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Businesses are being warned to be ready for new challenges being faced by directors.

Senior accountant and business leader John Welsford advised members of the Institute of Chartered Accountants at Worcestershire Cricket Club on dealing with changes affecting companies during the recession.

His address, “Tax, Legal and Accounting Implications of Transactions between a Company and its Directors” on Wednesday October 20 was among a series of talks priming accountants and advisers who are giving key assistance to local businesses.

John, of Mercia group, based in Whetstone, Leicestershire, has built the firm into one of the UK's leading service providers to accountancy, with over 4000 clients and 70 members of staff.

He used case studies to revise the principles involved; the objective being to take transactions involving directors and consider in detail the legal and tax consequences, and the disclosure requirements. John said: “This contains little formal lecturing!”

Higgs and Sons solicitors, one of the West Midlands’ largest law firms, based in Brierley Hill, are sponsoring the lecture programme.

Higgs’ David Ellis introduced the address on transactions with a briefing on the increasing number of cases they are seeing, where directors are challenged on illegal dividend payments; as well as examples of directors’ actions prior to winding-up leaving them exposed to personal claims.

Celia Adams, chairman of organizers, the Institute of Chartered Accountants in Worcestershire, said: “These are times of the greatest change and challenge, and this lecture was packed with absolutely vital advice for dealing with them. I encourage people to book now, while places remain for remaining lectures.”

The popular Worcestershire Cricket Club lectures continue with a Practitioners’ Forum on October 27, and ‘Tax Strategies for High Earners’ with Norman Allison on November 16. For more details or to book online see www.icaew.com/westmidlands and select ‘More courses and events’.

Celia is encouraging young qualified or qualifying Chartered Accountants from Worcestershire practices to act as mentors in The Business Game, now set up for local schools to build business links and career opportunities in the financial sector.

The lectures starts at 6.30 pm until 8.00 pm. The cost of attending is £31.00 ex VAT per lecture or £190 ex VAT for a block booking.