2. Happy New Year and
welcome to
Added Value
Our 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
Are you creating or protecting value on
situation and what funding options
are available.
transactions using the balance sheet?
We can help you to grow and develop
your client offering, to find out
more visit:
Q uite 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.
www.rsmtenon.com Sophisticated, serial buyers and sellers of
companies will be familiar with these areas and
Therefore, to eliminate the impact of short-term
fluctuations in cash or debt, an offer should be
Consideration should also be given to what the
company’s cash/debt position would be if it
the terms used, but for a first time buyer or made on a cash free/debt free basis, subject to a paid all of its creditors on time. The stretching
seller these areas are not so obvious. This in normal level of working capital. While this offers of creditors by the target company is an
turn represents an opportunity for an adviser to a degree of much needed clarity the debate increasingly common feature of transactions at
add value to clients. is still open as to what a normal level is. For the moment.
example, is it a normal level for the time of year,
Enterprise Value versus Equity Value Be prepared
or the average over a period? There is a good
In this issue: The value of a business is often referred to as
the Enterprise Value to distinguish it from the
argument for a purchaser to make that it should
mean the normal trading peak level of working
There are few rights and wrongs in these
matters; a purchaser will always see these
03
value of the company which owns the business. capital so that a purchaser does not end up matters differently to a seller. However, the
Are you creating or protecting value The value of the company is called the Equity buying the business one day and having to fund key point is that if you and your client are
on transactions using the balance sheet? Value, i.e. the value of the shareholders’ equity. the working capital the next. prepared at the outset you can position the
04
The difference between the two will include key matters to protect your client’s interests in
Solutions for Dealing with Real Time surplus assets (e.g, property not used by the
Definitions of debt
early negotiations and include the appropriate
Information (RTI) before 2013 business), free cash and debt. These items Similarly, when identifying debt in a company wording in any initial correspondence (and
appear to be straight forward at face value but there are several areas open to interpretation. particularly the Heads of Terms) when the focus
05 Making the best of a bad situation in the detail there can be wide variations in
interpretation.
For example, is corporation tax debt? Many
vendors would argue not (arguing that it forms
part of a company’s normal working capital
of other parties may well be on profits or other
aspects of the transaction. Once these points
are included in early transaction documentation
06 Doing business overseas Cash free/debt free offers
An offer for a business will often be made on
a cash free/debt free basis, meaning that the
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
you will have a better starting point in any
subsequent negotiations.
07 Free Funding Advice 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
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
To find out more about how the
Corporate Finance team can support
you, email us at:
08 Forensic accounting 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
adjustment from the agreed Enterprise Value
to agree an Equity Value. There are many other
areas of a similar nature, which are sometimes
corporatefinance@rsmtenon.com
09 Members’ Voluntary Liquidation of receipts from customers or payments to referred to as quasi debt, for example, annual
suppliers which can be large and also potentially bonus accruals, rent-free accruals and one off
unpredictable. provisions.
02
10
UK SME’s divided as to post recession
outlook
Added Value | Issue 02 03
3. Solutions for Dealing with Making the best
Real Time Information (RTI) of a bad situation
A s 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 Y our 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
absent through illness or holiday. 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
This year introduces yet another potential headache each payroll process, whether weekly, fortnightly those who wish to make a disclosure of unpaid tax, particularly in relation to funds held offshore.
for those running payroll with the introduction of or monthly, and with a significant increase in data
Real Time Information (RTI) by HMRC. concerning employees. Clearly the key to successful
RTI submissions is ensuring that your client’s data
Here are some pointers to consider for your clients
is clean, correct and valid and that they are running In the past, places such as Switzerland and up to 200% thereafter, in certain cases) under Code of Practice 9 (civil investigation
who may not be aware of the impact of RTI on their
RTI compliant payroll and BACS software. By doing Liechtenstein have been regarded as tax havens, of fraud) afforded the client protection from
business: n The possibility of beneficial tax rates being
this sooner rather than later they will not only places to shelter funds without facing withholding prosecution, and it still does if a full disclosure
What is it? RTI stands for Real Time Information avoid the last minute rush, but will be secure in the applied (the Composite Rate Option and
taxes and where banking secrecy would ensure is made – however, once the opening letter has
which is being introduced by HMRC with the aim of knowledge that their organisation is well placed Single Charge Rate (SCR))
that knowledge of the funds was not shared with been issued, HMRC will not permit the client to
improving how the Pay As You Earn system works. to process successful RTI submissions within the the tax man in any other jurisdiction. But this is no n In return for a full disclosure the taxpayer participate in the LDF. Under Code of Practice 9
PAYE information will be collected more regularly, legislated timelines. longer the case, the veil of secrecy is being lifted receives a guarantee from HMRC of (CoP9), the potential and indeed the likelihood
in fact each time employers run their payroll as and the governments of both countries are in no prosecution for tax offences. is that HMRC will assess as far back as possible,
It’s important for your clients to start working on
opposed to the current system of submission at the open discussions with the UK about how to tackle the interest can potentially double the tax and
ensuring the accuracy of the data held now e.g. What’s the next option? In the offing is the much
end of the tax year. the legacy of unpaid tax liabilities of billions of £’s significant penalties will be incurred. It is also
employee names must be recorded as their full anticipated Swiss Agreement – due to come into
or Swiss Francs. more costly and labour intensive to deal with a
Why is it being introduced? RTI will enable HMRC to official names and not ‘known as’ names which may force on 1 January 2013. The benefits of this CoP9 investigation than the requirements of the
collect information about tax and other deductions currently be held on payroll. Liechtenstein is a tiny independent state between agreement are somewhat different to the LDF. LDF. So, what’s the moral of this? Be sure to know
each time employers run their payroll. Currently, Switzerland and Austria; many people haven’t For example, it is possible to retain anonymity
The data will need to be accurate as any errors will your client. Give the wrong advice, cause a loss,
employers and pension providers provide HMRC heard of it, have no connection with it and when in relation to monies in the Swiss bank account,
cause the full submission to fail. There will then be and lose the client – or worse.
with pay and tax information annually. This can they hear the name, they switch off. But its mere in exchange for a payment on account being
penalties for employers and the failed submission
make it difficult to keep payroll data up-to-date existence can potentially provide a very attractive automatically made by the Swiss authorities from The disadvantage of the LDF is a strict time limit
may also lead, where applicable, to delayed welfare
and may mean that individuals have overpaid or solution for those who had an offshore asset as the funds held. The payment due is calculated for submission of the report and mandatory
benefits payments for their employees.
underpaid tax at the end of the tax year. Under at 1 September 2009 and have not declared all of based on the capital held in the account at two forms, a maximum of ten months if the Composite
PAYE RTI, employers and pension providers will With the introduction of RTI, HMRC will have up-to- their income to the UK authorities. To take part separate dates – it’s a complicated formula and Rate Option is not used. But even the time limits
send information when, or before, they pay date PAYE information and will be instantly aware in the Liechtenstein Disclosure Facility (LDF), no the maximum deduction is 41%. No interest or appeal to most clients – they can see the light
their employees. The improved, more up-to-date if employers do not make timely and accurate previous connection to Liechtenstein is required. penalties are payable on top of the deduction at the end of the tunnel. Clients cannot take
information will mean that, over time, more people payment of their monthly PAYE. From HMRC’s Out of all the facilities and initiatives HMRC has but what this ‘payment on account of liabilities’ part in the LDF if they are subject to criminal
will pay the correct tax. perspective, this will be a good point but, from the launched to try to recover unpaid tax we regard doesn’t do, is clear any money that had previously investigation, and if they have previously had a
employers’ perspective, it will be a potential risk. the LDF as one of our favourites. It is the only one left the account or prevent a future HMRC CoP9 they will not qualify for the full benefits of
From October 2013, RTI will also support the
that provides any sort of amnesty, albeit only a investigation during which tax interest and the facility. But, if they make a full disclosure they
introduction of Universal Credit, the Government’s Are your clients ready for RTI? If payroll is giving
partial one and real financial and personal benefit penalties would be payable under the normal won’t go to prison either. This is a specialist area,
flagship welfare programme. Universal Credit will them a headache at the moment, it is likely to
to those who need to sort out their tax affairs. rules. Furthermore, there is always the possibility with many technical peculiarities, and as a result,
require up-to-date information about employment deteriorate in 2013.
As always there is some small print, but in the of prosecution. Going forward, withholding tax will RSM Tenon has its own single point of contact with
and pension income so that the Department for
RSM Tenon’s specialist team can offer a high quality majority of cases the principal benefits are: be applied up to a rate of 48% unless the client HMRC.
Work and Pensions (DWP) can adjust claimants’
payroll service for your clients to negate their being proves to the Swiss authorities that he or she is
welfare payments to reflect their circumstances. n No tax payable on undeclared income that To find out more about how our
consumed by running payroll. By working with RSM UK tax compliant.
arose before 1 April 1999 (in cases of specialist tax team can support you,
When does it come into force? It will be mandatory Tenon we can white label the service for you so your
deliberate behaviour HMRC can currently Which facility is the right one for your client? As
from October 2013 for all but exempt employers. If clients are not aware of our involvement and we can email us at: tax@rsmtenon.com
assess up to 20 years previous – so back to always, it depends on the client’s individual needs
companies have not been part of the pilot, they will work in partnership with your staff on providing this
1992/93 at the time of writing) and their past tax history. HMRC has offered the
be ‘invited’ to join between April and October 2013. service to your clients.
LDF enthusiastically and, despite a perception that
What impact will it have on your clients running a n A guaranteed penalty of 10% for years
To find out more about how the participation may cloud HMRC’s future judgement,
business? Instead of submitting tax data at the end up to, and including, 2008/9, 20%
and therefore treatment, of a client, it is often
of the tax year they will be required to do this for Outsourcing team can support you, thereafter (compared with a maximum
the safest option. Traditionally, an investigation
email us at: gillian.niven@rsmtenon.com penalty of 100% for years before 2008/09 –
04 Added Value | Issue 02 05
4. Doing business overseas Free Funding Advice
An added value service for your clients
T he 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 I n the current climate many
businesses are unable to
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
a primarily serviced based economy heavily dependent on financial services secure traditional methods of just to have the funding they need in place as
and the like. In respect of UK government policy it has swung back to looking funding such as an overdraft or quickly as possible. This could actually prove very
to the SME sector for growth and to actively stimulate both manufacturing loan. Recognising this issue the problematic if the facility is not flexible for the
and technology based activities. government has implemented future needs of the business and fails to provide
the levels of funding as and when required.
various initiatives to encourage Facilities can also have high cancellation fees
more lending by the banks to which, if not properly considered at the outset,
the SME sector and at lower could mean clients are unexpectedly locked into
a deal they cannot afford to leave. Appointing an
Businesses of all types and sizes are now What does this mean to you? It is important that rates, for example through the
being urged to look for new markets overseas, you can meet the needs of your clients in exactly adviser, who knows the lenders and who can cast
Funding for Lending scheme. an expert eye over the small print, is therefore
particularly in the emerging markets but also the same way as you do at the moment as their
in the developed markets of the world such as trusted adviser, possibly in an area where your However, these schemes take invaluable. They can also ensure the funder is local
Europe and the US. experience is limited. If you fail to advise with time to implement and often do so review meetings can easily be arranged.
conviction in the way you may do at the moment not deliver the level of funding If you have a client in any one of the situations
What do this mean for your clients? They will be
(perhaps due to a lack of practical experience below, appointing an external credible partner
looking for advice on doing business in these
in this field) you are in jeopardy of placing your
required nor the flexibility that
overseas markets covering such topics as: can help you add value to your client relationship,
whole relationship at risk. businesses command in the generate more fees and take the hassle out of
n Operational structures – agents, branches, What can we do to help? RSM Tenon, as members
rapidly changing and challenging making the right decision, furthermore, we don’t
joint ventures or subsidiaries business environment. As a result take fees or commission from lenders meaning our
of RSM International, the 6th largest global
advice is genuinely impartial*:
n Tax advice – tax in the offshore location, network of accountants and business advisers, businesses are seeking alternative
repatriation of profits, VAT/GST, withholding can help safeguard your client relationships by sources of cost effective funding. n Struggling to stay within their business
tax, transfer pricing working with you to meet your client’s needs on overdraft and maintain a healthy cashflow
an international scale whilst you remain their
n Business culture – how to do business in primary adviser. We have dedicated, experienced The world of finance can be a daunting place with n In need of advice to secure the best
other countries Partners who will work closely with you to many different products and hundreds of funders funding solution for their business
assist you and your clients as they enter new to choose from. This market is also continually
n Financing – impact on current funding, n Looking to borrow capital to fund a business
markets and ensure that the close and valued fluctuating, with lenders regularly introducing
funding in other markets expansion but don’t have enough security
relationship that you have with them is protected new products. This array of options, at best, can
n Compliance issues – audit and filing issues, and enhanced. be confusing but for those not close to the market n Need some short term funding to cover an
tax filings, payroll and HR issues there is an increased risk of making the wrong expected outlay or seasonal fluctuations
To find out more about our international choice resulting in an inappropriate and expensive
Your clients will regard any new venture as both services, email: funding structure. n Not sure if their current finance deal is
a risk and an opportunity and will turn to you for competitive
paul.langhorn@rsmtenon.com Running a business in the current climate is hard
help and advice at a key stage in their businesses
lifecycle. work and spending time researching the market The business finance team at RSM Tenon has years
can be an unwelcome distraction. Many businesses of experience in providing specialist funding advice
use the internet and speak to funders directly to especially in niche areas such as invoice finance
establish their requirements. However, this often and asset based lending. Visit our dedicated
results in conflicting and confusing advice as to website at www.findingfinance.co.uk
what is best for the business. An experienced and
If you have a client who would require
impartial adviser can provide an invaluable service
to a business, guiding it through the funding maze more information on securing additional
to find the finance that is appropriate for its needs. funding, please email:
Some forms of finance are straight forward; ‘best Gavin Stewart, Scotland, North East, North West
buy’ tables exist so business owners can make a and Midlands gavin.stewart@rsmtenon.com
desktop comparison. However, other more complex David Moran, South david.moran@rsmtenon.com
forms, Invoice Finance for example, have many
The service is free. The Business Finance team at RSM Tenon do not take commissions
variations in the way they are delivered and, with from lenders, nor do they charge set up fees to the client or introducer.
over 50 current providers, engaging some expertise *We can however arrange for you to have commission from a lender if required.
in this sector can quickly shortlist the most
appropriate, cost effective options for a business.
06 Wise to Wealth | Issue #03
Added Value | Issue 02 07
5. Forensic accounting Members’ Voluntary Liquidation
F orensic accounting is not related to CSI, but instead deals with
matters that may end up in the courts. Below we look at the type of
work that is involved, the sort of people that become involved and some
M embers’ Voluntary Liquidation (MVL) is a powerful tool which can be used to reorganise a business in a tax
efficient manner or bring the affairs of a solvent company to a close and distribute capital and reserves to
its shareholders.
recent trends within forensic accounting.
The assignments that we undertake can be best place and set out what they would consider the When can a Members’ Voluntary Advantages of a Members’ n Assist in organising and chairing
divided into civil matters (generally where a sum steps that a normally competent accountant Liquidation be used? Voluntary Liquidation any necessary meetings of directors and
of money is being disputed) and criminal (where would have taken in each case and compare them shareholders
there is prosecution for a breach of law). with what actually happened. MVL is a solvent solution which can be used The liquidation process has the following n Following the passing of the winding up
In civil cases the question we are generally asked when a company’s assets exceed its liabilities. advantages: resolution, sell or collect in any remaining
is “how much”, in other words, to quantify a loss Recent trends assets of the business or formalise any
There are many reasons why a Members’ n Provided the company is solvent, there
whereas criminal cases relate to the involvement Voluntary Liquidation may be appropriate: restructuring of the business
The first of these changes are in relation to are no restrictions on when the procedure
of an expert accountant in either white collar
liability. Previously an expert could not be sued may be used n Once the company’s liabilities have been
crime or confiscation proceedings. n Disposing of unwanted companies and
in relation to an opinion they presented when subsidiaries n Distributions of reserves will be taxed as provided for or paid, distribute its assets,
Quantum may relate to a loss of profits or business undertaking an assignment for the courts. The including any cash held, to shareholders
capital gains, regardless of value
interruption claim whereby the accountant has to principle was that the court wanted to hear an n To release capital on retirement of owner
identify what factors have actually caused the loss. expert’s honest opinion without him having the managers n It can be used for complex, tax efficient How does the liquidation end?
In essence they have to identify what the business fear of being sued for having said something his restructurings including company mergers
would have achieved but for the matter complained n Restructuring a business in a tax efficient Once all matters have been dealt with the
client did not like. Recent case law has overturned
of, and compare this with what has actually taken manner, perhaps to facilitate a sale or n There is a procedure under which liquidator will convene a final shareholders
this principle, however, and established that an
place. The accountant needs to possess some shareholding split dissenting shareholders can be bought out meeting and report on the outcome to
expert does have a duty and obligation to his
knowledge of the law in order to understand what client to undertake his work with a normal level n To facilitate a merger of two businesses shareholders, following which the company will
n A liquidator may be better placed to deal
measure of loss is properly calculable. There are of skill that would be expected of a forensic then be dissolved approximately three months
with unknown or hard to quantify
specific rules that have been developed and this accountant. Alternatives to solvent liquidation later.
liabilities
is particularly prevalent in areas such as, for
Secondly, the courts have been much more
example, personal injury. Where reserves to be distributed are £25,000 or n A licensed insolvency practitioner will What are the costs involved?
vocal in their criticism of experts who are not, in deal with the process, minimising the risks
The other area of quantum concerns the less, the striking off procedure can be used and
their opinion, adequately fulfilling their role and to Directors and shareholders
valuation of businesses. In a forensic accounting distributions of reserves up to this amount will The costs of an MVL will vary depending on
responsibilities as an expert. This has resulted
environment valuations generally relate to either be taxed as capital gains. Where reserves are the complexity of the company’s affairs. Tax
in some professionals being reported to their What is the liquidation process?
shareholder disputes or where the values of more than £25,000 distributions will be taxed at clearances and legal advice will add to the
governing body following what was perceived to
matrimonial assets need to be identified. A greater income tax rates unless the MVL route is used. costs, but in the context of potential tax savings,
be inappropriate handling of an expert witness The decision to liquidate should only be taken
degree of rigour is required for contentious the costs involved may not be significant. An
assignment. There are, however, disadvantages of the after a full review of the company’s business and
valuations, however funds are often limited, initial review of the company’s business and
informal striking off route. A company’s right to taxation position, and after taking advice from tax position can normally be undertaken free of
particularly in relation to the family matters, and There is also a greater drive to accreditation
be struck off is subject to certain restrictions, experienced professional advisers. charge. This will enable the extent of necessary
proportionality is key so the court may be looking of experts so that the creditability of an expert
and it is an offence to apply when a company is work to be scoped and a cost estimate prepared.
for a more broad brush approach. is judged not only by their experience and Once the decision has been made the nominated
ineligible. Penalties for Directors on conviction
knowledge, but also by the expert bodies to liquidator will perform the following tasks: While in a straightforward case with reserves of
In criminal cases the expert accountant may include a fine, imprisonment or disqualification.
which they are members. The Academy of Experts less than £25,000, the apparent cost savings of
be asked to opine as to whether the conduct There are notification requirements and those n Assist the Directors to prepare a
and the Expert Witness Institute both offer the striking off route may be attractive, Directors
of directors is such that it may amount to, for entitled to receive notice may object. Statement of Assets and Liabilities
membership to experts but only after receiving and their professional advisors may conclude
example, fraudulent trading or to identify the references and detailed application forms. If a company is restored to the register after supporting a Declaration of Solvency
that the ability to transfer responsibility and
origin of funds and assets held by the defendants being struck off, the general effect is that which must be sworn by a majority of the
company restoration risk to a liquidator will
and whether they maybe legitimately considered a company is deemed to have continued in Directors
The Forensic team is always happy to justify the additional costs of a MVL in all but the
to be the proceeds of crime and hence available to existence as if it had not been dissolved or
be confiscated.
discuss matters to see where we can n Liaise with taxation, legal and corporate most straightforward of circumstances.
struck off the register. The Court may give
add value. To find out more about how finance advisers on the taxation and other
One further area of expert evidence that the directions or make provision to put the company
the Forensic Accounting team can aspects of liquidation and any associated To find out more about how the
forensic accountant may be asked to opine upon and all other persons in the same position as
restructuring / merger activity
is in relation to the conduct of other accountants. support you, email us at: they were before the company was dissolved and Restructuring team can support you,
In this situation there may be a claim that an forensics@rsmtenon.com struck off. Directors at the date of dissolution n Where the business is to be closed, assist email us at:
accountant has failed to fulfil his duties properly may then find themselves having to pick up the Directors in winding down the restructuring@rsmtenon.com
and consequently a loss has arisen. The forensic responsibility for the company’s affairs several company’s affairs
accountant will be asked to review what has taken years later.
n Prepare the necessary documentation
(notice of meetings, resolutions etc.) to
place the company into Liquidation
08 Added Value | Issue 02 09
6. UK SMEs divided as to
post recession outlook
T he RSM Tenon Business Barometer, a quarterly survey carried out
by YouGov amongst senior management in small and medium sized
enterprises, showed that 45% of SMEs thought prospects for their
business would improve post-downturn, whilst a slightly lower 44%
thought it wouldn’t.
Although the same number of SMEs in the North insolvency and non-limited data as well as
and South (42%) agreed they felt the outlook searches on disqualified directors. In total,
for their business was good, the North/South there is now more than four times the number
divide became more apparent among those who of monitoring options. There are colour coded
thought the outlook wasn’t so positive. Over half emails on company health ratings and financials,
of the SMEs in the North (54%) said they were and the easiest ever monitoring templates allow
not confident things would improve for their you to create very specific criteria, with the
business. This compared with 41% in the South. additional ability to view historical events in
SMEs in Scotland were the most positive about chronological order.
their future, with 58% – the highest in the survey
– saying they were confident the outlook would
improve. To find out more about our online
With the Bank of England continuing to keep Tracker system, or for a free trial,
interest rates at 0.5% it’s no surprise that please visit: www.tracker-online.com
SMEs are still unsure as to the outlook for their email: sales@tracker-online.com or
business. The threat of a double-dip recession call Robert Beat on 0207 448 8111.
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 For sales completed by the end of
any serious confidence coming back into the
March 2013, we will add three month’s
market.
subscription for free, please quote
Better risk management in this climate, is “Added Value 2013”.
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 We hope you found these articles of interest,
enormous range of events. That includes anything
from a simple change of director through to CCJs
and unadvertised petitions. Tracker gives you the
if you would like to read about any topics in
power to analyse financial risk in detail across
all clients and suppliers, and also to generate further editions, or to receive this newsletter by
qualified new business lists.
An extensive recent upgrade, has given Tracker email please let us know. We can also provide
improved feeds and an enhanced custom
monitoring function. It means better and
more information, including far more personal
bespoke presentations or training sessions for
you and your team, to find out more contact us
at: restructuring@rsmtenon.com
10
08 Wise to Wealth | Issue #03 09
7. 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
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.
BSO00481112
