INSIDENew Employment Allowance

Capping Income Tax Reliefs

How Flexible is your Business?

Capital Allowances and Second-hand Fixtures

Weathering the Seasons: Dealing with Fluctuating Demand

Rights for Shares: Employee Shareholder Contracts

Home or away? The New Statutory Residence Test

Could you cut your National Insurance Payments?

Capacity Crunch!

ABG Corporate Finance - Sale of iPrism Underwriting Agency

LATEST NEWS.....

Arram Berlyn Gardner

will be converting to an

LLP on 1 July 2014.

Read more inside...

ABG Times

Arram Berlyn Gardner 30 City Road London EC1Y 2ABTelephone 020 7330 0000 www.abggroup.co.uk

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ABG’s partners

Julie Piper is Head of Audit. Julie deals with many of the firm’s larger audits and regulated clients. Julie’s client base includes FCA regulated clients together with clients in the property sector. She also advises clients on personal and corporate tax issues.

Victor Dauppe is our Tax Partner. Victor lectures widely and sits on the Corporation Tax subcommittee and the Small Business Working Group of the Chartered Institute of Taxation. Victor spends his time identifying tax planning strategies for our clients.

John Donohoe is a Business Services Partner. John works with owner- managed businesses and high net worth individuals. He advises clients on audit and accounting issues as well as personal and corporate taxation.

Paul Morris’ main focus has always been helping owner-managed businesses deal with the many challenges that they face providing support and commercial advice and within the practice Paul deals with many aspects of the firm’s management.

Gary Jackson is our Senior Partner. Gary acts for a diverse range of clients. He has dealt with a large number of corporate sales and purchases as well as reorganisations and reconstructions.

Mark Rubinson is Head of Practice Development. His portfolio comprises mainly of medium-sized, owner-managed businesses and high net worth individuals and Mark advises on both corporate and personal tax mitigation and planning.

Paul Berlyn is our Managing Partner. Paul’s portfolio includes clients in the property, recruitment and “not for profit” sectors including charities and trade associations. Paul provides a variety of services to these clients and is involved in all aspects of their affairs. Paul has been involved in many corporate sales in recent years.

Filiz Zekia is our Finance Partner. Her portfolio includes owner-managed businesses covering a wide range of sectors including media, retail and wholesale. Filiz is involved with several of the firm’s internal management committees. She specialises in helping her clients with tax planning.

Welcome - Note from the Managing Partner

Arram Berlyn Gardner is fast approaching its 50th Anniversary and 2015 is set to be an exciting year for the practice.

As we approach this Anniversary the partners believe this to be an opportune time to convert the existing firm to a Limited Liability Partnership. This change will take effect from 1 July 2014. Many other professional firms have already undertaken this step and we think now is the right time for us.

I am pleased to announce that the name of the new partnership will be Arram Berlyn Gardner LLP and the existing partnership will assign the current business to the new LLP with effect from 1 July 2014.

Other than the name change and a few administrative changes (such as changes in our bank account details) you should experience no change in your dealings with us.

We will, of course, be sending out a mailing with further details but if in the meantime you have any questions, please feel free to contact me or your normal ABG contact.

Paul Berlyn

Eleanor Wilkinson is our Corporate Finance Partner. Eleanor has a strong track record in completing transactions of varying size and complexity including cross-border and Private Equity. Eleanor joined ABG from a mid-market investment banking boutique.

If you have not yet claimed the allowance, you will need to notify HMRC by completing the yes/no indicator. You will only need to do this once. The employer’s payroll software will then offset the allowance against each monthly Class 1 secondary NICs payment that is due to be made to HMRC until the allowance is fully claimed or the tax year ends. For the following tax year, it is proposed that the allowance will be available as an offset against a Class 1 secondary NICs liability as it arises during the tax year.

The Employment Allowance applies per employer and can only be claimed once, irrespective of how many PAYE schemes the employer chooses to operate. It will be up to the individual employer to decide which PAYE scheme to claim it against.

For further advice and strategies to help keep your tax liability to a minimum, please contact us.

In an effort to support businesses and charities with the cost of employment, the Government has introduced a much-anticipated new Employment Allowance, worth up to £2,000.

What is it?

One of the most notable – and welcome – measures to come from the Chancellor’s 2013 Budget, the new Employment Allowance enables businesses and charities to reduce their national insurance liability by up to £2,000. The measure came into effect on 6 April 2014 and applies to businesses, charities and Community Amateur Sports Clubs.

Employers need to confirm their eligibility through their regular payroll process, which will then ensure that up to £2,000 will be deducted from their employers’ Class 1 national insurance contributions (NICs) liability over the course of the year’s PAYE payments.

Who benefits?

The Government estimates that around 1.25 million employers will benefit from the measure, while 450,000 businesses are expected to be taken out of national insurance altogether in 2014/15.

The new allowance will undoubtedly come as welcome news to many businesses, providing additional funds for those seeking to take on more staff, and a reprieve for firms struggling with cash flow issues.

How will it work?

HM Revenue & Customs (HMRC) is delivering the new Employment Allowance through standard payroll software and its Real Time Information (RTI) system. A ‘yes/no’ Employment Allowance indicator facility has been added to the RTI Employer Payment Summary (EPS) and payroll providers have been required to update their software in the same way.

Get ready for a £2,000 tax cut … the new Employment Allowance and your business

Filiz Zekia Partner

Tel: 020 7330 0024

fzekia@abggroup.co.uk

Following the introduction of the Finance Act 2013, a new limit now applies to the amount of income tax relief that an individual can claim by way of a deduction from their total income.

The cap restricts certain reliefs to the greater of £50,000 or 25% of adjusted total income. The cap applies for 2013/14 and includes claims to carry back losses from 2013/14 to 2012/13.

Reliefs subject to the cap

The legislation provides for a large number of income tax reliefs, although not all of them are subject to the cap. The cap applies to the following against general income:

• relief for a trading loss

• relief for a loss in the early years of a trade

• post-cessation trading loss relief

• relief for property losses arising from capital allowances or agricultural expenses

• post-cessation property loss relief

• employment loss relief

• deduction by former employees for liabilities

• share loss relief on non-Enterprise Investment Scheme (EIS) and non-Seed Enterprise Investment Scheme (SEIS) shares

• losses on deeply discounted securities

• relief for qualifying loan interest.

Exclusions

The cap does not apply to trading losses which are relieved against chargeable gains, nor does it affect Gift Aid, relief for gifts of land and shares to charity, payroll giving and Community Investment Tax Relief.

Under the original plans, the Chancellor proposed limiting tax relief on charitable donations. However, the Government later withdrew this measure following widespread criticism from charities and donors.

The following reliefs are also excluded:

• business premises renovation allowance

• deductions for trade or property loss relief or post-cessation trade or property loss relief from profits of the same trade or property business

Capping income tax reliefs: an introduction

• share loss relief where the shares are qualifying shares for EIS or SEIS relief.

How it works

The cap is set by reference to a measure of income known as ‘adjusted total income’.

The cap works by limiting the level of certain reliefs to the greater of £50,000 or 25% of the taxpayer’s adjusted total income for the tax year, whichever is higher. Thus someone with adjusted total income of greater than £200,000 will have a cap of more than £50,000.

The limit applies in addition to any other provisions that operate to restrict relief. It applies to the year of the claim and any earlier or later year in which the relief claimed is allocated against total income.

Example

Harry has a total income of £240,000 in 2013/14. He makes a contribution of £20,000 (gross) to a registered pension scheme under relief at source arrangements. He also has a trading loss of £60,000.

Harry’s adjusted total income is £220,000. Consequently, income reliefs are capped at £55,000 (being 25% of £220,000). Harry is therefore only able to claim relief in 2013/14 for £55,000 of the trading loss against his general income. The balance of £5,000 can be carried forward to use against income in future years from the same trade.

The stated aim of the cap is to prevent ‘wealthy individuals from reducing their income tax bills to zero, year after year by using these income tax reliefs to excess’. However, this new restriction is also likely to have an adverse impact on businesses, particularly where individuals are using ‘sideways loss relief’ to offset their trading losses against general income.

If you think you may be affected by the cap, please contact us for advice.

Victor Dauppe, Partner

Tel: 020 7330 0022

vdauppe@abggroup.co.uk

The right to request flexible working arrangements is set to be extended to all employees later this year. Here we consider the new obligations, and the potential benefits of a flexible working policy.

The legal background

Currently, qualifying carers of adults and all parents of children aged 16 or under (or disabled children under 18), who have had 26 weeks of continuous employment with the same employer, are legally entitled to make a statutory application to their employer for flexible working arrangements, such as working from home or flexitime.

However, under the Children and Families Act, all employees will in the future gain the right to request flexible working arrangements. The changes were originally due to come into effect on 6 April 2014, but have now been delayed until later this year.

While the 26 week qualifying period will be retained, the statutory procedure for considering requests is set to be repealed and replaced with a duty to consider all requests in a reasonable manner and within a reasonable timeframe. Businesses may still reject claims for flexible working if there are legitimate business grounds, as defined by legislation.

The business case for flexibility

The nature of the workplace has changed significantly in recent years, with many businesses now providing products and services outside traditional working hours, and employees – particularly working parents – increasingly seeking to achieve a better work-life balance.

Flexible working arrangements can be a valuable tool for attracting and retaining skilled employees, as well as helping to reduce absenteeism, improve productivity and boost staff morale.

How flexible is your business?

Offering flexible working can also allow you to respond to changing economic trends and customer demands. For example, if your business experiences seasonal fluctuations in demand, flexible working arrangements such as annualised hours – where an employee works a set number of hours each year, but with a variable shift pattern – can help you to match your employees’ hours with peaks and troughs in your business. Or if you need to extend your business’s opening hours, offering flexitime could help to cover your requirements without dramatically increasing your costs.

When considering a flexible working policy, you should think about all aspects of your business, from production to customer service, supervision and communication, and which forms of flexible working are most likely to suit your requirements. Don’t forget to set in place a timetable for reviewing your policy.

A flexible future?

The Government has confirmed that from 2015 new parents will be able to share their parental leave, either taking the leave at the same time or in turns. Following the initial obligatory two weeks of a woman’s maternity leave, the remaining 50 weeks can be shared between both parents as flexible leave.

In addition, an increasing number of workers currently approaching retirement age are considering continuing to work on a part-time or temporary basis, meaning that the trend towards flexible working is only likely to continue.

Flexible working is playing a growing role in the workplace, and adopting a considered flexible working policy could benefit your business in the long run.

Common types of flexible working

Flexible working can take a number of different forms, including:

• teleworking• part-time work• flexitime• job sharing• compressed hours• annualised hours• term-time working.

Gary Jackson, Partner

Tel: 020 7330 0003

gjackson@abggroup.co.uk

April 2014 saw the introduction of significant changes to the rules on capital allowances and second-hand fixtures.

The basics

Capital allowances permit businesses to write off the cost of capital assets, such as plant and machinery, against their taxable income. This includes plant and machinery that is a ‘fixture’ or part of a building such as lifts, air conditioning, heating and sanitary ware.

As a result of legislation introduced by the 2012 Finance Act, claiming capital allowances for the purchase of a second-hand fixture is conditional on certain requirements, namely the pooling requirement and, normally, the fixed value requirement (a formal apportionment of the sale price between fixtures and other items). In exceptional circumstances this requirement may be substituted by a disposal value statement (a written statement by the past owner of the value of fixtures previously brought into account, for example on the sale of a business property following permanent cessation of the business).

The rules apply to expenditure incurred on or after 1 April 2012 (corporation tax) and 6 April 2012 (income tax). However, as a result of transitional rules, the pooling requirement does not apply until 1 April 2014 (corporation tax) or 6 April 2014 (income tax). The effects of this requirement are examined below.

The pooling requirement

Where the interest in a fixture is transferred on or after 1 April 2014 for corporation tax purposes or on or after 6 April 2014 for income tax purposes, the current owner will only be able to claim plant and machinery capital allowances in respect of the fixture if the pooling requirement is met.

The pooling requirement is met if the past owner pooled their qualifying expenditure in respect of the fixture, either by allocating the qualifying expenditure in respect of the fixture to a pool or by claiming a first year allowance (FYA) or the annual investment allowance (AIA).

Conditions

The past owner must pool the expenditure in a chargeable accounting period in which they are treated as the owner of the fixture. For these purposes, the past owner is the last person who was entitled to claim capital allowances in respect of the fixture, by virtue of having incurred qualifying expenditure on it.

Capital allowances and second-hand fixtures

However, a person is not a past owner if they ceased to be treated as the owner before 1 April 2012 (for corporation tax purposes) or 6 April 2012 (for income tax purposes).

So from 1 or 6 April 2014, plant and machinery allowances will not be available for any future owners of fixtures on any part of the past owner’s qualifying capital expenditure which has not been pooled. Where this is the case, the qualifying expenditure incurred by the current owner will be deemed to be nil.

Example

Mark owns a freehold office which he sells to Ben. The office contains various fixtures and fittings. Mark and Ben make an election to the effect that £30,000 of the purchase price relates to fixtures that Mark included in the general pool, and in respect of which he has claimed capital allowances. This is the value that Mark is required to bring into account as a disposal value and the value of the qualifying expenditure on which Ben can claim capital allowances. The purchase price also includes fixtures and fittings valued at £20,000 on which Mark has not claimed capital allowances, although he could have done so.

If the sale takes place before 6 April 2014, the pooling requirement does not have to be met and Ben can claim plant and machinery capital allowances on both the fixtures valued at £30,000 on which Mark has claimed capital allowances and the fixtures valued at £20,000 in respect of which no allowances have been claimed.

However, if the transfer takes place on or after 6 April 2014, Ben can only claim capital allowances in respect of the fixtures valued at £30,000 in respect of which the pooling requirement has been met. He is deemed to have qualifying expenditure of nil in respect of the fixtures for which the pooling requirement is not met.

For further advice and information on claiming capital allowances for your business expenditure, please contact us.

Mark Rubinson, Partner

Tel: 020 7330 0005

mrubinson@abggroup.co.uk

Any business can experience peaks and troughs, and for seasonal firms, these varying demands are more extreme. It can be difficult to manage the drastic change of pace and the fluctuating bank balance, but by following some best practice principles, you can help to ensure that your business runs smoothly, whatever the season.

Maintain a healthy cashflow

A healthy cashflow is important for any business, but it is crucial if your trade experiences fluctuations in demand. Overspending when you have money in abundance can leave you short in the months when your business is quieter.

Cashflow forecasting can help you to stay in control. Estimating your sales, revenue and expenditure pattern for the year to come is a valuable exercise for organising your finances, to make sure that you do not run out of funds. Remember to review these forecasts regularly to ensure that they are up to date.

Utilise your ‘down time’

The advantage of having quieter periods is that they offer the opportunity to plan and improve.

Some important areas to consider may include:

• Market research – Identify any changes in your market and competitors’ activities and refine your business plan and forecasts

• Promotion – Think about your forthcoming marketing campaigns. Leave plenty of time before periods of high trade to promote your products or services

• Strategic analysis – Review your last busy period. Could anything be handled differently in order to make next year run more smoothly?

Forward planning should become a focus in these quieter months so that you have a solid and dependable plan in place ahead of your next busy season.

Weathering the seasons: dealing with fluctuating demand

Manage your stock efficiently

Analysing past sales and demand should help you to gauge the correct quantity of stock to buy. Keeping stock levels to a minimum will free up money that would otherwise be tied up, so if you are left with excess stock, why not think about advertising a promotion or ‘end of season’ sale to boost sales and shift any surplus? Employing a flexible pricing plan that reflects demand may help to improve cashflow and boost your bottom line.

Diversify

Think about how you can vary your approach to generate off-season revenue. Is there a different product or service you could offer during this time to boost sales? It may be possible to increase the longevity of your products, so that they are profitable for longer periods of the year. If targeted correctly, success could be achieved in a different market, for instance online or even abroad.

Tighten up on credit control

Be proactive about getting paid. Issue invoices promptly and chase payments as soon as they are due to help you stay on top of your finances. To encourage swift payment, consider the possibility of a small discount or other reward for those that settle their bill quickly, and charge interest on those invoices that are not paid on time.

We can advise on a range of business planning strategies to help you boost your profits throughout the year, whatever the nature of your business.

John Donohoe, Partner

Tel: 0207 330 0068

jdonohoe@abggroup.co.uk

1 September 2013 saw the introduction of the new ‘employee shareholder’ status, which offers employees certain tax advantages when they receive shares in the business, in return for them surrendering some of their employment rights.

Under the scheme, individuals who receive shares worth between £2,000 and £50,000 under an employee shareholder contract will be exempt from paying capital gains tax on any profit made on the sale of those shares. In addition, income tax and national insurance contributions (NICs) will not normally be charged on the first £2,000 of shares.

New rights and responsibilities

In order to qualify for the new status, employee shareholders must normally surrender the following statutory employment rights:

• The right to claim unfair dismissal (unless the dismissal is automatically unfair or discriminatory)

• The right to receive statutory redundancy pay

• The right to request flexible working, study or training arrangements.

Employee-shareholders must also give additional notice if they wish to return from certain types of leave, including 16 weeks’ notice in the case of an early return from maternity, adoption or additional paternity leave. However, the employer and employee can agree more advantageous employment rights if they wish to do so.

Rights for shares: employee shareholder contracts

Forthcoming ABG Events

25 June 2014 Passing on your business to the next generation in a tax efficient way

16 July 2014 How to build a world beating Tech Company

24 September 2014How to reduce your Inheritance Tax and die rich!

Julie Piper, Partner

Tel: 0207 330 0025

jpiper@abggroup.co.uk

Employees will retain some key employment rights, including:

• Those relating to discrimination against a ‘protected characteristic’ such as race, gender or disability

• The right to a minimum period of holiday

• Rights regarding notice

• Statutory payments, including sick pay and maternity pay

• The right to the national minimum wage.

Additional requirements

Employee shareholders must be given a written statement regarding the employment rights they are giving up, and any rights attached to the shares. Employees must also receive independent advice regarding the agreement, with the employer accountable for any reasonable costs, and a cooling-off period of seven days must be granted thereafter.

Businesses wishing to award shares under an employee shareholder contract do not need to obtain the agreement of HM Revenue & Customs (HMRC). However, they should provide details regarding any awarded shares to HMRC using Form 42.

Following a lengthy period of consultation, a new statutory residence test (SRT) has now been introduced, with the aim of helping to determine whether or not an individual is resident in the UK for tax purposes.

Background to the changes

The intention to introduce a statutory residence test was first announced in the 2011 Budget, and the test was passed into law with Royal Assent of the Finance Act 2013 in July, although the rules apply retrospectively from 6 April 2013.

Previously, many of the decisions regarding tax residence were dependent on case law. The aim of the new statutory residence test is to provide greater clarity and certainty regarding the tax status of individuals.

The test applies for the purposes of income tax and capital gains tax, as well as inheritance tax and corporation tax where appropriate.

The new system: an overview

The concept of ordinary residence was abolished from 6 April 2013 and replaced with the new statutory test (subject to transitional provisions).

The statutory residence test consists of three parts:

• the automatic residence test

• the sufficient ties test

• the automatic overseas test.

The basic rule

An individual is resident in the UK for a tax year if:

• the automatic residence test is met for that year, or

• the sufficient ties test is met for that year.

If neither of these tests are met, the individual is not resident in the UK for that year.

Home or away? The new statutory residence test

Test components

The automatic residence test is met if the individual meets:

• at least one of the four automatic UK tests, and

• none of the five automatic overseas tests.

Transitional rules

Transitional provisions apply to the tax years 2013/14 to 2017/18 inclusive.

The rules governing residency are complex and this article offers general guidance only. Please contact us for further information.

Philip Tatam, Tax Director

Tel: 020 7330 0028

ptatam@abggroup.co.uk

“HMRC has produced a new SRT tool, the Tax Residence Indicator, which indicates whether individuals are likely to be classed as resident in the UK for the purposes of income tax and capital gains tax: http://tools.hmrc.gov.uk/rift.”

National insurance contributions (NICs) can represent a substantial cost for today’s employers, and a significant tax burden for many employees. While scope for mitigating your national insurance bill may be limited, there are nevertheless some key strategies which may help to save employer and/or employee NICs.

Consider a dividend

Where directors are in receipt of a salary or bonus, on which NICs are payable, it may be more tax-efficient and cost effective for part of the payment to be made as a dividend.

However, the decision on whether or not to pay a dividend is complex because the payment of a dividend may influence the value of the company’s shares and therefore increase the potential future liability to capital gains tax and inheritance tax. There is also a maximum amount that may be paid, based on the company’s results. Note that special rules apply for some companies providing personal services.

Care should be given to the timing of dividend payments, and it is important to consider the wider implications for both you and the company. Please speak to us before taking action.

Salary sacrifice and tax-free benefits

A salary sacrifice arrangement in respect of tax-free benefits in kind, such as the provision of childcare, could result in a saving for both the employer and the employee.

As a result of swapping cash salary for childcare vouchers, the employee can save both tax and NICs. The employer also saves employer (secondary) Class 1 contributions. However, when entering a salary sacrifice arrangement care should be taken not to reduce the cash salary to below the lower earnings limit for NI purposes (£111 per week for 2014/15) as this may adversely affect entitlement to statutory payments.

Care should also be taken to ensure that the reduced salary does not fall below the level of the national minimum wage.

Pension contributions

Employer contributions to company pension schemes are free of tax and NICs for the employee. Any increase in employer pension contributions could therefore result in a bigger NIC saving for the employee, whilst boosting the value of their retirement income.

Could you cut your national insurance payments?

Paul Berlyn, Partner

Tel: 020 7330 0004

pberlyn@abggroup.co.uk

However, you should watch the annual allowance – pension inputs exceeding the allowance (£40,000 for policy years ending in 2014/15) may be subject to a tax charge.

Share incentive plans

Share incentive plans (shares bought out of pre-tax and pre-NIC income) can be an effective way of reducing employee NICs. Employees who receive shares under a Share Incentive Plan and keep them in the plan for five years will not have to pay income tax or NICs on their value when they acquire them. However, the employee will be liable to income tax and NICs if they choose to take shares out of the Share Incentive Plan early (the amount payable will depend on when the shares are taken out).

More than one job?

If you have income from more than one job, or if you have self-employment income as well as income from being employed, you should ensure that you do not pay more in NICs than you need to.

The prescribed annual maximum normal contribution for an individual is 53 weeks at the standard primary (employee) Class 1 contribution rate between the earnings threshold and the upper earnings limit. For 2014/15 this works out at £4,146.72 plus an additional 2% payable on earnings in excess of the upper earnings limit.

If you think there is a chance that you will exceed this limit, you can apply for deferment of contributions on the ‘surplus’ employments and/or self-employment – please speak to us for further assistance.

We can advise on strategies to help keep your tax liability to a minimum wherever possible – please contact us for advice tailored to your circumstances.

The Capacity Crunch

In January this year the Pensions Regulator confirmed that over 1.3 million employers need to automatically enrol their staff into workplace pensions savings schemes in the four-year period from April 2014. As a result of these vast numbers, it has been clear to us for some time that automatic enrolment would be a major challenge to employers, advisers and providers alike and this has led us to a brand-new financial catchphrase – “the capacity crunch”.

The capacity crunch is the situation where providers are having to close their doors to new business simply because they cannot cope with the amount of schemes coming their way. What we often see is that some providers are so overwhelmed that unless they receive a written commitment from an employer to proceed with them at least 6 months ahead of the staging date, they will not be in a position to offer a scheme.

Other providers are taking a different approach and simply “cherry-picking” the most profitable schemes i.e. those with high earners and/or significant contributions will always be selected over those that have low earners with contributions at the statutory minimums.

We always felt that the current provider market would struggle to come to terms with handling the 30,000 companies staging between April and December this year, however it is not all doom and gloom for those who have left matters to the last minute. A handful of providers have been able to evolve their existing products to make automatic enrolment a more streamlined process but again they can be selective over the schemes that they take on.

There are also the “master trust” schemes who are obligated to take on any scheme that comes their way but in our experience they are often seen to be the last resort purely to be used in order to comply with the legislation as opposed to provide employees with a fantastic new benefit.

With the potential lack of quality providers available, the obvious advice to employers is to ensure that they start planning their auto enrolment 12 to 18 months ahead of their staging date. This will not only give them a wider range of providers to choose from for their workforce but it will also assist in keeping their costs down.

Research from the Centre for Economic and Business Research has given us an in-depth analysis into the costs that automatic enrolment will bring to those companies staging from 2014 onwards. It estimates that the UK average one-off automatic enrolment setup costs for small employers with up to four employees is £8,900. Those costs do not even include the costs of compulsory employer pension contributions and clearly for larger employers, these costs will be significantly higher.

We believe that the pensions market will find ways to adapt in order to assist the huge number of businesses staging this year but the real problem is that unless they act swiftly enough, employers may be the ones unable to cope. The sooner they start to consider the implications of auto enrolment and more importantly, get in contact with an adviser who can help them through the maze, the less it will cost in the long run.

We can help

If you are unsure about the new Pensions Legislation, how it will impact upon your business and how best to ensure you comply with the rules then we are more than happy to assist. If you wish to find out further information, speak to an Eos adviser who will be happy to discuss this with you.

Eos Wealth Management Limited is authorised and regulated by the Financial Conduct Authority.

Any tax reliefs or legislation mentioned are those currently available or in force and are subject to change

Paul Forde

Tel: 0333 247 3003

pforde@eoswealth.com

www.eoswealth.com

Arram Berlyn Gardner is a member of EuraAudit with worldwide representation and is registered to carry out audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C006321677. Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Arram Berlyn Gardner is not authorised under the Financial Services and Markets Act 2000 but we are able in certain circumstances to offer a limited range of investment services to clients because we are members of the Institute of Chartered Accountants in England and Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.

Important: This newsletter has been written for the general interest of our clients and contacts and is correct at the time of going to print. No responsibility for loss occasioned to any person acting or refraining from acting as a result of material in this publication can be accepted.

If you are interested in writing an article for our next issue please contact Kay Merryman at kmerryman@abggroup.co.uk

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ABG Corporate Finance Sale of iPrism Underderwriting AgencyFollowing the announcement of the launch of ABG Corporate Finance in the Winter/Spring edition I’m pleased to report on our first completed transaction.

Sale of iPrism Underwriting Agency to Bowmark Capital

The transaction was structured as a secondary management buyout, enabling the founder and management team to retain stakes in the business going forward whilst also receiving significant cash proceeds.

The deal has replaced iPrism’s previous Private Equity backers, Magenta Partners, with Bowmark Capital.

Founder, Gary Burke, had the following comment to make “This is the fourth transaction Eleanor has advised me on and as always she did an excellent job throughout – we couldn’t have done it without her”.

The other transactions I have advised Gary Burke on include the trade sale of his previous company to Allianz (2006), the introduction of initial Private Equity investors into iPrism (2010) and the cash-out refinancing with RBS (2012).

Other ABG Corporate Finance activities

I am enjoying working on a number of other Corporate Finance projects and meeting with ABG’s clients to discuss their current and future plans. This has included providing guidance on potential acquisitions, approaches they have received for their businesses and actions they could take that will bring them greater value and/or cleaner exits as and when they are ready to sell.

Eleanor Wilkinson

Head of Corporate Finance

Tel: 020 7330 0019

ewilkinson@abggroup.co.uk