Added ValueThe newsletter for accountants

02

03 Areyoucreatingorprotectingvalue ontransactionsusingthebalancesheet?

04 SolutionsforDealingwithRealTime Information(RTI)before2013

05 Makingthebestofabadsituation

06 Doingbusinessoverseas

07 FreeFundingAdvice

08 Forensicaccounting

09 Members’VoluntaryLiquidation

10 UKSME’sdividedastopostrecession outlook

In this issue:

HappyNewYearandwelcometoAddedValueOur dedicated newsletter for Accountants.

In this edition, you’ll find out about keeping up to date with payroll legislation, making the best of a bad situation and what funding options

are available.

We can help you to grow and develop

your client offering, to find out

more visit:

www.rsmtenon.com Sophisticated, serial buyers and sellers of companies will be familiar with these areas and the terms used, but for a first time buyer or seller these areas are not so obvious. This in turn represents an opportunity for an adviser to add value to clients.

EnterpriseValueversusEquityValue

The value of a business is often referred to as the Enterprise Value to distinguish it from the value of the company which owns the business. The value of the company is called the Equity Value, i.e. the value of the shareholders’ equity. The difference between the two will include surplus assets (e.g, property not used by the business), free cash and debt. These items appear to be straight forward at face value but in the detail there can be wide variations in interpretation.

Cashfree/debtfreeoffers

An offer for a business will often be made on a cash free/debt free basis, meaning that the offer price is for the business and, if a company is being purchased, there will be adjustments in respect of cash and debt. However, as any business owner will appreciate, the level of cash or debt in a company can vary from day to day depending on, amongst other things, the timing of receipts from customers or payments to suppliers which can be large and also potentially unpredictable.

Therefore, to eliminate the impact of short-term fluctuations in cash or debt, an offer should be made on a cash free/debt free basis, subject to a normal level of working capital. While this offers a degree of much needed clarity the debate is still open as to what a normal level is. For example, is it a normal level for the time of year, or the average over a period? There is a good argument for a purchaser to make that it should mean the normal trading peak level of working capital so that a purchaser does not end up buying the business one day and having to fund the working capital the next.

Definitionsofdebt

Similarly, when identifying debt in a company there are several areas open to interpretation. For example, is corporation tax debt? Many vendors would argue not (arguing that it forms part of a company’s normal working capital cycle) but a purchaser would certainly argue that if a seller is taking all the cash from the business when it is sold then the seller ought to take the tax that relates to the profits that generated that cash. Indeed, it is common to treat corporation tax as debt in that it is an adjustment from the agreed Enterprise Value to agree an Equity Value. There are many other areas of a similar nature, which are sometimes referred to as quasi debt, for example, annual bonus accruals, rent-free accruals and one off provisions.

Consideration should also be given to what the company’s cash/debt position would be if it paid all of its creditors on time. The stretching of creditors by the target company is an increasingly common feature of transactions at the moment.

Beprepared

There are few rights and wrongs in these matters; a purchaser will always see these matters differently to a seller. However, the key point is that if you and your client are prepared at the outset you can position the key matters to protect your client’s interests in early negotiations and include the appropriate wording in any initial correspondence (and particularly the Heads of Terms) when the focus of other parties may well be on profits or other aspects of the transaction. Once these points are included in early transaction documentation you will have a better starting point in any subsequent negotiations.

TofindoutmoreabouthowtheCorporateFinanceteamcansupportyou,emailusat:corporatefinance@rsmtenon.com

Quite rightly there is a good deal of focus on profits and the right multiple to apply to those profits when considering the purchase or sale of a business. However, there is often as much or more scope for an adviser to

create or protect value for a client through considering the balance sheet of the company being acquired or sold.

03Added Value | Issue 02

Areyoucreatingorprotectingvalueontransactionsusingthebalancesheet?

0404

SolutionsforDealingwithRealTimeInformation(RTI)

As an adviser you may have clients who find running their Payroll time consuming and a problem for their business. It can be a headache

keeping on top of the legislation and dealing with the risk of staff being absent through illness or holiday.

This year introduces yet another potential headache for those running payroll with the introduction of Real Time Information (RTI) by HMRC.

Here are some pointers to consider for your clients who may not be aware of the impact of RTI on their business:

What is it? RTI stands for Real Time Information which is being introduced by HMRC with the aim of improving how the Pay As You Earn system works. PAYE information will be collected more regularly, in fact each time employers run their payroll as opposed to the current system of submission at the end of the tax year.

Why is it being introduced? RTI will enable HMRC to collect information about tax and other deductions each time employers run their payroll. Currently, employers and pension providers provide HMRC with pay and tax information annually. This can make it difficult to keep payroll data up-to-date and may mean that individuals have overpaid or underpaid tax at the end of the tax year. Under PAYE RTI, employers and pension providers will send information when, or before, they pay their employees. The improved, more up-to-date information will mean that, over time, more people will pay the correct tax.

From October 2013, RTI will also support the introduction of Universal Credit, the Government’s flagship welfare programme. Universal Credit will require up-to-date information about employment and pension income so that the Department for Work and Pensions (DWP) can adjust claimants’ welfare payments to reflect their circumstances.

When does it come into force? It will be mandatory from October 2013 for all but exempt employers. If companies have not been part of the pilot, they will be ‘invited’ to join between April and October 2013.

What impact will it have on your clients running a business? Instead of submitting tax data at the end of the tax year they will be required to do this for

each payroll process, whether weekly, fortnightly or monthly, and with a significant increase in data concerning employees. Clearly the key to successful RTI submissions is ensuring that your client’s data is clean, correct and valid and that they are running RTI compliant payroll and BACS software. By doing this sooner rather than later they will not only avoid the last minute rush, but will be secure in the knowledge that their organisation is well placed to process successful RTI submissions within the legislated timelines.

It’s important for your clients to start working on ensuring the accuracy of the data held now e.g. employee names must be recorded as their full official names and not ‘known as’ names which may currently be held on payroll.

The data will need to be accurate as any errors will cause the full submission to fail. There will then be penalties for employers and the failed submission may also lead, where applicable, to delayed welfare benefits payments for their employees.

With the introduction of RTI, HMRC will have up-to-date PAYE information and will be instantly aware if employers do not make timely and accurate payment of their monthly PAYE. From HMRC’s perspective, this will be a good point but, from the employers’ perspective, it will be a potential risk.

Are your clients ready for RTI? If payroll is giving them a headache at the moment, it is likely to deteriorate in 2013.

RSM Tenon’s specialist team can offer a high quality payroll service for your clients to negate their being consumed by running payroll. By working with RSM Tenon we can white label the service for you so your clients are not aware of our involvement and we can work in partnership with your staff on providing this service to your clients.

TofindoutmoreabouthowtheOutsourcingteamcansupportyou,emailusat:gillian.niven@rsmtenon.com

05Added Value | Issue 02

Makingthebest ofabadsituation

Your client’s in trouble; he or she has told you they have undeclared income over a number of years, and now they feel the need, or have no choice, but to come clean. With the number of “one off amnesties” which have proved

to be neither ‘one offs’ nor amnesties, the task of deciding how best to serve your client’s best interests can be a minefield. This is especially so if the client had offshore interests that existed as of 1 September 2009. This article explores some of the benefits as well as the disadvantages of a number of the initiatives and facilities available to those who wish to make a disclosure of unpaid tax, particularly in relation to funds held offshore.

In the past, places such as Switzerland and Liechtenstein have been regarded as tax havens, places to shelter funds without facing withholding taxes and where banking secrecy would ensure that knowledge of the funds was not shared with the tax man in any other jurisdiction. But this is no longer the case, the veil of secrecy is being lifted and the governments of both countries are in open discussions with the UK about how to tackle the legacy of unpaid tax liabilities of billions of £’s or Swiss Francs.

Liechtenstein is a tiny independent state between Switzerland and Austria; many people haven’t heard of it, have no connection with it and when they hear the name, they switch off. But its mere existence can potentially provide a very attractive solution for those who had an offshore asset as at 1 September 2009 and have not declared all of their income to the UK authorities. To take part in the Liechtenstein Disclosure Facility (LDF), no previous connection to Liechtenstein is required. Out of all the facilities and initiatives HMRC has launched to try to recover unpaid tax we regard the LDF as one of our favourites. It is the only one that provides any sort of amnesty, albeit only a partial one and real financial and personal benefit to those who need to sort out their tax affairs. As always there is some small print, but in the majority of cases the principal benefits are:

n No tax payable on undeclared income that arose before 1 April 1999 (in cases of deliberate behaviour HMRC can currently assess up to 20 years previous – so back to 1992/93 at the time of writing)

n A guaranteed penalty of 10% for years up to, and including, 2008/9, 20% thereafter (compared with a maximum penalty of 100% for years before 2008/09 –

up to 200% thereafter, in certain cases)

n The possibility of beneficial tax rates being applied (the Composite Rate Option and Single Charge Rate (SCR))

n In return for a full disclosure the taxpayer receives a guarantee from HMRC of no prosecution for tax offences.

What’s the next option? In the offing is the much anticipated Swiss Agreement – due to come into force on 1 January 2013. The benefits of this agreement are somewhat different to the LDF. For example, it is possible to retain anonymity in relation to monies in the Swiss bank account, in exchange for a payment on account being automatically made by the Swiss authorities from the funds held. The payment due is calculated based on the capital held in the account at two separate dates – it’s a complicated formula and the maximum deduction is 41%. No interest or penalties are payable on top of the deduction but what this ‘payment on account of liabilities’ doesn’t do, is clear any money that had previously left the account or prevent a future HMRC investigation during which tax interest and penalties would be payable under the normal rules. Furthermore, there is always the possibility of prosecution. Going forward, withholding tax will be applied up to a rate of 48% unless the client proves to the Swiss authorities that he or she is UK tax compliant.

Which facility is the right one for your client? As always, it depends on the client’s individual needs and their past tax history. HMRC has offered the LDF enthusiastically and, despite a perception that participation may cloud HMRC’s future judgement, and therefore treatment, of a client, it is often the safest option. Traditionally, an investigation

under Code of Practice 9 (civil investigation of fraud) afforded the client protection from prosecution, and it still does if a full disclosure is made – however, once the opening letter has been issued, HMRC will not permit the client to participate in the LDF. Under Code of Practice 9 (CoP9), the potential and indeed the likelihood is that HMRC will assess as far back as possible, the interest can potentially double the tax and significant penalties will be incurred. It is also more costly and labour intensive to deal with a CoP9 investigation than the requirements of the LDF. So, what’s the moral of this? Be sure to know your client. Give the wrong advice, cause a loss, and lose the client – or worse.

The disadvantage of the LDF is a strict time limit for submission of the report and mandatory forms, a maximum of ten months if the Composite Rate Option is not used. But even the time limits appeal to most clients – they can see the light at the end of the tunnel. Clients cannot take part in the LDF if they are subject to criminal investigation, and if they have previously had a CoP9 they will not qualify for the full benefits of the facility. But, if they make a full disclosure they won’t go to prison either. This is a specialist area, with many technical peculiarities, and as a result, RSM Tenon has its own single point of contact with HMRC.

Tofindoutmoreabouthowourspecialisttaxteamcansupportyou,emailusat:tax@rsmtenon.com

0606

Doingbusinessoverseas

The recent economic issues facing both the UK and the global economy as a whole have forced governments into rethinking what had become

conventional wisdom. Not least of which was that the UK could be based on a primarily serviced based economy heavily dependent on financial services and the like. In respect of UK government policy it has swung back to looking to the SME sector for growth and to actively stimulate both manufacturing and technology based activities.

Businesses of all types and sizes are now being urged to look for new markets overseas, particularly in the emerging markets but also in the developed markets of the world such as Europe and the US.

What do this mean for your clients? They will be looking for advice on doing business in these overseas markets covering such topics as:

n Operational structures – agents, branches, joint ventures or subsidiaries

n Tax advice – tax in the offshore location, repatriation of profits, VAT/GST, withholding tax, transfer pricing

n Business culture – how to do business in other countries

n Financing – impact on current funding, funding in other markets

n Compliance issues – audit and filing issues, tax filings, payroll and HR issues

Your clients will regard any new venture as both a risk and an opportunity and will turn to you for help and advice at a key stage in their businesses lifecycle.

What does this mean to you? It is important that you can meet the needs of your clients in exactly the same way as you do at the moment as their trusted adviser, possibly in an area where your experience is limited. If you fail to advise with conviction in the way you may do at the moment (perhaps due to a lack of practical experience in this field) you are in jeopardy of placing your whole relationship at risk.

What can we do to help? RSM Tenon, as members of RSM International, the 6th largest global network of accountants and business advisers, can help safeguard your client relationships by working with you to meet your client’s needs on an international scale whilst you remain their primary adviser. We have dedicated, experienced Partners who will work closely with you to assist you and your clients as they enter new markets and ensure that the close and valued relationship that you have with them is protected and enhanced.

Tofindoutmoreaboutourinternationalservices,email:paul.langhorn@rsmtenon.com

07Wise to Wealth | Issue #03 07Added Value | Issue 02

The world of finance can be a daunting place with many different products and hundreds of funders to choose from. This market is also continually fluctuating, with lenders regularly introducing new products. This array of options, at best, can be confusing but for those not close to the market there is an increased risk of making the wrong choice resulting in an inappropriate and expensive funding structure.

Running a business in the current climate is hard work and spending time researching the market can be an unwelcome distraction. Many businesses use the internet and speak to funders directly to establish their requirements. However, this often results in conflicting and confusing advice as to what is best for the business. An experienced and impartial adviser can provide an invaluable service to a business, guiding it through the funding maze to find the finance that is appropriate for its needs.

Some forms of finance are straight forward; ‘best buy’ tables exist so business owners can make a desktop comparison. However, other more complex forms, Invoice Finance for example, have many variations in the way they are delivered and, with over 50 current providers, engaging some expertise in this sector can quickly shortlist the most appropriate, cost effective options for a business.

Every business is different so the funding package must be tailored to its needs and appropriate for its situation. In the present environment, business owners may choose a facility with onerous terms just to have the funding they need in place as quickly as possible. This could actually prove very problematic if the facility is not flexible for the future needs of the business and fails to provide the levels of funding as and when required. Facilities can also have high cancellation fees which, if not properly considered at the outset, could mean clients are unexpectedly locked into a deal they cannot afford to leave. Appointing an adviser, who knows the lenders and who can cast an expert eye over the small print, is therefore invaluable. They can also ensure the funder is local so review meetings can easily be arranged.

If you have a client in any one of the situations below, appointing an external credible partner can help you add value to your client relationship, generate more fees and take the hassle out of making the right decision, furthermore, we don’t take fees or commission from lenders meaning our advice is genuinely impartial*:

n Struggling to stay within their business overdraft and maintain a healthy cashflow

n In need of advice to secure the best funding solution for their business

n Looking to borrow capital to fund a business expansion but don’t have enough security

n Need some short term funding to cover an expected outlay or seasonal fluctuations

n Not sure if their current finance deal is competitive

The business finance team at RSM Tenon has years of experience in providing specialist funding advice especially in niche areas such as invoice finance and asset based lending. Visit our dedicated website at www.findingfinance.co.uk

Ifyouhaveaclientwhowouldrequiremoreinformationonsecuringadditionalfunding,pleaseemail:

Gavin Stewart, Scotland, North East, North West

and Midlands gavin.stewart@rsmtenon.comDavid Moran, Southdavid.moran@rsmtenon.com

The service is free. The Business Finance team at RSM Tenon do not take commissions from lenders, nor do they charge set up fees to the client or introducer.

*We can however arrange for you to have commission from a lender if required.

FreeFundingAdviceAn added value service for your clients

In the current climate many businesses are unable to

secure traditional methods of funding such as an overdraft or loan. Recognising this issue the government has implemented various initiatives to encourage more lending by the banks to the SME sector and at lower rates, for example through the Funding for Lending scheme. However, these schemes take time to implement and often do not deliver the level of funding required nor the flexibility that businesses command in the rapidly changing and challenging business environment. As a result businesses are seeking alternative sources of cost effective funding.

08

Forensicaccounting

ForensicaccountingisnotrelatedtoCSI,butinsteaddealswithmattersthatmayendupinthecourts.Belowwelookatthetypeof

workthatisinvolved,thesortofpeoplethatbecomeinvolvedandsomerecenttrendswithinforensicaccounting.

The assignments that we undertake can be best divided into civil matters (generally where a sum of money is being disputed) and criminal (where there is prosecution for a breach of law).

In civil cases the question we are generally asked is “how much”, in other words, to quantify a loss whereas criminal cases relate to the involvement of an expert accountant in either white collar crime or confiscation proceedings.

Quantum may relate to a loss of profits or business interruption claim whereby the accountant has to identify what factors have actually caused the loss. In essence they have to identify what the business would have achieved but for the matter complained of, and compare this with what has actually taken place. The accountant needs to possess some knowledge of the law in order to understand what measure of loss is properly calculable. There are specific rules that have been developed and this is particularly prevalent in areas such as, for example, personal injury.

The other area of quantum concerns the valuation of businesses. In a forensic accounting environment valuations generally relate to either shareholder disputes or where the values of matrimonial assets need to be identified. A greater degree of rigour is required for contentious valuations, however funds are often limited, particularly in relation to the family matters, and proportionality is key so the court may be looking for a more broad brush approach.

In criminal cases the expert accountant may be asked to opine as to whether the conduct of directors is such that it may amount to, for example, fraudulent trading or to identify the origin of funds and assets held by the defendants and whether they maybe legitimately considered to be the proceeds of crime and hence available to be confiscated.

One further area of expert evidence that the forensic accountant may be asked to opine upon is in relation to the conduct of other accountants. In this situation there may be a claim that an accountant has failed to fulfil his duties properly and consequently a loss has arisen. The forensic accountant will be asked to review what has taken

place and set out what they would consider the steps that a normally competent accountant would have taken in each case and compare them with what actually happened.

Recenttrends

The first of these changes are in relation to liability. Previously an expert could not be sued in relation to an opinion they presented when undertaking an assignment for the courts. The principle was that the court wanted to hear an expert’s honest opinion without him having the fear of being sued for having said something his client did not like. Recent case law has overturned this principle, however, and established that an expert does have a duty and obligation to his client to undertake his work with a normal level of skill that would be expected of a forensic accountant.

Secondly, the courts have been much more vocal in their criticism of experts who are not, in their opinion, adequately fulfilling their role and responsibilities as an expert. This has resulted in some professionals being reported to their governing body following what was perceived to be inappropriate handling of an expert witness assignment.

There is also a greater drive to accreditation of experts so that the creditability of an expert is judged not only by their experience and knowledge, but also by the expert bodies to which they are members. The Academy of Experts and the Expert Witness Institute both offer membership to experts but only after receiving references and detailed application forms.

TheForensicteamisalwayshappytodiscussmatterstoseewherewecanaddvalue.TofindoutmoreabouthowtheForensicAccountingteamcansupportyou,emailusat:forensics@rsmtenon.com

09Added Value | Issue 02

WhencanaMembers’VoluntaryLiquidationbeused?

MVL is a solvent solution which can be used when a company’s assets exceed its liabilities.

There are many reasons why a Members’ Voluntary Liquidation may be appropriate:

n Disposing of unwanted companies and subsidiaries

n To release capital on retirement of owner managers

n Restructuring a business in a tax efficient manner, perhaps to facilitate a sale or shareholding split

n To facilitate a merger of two businesses

Alternativestosolventliquidation

Where reserves to be distributed are £25,000 or less, the striking off procedure can be used and distributions of reserves up to this amount will be taxed as capital gains. Where reserves are more than £25,000 distributions will be taxed at income tax rates unless the MVL route is used.

There are, however, disadvantages of the informal striking off route. A company’s right to be struck off is subject to certain restrictions, and it is an offence to apply when a company is ineligible. Penalties for Directors on conviction include a fine, imprisonment or disqualification. There are notification requirements and those entitled to receive notice may object.

If a company is restored to the register after being struck off, the general effect is that a company is deemed to have continued in existence as if it had not been dissolved or struck off the register. The Court may give directions or make provision to put the company and all other persons in the same position as they were before the company was dissolved and struck off. Directors at the date of dissolution may then find themselves having to pick up responsibility for the company’s affairs several years later.

AdvantagesofaMembers’VoluntaryLiquidation

The liquidation process has the following advantages:

n Provided the company is solvent, there are no restrictions on when the procedure may be used

n Distributions of reserves will be taxed as capital gains, regardless of value

n It can be used for complex, tax efficient restructurings including company mergers

n There is a procedure under which dissenting shareholders can be bought out

n A liquidator may be better placed to deal with unknown or hard to quantify liabilities

n A licensed insolvency practitioner will deal with the process, minimising the risks to Directors and shareholders

Whatistheliquidationprocess?

The decision to liquidate should only be taken after a full review of the company’s business and taxation position, and after taking advice from experienced professional advisers.

Once the decision has been made the nominated liquidator will perform the following tasks:

n Assist the Directors to prepare a Statement of Assets and Liabilities supporting a Declaration of Solvency which must be sworn by a majority of the Directors

n Liaise with taxation, legal and corporate finance advisers on the taxation and other aspects of liquidation and any associated restructuring / merger activity

n Where the business is to be closed, assist the Directors in winding down the company’s affairs

n Prepare the necessary documentation (notice of meetings, resolutions etc.) to place the company into Liquidation

n Assist in organising and chairing any necessary meetings of directors and shareholders

n Following the passing of the winding up resolution, sell or collect in any remaining assets of the business or formalise any restructuring of the business

n Once the company’s liabilities have been provided for or paid, distribute its assets, including any cash held, to shareholders

Howdoestheliquidationend?

Once all matters have been dealt with the liquidator will convene a final shareholders meeting and report on the outcome to shareholders, following which the company will then be dissolved approximately three months later.

Whatarethecostsinvolved?

The costs of an MVL will vary depending on the complexity of the company’s affairs. Tax clearances and legal advice will add to the costs, but in the context of potential tax savings, the costs involved may not be significant. An initial review of the company’s business and tax position can normally be undertaken free of charge. This will enable the extent of necessary work to be scoped and a cost estimate prepared.

While in a straightforward case with reserves of less than £25,000, the apparent cost savings of the striking off route may be attractive, Directors and their professional advisors may conclude that the ability to transfer responsibility and company restoration risk to a liquidator will justify the additional costs of a MVL in all but the most straightforward of circumstances.

TofindoutmoreabouthowtheRestructuringteamcansupportyou,emailusat:restructuring@rsmtenon.com

Members’VoluntaryLiquidation

Members’VoluntaryLiquidation(MVL)isapowerfultoolwhichcanbeusedtoreorganiseabusinessinataxefficientmannerorbringtheaffairsofasolventcompanytoacloseanddistributecapitalandreservesto

itsshareholders.

0810

Although the same number of SMEs in the North and South (42%) agreed they felt the outlook for their business was good, the North/South divide became more apparent among those who thought the outlook wasn’t so positive. Over half of the SMEs in the North (54%) said they were not confident things would improve for their business. This compared with 41% in the South. SMEs in Scotland were the most positive about their future, with 58% – the highest in the survey – saying they were confident the outlook would improve.

With the Bank of England continuing to keep interest rates at 0.5% it’s no surprise that SMEs are still unsure as to the outlook for their business. The threat of a double-dip recession and continuing economic turmoil in the Eurozone will continue to shape concerns for the future and it may be some time before we start to see any serious confidence coming back into the market.

Better risk management in this climate, is therefore essential. Our online Tracker system has been designed and developed by licensed Insolvency Practitioners to support your business decisions by providing trusted live data on an enormous range of events. That includes anything from a simple change of director through to CCJs and unadvertised petitions. Tracker gives you the power to analyse financial risk in detail across all clients and suppliers, and also to generate qualified new business lists.

An extensive recent upgrade, has given Tracker improved feeds and an enhanced custom monitoring function. It means better and more information, including far more personal

insolvency and non-limited data as well as searches on disqualified directors. In total, there is now more than four times the number of monitoring options. There are colour coded emails on company health ratings and financials, and the easiest ever monitoring templates allow you to create very specific criteria, with the additional ability to view historical events in chronological order.

TheRSMTenonBusinessBarometer,aquarterlysurveycarriedoutbyYouGovamongstseniormanagementinsmallandmediumsized

enterprises,showedthat45%ofSMEsthoughtprospectsfortheirbusinesswouldimprovepost-downturn,whilstaslightlylower44%thoughtitwouldn’t.

To find out more about our online Tracker system, or for a free trial, please visit: www.tracker-online.com email: sales@tracker-online.com or call Robert Beat on 02074488111.

UKSMEsdividedastopostrecessionoutlook

For sales completed by the end of March 2013, we will add three month’s subscription for free, please quote “Added Value 2013”.

09Wise to Wealth | Issue #03

We hope you found these articles of interest,

if you would like to read about any topics in

further editions, or to receive this newsletter by

email please let us know. We can also provide

bespoke presentations or training sessions for

you and your team, to find out more contact us

at: restructuring@rsmtenon.com

RSM Tenon is regarded as one of the most progressive and entrepreneurial professional services firms

in the UK today, providing business advisory, audit, tax, financial management, restrucutring and

risk management services. We offer intelligent solutions to a national client base that ranges from

individuals and entrepreneurially-led owner managed businesses, to large corporations and public

sector organisations.

We help entrepreneurs create, protect and enhance personal wealth. We give board and senior

executives the guidance and proactive support they need to help them manage their organisation

effectively.

At RSM Tenon, we can complement and support the services you already provide to your clients.

Our specialist services include turnaround and restrucutring, formal insolvency procedures, personal

insolvency, corporate finance, forensic services, financial management, specialist tax and VAT

services and risk management.

We can help you to grow and develop your client offering, to find out more visit:

www.rsmtenon.com

ding you d

The term “partner” is a title for senior employees, none of whom provide any services on their own behalf.

RSM Tenon Corporate Transactions Limited is authorised and regulated by the Financial Services Authority, FSA Register number 135238. A subsidiary of RSM Tenon Group PLC. RSM Tenon Corporate Transactions Limited (No. 1837626) is registered in England and Wales. Registered Office 66 Chiltern Street, London W1U 4GB. England

RSM Tenon Limited is a member of RSM Tenon Group PLC. RSM Tenon Group PLC is an independent member of the RSM International network. The RSM International network is a network of independent accounting and consulting firms each of which practices in its own right. RSM International is the brand used by the network which is not itself a separate legal entity in any jurisdiction.

RSM Tenon Limited (No 4066924) is registered in England and Wales. Registered Office 66 Chiltern Street, London W1U 4GB. England. RSM Tenon Financial Management Limited is authorised and regulated by the Financial Services Authority, FSA register number 192618. A member of RSM Tenon Group PLC.

RSM Tenon Financial Management Limited (No 03953153) is registered in England and Wales. Registered Office 66 Chiltern Street, London W1U 4GB. England.

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