zzDeloitte in Wales

#AskAnApprentice – Life at Deloitte

2022-02-08T13:16:27+00:00

We asked some of our apprentices to tell us what sort of things they get involved with beyond their day-to-day role as part of their life at Deloitte. Here’s what they had to say.

Josh

I got involved with the Deloitte buddy scheme - we have catch-ups to break up the working week and I help with anything they’ve been struggling with.

I am also involved in the culture committee within my department, looking at work relationships, wellbeing and mental health, which is something I’m very passionate about.

Kristy

In the past I’ve volunteered to help out with virtual workshops for high school students who had shown an interest in the BrightStart apprenticeship programme. The workshops gave them an opportunity to hear a bit more about what the different business units at Deloitte do and ask any questions about the scheme. More recently, I was really pleased to get involved with one of the many volunteering schemes Deloitte offers, and I helped 1625 Independent People – our Bristol office charity partner - with painting their new hub that'll be used by the young people the charity supports.

Alex

I have become a Deloitte facilitator and subsequently have been able to facilitate multiple training sessions and days for individuals at different grade levels. I am an early careers coach as well as a buddy for people entering the firm as experienced hires, which is very rewarding. I have also been involved with the recruitment process.

Jack

Since joining Deloitte, I’ve tried to stay involved in supporting apprentices or would-be apprentices at the firm. This has included going along to open days to speak about my experiences, or meeting with some of our people based at Deloitte’s delivery centre in Cardiff – where I first started as an apprentice - to talk about the BrightStart higher apprenticeship programme etc. I think this is important because back when I started, these types of apprenticeships were fairly new so there were a limited number people who had completed similar schemes.

Callum

I have represented Deloitte at career fairs which I was really pleased to do because I remember how valuable I found these events when I was at school. I have also been on several Q&A panels on Zoom calls for school leavers and graduates. A few years ago I went to the Czech Republic and represented the Cardiff office in the Deloitte Prague Cup - the global firm’s own version of the football world cup. More recently I have been nominated by our training provider for PQ Magazine’s – the magazine for student accountants – apprentice of the year awards. The awards take place in April and even if I don’t win, it definitely feels good to be nominated!

Apprenticeship Week Wales celebrates apprenticeships and the value they bring to employers and learners across Wales.

#WPCYMRU #AWWALES #BuildTheFuture

Deloitte is a supporter of Apprenticeship Week Wales and, by sharing our stories, we would like to encourage everyone to consider how apprenticeships can help individuals to develop the skills and knowledge required for a rewarding career. We’re one of a number of employers celebrating the apprenticeship community, highlighting the opportunities to earn a wage and gain new skills and qualifications, and showcasing the resilience of apprentices and their employers during the pandemic.

You can find out more on our apprenticeship programmes on our careers pages – we offer both higher and entry level apprenticeships.

Deloitte's virtual Spring careers festival

Deloitte’s virtual Spring careers festival is underway - a programme of virtual events that potential applicants can join, as well as parents, teachers and careers advisors. It’s open to everyone and focused on helping you learn more and make career decisions. Events range from discover sessions, where people can chat online with Deloitte people about different opportunities at our firm, upskill sessions – on demand or live – to boost your strengths or find out more about our assessment process, as well as ‘Meet Deloitte’ sessions.

Find out more here.

Apprenticeships – A great start to your career

2022-02-08T12:48:16+00:00

By Jude Davy

To mark Apprenticeship Week Wales, Jude Davy, who completed his Business Administration apprenticeship last year, reflects on his apprenticeship at Deloitte and why it was the right choice for him.

I left school after completing my A-levels and spent a year doing various things. I was in a part time job when I applied for Deloitte’s Business Administration apprenticeship. I was looking for an opportunity that would help me start my career .

The ad I saw for Deloitte’s apprenticeship programme was very appealing. I was looking for ‘apprenticeships in my area’ and saw social media advertisements for Deloitte pop up in my feed as well as when I searched online.

Applying for the role

At the outset, it can feel intimidating applying for roles at professional services firms at a fairly young age but Deloitte’s application process was very inviting. I didn’t know anything about Deloitte before I applied - all my research started when I began to look into the role and what the firm was offering.

I found the application process great. I had my own page on the recruitment portal that showed me the progression of my application which was super useful. I also felt comfortable when going along to interviews. They were in an easy to find location and the team who interviewed me were very friendly and helpful.

One tip I wish I’d been given, though – printing things out. I would certainly recommend having a printer handy as if I’d had one, it would have certainly saved me time in the application process!

I was so ecstatic when I heard I got the job - I told my family straightaway as they knew how important getting this role was to me and they were thrilled for me. I stared my apprenticeship in March 2020 and I completed it in July 2021.

Where I am today

I am an Assistant in the Engagement Support Services team in the Central Business Services division, which is based in the firm’s Cardiff Delivery Centre. In our department, my colleagues and I assist with the completion of conflict checks and the ‘take on process’ that is activated when we have been appointed to work on new client engagements. This means working closely with various engagement teams to assist them in their engagements – the client teams could be located in the UK or overseas.

I really like the work I’m doing - I like that every piece of work is different which keeps it interesting. I find the job is not stressful and I feel very comfortable in my role. I like that you can bring new ideas to the table and that everyone is supportive.

The people factor

My team is great - I work with the most brilliant people who are supportive and good fun. Everyone is always positive; we chat and support each other. It makes such a difference when you can all enjoy each other’s company.

The pandemic has been difficult for everyone on a social basis. However, I found that Deloitte adapted well, and I have been able to make many friends virtually. One positive thing about working from home – you don’t have to spend lots of money – or time - on travel!

The apprenticeship allows me to interact with all my fellow apprentices and personal team which are all super nice and fun to be around. I’ve got involved in various activities and attended events such as Movember, Christmas, Black Lives Matter events which have all been insightful and enjoyable.

The right choice

I feel very lucky to be where I am - I enjoy my role day in and day out, I love the people here and their values.

Personally, I found there was a lot of pressure at school to go to university, and I think I made the correct choice for me by going after an apprenticeship. With an apprenticeship, you get to earn while you learn and I see this as such a brilliant opportunity. When I was working weekends in my previous employment, my social life and mental wellbeing were dipping. Whereas now I have the opportunity to learn skills, meet new people, earn money, gain a qualification and all with a secure job.

What I liked most about my apprenticeship and the training is that you’re given plenty of help and support. I’ve been able to meet new people. Even virtually, people are always there to help you and give you as much time as you need to adapt and learn.

Future aspirations

As for the future, I would definitely like to progress further within the firm. Deloitte gives you great opportunities to diversify your work and develop new skills.

Apprenticeship Week Wales celebrates apprenticeships and the value they bring to employers and learners across Wales.

#WPCYMRU #AWWALES #BuildTheFuture

You can find out more on our apprenticeship programmes on our careers pages – we offer both higher and entry level apprenticeships.

Deloitte's virtual Spring careers festival

Find out more here.

Jude Davy, Assistant, Central Business Services

Jude is an Assistant in Central Business Services, based in Deloitte’s Delivery Centre in Cardiff. His role involves the set-up of conflict checks and the take-on process for new clients. He works alongside various engagement teams that work closely with external clients based in all areas of the world. He joined the firm as an apprentice in March 2020 and has gained a Level 3 City & Guilds qualification in Business Administration.

Apprenticeships – Where learning pays off

2022-02-08T12:11:47+00:00

By Josh Pike

Josh Pike, a senior associate in the Financial Services Audit practice in Cardiff, talks about how their career is progressing since they started their apprenticeship.

I joined Deloitte’s Financial Services Audit team in 2019 and I am now two years into my four-year apprenticeship, known as the BrightStart programme. By the end I will be a chartered ACA accountant.

Can you see how you’ve progressed?

When I first joined the firm, I was an assistant associate and have since been promoted to senior associate. This means I have more responsibility and I’m now able to work more independently. I also now feel like I make a difference within my team. A lot of my time is spent supporting and coaching others, and this has helped me to develop other skills that will be useful for my long-term career development.

I can see first-hand the progress I have made in my technical knowledge – for example, I now find myself answering complex questions, the same ones I asked for help with when I first joined.

I’ve also had opportunities to push myself and have frequent check-ins with my managers. We go over areas where I am doing well and identify ones where I need more experience so that I can continue my career development and personal growth. For example, my confidence has grown, and I feel I have definitely improved my people management skills.

What’s it like to work, learn, and study?

With an apprenticeship, you earn whilst you learn. At times, I can find it difficult to juggle my day-to-day work alongside studying. Of course, I have the support of managers and mentors to turn to. They are helpful to talk to and can help both organise and prioritise your workload. We get study leave, and tutors and coaches that have definitely helped with this and guided me where necessary.

I like being in a big team - everyone is willing to help you out and answer questions - and this was something that definitely drew me to Deloitte!

The technical training I have completed with our learning provider can sometimes be challenging. But then again, it’s always exciting when you pass an exam and share your success with your peers and teams! Plus, the knowledge I have gained has been useful for my own work as well as supporting others.

What’s changed since the pandemic?

In September 2021, the firm transitioned to hybrid working, i.e. working from both the office and from home, but always keeping in line with the latest government guidelines. Deloitte allows agile working so we can work when best suits us. The different audit teams I’ve worked with have adapted to this and we have supported each other in the best way possible. In fact, over the last two years there has been an increased focus on wellbeing within our Financial Services Audit team which I think is incredibly important.

Across the whole firm, you can see there is a stronger focus on mental health and wellbeing. A new ‘thrive’ network has been introduced that looks to support individuals and help them feel less alone by breaking the stigma attached to mental health. By normalising talking about your own mental health and supporting others with theirs, I feel we’ve made strides to break the taboo and make space for people to thrive at work. Our people work best by being themselves and its healthier to know and say how you’re feeling. Creating an open team environment means that you can feel supported and able to lean on others when needed.

What’s next for you?

Looking towards the future, if my next few exams and months go smoothly, I’m hopeful that I’ll be considered for a promotion to Assistant Manager. I definitely feel ready for the next step up and challenge!

Apprenticeship Week Wales celebrates apprenticeships and the value they bring to employers and learners across Wales.

#WPCYMRU #AWWALES #BuildTheFuture

You can find out more on our apprenticeship programmes on our careers pages – we offer both higher and entry level apprenticeships.

Deloitte's virtual Spring careers festival

Find out more here.

Josh Pike, Senior Associate, Audit & Assurance

Josh is a senior associate in Financial Services Audit based in Cardiff. Their role involves collaborating with colleagues and engaging with clients to deliver high quality, year-end, statutory audits for large asset finance clients based in the South West. They joined the firm as an apprentice in 2019 and are working towards a Level 7 ACA Chartered Accountant qualification (ACA).

#AskAnApprentice – Career conversations

2022-02-08T10:55:50+00:00

We asked some of our apprentices – past and present – on the advice they would give to people considering their career options, especially if they’re perhaps considering an apprenticeship as an alternative to university. Here’s what they had to say.

Josh

Think about what career you want to have and research it… a lot! Nowadays, there are so many more opportunities to get into apprenticeships and earn while you learn, and university isn’t always the quickest or easiest route. The experience and opportunities will be different at each company, even for the same apprenticeship, so look at the company’s values and how closely they align to your own.

I think a lot of people go to university for the experience and haven’t really got much of a clue about their long term aspirations. An apprenticeship gives you qualifications and a real focus on career development.

Jack

My advice would be that there is no right or wrong option in terms of what you do next after leaving school or college. It’s all about choosing what’s best for you and not just picking something because that’s your friends are going for or because that’s what you’re ‘expected’ to do. If you think an apprenticeship is the best option for you then go for it! Similarly, if you think university is the best option for you, then choose that instead.

In addition, I strongly believe that if you’re not completely sure about going to university, you’re better off taking a step back and truly choosing what’s right for you, even if you’re not sure on what this is yet. I know plenty of people who haven’t been 100% sure and have ended up dropping out. Similarly, I know I wasn’t 100% sure and choosing another option has worked out for the best for me, despite pressure from school and my parents.

Jade

My advice would be to consider all options, including an apprenticeship! Do your research, reach out and talk to someone about their experience.

There are many different types of apprenticeships and some employers like Deloitte offer different schemes and they really are a great way to build a secure career pathway.

An apprenticeship can sometimes be a great way to get a foot in the door and trial something new and could end up being the best decision of your life – I know it was mine. I was 17 when I started Deloitte’s business administration apprenticeship in Cardiff that’s delivered in partnership with Cardiff & Vale College.

Callum

My advice would be to invest time in researching as many options as possible. There are so many different opportunities whether they’re in the form of apprenticeships, graduate programme, or full-time employment. Another form of advice would be to take the plunge! Although it may seem daunting joining a big firm, you are fully supported as soon as you join and are never thrown in the deep end!

Alex

Deloitte is a great place to start your career after A-Levels. Everyone respects each other and values everyone’s different skill-sets which is great.

Mason

My primary advice would be to just understand what would suit you the best. I haven’t looked back since starting as the BrightStart programme, but starting a professional apprenticeship at the age of 18 may not be the answer for everyone.

Apprenticeship Week Wales celebrates apprenticeships and the value they bring to employers and learners across Wales.

#WPCYMRU #AWWALES #BuildTheFuture

You can find out more on our apprenticeship programmes on our careers pages – we offer both higher and entry level apprenticeships.

Deloitte's virtual Spring careers festival

Find out more here.

Apprenticeships – An opportunity like no other

2022-02-07T16:32:04+00:00

By Jade Harris

Jade Harris joined Deloitte at age 17 as a business administration apprentice in our Cardiff Delivery Centre. Five years on, she’s now an assistant manager and an apprentice coordinator.

Deloitte’s Business Administration apprenticeship, which I later found out is unique to the firm’s operations in Cardiff, is an entry level programme that combines learning on the job with part-time study at Cardiff & Vale College and leads to a recognised qualification.

It stood out to me for many reasons and I remember I particularly appreciated the minimum entry requirements – to me, they seemed pretty achievable. From what I could see, the firm was really giving young people, perhaps unsure of how to get their career started, a chance to earn and learn. I didn’t think twice about applying. Until then, I had always assumed I would need to go to university and get a good degree just to be in with a chance of gaining an opportunity like the one I eventually found at Deloitte.

I think the opportunity to earn and learn at the same time is a great draw for many people, especially as an apprenticeship allows you to gain real life work experience very quickly. I did initially find it difficult seeing all my friends go to university and questioned whether I had made the right choice. But when I saw so many of them struggle to find jobs afterwards, often being rejected due to a lack of experience, I knew that I had made the right decision and I was in the best place I could be.

What’s it like to work and study?

I learned how to juggle college and work. I diarised as much as I could in advance and learned very early on to create an equal balance of everything so my life outside of work wasn’t impacted. This really helped me maintain my positive attitude towards the whole earn and learn set-up and made me really appreciate the support system I had around me. I had a great team and manager who supported me with my workload whilst I was working towards my qualification. They would pick up the work for me on a Tuesday when I attended college or provide cover for me if I had college reviews on other days.

How have you progressed since you finished your apprenticeship?

I am extremely happy with how my career has progressed. When I joined Deloitte at age 17, I didn’t think at age 22 I would be an assistant manager, leading my own team. I was fortunate to be successful at promotion one month after finishing my apprenticeship, and then again two years later when I became an assistant manager. With each of these progressions I’ve had a number of opportunities to develop which in turn helped me progress further within the business.

What about further training?

Deloitte has given me a wealth of knowledge and training has broadened my skillset - soft skills such as communication, time management etc as well as technical skills too. The biggest skill of all was learning and understanding the operations of a business which then became my main role for almost four years. I have been able to use the training I’ve received and share my knowledge with other members of the team, including those who hadn’t completed the apprenticeship.

I try to attend as much training as possible and also seek out opportunities where I can to develop and broaden my skills and knowledge further. Getting involved with various projects across the team has also helped me as there’s always something new to learn from each individual. And with my depth of knowledge, I’ve become the go-to person for many people within my team

Most recently I’ve done a lateral move within my division which means I can gain more experience as a people leader, which will help me to fulfil my goal of becoming a manager. Part of my everyday role is to be an apprentice coordinator for the new business administration apprentices that come into the firm. I love to see their progression and development from when they first start right the way through to the end of their apprenticeship. I love being able to help them gain a recognisable qualification and also develop themselves professionally.

What does being a coordinator involve?

I have weekly calls with the apprentices to chat about how they are finding college work alongside their day to day work at Deloitte. I also check their progress by giving them targets and ensure they are on track to pass their exams. In line with this, I host calls with the college on a monthly basis to provide any feedback, for example how to make the units in college relatable to the work they are doing at Deloitte, and also to understand what units the apprentices are currently doing and what are scheduled next.

I also have calls with the apprentices to discuss their goals once they finish their apprenticeship. I highlight their options and we explore how we can go about achieving those. For example, someone might want to move onto our higher apprenticeship programme, which is called BrightStart.

What do apprenticeships mean to you?

I very much believe in the success of Deloitte’s business administration apprenticeship - it’s a great scheme with a growing number of intakes. I think it is important to get the message out there about apprenticeships in general and how significant opportunities like these are. From my own experience, I would really like to see them considered and talked about more in schools as an option for starting your career. I don’t think everyone understands that, even though you’re an apprentice and you may be learning on the job, the work you are doing is valued and it’s no different to that of your colleagues. Apprentices are fully-fledged members of the team and, in my view, some of the most determined people you will ever come across.

What are your future aspirations?

I have achieved my short-term goals but still have some long-term goals to achieve, such as becoming a manager. I think an important goal of mine has to always be happy in what I’m doing, and I feel like I’ve always achieved that.

I also aspire to be a voice for apprentices and an advocate for the apprenticeship. Apprenticeship Week Wales is just one way to get the word out there. I’d like to help as many people as I can recognise what a fantastic opportunity an apprenticeship is and how they can tailor it to their long-term goals.

Apprenticeship Week Wales celebrates apprenticeships and the value they bring to employers and learners across Wales.

#WPCYMRU #AWWALES

You can find out more on our apprenticeship on our careers pages – we offer both higher and entry level apprenticeships.

Deloitte's virtual Spring careers festival

Jade Harris, Assistant Manager, Central Business Services

Jade is an assistant manager within the service line engagement support team based in Cardiff. Her role involves people management and supporting projects for the Engagement Support Services division. She joined the firm as an apprentice in 2017 and gained a diploma in business administration.

Meet that deadline! Top tips for filing your self-assessment tax return online

2022-01-17T17:09:21+00:00

By Meg Watt

Top tips from Meg Watt, associate director at Deloitte in Cardiff, to help you meet the self-assessment tax return filing deadline of 11.59pm on 31 January 2022.

In 2020 only 4% of taxpayers filed their tax return on paper, with the overwhelming majority opting for the online method that has the later deadline of 11.59pm on 31 January. Filing online may give you extra time to gather the info you need to file your tax return, but some people do leave it to the very last minute to press submit.

Whilst 31 January is usually the busiest filing day for tax returns, some people decide to spend part of their Christmas break doing their online tax returns – whether it’s to avoid present-wrapping duties, helping out in the kitchen or a Christmas TV overload, over 19,000 tax returns were filed on Christmas Eve, 2,800 or so on Christmas Day itself and more than 8,500 on Boxing Day.

Have you filed your return yet?

According to HMRC, they are expecting 12.2 million taxpayers to file their self-assessment tax return online by the fast approaching deadline of Monday 31 January 2022.

Similarly to last year, HMRC have announced that they will waive late filing and late payment penalties for self-assessment taxpayers for one month, but the deadline to file and pay remains 31 January 2022. Even though the penalty waiver means that you’ll not receive a £100 late filing penalty if you file your self-assessment online by 28 February 2022, in my view it’s still not a good enough reason to delay.

To help you meet the 31 January deadline, here are 12 top tips for filing your tax return with HMRC.

Top tips

Make sure you have all of the relevant documentation: pensioners should find details of their income on their digital tax account, but may want to check these from their P60s. Similarly, employees will need to check P11Ds, giving details of any benefits in kind. You’ll also need details of any investment income outside an ISA, as these are not yet reflected on your digital tax account. Self-employed and landlords will need records of their revenue and outgoings.
Your 2020/21 tax return covers earnings and payments during the pandemic. This means you’ll need to declare if you received any grants or payments from the COVID-19 support schemes up to 5 April 2021 on your self-assessment, as these are taxable, including:

the Self-Employment Income Support Scheme
the Coronavirus Job Retention Scheme (if you are an employer)
other COVID-19 grants and support payments such as self-isolation payments, local authority grants and those for the Eat Out to Help Out scheme

You can find out more on which grants and payments you need to report on HMRC’s guidance page.

If you were employed and you had to work from home during 2020/21, you are allowed to claim expenses of £6 per week for household expenses without providing receipts. Any week will count provided you had to work from home for all or part of it. For a higher rate taxpayer, this would typically save about £120 in income tax. If your actual expenses were higher, it is possible to claim the higher amount but you need to be able to provide receipts and justify the split between personal and work elements. Also remember to gather details of any professional subscriptions that you paid in the year that were not reimbursed by your employer. If the organisation is on HMRC’s approved list, your subscription should be deductible from your employment income.

If you have made personal pension contributions in the year, details will need to be provided on the return. Higher and additional rate taxpayers will receive additional tax relief through Self-Assessment. Remember that relief is restricted for those with an adjusted income over £240,000 and a threshold income over £200,000.

If you receive bank interest during the year, tax is no longer deducted from this income at source, so you may have further tax to pay. Although there is a personal savings allowance of £1,000 for basic rate taxpayers, (£500 for higher rate and nil for additional rate taxpayers) the full amount of income must be included on the return as the relief is given when the tax is calculated. Similar rules apply for dividends, where the dividend allowance is £2,000. Those with low earned income and pension receipts which are combined with savings income may also be entitled to the £0-5,000 exempt band.

Do you have trading or property receipts but low expenses? There are trading and property allowances available in lieu of expense deductions which means that trading and/or property receipts (excluding lodgers) of up to £1,000 each can potentially be received tax-free. If you have a lodger in your home, the rent-a-room scheme lets you earn up to £7,500 per year tax free.

Remember to check your charitable donations under the gift aid scheme. Like personal pension contributions, gift aid donations may attract additional relief if you are liable to higher or additional rate tax.

Calculating rental profits: individuals are generally allowed to use the cash basis rather than accruals basis in calculating rental profits, i.e. recognising receipts and expenses based on payment dates, rather than the periods that they relate to. You need to take care to ensure that no receipts or payments are double-counted or missed from your tax returns altogether. You should note that, from 6 April 2020, income tax relief on all residential property finance costs is restricted to the basic rate of income tax.

Have you got married or separated during the year? Income from jointly owned assets, such as rental profits, can sometimes be treated differently depending on whether the owners are married.

If you or your partner claim child benefit and your income is over £50,000 you may need to include a claw-back in your tax return.

If you have outstanding student loans and you are self-employed, you may be required to make repayments via your tax return.
Before you file, you should check, and double check, all of your details and ensure that you have accounted for everything. HMRC receive a lot of information directly from third parties, so if anything has been omitted, an enquiry may well be opened.

Penalties for inaccuracies in tax returns can be much harsher if HMRC spot them first and they will charge penalties if the original return is considered to have been filed ‘carelessly’. You can use provisional figures in your tax return if the final figure is not available, but it is important to provide the final figure as soon as possible.

Don't be duped

One thing you should be wary of - would-be fraudsters. HMRC is warning people to be on the look-out for tricksters, copycat HMRC websites and phishing scams at this time of year. According to HMRC, nearly 800,000 tax-related scams were reported to them in the last 12 months. To combat scams, they have put together some guidance to help taxpayers spot bogus phone calls, text messages and emails.

Meghan Watt, Associate Director, Tax & Legal

Meghan is an associate director in Deloitte’s Cardiff office and leads the Private Client Compliance business in Wales. She has over 10 years’ experience providing tax services to high-net worth individuals based in Wales, in the greater UK and abroad.

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Management advisers – what value do they bring to the negotiating table?

2021-10-11T16:59:00+01:00

By Richard Williams

Richard Williams, an associate director in Deloitte’s advisory corporate finance team, looks at how management advisers can help management teams see a transaction smoothly executed to completion.

When it comes to raising capital, buying or selling a business, many business leaders turn to their trusted advisers to help them navigate the complexities of the transaction.

But what about when management teams need to seek independent advice? This is when management advisers come to the forefront and business leaders call on the experts that excel in this area.

Working with management teams

Advisers play an important role in supporting management teams in many scenarios, for example when a management buy-out – or buy-in – is on the horizon. Offering tailored advice for each and every transaction, the first thing advisers bring to the table is a deep understanding of the dynamics, and sometimes conflicts, management teams can face during a transition of ownership. Not only that, as experts in their field, they provide management with the additional expertise they need to carefully navigate complex negotiations to ultimately deliver a successful outcome that all parties can agree on.

For instance, take me and my colleagues in Deloitte’s management advisory team. As a trusted adviser working alongside management, we take the time to understand their drivers, goals and future ambitions, and are focused on their best interests.

Challenge when you need it most

This year has seen a huge rise in M&A activity, with many businesses being divested, bought or sold. With this ongoing competitive and transactional environment not looking to slow down anytime soon, trusted advisers are becoming even more important to management teams as opportunities arise.

At Deloitte, set aside from the traditional buy side and sell side roles, the team of specialist management advisers we have in the South West and Wales work closely with our clients, usually management teams but occasionally an individual senior executive, to ensure they have an informed understanding of their options in the transaction and the support they’ll need in negotiating an outcome that suits them.

We will provide all the information and advice our clients need to make informed decisions at all stages of the process, and when necessary, coaching and prompting management to ask the right questions at the right time.

Beyond negotiations

Negotiations are just one stage of a deal where independent advice is welcomed by management teams. But when choosing an advisor, management needs to consider: What else can the adviser bring to the table? What additional expertise may we need to get the best outcome for us?

At Deloitte, our experts are connected to a large network of local, national and international colleagues and we have access to multi-disciplinary, global teams that have strong sector expertise in a variety of industries that we can call on should the need arise.

With this at our fingertips, working collaboratively and tailoring our response for each transaction, our management advisory experts have a wealth of experience in and are able to provide independent, un-biased advice to management in many areas, including:

identifying appropriate sponsors
providing an independent view on the style and track record of private equity investors
providing views on typical market practice for different transactions, including sector benchmarking expertise
analysing each offer received considering tax implications and debt structuring, and providing in-house expertise from management tax and debt advisory specialists
business plans
negotiating management terms, and supporting and advising management teams through to completion and beyond
modelling indicative returns based on different transactional structures and outcomes
working alongside management’s legal advisers, advising on the commercial aspects of all required legal documentation.

Rolling up our sleeves

Looking at this in more detail, our clients welcome this hands-on approach and we believe it can add yet more value to the relationship. It can be explained as a way to provide additional financial and reputational benefits to the management team, such as:

wider M&A sell side and buy side expertise that will support the management team in instances where the sell side adviser might ask management to do the heavy lifting
support in planning, preparing and executing an efficient management buyout process
determine whether a strategic competitor is the right fit or whether a private equity firm is a more practical option
provide an overview of the key features of a private equity transaction
team coaching of new roles prior to deal completion.

Looking to the future

In my view, management advisers will continue to play a pivotal role in M&A for the foreseeable future as we continue to see an uptick in deal activity.

The impact of the pandemic in 2020 resulted in significant disruption to business strategies and fast-tracked many companies to seek out opportunities outside their existing operations to bring in-house critical capabilities or access new markets, as a way to strengthen their value proposition. As such, management advisers will continue to support management teams as they look for future investment, new acquisitions or a planned exit.

How we can help

Whether you are just starting to consider the potential future options for your business, or are in the middle of an ongoing transaction, my colleagues and I would be happy to talk you through your options.

Richard Williams, Associate Director, Financial Advisory

Richard is a member of Deloitte’s South & Wales Advisory Corporate Finance team, specialising in management advisory.

Deloitte’s Management Advisory team are experts in delivering independent advice to management teams during M&A transactions, particularly those involving private equity.

We leverage Deloitte’s strong relationships with institutional investors and our expertise in private equity backed transactions to guide management teams through the complexities of a transaction to a successful completion.

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A big hello from the South West & Wales Multicultural Network

2021-10-08T17:43:00+01:00

By South West & Wales MCN

We often refer to Deloitte as a people business, as we couldn’t do what we do for our clients without the people we have in the firm. People are what make our business great and we value diversity, and are committed to respect and inclusion.

Deloitte has 12 diversity networks– ensuring every person has a voice, is respected and encouraged to achieve great things, regardless of ethnicity, gender, sexuality or any other characteristic.

South West & Wales Multicultural Network

Our network, or the SWW MCN for short, is a branch of the wider Deloitte MCN, It is a community open to anyone who works at Deloitte across the South West and Wales region that has an interest in learning about different cultures and the key issues faced by underrepresented ethnic groups. We aim to empower and support our community through events, regional updates, and by providing our network and wider Deloitte community with support and contacts when they need it.

At Deloitte, we have a diverse workforce with colleagues from many different cultures, countries and ethnic backgrounds and over 30 languages are spoken by our people across the South West and Wales alone.

Our network creates the opportunity to bring different cultures from around the world and inspire others to learn about other countries and nations by sharing stories, photos and recipes. We actively celebrate and mark significant days throughout the year, such as Holocaust Memorial Day, Chinese New Year, Black History Month and many more!

As a network, we are always finding ways to learn and expand our reach, and this has taken us beyond our Deloitte community. We are proud of the support we have extended to local schools and colleges in Cardiff and Bristol, and we are proud of our network-led events in support of our local community.

Let’s celebrate

Chinese New Year

In collaboration with the local Confucius Institute, we celebrate Chinese New Year by learning different parts of Chinese history and ancient Chinese skills via workshops. Previous years have seen us all get together and be taught traditional things like Chinese tea making and painting. In 2021, we were even more creative as the event was held virtually so we watched the New Year ceremony together and had fun making traditional animal paper cuttings.

Black History Month

Each year we celebrate Black history by sharing regional updates highlighting influential Black people and moments in history, as well as attending local and Deloitte-led events. In our region we hosted a movie and pizza night in which we watched The Boy Who Harnessed The Wind and a virtual quiz open to Deloitte people across the UK during last year’s lockdown period.

We joined Deloitte’s wider MCN events which included a Caribbean curry cook-along and the Black Network’s flagship panel event featuring Deloitte’s CEO, Richard Houston, and guests talking about the importance of family. The @DeloitteUK_MCN twitter feed shared content throughout the month inviting people to join the conversation using #DeloitteBHM.

Our focus for 2021 will be on family and sharing stories that showcase the breadth and diversity of the Black British experience, from music and sport to activism and literature.

Let’s Talk sessions

Last year and again this year, the SWW MCN held a Let’s Talk session. Similar to national MCN-led sessions, our participants shared honest and personal experiences and discussed opportunities for Black and minority ethnic colleagues and individuals.

The sessions were very impactful, poignant, and powerful. It demonstrated the power of listening and helped shape the Black Action Plan. Any actions and concerns were fed back to the MCN and the Deloitte inclusion team and continue to help shape inclusion policies.

Who leads the SWW MCN?

Kayleigh is overall lead and chair of the SWW MCN and a senior associate in Deloitte’s world class immigration team.

“I joined the SWW MCN committee nearly three years ago as, although I have previously worked in diverse teams, I have never been part of a company that actively celebrates diversity and encourages people to be themselves. 18 months ago, I was offered the privilege of becoming the lead for the SWW MCN and I jumped at the chance. To be able to surround myself with such a positive, open minded and encouraging community of people alongside my daily role really is fantastic. It makes me want to be a better person and do what I can to help others.”

Bradley leads community investment and external relations for the SWW MCN and is a manager within financial advisory, specialising in providing M&A transaction services.

“I joined the SWW MCN committee around 18 months ago because I’m passionate about creating a more diverse and inclusive working environment within our region. The SWW MCN has not only provided amazing opportunities to meet and celebrate the different backgrounds and cultures of my colleagues, but also provided me with a great support network when I needed it most.”

Camila leads communication and employee engagement within the SWW MCN and is a senior analyst for the Swiss AQRM team based in Cardiff.

“I joined the SWW MCN in early 2019 after I attended the Chinese New Year celebration. We learnt to do Chinese calligraphy and it was just so much fun that I wanted to be a part of future events. When I joined, I learnt about the positive impact the network had on the firm and it felt fantastic to be part of a community that is closely aligned with my beliefs. I’m responsible for our SWW MCN comms which I love.

“Being an ally and advocate for others is something I will always be and is one of the things I am most proud of. I am constantly learning new things and perspectives of different cultures/backgrounds. I really could go on and on but I will leave you with a quote: Diversity is the one true thing we all have in common. Celebrate it every day.”

The South West & Wales Multicultural Network

The SWW MCN is focused on delivering value to our members and celebrating the unique strengths that everyone brings to the table. The network offers a safe space for people to be themselves and keep an open conversation going regarding important topics from all areas of the globe.

Employee benefits and the race to net zero

2021-09-14T16:23:00+01:00

By Tess Williams

Tess Williams, a Tax Partner in Deloitte’s Global Employer Services practice, explores the role that employee benefits can play in accelerating a business’s net zero ambitions.

As businesses begin to look forward and consider the transition into a post-pandemic world, we are witnessing increasing focus from employers and a strong desire from employees, to make a positive environmental and societal impact. One such observation is that both employers and employees are looking at how they can “build back greener” and ensure that accelerating action on climate change is a strategic priority.

Combined with increasing commitment from a range of organisations to achieving net-zero by 2030, an exciting opportunity is emerging in the space where the employer/employee relationship intersects most closely – employee reward – specifically, how green employee benefits can provide a win-win for both employers and their workforce, whilst delivering a positive impact on the environment at the same time.

Add to this the change to when, how and where people work, and the rise of hybrid, remote or home working as the way forward post-pandemic, many employers are now reassessing their policies, including how they incentivise and reward their people.

Sustainable benefits - incentivising employees towards net zero

The pathway to a Net Zero future will be defined by the actions of the many and not the few. This is widely recognised and is the driving factor in workforces expressing their eagerness to do more personally but being excluded due to the cost, reliability of information or, accessibility of the solutions.

With employers now reassessing their policies and how they incentivise and reward their people, together with both organisational and workforce engagement to make a positive environment impact, the win-win opportunity of introducing sustainable employee benefits emerges.

That’s why, at Deloitte, we have been working with employers to understand and communicate the various options they can offer their employees. There are many and wide-ranging options open to businesses but one trend we are seeing is a move by employers to provide their employees with more choice. These include:

Electric vehicles - an increasingly popular choice where employers can access generous government tax incentives in order to provide vehicles to employees at an accessible cost that might otherwise be prohibitively expensive. Employee take-up can be significant when coupled with the provision of charging facilities and knowledge sharing on the current 1% company car tax rate, the benefits of a salary sacrifice arrangement and no road tax or congestion fees.
Sustainable travel – introducing benefits and facilities which make it easier for employees to make sustainable travel and commuting choices. These can include discounted season tickets and loans for public transport, access to bikes at a reduced cost and complementary facilities at work (e.g. showers and lockers). Opportunities such as these should not be overlooked.
Provision of reliable information and discounted access to solutions that promote more sustainable homes, such as renewable energy tariffs, LED lightbulbs, home insulation and solar panels. These can mitigate the negative carbon impact of homeworking whilst also delivering cost savings for employees.

Why engaging employees on climate change matters

As you can see, there is much scope for business leaders to develop reward strategies to not only support but empower their employees on their individual sustainability journeys. Furthermore, your business needs your employees to be engaged around the delivery of your organisational ambitions on decarbonisation. By giving your employees the tools to reduce their personal carbon footprint, you can help normalise climate action whilst, at the same time, enjoy the benefits of greater employee engagement and loyalty.

Workforces are looking for a purposeful and responsible employer, including on the environment. In our most recent Millennial Survey, climate action was the top concern amongst millennials and graduates, who said they expect their future employer to share these values. In many sectors this is becoming increasingly important to employers as there is a need for both reward and sustainability strategies that align with the priorities of the prospective talent pool, both as a recruitment and a retention tool, especially where competition for skilled workers is particularly fierce.

Opportunity for businesses of all sizes

The key to providing green employee benefits, as with all actions on sustainability, is to start somewhere. By adapting to the shift in attitudes and empowering your workforce, businesses of all sizes can drive change, contribute to sustainability goals, and realise tangible benefits on the path to meeting net zero ambitions.

How we can help

In the South West & Wales, we have a team of 70+ specialists who provide an extensive range of services to help clients to successfully deploy and reward talent. We believe employers can make a real impact when they empower their people to affect personal change for a better, sustainable future.

Tess Williams, Partner, Tax

Tess leads the Global Employer Services tax practice in the South West & Wales which advises organisations in their capacity as employers from a reward and mobility perspective.

Tess is a mobility specialist and has over 20 years’ experience in advising organisations with regards to their globally mobile talent and has throughout this time worked with a large number of employers in the South West and Wales.

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Change for good

2021-07-27T16:49:16+01:00

By Ian Howse

Ian Howse, senior partner at Deloitte in Wales, looks at how successful businesses adapt to stay ahead of the game.

In business, there is no such thing as a period of no change. No business is static as to survive, businesses need to grow, progress and respond to changes in the market. In fact, it’s often how well and how quickly leaders adapt that proves to be a game changer for their business, and whether or not they retain their competitive edge.

But do businesses recognise triggers for change? And how do you implement change successfully? Questions that many business leaders ask themselves, and ones I was recently asked to share my perspective on during an online forum hosted last month by the editor of Wales Business Insider magazine when discussing business transformation.

Indicators for change

There are always indicators that management can look out for that show that their business or their operations need to adapt. There are many, some involve monitoring changes in margin, technological advances or disruption, investor behaviour, customer satisfactions scores, staff feedback or attrition rates, competitor activity as well as changes in the market. These are just a few and the variety and magnitude will vary, depending on your sector, structure, client base as well as other factors.

But how and when you respond to these triggers and implement change is what is important. Once you are ready to adapt, business leaders that implement change successfully are very clear about the aims of any change programme and communicate these before embarking on it. For example, being clear in your concept, communicating with your workforce, articulating clearly what you aim to achieve and how you will go about it. This step is critical in any change programme if you want to engage and motivate your people on it. Your employees will not only be accompanying you on this change journey, but are integral to its success, hence the need to make sure they understand your vision, aims and the anticipated outcomes.

Sharing the benefits

What does success look like? Some business leaders don’t spend enough time focusing on the benefits that will be derived from the change programme and overlook measuring the impact it has made. Tracking these is important, and making sure you deliver them is as equally significant as communicating them to your people. No one can expect a workforce to continually adapt and embark on a change journey with you if you have not ably demonstrated the success and advantages brought about by the previous change programme. As people say, success breeds success.

Observing market behaviour

No one expects business leaders to have a crystal ball and keeping an eye on your competitors is commonplace but spotting long term market sentiment changes, as well as more business and social related issues, can help businesses keep ahead of the game. Brexit uncertainty prompted many businesses into scenario planning, which can help in many situations and I’m sure was used heavily by some organisations in formulating their COVID-19 response.

COVID-19 and the pandemic has clearly had an impact on businesses, government and citizens. Whilst a time of uncertainty for many, some businesses were strategizing, monitoring what was going on in other countries where the COVID epidemic had taken hold and infection rates were increasing, and could look to their counterparts, observe the situations they were facing, actions being taken and plan ahead for an array of outcomes.

A sustainable future

Whilst no one could have predicted a global pandemic, climate change and global warming have been social issues talked about since the 1980s when the depletion of the ozone layer first came to the forefront. Business leaders who are highly perceptive of investor behaviour and adept at discerning trends early on tend to adapt their organisation continuously. For example, they investigate the latest ethical business practices in matters relating to sustainability and their operations, whether it be their supply chain, renewable or green energy consumption, recycling programmes, carbon footprint and nowadays climate reporting, ESG and their path to net zero.

The pandemic has taught us many lessons and has re-shaped business today, and the impact will be felt for many years. For instance, many business leaders are now looking to combine the benefits of office working - from collaboration to innovation - with the flexibility of remote working. Technology transformations like artificial intelligence, virtual reality and the cloud will play a big part in supporting this hybrid working model.

The last sixteen months have proved that the business world as well as individuals are capable of phenomenal innovation, and can do so at pace. The pandemic unlocked that innovation, that spark of creativity and flexibility. We should not be afraid to grasp change, explore the unknown, fail fast and learn from it, whilst managing the risk to reap the rewards.

It is now a time to focus on the positive. Innovation and a flexible workforce will drive a better environment for everyone and a resilience to succeed, and also a desire to change and learn for a sustainable future.

Ian Howse, Senior Partner, Deloitte in Wales

Ian is the senior partner in our Cardiff office and leads our national Public Sector audit team. He has 25 years’ experience of delivering audit and assurance services. Ian leads teams delivering internal and external audit services and assurance services to a wide range of clients.

His assurance skills include improving financial management and financial control, cost reduction, control improvement, governance and the management of risk.

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