International Charities Briefing 2022

Over recent years, the only constant has been change, and with the ongoing war in the Ukraine and the prospect of difficult economic times ahead, it is difficult to see the challenges easing anytime soon. At the same time, the needs met by international charities remains great.

To begin, Tim Bennet, Manager, reviews the key considerations to assess when appointing overseas auditors and what you must look out for. In recent years, we have seen a significant increase
in individuals working remotely overseas. Nick Bustin, Employment Tax Director, reviews the key factors to consider when an employee is working overseas in an EU/EEA country.

Safeguarding has been a significant focus area for many international charities in recent years, reflecting a number of well-publicised cases. Vikram Sandhu, Director, reflects on the ever-increasing importance of safeguarding for international charities.

One of the most common themes of questions I have received in the past year has been around making overseas payments, particularly to jurisdictions such as Afghanistan and Myanmar, where there have been significant difficulties. In this edition, I will be touching on some of the key factors for international charities to assess when they are considering making overseas payments outside of the formal banking system, alongside the recent Charity Commission guidance in this area.

A theme which crosses each of the above areas is risk, and it is important that all charities are managing risk effectively. A concept I have seen discussed more frequently by charity boards is that of risk velocity, and in our final article Andrew Roberts, Senior Manager, addresses this further.

I hope you enjoy this edition and find these articles of interest. Do feel free to let the articles’ authors, me or your regular contact know if you have any questions concerning the matters discussed. I would welcome any feedback on our first International Charity Briefing and, in particular, any topics you would like us to consider for future editions.

Business Tax Supervisor

Essential Job Functions

Duties and responsibilities would include the following:

• Corporation tax compliance work on a portfolio of clients including both standalone companies and groups
• Reviewing computations prepared by junior staff and taking responsibility for the timely delivery of a high quality service to clients
• Liaising with HMRC on queries into tax returns
• Some tax advisory work, under the supervision of managers, to partners and clients including:
– research and development tax relief
– group tax planning
– venture capital tax reliefs
– share schemes and valuations
• Preparation of the tax sections of due diligence reports
• Completion of EMI and EIS/SEIS documentation
• Assisting in the developing and training of junior staff in the department
• Assisting managers with billing and managing work in progress on portfolio of clients
Person Specification

Work Based Competencies

• Has previously managed a client portfolio of corporate clients
• Some involvement with providing advisory work is preferred but not essential.
• Good Microsoft skills, outlook, excel, word
• Knowledge of Alphatax preferred but not essential

Behavioural Competencies

• Deliver work to a high standard and meet deadlines
• Able to demonstrate good client focused skills, ability to work unsupervised, work within a team, influence and negotiate.
• Good communication skills essential, being able to communicate with all levels externally and internally

HMRC ‘nudge’ letters targeting taxpayers with Euro Pacific Bank accounts

HMRC has confirmed they are investigating UK taxpayers believed to have held or controlled accounts with Euro Pacific Bank.

Following the Joint Chiefs of Global Tax Enforcement’s two-year investigation into suspected tax evasion and money laundering involving clients of the bank globally, the Puerto Rico Office of the Commissioner of Financial Institutions (OCIF) has issued a Cease and Desist Order against Euro Pacific Bank (EPB), preventing it from carrying out any further business.

HMRC believe there are hundreds of individuals in the UK who have used EPB’s services and products to evade tax, resulting in the HMRC Fraud Investigation Service launching a series of tax enquiries, full criminal investigations and intelligence operations with many more to come.

Letters are to be sent to identified UK taxpayers, encouraging them to review their tax affairs. Should updates to their tax affairs be necessary they should use the Worldwide Disclosure Facility (WDF). However, owing to the nature of HMRC’s enquiries, WDF may not be the most suitable method of disclosure to HMRC – fraud could be suspected. An alternative method is the Contractual Disclosure Facility (CDF) under Code of Practice 9 (COP9) to offer protection from Criminal Prosecution for those issues disclosed.

HMRC have sent a clear message: they can and will take action against taxpayers and the financial institutions that facilitate tax evasion.

Disclosures and penalties 

If a taxpayer finds a mistake in their filings to HMRC, disclosing the error or omission before HMRC send a letter or open an enquiry will lead to the most favourable outcome. Following receipt of a nudge letter, a disclosure to HMRC will be treated as ‘prompted’ for penalty purposes. Prompted penalty rates are higher than those that apply to unprompted penalties. For example, the maximum prompted penalty for an offshore omission is 200%. In addition, a further penalty of 50% of the tax could be levied for an ‘asset move’. This is where assets are considered to have been moved from the UK or other jurisdictions, to avoid UK tax or to disguise non-compliance with UK tax legislation, and HMRC are very likely to consider using this power in cases involving EPB.

Completely voluntary disclosures to HMRC benefit from the lowest possible penalty range for the type of error, and broadly the length of time interacting with HMRC will be significantly shorter, as compared to a full investigation.

A professional tax advisor can guide a taxpayer through the disclosure process and advise, where applicable, the penalty mitigation available. We recommend taxpayers immediately seek professional advice following receipt of an HMRC nudge letter, statutory enquiry or where a taxpayer has found a mistake in their filings to HMRC.

At haysmacintyre we have a wealth of experience in making successful disclosures to HMRC under the CDF and  WDF. We have a proven track record in obtaining the most favourable result for clients, allowing them to draw a line under the matter and move forward without further intrusion from HMRC.

We are here to help, should you require more information or professional advice please contact a member of our Tax Disputes and Resolutions team.

Business Tax Assistant Manager

The Role

Duties and responsibilities would include the following:

• Managing a portfolio of clients including both standalone companies and groups;
• Reviewing computations prepared by other members of staff and taking responsibility for the timely delivery of a high-quality service to clients;
• Reviewing letters and computations prepared by other members of staff;
• Liaising with HMRC on queries into tax returns;
• Tax advisory with managers and partners to clients including:
– research and development tax relief;
– structures – company, LLP, etc.;
– restructuring;
– group tax planning;
– international matters;
– share schemes and valuations;
– venture capital tax reliefs; and
– tax due diligence reports.
• Completion of EMI and EIS/SEIS documentation.

Person Specification

• Deliver work to a high standard and meet deadlines;
• Able to demonstrate good client focused skills, ability to work unsupervised, work within a team, influence and negotiate; and
• Excellent communication skills essential, being able to communicate with all levels externally and internally.

Work-Based Competencies

• Has previously managed a client portfolio including groups;
• Will already had some involvement with providing advisory work;
• Good Microsoft skills, outlook, excel, word; and
• Alpha tax knowledge preferred

Business Tax Senior Manager

The role includes the following:

• Tax advisory projects with partners and clients including:
o Corporate restructuring and demergers
o Research and development tax relief
o International matters
o Venture capital tax reliefs
o Share schemes and valuations
o Corporate and property acquisitions and disposals
o Tax sections due diligence reports

Training will be provided to develop your knowledge in any of these areas with limited experience.

• Managing a small portfolio of large corporate clients including both standalone clients and
groups across sectors. Responsible for:
o Review of corporate tax compliance on these jobs including advising on areas such as loss utilisation and group matters including the corporate interest restriction rules
o Tax advisory work arising on this portfolio
o Liaising and assisting engagement partners
o Identifying tax efficient opportunities for clients and liaising with partners on implementing those opportunities
o Responsible for managing billing and work in progress
o Assisting partners and the business tax team on tax technical queries
o Opportunities to get involved in the firm’s sector-based business development activities
o Opportunity to assist with team responsibilities in corporate team including line management and assisting in development, training and the appraisal process

Overall the business tax team headcount is 35 – this role will be working with a sub team of 10, being a combination of Managers, Supervisors, Seniors and Trainees

Systems Accountant

Responsibilities:

Systems Administration and Development (Practice Engine, Xero, Power BI)

  • Leading on the administration and systems performance and development for Practice Engine, Xero and Power BI including updating roles and security, maintenance of system users, document templates, finance codes, ledger set ups, reporting and dashboards.
  • Working with the business to understand reporting requirements and to design, develop and improve financial reports and dashboards, supporting self-service reporting where appropriate.
  • Use of SQL queries and a thorough understanding of reporting through Power BI to support the understanding of data and financial and client reporting in the firm.
  • Maintaining control of time recording and billing by fee earners and trouble shooting issues as they arise.
  • Review the current use of technology and integration of finance systems to help streamline and reduce manual intervention.
  • Reviewing systems performance and identifying and resolving system issues.
  • Working with the IT department on system upgrades and systems development.
  • Working with the Finance team to deliver a prompt monthly and year end closedown and reconciliation process for finance systems, to the agreed timetable.
  • Resolving all IT servicedesk queries relating to all of our financial systems in a timely manner and liaising with the internal IT section and suppliers as required.
  • Providing expert technical support to the Finance team to plan and manage major financial processes, including budgeting, forecasting and monthly reporting, providing input and advice in relation to the use of Practice Engine data.
  • Providing additional and ad hoc financial support and analysis, as required.

Training and support

  • To be proactive in supporting and encouraging users at all levels in the firm to achieve the most useful output from financial systems.
  • Training and supporting financial and non-financial staff in the use of Practice Engine, Power BI and other financial systems and procedures.
  • Production and regular updating of system user guides.

 

The Systems Accountant will also:

  • Live our firm values in their behaviour and work
  • Understand excellent client service and work with the Finance Team to challenge ‘the way it has always been done’ and be ambitious to achieve high standards of delivery
  • Enjoying working creatively to solve problems and deliver results
  • Act with diplomacy to build relationships and achieve the best results
  • Facilitate good working relationships and be able to offer effective support at Partner level
  • Enjoy working in a team and be able to successfully support others in meeting team goals
  • Have strong organisational skills and the ability to prioritise key work and meet deadlines

 

Required Skills and Experience

  • Experience of managing, operating and improving financial systems and working with third party providers to ensure the system is working to its optimum capacity
  • Advanced IT skills, including SQL and Excel
  • Experience of effective presentation of financial information to finance and non-finance staff
  • An understanding of financial controls and reflecting these through workflows and controls on financial systems
  • Strong analytical, numeric and critical reasoning skills capable of delivering practical solutions to complex problems
  • Experience of training and supporting staff with the use of a financial management system
  • Experience of working in a partnership or professional services environment

 

Trusts Senior

General Summary

You will be a member of an established team.  Primarily you will be responsible for the accounting, tax and administration of a portfolio of clients. You will need to be familiar with tax and accounting issues of trusts, estates and charities to ensure compliance. You will also need to be client facing, show willingness to work as part of a team and be able to meet deadlines.

You will be ambitious to develop your technical skills and foster good relationships with clients.

 

Key Responsibilities

  • Manage a portfolio of trusts and estate clients to ensure that agreed timetables are being adhered to
  • Maintain accounting records for UK Trust and Estates
  • Responsible for all client and professional correspondence (written and telephone) e.g. HMRC, brokers, banks and lawyers ensuring highest professional standards are met
  • Prepare management accounts for clients when required
  • Prepare annual trust and estate accounts
  • Computation of taxes for all types of trust and estates including income tax, inheritance tax and capital gains tax
  • Completion and submission of income tax and inheritance tax returns
  • Review accounts and tax returns prepared by junior staff and advise on areas for improvement and problems encountered
  • Assist members of the team with advisory projects, including in the wider private client team
  • Delegate effectively to junior staff minimising the chargeable hours spent on routine return preparation without sacrificing standards
  • Attend client meetings and prepare documentation before and after, including minutes of meetings

 

Essential Job Functions

  • Good understanding of the taxation and other compliance requirements for UK and offshore trusts and UK charities
  • Works independently to manage day-to-day activities and is accountable for work produced
  • Plans tasks effectively and monitors assignment /case budget and timelines, advising manager and client of progress (as appropriate)
  • Managing own workload to ensure deadlines are met with accuracy

 

Person Specification 

Worked Based Competencies

  • Professional services or partnership environment in a similar role would be ideal
  • A good level of IT skills required, including knowledge of CCH and trust accounts, MS Office applications
  • One or more of ACCA, STEP or CTA qualifications should have been obtained or are being studied for

Behavioural Competencies

Excellent communications skills essential, being able to communicate with all levels externally and internally

You will also be:

  • A team player
  • Good at building effective relationships with colleagues and partners
  • Strong interpersonal skills with the ability to relate well with clients

haysmacintyre appoints Natasha Frangos as first female Managing Partner

Taking over the role from Jeremy Beard, who has led the firm for the past three years, Natasha’s appointment sees her become the first female Managing Partner of haysmacintyre – one of only a few Top 30 accountancy firms which currently have a woman in this position. Having been a Partner for 13 years, Natasha currently sits on haysmacintyre’s Management Board as the firm’s Head of Corporate, a role she has held since 2019. Previously, she held the position of Head of Creative, Media and Technology for nine years.

Natasha joined haysmacintyre as a trainee in September 2000 and has since become a champion of development and diversity within the firm, from acting as a mentor to many of her colleagues to driving an expansion of the firm’s maternity policy to include Partners. Natasha’s appointment demonstrates haysmacintyre’s inward talent investment strategy, further underlined by 54% of current Partners having qualified at the firm.

Commenting on her appointment, Natasha Frangos said:

I’m thrilled to be taking on the Managing Partner role at haysmacintyre to lead the firm into its next stage of growth. Jeremy’s leadership has helped the firm mitigate a tumultuous three years, and his resolve has undoubtedly put haysmacintyre in a strong position for the future.

Having previously held a range of management positions, I am looking forward to building upon the robust foundations established by Jeremy to continue to enhance our market leading and forward-thinking firm so that we can flourish sustainably and develop our people to the best of their ability.

In alignment with our strategy, my key focus areas are attracting, developing and retaining talent, the continuous development of our Partners, along with delivering initiatives that will increase efficiencies and profitability and help us adapt to the evolving landscape we now face, ensuring we remain continuously relevant and enticing to our clients.”

Jeremy Beard added:

“I am delighted that Natasha has been appointed as Managing Partner of haysmacintyre. Her appointment demonstrates the Firm’s commitment over many years to developing and promoting the next generation of leaders.

 Leading the firm over the past three years has been an incredibly rewarding experience and a real privilege, and I am proud to now be passing on the baton to Natasha. I have no doubt that Natasha will drive the firm forward with great skill, enthusiasm and commitment and I look forward to seeing her build upon her successes as she leads haysmacintyre into the next stage of growth.”

Business Tax Manager

The Role

Duties and responsibilities would include the following:

  • Managing the corporation tax compliance process for a portfolio of corporate clients including both standalone clients and groups;
  • Tax advisory to partners and clients including:
  • -Structures – company, LLP, etc.;
  • -Restructuring;
  • -Research and development tax relief;
  • -Group tax planning;
  • -International matters;
  • -Venture capital tax reliefs;
  • -Share schemes and valuations;
  • -Corporate and property acquisitions and disposals; and
  • -Tax sections due diligence reports.
  • Identifying tax efficient opportunities for clients and liaising with partners on implementing those opportunities;
  • Responsible for managing billing and work in progress;
  • Team responsibilities including line management for junior staff and assisting in development, training and the appraisal process for sub team staff; and
  • Involvement in business development of the firm including attending networking events and opportunity to join a sector group.

Person Specification

  • Deliver work to a high standard and willingness to provide an excellent client service;
  • Able to demonstrate good client focused skills, ability to work unsupervised, work within a team, influence and negotiate;
  • Excellent communication skills essential, being able to communicate with all levels externally and internally; and
  • Show creativity with desire to identify possible tax opportunities and potential pitfalls.

Work-Based Competencies

  • Has previously managed a client portfolio including groups;
  • Ideally be CTA qualified;
  • Good Microsoft skills, outlook, excel, word; and
  • Alpha tax knowledge preferred.

International

Whether you are looking to expand your business into new territories outside of the UK, your charity has an international remit, or you are a non-domicile seeking support with your UK tax and compliance affairs, haysmacintyre has an exceptional track record of advising clients on cross border accounting and tax matters.

Our highly regarded team of international specialists will work with you in all phases of your expansion and have expertise across a wide range of jurisdictions. We offer a proactive and integrated global tax and business strategy service that address the tax risks and and compliance requirements of the legislative regimes in which you operate.

Get in touch