THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2010 4 News Opinion the Spending Review
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THE BusinessTM MAGAZINE THAMES VALLEY www.businessmag.co.uk AN ELCOT PUBLICATIONS TITLE NOVEMBER 2010 #182 £2.50 Evasion and avoidance Taxation focus Recipes for success Entrepreneurial spirit Commercial considerations Investing in Property Roundtable “ NatWest has helped my business go from one kitchen to four continents” Moez Karsan, Managing Director, European Oat Millers At NatWest, we’re committed to helping British business. That’s why we’ve supported European Oat Millers for over 20 years, expanding their small start-up to a multi-national business. With our loan, they acquired new premises, employed new staff and bought new machinery to help their growth. We provide loans and overdrafts to over 3000 businesses every week. To see how we can help you visit natwest.com/business or call 0800 073 2256. Security may be required. Product fees may apply. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE Minicom 0800 404 6161. Calls may be recorded. turner Your choicechoice boyes regular features News 4 Opinion – put spending cuts in historical context 4 The spending review: impact on Thames Valley 6 Companies now planning for sales growth 7 New artwork installed at Oxford Science Park 8 Shareleague 8 Costly gossip 9 Region’s top tourism businesses win gold 10 Entrepreneurship celebrated 11 Law firms face tough competition 12 Business Magazine awards finalists announced 13 Revolutionary beverage measurement on tap Law 17 Is your brand safe in cyberspace? 18 Blandy & Blandy advises on share sale deal Finance 23 New office takes off 24 Changes in pension contributions broadly welcome Deals Update p 7 24 Good call for Zeus 25 Latest deals data from across the region Property 37 Home secretary celebrates Millgate Homes’ success 37 Hidden dangers of improvements and alterations 38 Asbestos is still with us special features International Trade 39 Negotiating the procedures maze Focus on Reading 39 Selling Britain by the pound 14 Thirty years on: still the place to be Employment 15 Supporting entrepreneurs 40 Enhanced family friendly rights are coming 16 The power to help you succeed People Property Roundtable 40 Movers and risers 19 Mortgage log-jam could stifle the market Diary Outsourcing 42 Dates for your diary 26 Outsourcing companies will flourish 27 Increase efficiency and cut costs, not quality Taxation 27 The future of R&D tax relief 28 RSM Tenon flags up the iXBRL issue 29 Is there honesty in tax? 30 Structuring for the future 30 Buying a business: avoid the tax traps 31 The importance of making a Will Entrepreneurs 33 What is entrepreneurial spirit? 35 How to reduce your tax burden 36 A business lesson for us all p10 THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2010 www.businessmag.co.uk 4 news opinion The spending review: We should put the impact on Thames Valley coalition government’s spending cuts in an The Thames Valley is University Hospital’s St Helier are delivered. Strong financial historical context – likely to emerge from site. The redevelopment is a management will be critical to key part of a reconfiguration to delivering this. It will require and not get ourselves last month’s spending modernise local health services transparency, objectivity and too worked up review relatively in the area; clear accountability, especially where fiscal responsibility is unscathed • £69m to support phase 3 of the This column was written devolved, for example, to local Diamond Synchrotron project in before the spending review, authorities.” The strength of the private Oxfordshire to support ground but, anticipating what the With regard to the 15% cuts chancellor might say, it’s worth sector in the region, and the fact breaking research into life, physical and environmental announced to HMRC’s budget, stressing these points: the area is less reliant on the Webster said: “HMRC has public sector than the north, has science; and • the cuts will be introduced already had to make significant over a four-year period led local businesses to treat the • £37m upgrade of Pirbright efficiency savings in recent chancellor’s spending cuts with Laboratory, Guildford which years. At a time of fiscal • many reductions will go a shrug of the shoulders. leads research into diseases austerity, the Government completely unnoticed by the public • some budget cuts announced by George Osborne will never actually happen. Vested interests will shout and scream about how the fabric of society has been ripped apart by these savings in public expenditure. This will be mostly hot air, and misguided. Oxford University’s Centre for Business Taxation has argued persuasively that we are not talking about significant spending cuts at all, more spending reallocation. For instance, total public spending will fall by only 3.6% in real terms between now and 2014-5. By the time we get to 2015 we will be spending 40.9% of GDP – exactly the same as in 2007-8. This represents an increase in spending in real terms of over £13 billion, compared with Indeed, the reaction from such as foot and mouth and should not compromise its 2008-9. some quarters was that the bluetongue viruses, helping ability to collect revenue. I It is true that some people in spending review might offer to safeguard UK livestock would not want further cuts to the public sector will lose their new opportunities for private industries, worth £8 billion per its budget to undermine this.” jobs. It is true that some areas businesses to provide an year. will see cost cutting. alternative to public services. There was a warning that the The fact that the review has But, viewed soberly, this spending review would only In the December issue of also supported investment in spending review will be far be worthwhile if the cuts were The Business Magazine less damaging to public sector infrastructure that underpins carried through. services than the media and economic growth has also been • Corporate Finance the unions will make out. welcomed. Fay Webster, south east regional • Environmental Focus director of accountancy body For the south east, the following • Thames Valley Business What do you think? ICAEW, said: “There is now a plan Magazine Awards capital programmes will be Email [email protected] to reduce public spending - the supported: For more details challenge is not only to see this David Murray call: 0118-9745308 Publisher • A £248 million refurbishment plan through but to ensure the or email: [email protected] of Epsom and St Helier fiscal goals announced today www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2010 news 5 In response to the chancellor’s heart of this community and will welcome the decision to confirmation that the Crossrail THE TM project will go ahead, property ringfence this budget.” agents Jones Lang LaSalle gave Business However, question marks still the following comment. MAGAZINE:DIGITAL hang over the funding of new Charles Pinchbeck, director in buildings, equipment and Read these stories in full in this month’s issue of Central London Development, involvement in international The Business Magazine:Digital said: “The news that Crossrail programmes, which were not at www.businessmag.co.uk will be funded and go ahead covered by the spending review. confirms industry expectations. Staunton added: “There will be Get SET for finance opportunities Removing the final element of concern that cuts to this ‘capital uncertainty should allow related Innovative technology companies can get funding from “incubators” budget’ will follow at a later date real estate projects to proceed, such as SETsquared... and that this will hit the science which is great news for the and technology sector hard.” Trading safely: Minimise your exposure to distressed customers property industry.” David Bowen, director of public As we approach the busiest trading period of the year for many Guy Parkes, head of the Western sector at KPMG, said: “The businesses... Corridor office, said: “Crossrail chancellor’s statement signals is possibly going to be the How your business can take off with TVIN the starting gun in a shift from most important contribution public sector to private sector One route for funding for businesses in the region is the Thames to the Western Corridor region investment in public services. Valley Investment Network... since the M25 was constructed. Connectivity has been the “Public sector cutbacks are New office for Barclays Corporate foundation of growth for likely to provide opportunities This month sees the opening of a smart new headquarters for the the region revolving around for business service providers. Heathrow and Slough Team at Barclays Corporate... Heathrow Airport as a spring The chancellor announced that board to mainland Europe and about 490,000 public sector Connecting investors and businesses complemented by excellent jobs are likely to be lost in the A new online service has launched that connects investors with road infrastructure - M4, M25, coming years, with services businesses looking for funding... M3 and M40 - and also fast integrated, and assets sold. This Supporting entrepreneurs trains to London and now across will create opportunities within London to the financial centre in the business services sector, With many businesses now seeking reliable and flexible forms of the City and Canary Wharf.” but not necessarily for the funding, Leumi ABL is taking a consistent approach to... He continued: “These improved traditional players. transport links will mean that “We anticipate a new wave of access to finance, customers and investment in service provision, talent - all key fundamentals and some new entrants such for occupiers locating in the as PE houses. The reason for south east - will be improved. this is that government wants Decentralisation will now to see greater enterprise They know my become a realistic ambition for and innovation, and upfront many businesses considering acceptance of risk through team, my passion relocation out of central London contribution of equity.