Private banks gearing up on recruitment

London's private banks continue to grow their respective HNW tax teams. The provision of holistic personal tax and personal financial planning advice is certainly 'flavour of the month'.

They are particularly keen on individuals with both the CTA and Certificate of Financial Planning, although the latter is by no means essential. Non-dom planning skills are of course a pre-requisite. Whilst the tax teams of the private banks are not yet in full recruitment mode, they are beginning to pick up senior managers from the Big 4 and Top 10 accountancy practices. The combination of attractive packages, comparable quality of work and no time sheets, is starting to draw some of the better 'candidates' onto the market.

BTG acquires specialist tax advisors from Vantis

Begbies Traynor Group, the specialist professional services consultancy, today announces the expansion of its BTG Tax business with a seven-strong team joining the London office from Vantis Plc.

Effective from 1 July 2010, Don Mavin will become Managing Partner of the enlarged London BTG Tax business, responsible for the further development of the Tax practice in the South East region. Don was formerly National Head of the Tax Disputes & Litigation group at Vantis Plc and brings with him his Customs Investigation and Litigation team of Allan Brown and Martin O’Neill, Directors, and Simon Sutcliffe and Ian Manly, Consultants.

Peter Fairchild, also joins BTG Tax from Vantis Plc as Partner, providing private client tax advice. Peter’s extensive expertise in the Sports sector complements BTG Tax’s existing national expertise in this area and will provide a strong platform from which to develop this offering in the London market.

RSM Tenon acquire Vantis businesses

RSM Tenon, the Top 10 accountancy firm, has announced it has acquired the Epsom, London, Leicester advisory offices, the national Financial Management operations, the London Forensic Accounting team and the Thames Valley Recovery office of its public competitor, Vantis.

The acquisition sees circa 300 staff augment the existing substantial RSM Tenon teams, adding up to an estimated £27 million to the firm's annual fee income.
There will be over 190 staff members - including 30 directors - from the Wigmore Street office who will become part of RSM Tenon.

The deal brings significant extra audit, tax and advisory work, especially to RSM Tenon's London operation, reflecting the Group's commitment to growth in the Capital.

RSM Tenon's Financial Management division, already the largest Financial Services arm of any UK accountancy firm, will jump to a Top 20 IFA firm nationally, with over 300 staff operating from offices across the UK.

Payne Hicks trio set up Private Client boutique

Three Payne Hicks Beach private client partners will leave the firm next month to set up a boutique private client practice. Louise Stoten, a partner at Payne Hicks for the past 10 years, will set up New Quadrant Partners along with partners Marcus Parker and Jane Bennett, who both joined the firm last year. They will be joined by Payne Hicks associate Zoë Camp and tax and trust principal Simon Rees. Joan Major, director of wealth management at London-based multi-family office Sand Aire, will also be joining New Quadrant Partners.

First reported on TheLawyer.com

Smith & Williamson win Best HNW team at 2010 Taxation Awards

Top 10 accountancy firm Smith & Williamson have won the Best High Net Worth Tax Team award at the 2010 Taxation Awards dinner.

Full details at: http://www.smith.williamson.co.uk/news/3322-smith-williamson-wins-again-at-taxation-awards

IMF proposes two big new bank taxes to fund bail-outs

The BBC has learned that financial institutions and banks face paying two new taxes in an attempt to make them more accountable for the costs of future financial and economic rescue packages. The plan is more radical than initially anticipated and includes an initial flat-rate levy, plus an additional tax on profits and pay. The finance ministers of the G20 nations will be discussing the proposals this weekend. The chancellor Alistair Darling said the IMF's proposals were "important" and should be welcomed.

For the full story visit:http://news.bbc.co.uk/1/hi/business/8633455.stm