A great fear among Hong Kong’s 12,000 accountants is that the hand-over will open the floodgates for their Chinese counterparts.KPMG’s Etches explains: “The HKSA was extremely concerned that we were going to be forced to give Cicpa reciprocity. Our members could have been outnumbered by 10 to one.”But we know now it will be impossible. “If anything it is the other way round,” he argues.”There’s a strong expat community, excellent infrastructure, high-quality of life, salaries 10 per cent to 15 per cent higher than London and income tax at just 15 per cent.”The Chinese authorities are unashamedly keen to employ local staff where possible, which could pose problems for backpackers seeking casual labour or secretarial positions. Should the political situation turn nasty, safety beckons in the form of a foreign passport.Ernst & Young’s regional director for Asia, Richard Findlater, says “native” accountants now constitute a majority in the colony’s firms but noted a difference of opinion between the generations. “Younger accountants see the future resting with China,” he explains, “while those nearing the end of their careers have a different view.”We are not expecting our people to leave in huge numbers, but each will decide in time whether Hong Kong under Chinese rule is an environment they want to work in.” It is not surprising Hong Kong remains an attractive option, he adds.Robert Walters’ Parnell rejected flatly the mischievous “sinking ship” theory. Some policies provide that the baggage must go astray for a set period of time before compensation can be claimed.

The problem is that delayed baggage is just as capable as lost baggage of ruining a holiday.Those with demanding schedules should check the circumstances in which a claim can be made in respect of emergency cancellations. When booking a holiday it is important to establish within what period of time, and to what extent, a deposit can be reclaimed if the holiday is cancelled.The cost of holiday insurance varies but typical 11-day cover is likely to cost between pounds 30 and pounds 40. Some insurance brokers offer special insurance rates and packages for families.For those who ski several times a year, season-long or all-year travel insurance can work out much cheaper. Many all-year insurance policies provide a certain number of days’ winter sports cover in each year.If you do have to make a claim ensure that you submit the claim within the policy’s time limits: many stipulate a 30-day period. It is also important, where appropriate, to retain receipts of purchases made, in respect of which claims are to be submittedCarte Neige’s UK agent: 01544 388146.. Councillors have a duty to provide strategic direction for local authorities. They must set financial priorities that balance statutory responsibilities and political desires.

But councils’ budgets and accounts are usually presented in a way that is difficult for the non-accountant to read. The problem came to a head in the small district council of North West Leicestershire when it became almost too successful in winning money from capital challenge schemes to renovate run-down mining areas. The council won money from the European Commission, the government’s Single Regeneration Budget and the Rural Development Commission but each award depended on matching funding from the council itself, whose capital programme was already heavily committed. To keep the extra funds on offer the authority had to find pounds 300,000 from its pounds 7.4m revenue budget, which had been severely capped by the government.
North West Leicestershire concluded that its budgeting was not up to the job of paring down spending and took advice from Sandwell and Eastbourne, authorities which had changed their processes better to reflect priorities.Mike Davis, the treasurer and deputy chief executive, said: “Under the old system we would be millions over with two weeks to go before the final budget-setting deadline.