30 per cent of public sector procurement to small and medium-sized businesses all have our support. These plans will need to be backed up with real action.”

Responding to the Budget, David Frost, the director general of the British Chambers of Commerce, likewise criticised the tax burden that will fall on business.

Mr Frost said: “The pre-Budget Report last October brought in a series of changes that complicated the tax system, increased taxes and made the UK a less attractive place to come and do business. Unfortunately, the Chancellor has not repealed the bulk of these measures and the business community will still feel that the Government has used them as an easy target for the Treasury.”

But Mr Frost, too, was able to welcome the new initiatives supporting smaller businesses: “It was good to hear the Chancellor make specific reference to the SME community however and we welcome initiatives such as the small firms loan guarantee and the plan to impose a limit on the amount of regulation that can be imposed by Whitehall departments. It was also heartening to see the Government set a goal of SMEs winning 30 per cent of all public sector contracts over the next five years.”

The Forum of Private Business also welcomed measures pledging an additional £12.5 million to assist female entrepreneurs start businesses and extra Capital Allowances to help firms introduce more environment-friendly commercial vehicles.

However, the FPB statement questioned whether the Chancellor’s announcements on Corporation Tax, CGT and income shifting backed up his desire to do more to support small and medium-sized enterprises.

Miles Templeman, director general of the Institute of Directors, said: “Business will be relieved by the apparently low key tone of this Budget, which is welcome after the recent ill considered and damaging announcements on CGT and non-doms.

“We welcome the decision to postpone the proposals on income shifting, which would have imposed an impossible burden on thousands of small businesses. The policy needs a fundamental re-think. More generally, the tax regime still needs to be simplified and made more business-friendly. The new enterprise agenda is taking us in the right direction, but as ever, everything depends on delivery.”

So what’s the big attraction then and why has leading, Cambridge based accountants and business advisers Peters Elworthy & Moore (PEM) proved that this liaison can be mutually beneficial?

When It should be a given that a professional accountancy services firm offers good audit, accountancy and tax advice, can accountants really understand and offer anything different and bespoke to the needs of this specialist sector?  A resounding “yes”, says Chris Walklett, Head of Technology at PEM.  “Technology businesses need quality advice and assistance to grow just like other sectors, but are often too busy with their respective “technology” to step back and look at the financial and planning side - an all important part of the process”.

Following detailed research into this sector and the service it really needs, PEM launched PEM Technology, a specialist service dedicated to the Technology sector which is growing from strength to strength.  With a quality Technology Team offering cross-service expertise and experience, an office right at the Technology Hub within St John’s Innovation Centre, corporate sponsors of the 9th Cambridge Enterprise Conference and highly regarded members of Kreston International, PEM Technology has listened to the needs of this sector and truly carved its niche.

Continues Chris, “The technology sector in Cambridge contains a plethora of entrepreneurial businesses that are so busy concentrating on their particular “technology”; they neglect essential planning, compliance and risk management issues.  Today’s entrepreneurial technology start-ups are the high-growth success stories of tomorrow and with our help, they can get their “house” in order so that exponential growth relates to turnover not problems.  From producing  accounts, handling the audit, assisting with VAT issues and ensuring swift R&D Tax Credit payments, to tax planning/mitigation and investigating whether IT systems, HR policies, Employment Tax schemes are all up to the high demands of technology businesses of today  - PEM Technology really is the team to help.

For further information on our extensive range of services to the Technology Sector, call Chris Walklett on 01223 728258 or email cwalklett@pemtechnology.co.uk or visit our dedicated website Technology website at  www.pemtechnology.co.uk

Local Chartered Accountants Peters Elworthy & Moore (PEM) has donated the money it normally sets aside for corporate Christmas cards, to the Cambridge Cancer Help Centre.

Founded in 1986, the Centre gives people with cancer and their carers an opportunity to meet, talk and socialise with others in a similar position. There are often long gaps between appointments and treatment, and after the treatment has been completed, during which those concerned can feel anxious and alone. By putting people in touch with others, offering complementary therapies and lending a listening ear, the centre fills this gap.

After a 3 year fundraising campaign to find permanent premises, Scotsdales Garden Centre kindly allocated some of their land for a new centre, and in September the centre moved to its new location.PEM joined Radio Cambridgeshire and many builders and contractors who gave their time and expertise to the project, at the centre’s launch party today. A cheque was presented to Charlie Nightingale, Project Manager, by Sarah Burt and Cheryl Westley from PEM’s Marketing Department.

Says Charlie, “We are delighted to receive such a generous donation from PEM. Acquiring permanent premises fulfils the centre’s long-term aim, which is the continuing support of people who have or have had cancer and their carers. The money will go directly towards paying for materials needed for this substantial project.”

Adds Roger Webster, Partner at PEM, “We decided four years ago that the substantial amount of money which we spend on corporate Christmas cards could be spent more purposefully, as well as helping to save  trees!.  We therefore ask our Partners and staff for suggestions as to which charity they would like the money to go to, with the only criteria being that it is a Cambridge based charity and the money will go directly into a project which will make a difference locally.  The Cancer Help Centre certainly fitted the bill and we are very pleased to have donated the money to this cause.  We wish the Centre every success with its lovely new facilities at Scotsdales”.

Aggregate fee revenues for Kreston International grew to $1.7 billion in 2007, an increase of 30 percent over the previous year.

Kreston International executive director, Jon Lisby explained: “This year’s growth follows on from a very successful 2006 and we have seen our fee revenues grow by 50 percent in the past two years. Our membership now includes 250 firms in 78 countries with a total resource of 18,000 professional and support staff. “Our member firms are benefiting from strong national organic growth coupled with the sustained increase in reported international referral business, which has more than doubled over the past three years.“We are delighted to have been successful in securing the membership of Exco

France, a leading French network of 23 firms with more than 2000 professional staff and aggregate fee revenues of $190 million. The addition of Exco accounts for around half of Kreston’s overall growth in 2007.”It seems clear that our members’ approach to the delivery of cohesive, credible and creative national and international services is proving most attractive both to the firms and to the clients they serve. We remain well on track to achieve a top ten ranking in each of the major global trading nations.”

Source: IAB 

 

October saw Kreston’s 36th World Conference, held in Chicago, USA.  The theme of this year’s conference was growing cohesion within the association.

 

PEM were represented by Paul Chapman (Managing Partner), Sanchia Norris (Personal Tax Partner) and Chris Walklett (Business Tax Partner).  In all the conference was attended by over 150 people, with 28 countries represented.

 

This was PEM’s first conference as a member of Kreston International and was a great success for both PEM and all those concerned.

 

Although Kreston is an association of independent accountants, closer working relationships and tendering for global assignments is very much on Kreston’s agenda.  The conference reflected on case studies of where Kreston as an organisation is competing with the Big 4 on audit tenders and tax assignments worldwide.

 

Chris Walklett comments, “Our clients are increasingly facing international issues and that is translating to increasing demand for PEM to deliver international solutions.  The international expertise within PEM is impressive but it was critical for PEM to be a member of a credible international organisation that would enable it to hand global not just local assignments.  Membership of Kreston is delivering this capability and we have already worked with members from across Europe and beyond, including the US and Asia.”

The conference also enabled UK members to forge closer links and also share best practice in key areas.

 

“The benefits of Kreston are not just international – PEM is already benefiting from sharing best practice initiatives with other UK members, helping PEM to highlight opportunities to improve client service.”

 

PEM also used the conference as an opportunity to develop the PEM Technology initiative within the Kreston organisation through a proposed Kreston Technology Special Interest Group. The Kreston board were keen to explore a Technology initiative and PEM will be able to take a lead role in joining up Technology initiatives and specialists within the Kreston organisation located in key hubs such as California in the US, Cambridge and the Thames Valley for the UK, and even beyond into areas such as Australia and Turkey.

 

For more information about Kreston International and how PEM can help you manage international opportunities and risk please contact Chris Walklett on 01223 728258 or on cwalklett@pem.co.uk