PQ magazine, March 2026

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AAT UNVEILS NEW LEVEL 4

AAT has unveiled its redesigned Level 4 Diploma for Professional Accounting Technicians (L4PAT), with registration opening 1 September 2026.

The big change is the move to five mandatory units, which should make it easier for colleges to timetable. Under the old system there were three mandatory units and five options (students had to choose two of these). It also means every Level 4 student will now sit a tax paper (although the tax options were the most popular under the old set-up).

Another major change is the announcement that all five assessments will be entirely computer marked and available on demand. In earlier renditions two assessments – Financial Accounting and Advanced Business Awareness – were going to be partially computer and human marked.

The change in assessment for the new L4PAT exams will mean an end to the four-week waiting time for results. Instead, students will have their scores confirmed on the next working day after sitting the assessment.

In an exclusive interview, AAT Product Director (AO), Rachel Staples told PQ magazine that the new Level 4 has been designed to ensure AAT’s qualifications continue to reflect the real world of work, evolving with the skills a modern AT needs.

She explained: “Our new Level 4 ensures our students have the real-world skills that make them work-ready.”

To this end she said there is more emphasis on digital capability, judgement, ethics and sustainability in the new qualification.

On the move to computer-marked assessments, Staples said she was confident that students will be properly tested. AAT has never used just basic multiple-choice questions,

and computer marked assessment are much more sophisticated now, she said.

She also explained that by using proven assessment criteria and no change of platform there would be no repeat of the issues that followed the introduction of the AQ16 and AQ22 syllabus changes.

The Financial Accounting and Management Accounting assessments will be the first to be examined from September 2026. They will be followed by the Audit and Business Awareness papers in late Autumn. The new Principles of Taxation assessment’s first exam takes place in January 2027 – and it will align with FA 26.

The Advanced Business

Audit reform ‘thrown in the bin’

Long years of negotiations and numerous promises have all been for nowt, as the UK government announced it was abandoning its audit reform bill.

The minister for Small Businesses and Economic Transformation, Blair McDougall, said while the planned reforms would be beneficial some would increase costs on business, so “it would not be right to prioritise those over more deregulatory measures. He also felt the need for major reform is now less pressing than it was. Finally, the bill was up against the

government’s ambitious legislative programme and limited parliamentary time. However, McDougall promised to look to put the FRC on a proper statutory footing “as soon as parliamentary time allows”.

The accountancy profession found it hard to hide its dismay. ACCA’s Executive Director – Strategy and Governance, Maggie McGhee (pictured), said: “We cannot hide our disappointment and our disagreement with this decision, which we think makes no sense.

“The time to reform and strengthen corporate

Awareness assessment will also have a pre-seen element.

Current students wanting to transfer onto the new syllabus will have to pay a £50 ‘transfer fee’. The current syllabus will run in parallel with the new Level 4 until the summer of 2028, though there are no new registrations onto AQ22 from 31 August 2026.

News on changes to Level 2 and 3 are part of AAT’s longer-term plans, as the organisation awaits the end of the Government’s education consultation. The current qualifications (and funding) will continue into the summer of 2027, or even longer.

The new AAT Level 4 papers & assessment times:

• Financial Accounting (80 GLH) –2 hours 30 minutes.

• Management Accounting (110 GLH) – 2 hours.

• Principles of Taxation (75 GLH) –2 hours.

• Audit & Internal Controls (75 GLH) – 2 hours.

• Advanced Business Awareness (60 GLH) – 2 hours 30 minutes.

For more on the changes, visit AAT’s website: https://www.aat. org.uk/deliver/level-4-diplomaprofessional-accountingtechnicians

• For more on the changes go to page 21

governance is when we are in relatively good place, not when we are in the midst of a corporate governance and audit failure crisis. So, we disagree completely with the idea that the need for reform is less pressing. Businesses do not grow where corporate governance is below par.”

ICAS CEO Gail Boag agreed the announcement that the UK Audit and Corporate Governance Reform Bill has been scrapped was deeply frustrating.

She stressed: “The whole accountancy sector and even governments themselves have agreed for years on the need for audit and corporate governance reform.”

IN THIS ISSUE

A note from the Editor

As we always say, our aim here at PQ magazine is to inspire, connect and entertain, and I hope we have achieved that balance this month.

In the news we have CIMA, CIPFA and ICAEW exam pass rates. AAT’s new redesigned Level 4 is another big story. ACCA has launched new tech certificates, and we report on the growing anger about student loans. And, yes, there are tips for the ACCA March exams inside.

We would also encourage you to check out our story on the Rebel Accountant and his song ‘Dear HMRC’.

The deadline for entries to our 23rd annual awards is looming large – the deadline is Friday 6 March, so please get your nominations to us asap. We have a fab new venue booked.

We are giving you the chance to be a PQ magazine cover star, too. Our friends at HTFT Partnership are running a fantastic giveaway for Apple Airpods. Send them a picture of where you study and your top study tip. Even if you don’t land a prize your pics could appear on a future cover of PQ! Check out page 9 for more.

Our roundtables with Rogo are back, too. The next one in late March will be looking at money laundering! You can sign up here

Happy reading.

Graham Hambly, Editor and Publisher, PQ magazine

4 Deloitte UK changes

Big 4 firm overhauls graduate scheme as AI takes over audit ‘grunt work’

5 Changing world of work

Audit ‘out of favour’ in many European countries, says new ACCA report

6 CIPFA exam results

We run the rule over the December exam pass rates. So what were the good papers and were the bad ones?

8 Student loan row Government accused of ‘breach of contract’ over changes to loan repayments

9 IFAC report

The rise of AI means professional bodies need to re-evaluate their qualifications

10 CIMA case study results

Management and Strategic pass rates slip slightly in November – and the rest of the scores on the doors

ACCA launches Technology in Finance certificate series

Our new feature focuses on the big talking points on social media

17 PQ awards 2026 if you want to be at accountancy’s biggest party you really need to get your entries to us now

18 CIMA spotlight

CIMA’s silent space initiative will help PQS make the most of their studies

19 ACCA spotlight

The traditional career path could become a thing of the past, new global research has found

21 AAT Level 4 changes

How AAT’s new L4PAT syllabus puts real world skills front and centre

22 Tax Tax Policy Associates want action over ‘hidden’ offshore property ownership

23 ACCA exam tips

Top tips for six of the ‘worst’ ACCA papers – all have a pass rate below 50%

26 Educators’ forum Accounting Café is giving educators a voice and helping shape the profession

29 Study advice #1

Question practice is the key to success – but are you doing it in the right way?

30 Lease calculations How to deal with a technical accounting area students often struggle with

32 IFA spotlight Why PQs need to be at the forefront of cybersecurity developments

33 Credit management

How CICM is helping develop the next generation of credit professionals

34 AAT exams

Karen Groves explains how to approach a disposal of capital assets exam-style question

36 Study advice #2

How you deal with exam failure will define your career success

37 Careers

Recruiters are saying too many grads are not ready for work. Our Agony Aunt explains how you can set workplace boundaries; and our Book Club review

38 Fun

The lighter side of life – and accountancy

The columnists

Rachel Harrison Building resilience is vital for your future 4

Sunil Bhandari Why students have never had it so good 6

Prem Sikka The £100bn water industry myth 8

Anna Kate Phelan Be aware of the danger of the overload 10

Rachel Harris Why systems will fast-track your career 12

RACHEL HARRISON

Building resilience is vital for your future

January is the peak month for exam results. Accessing your results is nerve-wracking, even when you feel the exam went well; and most of us have failed at some point. So here are some tips to help you be emotionally equipped to continue with your resits.

• It’s normal to feel disappointed. Use tools such as mindfulness apps to process your emotions and move back to being able to study productively.

• Reframe your thoughts. Rather than thinking “I am terrible at inheritance tax”, tell yourself “I need to find someone who can explain this in a different way.”

• Build a social network for support with your studies. This could be your peers, colleagues or a mentor from an external organisation.

This resilience toolkit will remain vital throughout your professional life. You may be unsuccessful in applying for a job role: being able to process your emotions in a healthy way allows you to reflect on what didn’t go well, so you are ready for the next time.

And there will be times when you will be unsure how to overcome a challenge in the workplace: having a social network in place where you can share concerns will help you come up with a solution.

Make 2026 the year you work on developing your resilience to underpin your studies and career success.

A dozen exams in 14 months

Deloitte UK has radically overhauled its graduate scheme, as AI takes over audit ‘grunt work’.

The Big 4 firm has said it will push its new recruits to sit 12 of the 14 ACA exams in their first year, something that was previously spread across the first three years.

To make this happen the firm is increasing protected study days from 113 to 135. At the same time junior auditors will be taught communication and problemsolving skills rather than being forced to undertake repetitive tasks.

Professional education advisor

Stuart Pedley-Smith felt this was the most dramatic change the profession has seen in response to the impact AI is having on accountancy.

CIMA Class of ’26 open

Calling all CIMA case study students: you can now join the Class of ’26 (Season 1). This is CIMA’s free, award-winning (it won a PQ magazine award!) exam support programme that will help prepare you for success in your next case study exam. This highly interactive programme of study is aimed at any candidate planning to sit a case study exam in May 2026 or August 2026, at the

Operational, Management or Strategic Level.

The registration for Class of ’26 (Season 1) closes on 6 March for OCS, 13 March for MCS and 20 March for SCS. No late entrants will be able to participate in the programme. Candidates who schedule/book and sit their CGMA case study exam in the May 2026 exam window can qualify for a resit credit (exam score conditions

In another comment, Glen McCracken said: “While it’s tempting to see this as progress it may also be one of the most quietly dangerous shifts happening inside professional services.”

He said audit ‘grunt work’ is something that helps create professional judgement, adding: “Fast tracking graduates into client-facing roles risks producing professionals who can explain conclusions clearly, while losing the instinct to challenge whether those conclusions are actually right.”

apply – see T&Cs).

For more information go to: PQ: https://bit.ly/4tcv2qb FLP: https://bit.ly/4q8H7tF

ICAS creates new master’s programme

ICAS and Heriot-Watt University (HWU) have launched a master’s programme aimed at fast-tracking students into the accountancy profession.

From September 2026, the MA (Hons) in Professional Accountancy will be available at HWU’s campuses in Edinburgh and Dubai.

The four-year degree grants exemptions from the first two levels (Knowledge and Skills)

of ICAS’ CA qualification. This is the first time ICAS has given exemptions from the Skills level, enabling direct progression to the

final level (Integration). Graduates can dedicate their three-year ICAS training contract to gaining the practical industry experience they then need to achieve chartered status. It also reduces the cost for employers.

Gail Boag, CEO at ICAS (pictured), said: “This collaboration bridges academia and industry, offering aspiring accountants an accelerated new way to study, qualify, and launch global careers.”

McKinsey says ‘show us your AI skills’ McKinsey, the elite consultancy firm, is piloting a shake-up of how it recruits its next generation of employees, according to the Financial Times.

The firm is asking candidates to use AI tools to complete tests designed to reflect the consultancy’s new ways of working.

One commentator said: “This feels less like a recruitment gimmick and more like a signal of how consultancy work itself is

evolving. By asking candidates to use AI McKinsey is effectively testing judgement, training and decision-making in an AI-augmented environment. The real filter is not who can use AI, but who can think clearly with it – and still add independent insight.”

More ACCA tech issues at exams

ACCA DipIFR students at some centre-based exams have discovered that technical issues means their exams were

‘cancelled’. The exams all took place on Friday 5 December 2025.

However, one Cairo-based student said they did not experience any technical problems during the exam and was never told that exam was cancelled. They only discovered the facts after contacting ACCA by email, and were told a refund had been processed.

The student said: “This does not address the six months of time, effort and dedication I invested in preparing for this exam.”

AAT completes executive line-up

Rebecca Roberts-Hughes has joined AAT as its new Executive Director of Strategy and Compliance. Her appointment completes the Executive Leadership Team, as AAT works towards its 2030 plan. She joins the AAT from senior roles at the Architects Registration Board and Civil Aviation Authority, bringing extensive experience in regulation, strategic planning and delivery within complex, highly regulated environments.

Rachel Harrison is Head of Academic Support at Kaplan

Your career paths reimagined

Audit seems to have gone out of favour in many European countries, according to a new report by ACCA. European students are much more interested in consulting.

There is also a trend for top graduates in smaller European countries to look to move to lucrative roles in global financial centres, such as New York.

In Ireland, students are influenced by family background; they pursue a career in accountancy because their

parent did.

There is a real shortage of accountants in Ireland, with the government worried about the repercussions to the economy.

Accountancy has now been listed as a ‘critical profession’.

The shortage of accountants is also being felt across the global. For example, New Zealand needs another 15,000 accountants in the next five year.

In the Caribbean the shortage of accountants is being caused by the exodus of professionals, mainly to the US.

The research also found that in Africa it is common for accountants to have two or three jobs, including ‘side hustles’, to ensure financial stability. Accountants on this continent diversify their income streams.

Check out the full report here

Accountex London 2026 – register now!

Registration is open for the 15th year of Accountex London, which will run alongside the FD Show for the first time. This year’s twoday event runs from 13-14 May. Visitors to Excel will get the chance to catch up with existing suppliers and compare new services, all under one roof. And the CPD-accredited seminar programme boasts 250-plus

seminars across 13 theatres.

The FD Show is a new trade show dedicated to accountants

in industry.

The 2025 event welcomed 16,000-plus accounting and finance professionals, and as one attendee said: “Accountex is Disneyland for Accountants!” PQ magazine is a partner of both the London and Manchester events.

Register for your free ticket here

Last orders for nominations

The deadline for nominations to the 2026 PQ magazine Awards is looming large. You have until Friday 6 March to get them to us! You don’t want to miss out. Our venue for this year’s awards is the fabulous art deco Bloomsbury Ballroom, current home of the London Cabaret Club. Overlooking Bloomsbury Square, the ballroom is a stone’s throw from Holborn and Russell Square tube stations.

This famous venue has hosted Amy Winehouse, James Blunt,and Kylie Minogue – and now the PQ magazine awards!

Our event takes place on Monday 27 April, but you need to get shortlisted if you want to be there. There are 21 shiny PQs up for grabs, plus a few from the Editor, giving you lots of chances of picking up a coveted trophy.

You can download the application form here

Serious about Credit and Collections?

Winner Grace Hardy

SUNIL BHANDARI

PQs have never had it so good

CIPFA exams a ‘mixed bag’

It was a near perfect sitting for CIPFA students sitting December’s Management Accounting exam in December, with 99.7% of sitters passing this time.

That might be a surprising statement to make, but in my view it is 100% true.

Being a student now and studying to pass each exam is far easier, in relative terms, than it used to be. Let me explain why.

Using ACCA students as my case study, most students sit only one paper per quarter. This is particularly the case at the Strategic Professional Level.

Also, you may study for that single exam over six months or three months. This gives plenty of time to fit in studies – tuition, revision and mocks.

There are far more tutors and resources available now than has ever existed. The better resources and support come from the top-end tutors, like me, which would be expected.

However, there is a plethora of free resources including those supplied by the ACCA itself (for example, mock exams).

Let’s compare that with my time as a student. I had to sit four threehour exams in two days, followed a year later by five three-hour exams in two-and-a-half days. Think about doing that now!

Also, we only had two colleges – FTC and Charts. No others really existed.

But please don’t get me wrong: passing and qualifying in any era is still a massive achievement.

New head of learning for ICB

ICB has appointed Vanessa Aradia (pictured) as its new head of learning and development. Joining from the IRIS Software Group, Aradia takes over from Peter Stewart, who retired in January.

An FMAAT, she is also a CIMA part qualified.

Aradia’s LinkedIn page shows she is the founder and editor of

The exams were a mixed bag. Students in four papers achieved over 90% (including MA), and another four papers had pass rates of over 80%.

The pass rate for the Strategic Case Study is also on the rise; for December it was 63.64%.

However, those sitting Audit and Assurance really struggled –

just 35.97% of sitters passed this paper. This compares with a 52% pass rate for AA in June. The pass rate for Business

Reporting is also heading in the wrong direction. In March last year sitters achieved a 77.78% pass rate, but it has gone down in every paper since, and for December slumped again to 48.41%.

CIPFA DECEMBER 2025 EXAM RESULTS: MA 99.37%; FA 91.35%; AA 35.97%; BPFM 58.87%; DSDA 57.23%; BR 48.41%; GRM 91.22%; TL (UK) 87.36%; TL (International): 83.33%; IBC 70.97%; SPFM 74.19%; PSFR (UK) 90.59%; PSFR (International) 80%; SCS 63.64%

KPMG UK partner pay is…

KPMG’s UK/Swiss Group has reported its first combined set of financial results, with revenues of £3.6bn for 2025.

The audit business grew 5%, and tax and legal increased sales by 6%. However, advisory saw a decrease of 3%, against the backdrop of a difficult consulting and deals trading environment.

Careful cost management meant

total profit before tax was up 14%, at £576m.

Distributable profit per partner averaged £880,000, a nice 11% increase for them!

Jon Holt, Group Chief Executive and UK Senior Partner, KPMG said: “The merger of KPMG UK and Switzerland was a defining moment for our firm and our first year has brought new and

AAT ‘help’ on campus

AAT is partnering with the Civil Service Learning (CSL) platform to help boost the financial literacy of the UK’s public sector workforce. The partnership makes AAT’s short courses – including AAT Business Finance Basics and AAT Essentials – directly available to civil servants across all government departments via the civil service-learning portal, known as the Government Campus.

The new listing means that both finance specialists and nonfinance colleagues can quickly build or refresh core financial

‘AI’m Only Human’ and treasurer, press officer and fundraising coordinator for the Green Party.

P&L disclosure ‘paused’ for UK SMEs

Small and micro companies will not have to submit P&L accounts to Companies House, after another government U-turn.

The Economic Crime and Corporate Transparency Act had

knowledge.

Chantel Carpenter, Commercial Director at AAT, said: “Strong financial and business skills are essential for any organisation. They give people the confidence and insight to understand how decisions impact outcomes and ultimately improve performance.

At AAT, we’re committed to helping organisations build capability through practical, real-world training that makes a difference from day one.

“We’re delighted to bring this approach to the Civil Service,

said from April 2027 all small and micro-entities would have to submit their P&L accounts in full. The fear for many was their P&L accounts contain commercially sensitive data which could be used by rivals.

Now the UK government is saying the publishing of P&L accounts has been paused, and it has promised that at least 21 months’ notice will be given for companies to prepare, if it decides to go ahead with this radical change.

So, for now, small and micro

£880,000

exciting opportunities for our clients, our people and the communities we work in.

“Despite the difficult market, we have continued to invest in our brilliant people, their skills and our talent pipeline with more promotions, increases in colleague bonus spend of 18% across the group and by boosting our learning offer.”

supporting its ambition to upskill teams and drive accountability across government.”

companies can continue with abridged and filleted accounts.

Payroll error costs

Asda

Supermarket chain Asda has promised to pay 53,000 workers the correct holiday and sick pay after mistakes were found following its Project Future IT upgrade. An internal investigation of the payroll system found thousands of employees (and former employees) were incorrectly paid between February 2024 and May 2025.

Sunil Bhandari is an AFM tutor at FME Learn Online

LORD SIKKA

The £100bn water industry myth

Opinion polls show overwhelming public support for public ownership of England’s water industry. Since privatisation in 1989, companies have paid £85bn in dividends and have debts of £82.7bn. They lose a trillion litres of water a year to leaks, routinely dump sewage in rivers and have over 1,200 criminal convictions.

The government opposes public ownership and claims that it would cost over £100bn. The £100bn is calculated by Ofwat and is described as regulatory capital value (RCV). The essential method is to take the RCV at the beginning of a financial year, multiply it by the rate of inflation (RPI) during the year, add investment during the year and subtract depreciation and capital grants. This gives RCV at the end of the financial year, currently around £100bn.

The RCV is exaggerated as water companies capitalise part of interest payments and repair and maintenance costs, just as Carillion did. The multiplication of RCV by RPI assumes that asset prices increase in line with inflation. This takes no account of markets or technological change.

The government approach is nonsensical. Suppose you bought a car in 1989. Since then, every year you multiplied that price by the rate of inflation, added investment and adjusted for depreciation. The answer would be a sum total of random numbers.

Accountants can stimulate public debates by analysing accounting practices of water companies and debunking political narratives.

Prem Sikka is Emeritus Professor of Accounting at the University of Essex

HMRC needs a tracking tool

HMRC needs to introduce a tracking tool for correspondence, claims and returns for taxpayers and their agents, says the Association of Taxation Technicians (ATT).

Their current system’s lack of visibility is causing frustration, delays and unnecessary contact, it said.

ATT said you can track applications through other government services (such as

Growing anger over student loans

The freezing of repayment thresholds on plan 2 student loans from 2027 to 2030 is a breach of natural justice, says money expert Martin Lewis (pictured).

Lewis told Victoria Derbyshire on BBC’s Newsnight that the freeze is a breach of contract and a breach of promise. He said all plan 2 graduates, and there are 5.8 million of them, need to write to their MPs and say “this isn’t on”.

Lewis stressed the freeze is not what graduates were promised. He explained students have a

contract with the government and it is unilaterally changing the terms. He said if he could talk directly to Rachel Reeves, he

Be a CA rising star!

The search is on once again for the most exciting emerging talent in the accountancy profession as ICAS opens nominations for the 2026 CA Rising Stars.

The institute is looking to celebrate exceptional chartered accountants under 35 who are helping to redefine leadership and innovation and have an impact worldwide.

This year the prestigious

competition introduces a brand-new award category –Community and Social Value –to recognise CAs who are driving meaningful impact in their communities and contributing to wider societal good. Alongside this new category, the winners of each of the four awards and the overall Rising Star will be announced at a special event in central London in June.

To apply, nominate or learn

would say: “Chancellor, you know you are doing this as fiscal drag as if student loans were a tax, it is not a tax. It is a contract that the government signed with young people who had not been given any education on these loans. I do not think this is a moral thing for you to do by freezing the repayment threshold in this way. It is not like tax that we know is variable. You didn’t say the terms were viable. This isn’t right. Please have a rethink.”

Watch the interview here

more about the competition visit CA Rising Stars 2026. Deadline for entries is 16 March 2026.

New learning from Pearson

Pearson and Deloitte have announced a new alliance to co-develop and deliver AI-powered learning to help address the global skills gap.

The two will create new learning aimed to help leaders, employees and pre-career talent adapt and succeed, while generating a competitive edge for enterprises and government organisations around the world.

Omar Abbosh, CEO of Pearson

the Passport Office), yet there is no easy way to confirm whether HMRC has processed a tax return, claim or piece of correspondence, or see where it sits in the system.

ATT is calling for a simple digital tracking system, which would:

• Acknowledge receipt of correspondence with a reference number.

• Show indicative specific turnaround times, instead of generic information.

• Provide status updates as cases progress.

(pictured), said: “Technology is reshaping the workplace faster than ever, and the most critical skill today is the ability to learn.

MTD information hub ‘open’

The Low Incomes Tax Reform Group (LITRG) has published online guidance to help taxpayers navigate the biggest change to the UK tax system since self-assessment.

LITRG’s new Making Tax Digital Information Hub has been designed to provide taxpayers unable to afford professional tax advice with free, clear and practical guidance on the new rules. The Hub is

As the half-life of skills shortens, organisations need learning that’s continuous, adaptive and embedded in the flow of work.

“Our alliance with Deloitte brings together Pearson’s learning science and AI-powered products with Deloitte’s transformation expertise – helping employers build the agility and capability they need to thrive. Together, we’re enabling people to learn, grow and perform at scale.”

also available as an information source for journalists writing on the subject.

LITRG’s MTD hub can be found here

A ‘tinkering’ Budget

The Scottish Budget offered some crowd-pleasing measures but failed to deliver meaningful change or address the much bigger picture of Scotland’s longterm economic challenges, according to ICAS CFO Chris Barber.

Re-evaluating professional quals

The rise of Gen AI means there needs to be a total re-evaluation of professional qualifications to ensure future accountants are being equipped with the necessary skills to thrive in this new era, says the IFAC Young Leaders Collective.

A new report stresses professional bodies must integrate Gen AI into their syllabuses, with emphasis on digital technology and people.

Mariyam Azka, a member of the IFAC Young Leaders Collective

The collective suggested that

before obtaining membership trainees should formally show they understand the ethical use of AI. Professional scepticism in the context of using AI-supporting digital tools must also be part of the Practical Experience Requirement (PER), moving forward.

When it comes to universities the Young Leaders Collective emphasised that AI, data analytics, and automation should be core modules, not just optional IT electives. And students

The ICAEW Professional results

The December 2025 ACA Professional Level exams results have hit the streets. The stats show that the pass rate for sitting and passing three papers (79.8%) is actually higher than the pass rate for trainees sitting just one paper (71.8%).

A whopping 91.3% of sitters passed the December Financial Management paper, and 89%

passed the Business Strategy & Technology exam. All the other papers had pass rates above 70%.

In total, 6,858 students sat the exams, with 1,053 sitters failing all the papers they sat.

The overall paper pass rates were:

• Audit and Assurance: 79.3%.

should be encouraged to actively use AI tools in their studies.

Accounting exercises and assignments also need to be redesigned to encourage students to use AI tools for tackling subproblems, like how calculators assist with specific steps in complex accounting tasks.

But there is a warning that AI should not be misused as a lastminute shortcut.

Check out ‘Rethinking Accountancy Education in a Digital Era with Gen AI’ at: https://lnkd.in/ehgAjBBd

• Business Planning: Banking: 72.3%.

• Business Planning: Insurance: 76.7%.

• Business Planning: Taxation: 79.6%.

• Business Strategy and Technology: 89.0%.

• Financial Accounting and Reporting (IFRS): 78.4%.

• Financial Accounting and Reporting (UK GAAP): 78.6%.

• Financial Management: 91.3%.

• Tax Compliance: 76.0%.

700,000

graduates claiming benefits

Over 700,000 university graduates are now out of work and claiming benefits, according to new analysis.

Research by the Centre for Social Justice (CSJ) think-tank found around 400,000 graduates are currently out of work and claiming Universal Credit, while 110,000 graduates under the age of 30 were found to be claiming at least one benefit and not in work.

Almost 240,000 of the 700,000 jobless graduates claiming benefits said they were off work due to sickness.

CSJ found that for every three British young people opting for a university course just one receives vocational training. By contrast, in the Netherlands this ratio is two-to-one, and in Germany it is one-to-one.

Meanwhile, under-19 apprenticeship starts have fallen by 40% since 2014-15. CSJ believes this new research raises fresh questions about Britain’s long-standing assumption that university should be the default route for young people.

LISTEN & LEARN WITH HTFT WIN APPLE AIRPODS!

SEND US YOUR STUDY PHOTOS

We want you to pass your exams while on the move, so we're giving away three pairs of Apple AirPod that are ideal for listening to HTFT lectures wherever you are.

PQ magazine has also promised it will put the best pictures on its cover –so even if you don’t win an Airpod you could become a cover star!

How to enter

Send us a picture of the place where you feel most happy studying (the kitchen table, the train, your favourite cafe) along with your top study tip. What’s made a real difference to your success? We want to hear what actually works. This is open to ALL students, studying any accounting qualification. Just let us know which professional body you are currently with.

To enter

Email your photo and top tip to: info@htftpartnership.co.uk

Please put ‘PQ Competition’ in the subject line. The deadline is 31 March 2026.

The top three entries judged by HTFT as the most inspiring will each win a pair of Apple AirPods,. Good luck – and happy studying!

ANNA KATE PHELAN

The danger of the overload

CIMA case study results

The November 2025 Case Study pass rates are out, and the Operational Case Study pass rates held steady at 70%.

However, both the Management and Strategic pass rates slipped slightly when compared with the August pass rates.

For many candidates, the real challenge isn’t technical knowledge, it’s capacity. Studying towards an accountancy qualification while working full time means running two performance tracks in parallel. One paying your salary and the other building your future. Both require a huge level of dedication and time.

Candidates often don’t fall short because they simply “don’t know enough”. Sometimes performance can dip when cognitive overload sets in as a result of long days at the office, fragmented revision and precious practice time squeezed into low-energy hours.

High-performing candidates treat energy as strategically as they treat time. That means shorter, high-intensity study blocks rather than massive four-hour sessions. It means practising under timed, exam-style conditions to reduce decision fatigue on the day (your awarding body or training provider should be able to provide you with the assessment technology to replicate your exam environment).

It’s super-important to build real recovery into the plan. Sleep, exercise and genuine downtime shouldn’t be seen simply as indulgences, they’re actually important tools towards high performance.

Digital assessments, of course, can add another dimension. Exam environment awareness, typing fluency and navigating exhibits efficiently are skills that can benefit from rehearsal, not assumption.

Anna Kate Phelan is Chief Product Officer at Eintech

The Management Case Study pass rate dropped to 63% (from 65%), but more worryingly the Strategic Case Study pass rates also fell, this time to 59%. A year before the November pass rate was 62%.

Stephen Flatman, Vice President

– Examinations, Management Accounting at The Chartered Institute of Management Accountants (pictured), told PQ magazine: “Our students have started the year off strong, with the November 2025 Case Study exam

Don’t launder money!

PQ magazine and Rogo are hosting another free, live online roundtable, this time to discuss how accountants can ensure they don’t unwittingly become money launderers for criminals and terrorists.

There are big changes coming, as the FCA has been tasked to take over the oversight of AML supervision. Not everyone is happy…

Join us on 26 March at 4pm

(GMT) for ‘Accountancy… a licence to money launder?’ by signing up at here

We are now getting together a panel of experts to provide you with real insights into how we can keep accountants honest and make it harder for criminals to play the system!

Check out our previous roundtables at https://getrogo.com/ pqwebinars/ • Accountants… time to unlock the

Business analytics fast track

You can now fast track your business analysis knowledge with Professional Careers Training & Recruitment’s fully accredited course. Throughout the course you will be guided by seasoned business analysts. With the help of their insights, combined with interactive case studies, business simulations and hands-on projects,

you will learn the core principles of business analysis and understand how to apply them to the real world.

The training is fully approved by the BCS Foundation Business Analyst Training Centre.

Hamid Khan of Professional Careers Training & Recruitment said: “Business analytical skills have become

results showing consistently solid performance across the board. The results reflect their growing ability not only to develop the technical skills required to succeed in finance and business, but also to solve problems, think critically and communicate insights in ways that employers value.”

CGMA 2025 case study pass rates

power of AI.

• Accountants… time to power up your employability skills!

• Accountants will… save the planet.

paramount across UK plc, with demand expected to grow by 11% in the next decade. Business analysts are at the forefront of improving business performance, reducing costs and helping digital transformation.

“In a short few months our Business Analysis training programme will help those looking to upskill and advance their business analysis skills.”

For more information click here, or contact PCTR at enquires@ pctrainings.co.uk

Cybersecurity

is top priority

With ongoing geopolitical tensions and recent highprofile cyber-attacks front of mind, cybersecurity emerged as the number-one priority for large increases in investment over the next 12 months, according to the KPMG Global Tech Report 2026.

More than half of UK organisations (57%) reported they are planning on increasing their budget for cybersecurity by more than 10% over the next 12 months. Globally, only 41% are planning to increase their cybersecurity budget by the same amount, signalling greater emphasis on cybersecurity in the UK.

Researchers also found that 46% of

respondents said they were planning on increasing their investment in AI by more than 10% over the period.

EY settles £2bn negligence case

EY has settled the case brought against it by the administrators of NMC Health plc. The Londonlisted health giant collapsed in April 2020 after being placed in administration. EY was the group’s auditor from December 2012 until NMC’s demise.

The administrators, Alvarez and Marsal, filed a £2bn legal action against EY in the High Court, accusing the Big 4 firm of being ‘grossly negligent’ and failing in its most fundamental audit duties.

Then, just before the judge’s ruling at trial, a spokesperson for Alvarez & Marsal confirmed a confidential settlement had been agreed out of court between the parties.

Here comes India!

The UK remains the second-most attractive global destination for international investment, but now holds the spot with India and Germany, according to PwC’s 29th Annual Global CEO Survey.

Each country is cited by 13% of global CEOs as locations expected to receive the greatest share of their planned investment over the next 12 months. This compares with 14% for the UK last year, 12% for Germany and 7% for India, which has seen interest double year-on-year.

Hamid Khan

Develop the accounting leaders of tomorrow.

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D Deadline: 13th March

RACHEL HARRIS Why systems will fast-track your career

Early in your accounting career it’s easy to think progression is about technical brilliance. Pass the exams. Learn the standards. Get the answers right. But the trainees who move fastest aren’t just technically strong. They understand systems. A system isn’t a piece of software. It’s a repeatable way of doing something well. When you build systems into your work, three things happen.

First, you become reliable. If your client onboarding checklist is consistent, your review notes follow a structure, and your working papers are always organised the same way, managers don’t have to second-guess you. Reliability builds trust, and trust brings responsibility.

Second, you reduce friction. Strong systems mean fewer backand-forth emails, fewer missed steps, and fewer last-minute panics. When you make life easier for your team, you stand out quickly.

Third, you become scalable. The jump from trainee to senior isn’t about working longer hours; it’s about handling more complexity without dropping standards.

Systems allow you to manage higher volumes of work calmly because you’re not reinventing the wheel every time. If you want to accelerate your career, start asking different questions, such as:

• What checklist could I create for this task?

•Where does work get stuck in our process?

•How can I make this repeatable?

Technical knowledge gets you qualified. Systems thinking gets you promoted.

ACCA launches new tech certificates

ACCA has created a new Technology in Finance certificate series, designed to give finance teams the practical tools they need to thrive in a fast-evolving world.

The certificates are aimed at anyone working in a finance role, particularly those interested in technology developments and CPD for career progression.

The series includes:

• Certificate in Data Analytics for Finance Professionals.

• Certificate in Cybersecurity for Finance Professionals.

• Certificate in AI for Finance Professionals.

• Certificate in Organisational Transformation for Finance Professionals.

Individuals can enrol in the full series or target specific knowledge requirements by choosing the certificates most relevant to their

Time to pass on AI savings?

KPMG has reportedly negotiated lower fees from its own accountant, Grant Thornton UK, arguing that AI will make it cheaper to do the work.

The Financial Times said ‘people familiar with the matter’ revealed Grant Thornton had to pass on the cost savings from the roll out of AI or the Big 4 firm would have follow through with its threat of finding a new accountant.

According to the FT source, KPMG also argued that its books

were not overly complicated, and since Grant Thornton had been its accountant for a number of years it knew the business well enough to do the work quicker.

The FT points to KPMG’s recently filed accounts, which show a muchreduced fee for Grant Thornton –down 14%.

The obvious next question is if KPMG can get a reduction, then why not other companies?

KPMG International told the

roles. Enrolment is now open for the first certificate focused on Data Analytics. Learners can sign up through ACCA Learning, ACCA’s dedicated platform for finance professionals’ continuous learning. Alan Hatfield, executive director – content, quality and innovation at ACCA (pictured) said: “Technology is already reshaping finance and embracing these innovations is just one of the ways that we’re redefining accountancy. These new certificates will give professional accountants and their employers the tools to thrive in this fastevolving world.”

FT: “While it is true AI can create efficiencies, developing and operating AI systems can generate additional costs.”

HSBC UK powered by Sage

HSBC and Sage have joined forces to help business owners and sole traders get to grips with the UK government’s Making Tax Digital for Income Tax (MTD4IT) changes.

Moving forward, the bank’s My Business Finances customers will be able to manage accounting and submit tax returns digitally, directly from their business bank accounts.

Powered by Sage’s embedded technology, HSBC’s customers can work on their accounting and

AI tools and tax work

New guidance on using artificial intelligence (AI) tools in tax work has been issued by the seven bodies that prepare Professional Conduct in Relation to Taxation (PCRT).

The PCRT, comprising AAT, ACCA, ATT, CIOT, ICAEW, ICAS and STEP, sets out the principles and standards of behaviour that all members and students must adhere to when undertaking tax work.

The new topical guidance covers

areas, including:

• Maintaining integrity when using AI tools.

• Mitigating against the risks of bias and exercising appropriate due care.

• Observing confidentiality over client data.

• Recognising the limitations of AI tools as well as the benefits they provide.

• A range of safeguarding examples in applying the fundamental principles to AI usage.

Dext launches integrated payments

Dext has launch Payments, a fully integrated payment solution. Responding to long-standing customer demand, the leading bookkeeping automation platform said Dext Payments allows users to move seamlessly from invoice capture to approval, payment and reconciliation, all in one place.

Dext Payments is now live, and UK users of Xero can now pay supplier invoices directly from Dext, either individually or in batches,

invoicing from inside their business account, without the need to switch between apps or platforms.

Tom Wood, Head of SME Business Banking, HSBC UK, said: “Tax compliance can be both timeconsuming and costly; HSBC My Business Finances will take care of a business’ invoicing, accounting and tax compliance all in one place. This is especially useful ahead of new tax reporting requirements in April.”

Sage Operations gets Copilot

Sage Copilot has been added to Sage Operations (formerly Sage Distribution and Manufacturing Operations – SDMO). The update gives manufacturing and distribution teams a clearer and more proactive way to manage daily operations.

“Manufacturers and distributors need tools that cut through complexity, not add to it,” said Rob Sinfield, SVP, ERP, Sage.

Rachel Harris is the founder of striveX and @accountant_she

THE PQ DIGEST

KPMG TELLS AUDITOR IT WANTS REDUCTION IN FEES

Alexander Norman, at Ravical, said: “It’s a perfect example of why accounting firms are desperate to move from compliance to advisory. KPMG just negotiated a 14% fee reduction from Grant Thornton by arguing AI makes audits cheaper. They threatened to walk if Grant Thornton didn’t comply. Here’s why this matters: this sets a precedent that will boomerang. Every KPMG client now has the exact playbook to demand their own discounts.

“The Big 4 just legitimised something they can’t take back. But the real issue isn’t the fee cut – it’s what it exposes. Compliance work is no longer scalable. AI is commoditising the billable hour. The traditional model is breaking. Advisory is the obvious answer. Strategy, transformation, M&A – high-value services are where firms want to go. But there’s a problem: there’s no infrastructure to scale advisory work. Unlike compliance (standardised, repeatable,

QUOTE

OF

THE MONTH: ‘Every KPMG client now has the exact playbook to demand their own discounts’

automated), advisory is relationship-driven and expertise-dependent. You can’t just ‘AI your way’ into scalable advisory. Most firms are stuck in no-man’s-land: compliance revenues declining, AI eating margins on what remains of advisory capabilities that don’t scale beyond

GOLDMAN SACH LOOKS SET TO LET AI TAKE OVER ITS ACCOUNTING ROLES

Professional education adviser Stuart Pedley-Smith said: “Goldman Sachs is automating accounting and compliance roles. This headline has been circulating on social media a lot in the past few days. With many commenting on the logic of the argument and its existential threat to #accounting more generally. But automating trade reconciliation and client onboarding, which is the initial focus, is not accounting. Goldman Sachs are, however, automating #finance and #compliance first because, despite the complexity, they are governed by rules and frameworks. And in

the eyes of an #AI, a ‘complex’ job with clear rules is actually easier to solve than a ‘simple’ job in an unpredictable environment. As such, the accounting profession may need to get its ducks in a row a lot quicker than we thought. It’s important that accounting is not defined by its most process-intensive outputs, the filing, the reconciliation, the report, but by the professional #judgment that gives those figures meaning.”

FME Learn Online’s Mark Ingram said: “A ‘complex’ job with clear rules is actually easier to solve than a ‘simple’ job in an unpredictable

a few rainmakers. The KPMG story isn’t about AI discounts. It’s about an industry realising its core business model is under siege, with no clear path forward. Thoughts? Am I being too pessimistic about where accounting firms are headed?”

environment. Indeed… although as someone implementing automation on an almost daily basis I’d say that building and documenting complex flows is also going to be an increasingly important skillset – along with understanding the different mechanisms through which different systems communicate?”

5 MARCH 2026 | 9:15AM - 3PM (GMT) | ONLINE

LASTORDERS!

We really need your nominations ‘right here right now’, so get writing. The deadline for entries is Friday 6 March

Ask anyone, and they will tell you that the PQ magazine awards are the only awards to be seen at. So forget about the Oscars and BAFTAs, you need to be at the PQs!

No suit or tie is necessary, just a desire to celebrate everything that is great about education and accountancy. But time really is running out if you want to be at our 23rd awards night – you need to get writing.

There are 21 shiny PQ magazine trophies up for grabs. We even have a new category too:

THE 2026 AWARDS CATEGORIES

 PQ OF THE YEAR

NQ OF THE YEAR

DISTANCE LEARNING STUDENT OF THE YEAR

ACCOUNTANCY GRADUATE OF THE YEAR

ACCOUNTANCY APPRENTICE OF THE YEAR

STUDENT BODY OF THE YEAR

STUDENT CHAMPION OF THE YEAR (NEW)

Student Champion of the Year.

You have up to 500 words to make your case. If you feel you need to add supporting material then please provide this separately, but your entry will be primarily judged on those 500 words.

We also encourage you to enter yourself, but we understand this can be hard to do. However, if you or your nominee gets onto one of our shortlists then you get to come to the awards night –for free. This year’s venue is the wonderful Bloomsbury Ballroom, home to the London Cabaret Club. This wonderful art deco ballroom can be found in the heart of the capital.

To download the application form go to https://tinyurl.com/yauvpw8w. Once you have your entry sorted send it to us at awards2026@ pqmagazine.com. Remember, we aren’t after anything fancy and are happy with a simple Word document. And don’t forget to make it really clear which category you are entering.

So, don’t miss out on a unique night in the accountancy education calendar – get nominating!

The deadline for entries is Friday 6 March 2026, with the awards set for Monday 27 April. We hope to see you there.

ACCOUNTANCY BODY OF THE YEAR

ACCOUNTANCY COLLEGE OF THE YEAR –PUBLIC SECTOR

ACCOUNTANCY COLLEGE OF THE YEAR –PRIVATE SECTOR

ONLINE COLLEGE OF THE YEAR

LECTURER OF THE YEAR – PUBLIC SECTOR

LECTURER OF THE YEAR – PRIVATE SECTOR

STUDY RESOURCE OF THE YEAR

ACCOUNTANCY PODCAST OF THE YEAR

INNOVATION IN ACCOUNTANCY

BEST USE OF SOCIAL MEDIA

TRAINING MANAGER/MENTOR OF THE YEAR

GRADUATE/APPRENTICESHIP TRAINING PROGRAMME OF THE YEAR

ACCOUNTANCY TEAM OF THE YEAR

ACCOUNTANCY PERSONALITY OF THE YEAR

OUR SPONSORS

Podcasts and personality: double award winner Grace Hardy

The sound of silence

CIMA’s Emma Roberts explains why its new silent space initiative will help students make the most of their studies

One thing I’ve noticed – both in my own study routine and when supporting CGMA students – is just how much easier it is to stay focused when the environment is calm and predictable.

When there’s chatter in the background, especially conversations, it pulls your attention away almost instantly. It’s not even intentional; our brains are wired to latch onto recognisable speech, which makes it incredibly hard to stay in the zone. Even a quick comment or passing conversation can break your flow and force you to mentally reset before you can get back into your work.

students, especially those pursuing a demanding professional qualification, to find truly uninterrupted study time, CIMA has developed a practical solution: CGMA Silent Study Sessions, also known as The Focus Room. This global, structured study environment is designed to enhance concentration, improve productivity and increase accountability among CGMA students. Studying silently alongside others provides subtle motivation and reinforces the sense of belonging to a wider learning community.

three 25-minute study blocks, separated by two 10-minute breaks, forming a balanced 90-minute cycle. This approach supports sustained focus without overwhelming students. It also provides psychological benefits: knowing that a break is on the way reduces stress, makes tasks feel more manageable, and helps busy professionals turn limited time into effective study periods.

But when the environment is steady – no sudden noises, no unpredictable interruptions – it becomes so much easier to settle into deep concentration. That kind of calm helps strengthen working memory and keeps mental fatigue at bay because your brain isn’t constantly reacting to new distractions. It creates this buffer that allows you to focus for longer without feeling drained. Recognising how difficult it can be for

The purpose of The Focus Room is simple: to recreate a quiet, library-like atmosphere in a digital setting, while adding structure and time management tools. It offers a dedicated study space for concentration and accountability, free from distractions, helping participants stay consistent with their study schedules and avoid procrastination or sporadic effort.

A defining feature of the sessions is the use of the ‘Pomodoro Technique’, a well-established time management method that breaks work into focused intervals. Each session includes

While The Focus Room is primarily silent, participants can personalise their environment by choosing optional background audio – white, pink, or brown noise – each offering different cognitive benefits. White noise distributes all audible frequencies evenly and effectively masks distracting sounds, supporting relaxation and sustained attention. Pink noise, which emphasises lower frequencies, creates a softer, more natural ambience linked to improved focus and calmness. Brown noise, made up of deeper, low frequency tones like waterfalls or wind, is particularly effective at blocking environmental distractions and creating a grounding study atmosphere.

By combining a distraction free space, structured time blocks and the motivational presence of others studying simultaneously, CIMA’s Silent Study Sessions provide a community driven solution to one of today’s biggest academic challenges: staying focused. The Focus Room empowers students to build consistency, maintain concentration, and make meaningful progress –one quiet session at a time.

• Emma Roberts, Specialist – Student Support at CIMA

Proven to boost your exam results

Study Hub is proving to be a great success for ACCA students, increasing exam results by as much as 18%*. With online access to study chapters, practice questions, flashcards and short quizzes, it streamlines revision and enhances your understanding.

Use Study Hub as an essential part of your exam prep and boost your chances of success.

*Based on pass rates of Study Hub users vs. non-users for the September 2023 session-based exams.

Redefine your career path

ACCA research reveals 55% of UK finance professionals believe flexible, personalised career paths will replace traditional roles by 2035. Report author Clive Webb tells us more

By 2035 how, when and where finance professionals work, as well as the nature of the work itself, will look very different. In a major survey by ACCA, 500 UK professionals took part in global research to identify the relevant skill sets finance professionals should nurture for future career success. The resulting report, Career paths reimagined, has some key insights that are relevant to you.

Shorter stints and increased mobility: The UK research revealed a workforce that is more transient and less loyal to individual employers. Rather than following a single, predefined route, professionals are increasingly building ‘portfolio careers’, moving between roles, organisations and sectors, and applying their skills in new and higher value ways.

The average tenure across all jobs globally is now about two-and-a-half to three years, which reflects a broader trend toward transactional, rather than long-term, relationships with employers.

Hyper-personalisation is here: For those under 25, careers are increasingly ‘hyperpersonalised’. Rather than following a set path young professionals are crafting individualised journeys, often characterised by shorter stints in each role. However, this results in the need to revisit foundational skills – including interpersonal skills – as the profession adapts to a more dynamic environment.

Skills focus on data, technology and adaptability: In the UK, 57% of respondents considered that it was essential to develop new skills to further their career in the next five to 10 years. Technology was again the primary driver, with 70% saying that AI and technology were key skills to grow, while 44% indicated that resilience, flexibility and agility were essential as the next most relevant skill set.

The skill sets valued by those under 25 are shifting rapidly. There’s a strong emphasis on roles in data integrity, data governance, analytics and sustainability, which are perceived as growth areas – 73% of respondents anticipate a growth in roles related to data integrity. In contrast, traditional positions such as accounts payable and general ledger are seen as declining within this age group.

Some 54% of respondents recognise the need for continuous learning and education, and adaptability in a constantly changing world.

Competencies for the future: As the profession becomes more fluid, the ability to

transfer competencies across roles and sectors is critical. Several roundtable discussions emphasised the need for foundational skills that go beyond technical expertise, including communication, problem-solving and the capacity to navigate uncertainty.

Focusing on inter-personal, technology and technical skills and developing specialisms feature strongly, as well as having a curious and flexible mindset. Career breaks and ‘micro-retirements’ are likely to increase as professionals work longer.

Own your development: The report also shows UK professionals are taking ownership of their development, shaping careers around their interests, values and transferable skills, supported by a profession that is becoming

ACCA chief executive Helen Brand: “Accountancy is being redefined in ways that are reshaping and expanding the role of the profession. To be successful, UK finance professionals must be willing to let go of outdated expectations and embrace a future which will see the rise of hyper-personalised careers featuring more flexibility but less predictability.

“Taking greater ownership of your career and learning is key – continually developing the right skills is essential to navigating a flexible workplace.”

more open, more flexible and more diverse in the opportunities it offers.

Take action

In summary, the UK accountancy and finance profession is experiencing a profound shift away from established career models. The data paints a picture of your generation redefining career success on its own terms, navigating a landscape that is more dynamic, uncertain and opportunity-rich – but also more challenging to navigate – than ever before.

Success now depends on your ability to adapt, learn continuously, and navigate a landscape where career paths are less predictable and more self-directed. Visit the ACCA website to identify the skillsets you need to nurture for a successful flexible career and get insights on how key drivers of change could affect your career at any stage. Don’t forget to check out the action plan for finance professionals at early stages of their careers.

• Clive Webb, head of business management, ACCA

YOUR WELLBEING HUB

Maintaining a positive mindset while studying can be challenging. Our wellbeing hub provides a range of resources and podcasts from our wellbeing ambassador to help support you throughout your ACCA journey. Explore ACCA wellbeing hub

Accountancy… a licence to money launder?

PQ magazine has joined forces with our friends at Rogo again to host a live online roundtable to look at the latest developments in anti money laundering.

We are gathering a panel of experts from the accountancy industry for a frank discussions about laundering illicit funds.

Accountants who don’t get their house in order could unwittingly be facilitating organised crime, terrorism and even child trafficking.

The government has now stepped in and decided to create a Single Professional Services Supervisor (SPSS) for all anti-money laundering and counter-terrorism financing in the UK. The FCA will be in charge.

Join us on Thursday 26 March at 4pm for what we hope will be a lively discussion. All we need is 45 minutes of your time!

To sign up, register your interest here

Getting ready for work

Rachel Staples (pictured) outlines how AAT’s new L4PAT syllabus puts real world skills front and centre

AAT’s new Level 4 Diploma for Professional Accounting Technicians (L4PAT) opens for registration on 1 September 2026. Learners and employers have been calling for training that focuses on the real world and in this article I will explain how this new assessment suite delivers exactly that, by preparing people at every stage of life to step confidently into today’s workplace.

Recruitment difficulties

Employers tell us they’re struggling to find the skills they need, with one in three businesses having difficulty in recruiting for finance and accounting roles in the past year, and half saying candidates often have the technical knowledge but lack problem solving and people skills needed to thrive.

So, we’ve built our new L4PAT around work relevant tasks, to ensure students learn the things finance teams really do every week. Co-designed with employers and informed by training providers, learners will gain skills in communicating financial information, digital literacy and application of judgement. By embedding realistic, representative scenarios throughout, our L4PAT helps learners build the confidence they need to walk into a workplace and be ready from day one, not a year in.

Supporting learners

One of the things we’re proud of at AAT is how varied our students’ journeys are. Some are brand new to finance, some already run teams, and many are parents, carers or career changers studying late at night after long days. That mix is exactly why we built the L4PAT to be genuinely accessible for everyone. As a Higher Technical Qualification (HTQ), it also enables students to access the Lifelong Learning Entitlement, giving them greater flexibility in how they continue their studies and progress at a pace that works for them.

That starts with clearer language and assessments that focus on real world application and flexibility. For example, AAT works closely with partners to ensure that the English language used is accessible, that inclusive examples are embedded throughout, and that scenarios within assessments reflect the diversity of today’s learners.

To further our commitment to accessibility

we’ve moved to 100% computer-marked assessments, which give faster results. This means learners now get their outcomes on the next working day, which really matters for progression and engagement to continue studying. Designed and reviewed by subject matter experts, every question is pre-tested. The system has been rigorously trialled, and it all sits under regulation, with ongoing quality assurance.

AAT’s L4PAT qualification also opens up clear pathways, from apprenticeships to MAAT, to higher-level and chartered study. Whatever a learner’s ambitions, we help them excel in their next stage.

The changing role

Work has changed and so has the role of the accountant. Employers tell us they need people who are not just technically capable but adaptable and ready to contribute from day one.

That’s why the updated L4PAT qualification has no optional units. Every learner now builds the same core skills, including mandatory audit and tax. A single assessment route means employers can trust that all new starters have a consistent foundation in the areas that matter most.

For learners it’s fairer and clearer. Removing optional units means everyone is assessed on the

same knowledge and skills, and students leave with the competencies employers value most.

Transitional arrangements

We know that some learners on the current Level 4 diploma may want to move across to the new units, so we’ve kept the transition as fair and simple as possible. The current Level 4 Diploma will close for new registrations on 31 August 2026, with assessments available until July 2028, and anyone who needs to switch can do so for a £50 administration fee. Additional details will be shared with employers, students and training providers via our newsletters and via our website

Real world application

Our L4PAT isn’t about making learning harder or reinventing accounting for the sake of it. It’s about giving people something that genuinely works for them, whether they’re beginning, restarting or accelerating their careers.

If we want people to succeed in modern finance roles, we must prepare them with qualifications and assessments that reflect the world as it actually is. AAT’s new Level 4 Diploma for Professional Accounting Technicians does just that.

• Rachel Staples is AAT’s Product Director

Who secretly owns Britain?

It’s time to deal with the hidden offshore owners of £460bn of UK property, says Tax Policy Associates

Nearly 100,000 properties in England and Wales (worth £460bn) are owned by offshore companies.

Now extensive research by Tax Policy Associates (TPA) has created an interactive map that lets you search where these properties are.

In 44% of cases the real human owner, the ‘beneficial owner’, is hidden – despite the law requiring disclosure.

TPA says the UK’s failure to properly enforce its own rules is enabling evasion, money laundering, sanctions-busting and corruption.

Researchers concluded that people are going to continue to ignore the overseas entity rule until there are clear consequences for breach. Only 14 fines were collected in the two years since the rules were introduced.

TPA has suggested that the Department for Business and Trade consider the following steps as part of its next review:

• The Department for Business and Trade and/ or Companies House should issue a notice, warning the trust industry about the widespread failure to register true beneficial owners.

• Companies House should start using their civil penalty powers at scale, sending formal notices to proprietors with questionable (or absent) registrations, and requiring further information. If there is no satisfactory response, Companies House can now place a warning notice on the Companies House register and a restriction on the Land Registry title (preventing mortgages being obtained or the property being sold).

• Where there are good grounds to believe the law has been broken (for example, a simple lack

of registration, or inadequate response to the formal information notice), Companies House should send formal warning notices and then, if ignored, issue penalty notices (which scale with property values).

• This would likely result in many thousands or penalties being issued. History suggests most would be ignored. TPA suggested expanding Companies House existing powers so that a restriction can be placed on title where penalties are not paid.

• Companies House should select test cases, with particularly clear facts, for prosecution. The officers of a company commit a criminal offence if it fails to register with the register of overseas entities – with up to two years’ imprisonment and an unlimited fine. About 8% of all properties are in this category.

TPA are not aware of any prosecutions. It’s rational for people to pay little attention to these rules unless there are clear sanctions for those that intentionally or negligently fail to comply.

It’s always been the case, stressed TPA, that rules that aren’t enforced may as well not exist.

Read the full report here

Meet Tom Clendon

‘My passion is to help ACCA students pass their SBR exam, but you may not know that I was an ACCA student once. I know the pressures of juggling work, life and study. When I left school I went straight into the workplace. But, aged 22, I married Jenny and that made me realise I needed a career and a profession, not just a school leaver’s job.

So, with no exemptions and minimal support from my employers, I studied for ACCA. It was not easy, but it was worth it. Becoming an ACCA member changed my life.

It has enabled me to earn a living to provide for my family, live and work abroad, change my career from being in practice to education and, eight years ago, start my own online business.

I am now a wholly independent ACCA SBR online lecturer, offering platinum courses (tuition and revision) and stand-alone revision courses to individuals who choose to study with me. I am passionate about breaking it down, keeping it simple and getting students over the line. Marking is dear to my heart.

I share my knowledge by being active on LinkedIn and being a podcaster and YouTuber. Over the years I have worked closely with ACCA to support the qualification. I have won three PQ awards – one for my podcast, one for Lecturer of the Year, and one as part of the Online College of the Year!’

If you want help passing the ACCA SBR exam, check out my socials or WhatsApp me.

Message Tom on +44 7725 350793

See www.tomclendon.co.uk

And there’s more on Tom’s YouTube channel

MARCH EXAM TIPS

Here are tips (with the help of BPP) for six of the ‘worst’ ACCA papers – all have a pass rate below 50%. You can find the rest of our tips online at www.pqmagazine.com

Performance Management (PM)

December 2025 pass rate 40%

Section A: Fifteen two-mark objective test questions on a wide range of topics. It is essential to have a broad syllabus knowledge and to do plenty of question practice to score well in this section.

Expect a mix of calculation and discussionbased questions, note that there are no marks for workings in this section.

Good time management is essential, as it is easy to get caught up in a tough calculation which ultimately will only be worth two marks. Never be tempted to spend more than five minutes on any question in this section.

Recent examiner feedback stresses that careless mistakes are common in Section A. Always re-check whether the question asks for cost per unit, total cost, or a variance figure, as incorrect interpretation of the requirement is a frequent reason for losing easy marks.

Section B (case questions): Three separate scenarios with five objective test questions on each scenario; each question is worth two marks. Questions are not dependent on each other and can be answered in any order. Each scenario could be a mix of topic areas or focused on one topic and will usually consist of two/three calculations and two/three narratives.

The examining team have highlighted that weaker candidates often lift words from the scenario without applying their knowledge. Stronger answers demonstrate why the information in the scenario is relevant and link it to the theory or calculation.

Section C (constructed response questions): Two 20-mark questions, which could be from, but not limited to: budgetary systems, planning and operational variances, mix and yield variances, and evaluation of the company performance (either as a whole or on a divisional basis).

Familiarity with the CBE software is important as you may be expected to use both a word processing and spreadsheet format for your answer.

Learn standardised layouts for calculations such as variances, learning curves and limiting factors. This will save you time in the exam and mean that you are less likely to make mistakes.

The split of marks tends to be about 40% calculations and 60% discussion, so don’t neglect the written elements of this paper. Make sure that you always fully explain your ideas.

Interpretation and application are important skills that are tested in this paper so make sure you make full use of the scenarios that you are given in the exam. Examiners have commented that many candidates can perform the calculations but then fail to discuss their meaning. To score well you must explain what the figures imply for management and link back to the organisation’s objectives or performance. Professional skills are increasingly expected

even at PM level: good structure, clarity of communication and logical argument will all help you secure higher marks.

Time management is another common weakness. Stronger candidates allocate their time proportionately (e.g. 36 minutes for each 20-mark question) and ensure they attempt all requirements rather than leaving parts blank.

Advanced Performance Management (APM) December 2025 pass rate 41%

The exam consists of two sections; all questions are compulsory and must be attempted.

Section A (Q1): Will cover a range of issues from syllabus section A (strategic planning and control), section B (performance measurement systems and design) and section C (strategic performance measurement).

Section A (50 marks) contains one question which is broken up into sub requirements.

You will often be required to link a business’s mission to its performance objectives using the concept of CSFs and KPIs. You may also have to critique and recommend improvements to performance reports and the balanced scorecard and/or information systems could also be tested in this context.

You may be required to assess the performance of an organisation, and this could include benchmarking as a theme.

Financial performance measures (ROCE/RI/EVA etc) are also likely to be examined in this context, but don’t neglect non-financial issues from syllabus section C such as quality management, value for money and reward systems.

Section B (Q2-3): Comprises of two compulsory questions (25 marks each), it is likely that one or two syllabus areas will be tested in depth in each question, this means that it is vital that you have

good technical knowledge across the syllabus.

ACCA have said that one of the section B questions will come from syllabus section D (performance evaluation). This means that you will need to have a sound knowledge of the balanced scorecard, building block and performance pyramid models. In addition, you will also need to have a good working knowledge of activity based management (ABM) and value based management (VBM).

The other question can be sourced from a variety of syllabus areas including: quality management, information reporting (e.g. big data, lean information), HR frameworks (e.g. reward & appraisal systems), transfer pricing and environmental management accounting.

The examining team have stressed that answers that simply list advantages and disadvantages of models or techniques will not score well. You must apply the models directly to the scenario given. For example, when discussing the building block model, illustrate how its dimensions apply to the organisation in the question.

General: APM is primarily a skills-based exam which tests the ability to apply knowledge to practical problems. This is now even more important, as 20% of the marks are awarded for professional skills. Make sure you are aware of what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.

However, application of knowledge is only possible if you have a good range of technical skills. So, even though APM is not about reciting technical knowledge, it is vital that candidates ensure that they have a good broad knowledge of core technical areas.

Keep checking the ACCA website for articles in

the lead up to the exam; recent ones commented that structure and time management are common weaknesses. Stronger candidates plan their answers, use headings/sub-headings and balance their time across all requirements, rather than writing extensively on one part and rushing the rest.

Professional scepticism is expected – do not accept data in the scenario at face value but comment on its reliability, relevance and limitations.

Finally, avoid rehearsed or generic answers. Each exam is context-driven, so the ability to tailor your response to the organisation and industry described is critical.

Audit & Assurance (AA)

December 2025 pass rate 46%

Section A: Three mini-case-style, scenariobased questions, each with five two-mark questions based on the scenario (total 30 marks). Each mini-case question will test single topic areas of the syllabus and so will either test syllabus area A, B, C, D or E. In particular, expect questions in Section A to focus on syllabus areas A and E.

Section B: Q16: one 30-mark question. Q17 and Q18: two 20-mark questions.

All three questions in Section B will be broken down into sub requirements and be scenario based. Most marks in each question will test syllabus areas B, C and/or D.

Areas expected to be tested in questions 16 to 18 include:

• Audit planning.

• Audit risk (identification and explanation of audit risks from a scenario and explanation of the auditor’s response to each risk).

• Internal audit.

• Internal controls (identification and explanation of deficiencies in internal control and the recommendation of suitable internal controls, and identification and explanation of direct controls and description of tests of controls).

• Corporate governance (identification and explanation of corporate governance deficiencies and recommendations to address the deficiencies).

• Audit procedures (substantive procedures and tests of controls).

This is a computer-based exam and can cover any part of the syllabus.

General advice: Where questions are based on a scenario it is essential that you use the information in the scenario to score the identification marks and then develop this to score the explanation marks.

The exam often provides a table for you to complete your answer. For example, audit risk questions will have a table with two columns; one for ‘Audit risk’ and one for ‘Auditor’s response’, with each properly explained point being worth one mark. Using this tabular approach encourages you to answer both parts of the question, therefore maximising your marks. Pay attention to the verbs used in question requirements as these indicate the number of marks available. For example, the verb ‘explain’ requires a sentence and will score one mark if properly explained, whereas the verb ‘list’ simply requires you to list out information with no further explanation and this will score ½ mark per point.

HEALTH WARNING

told otherwise, the date will be 1 July 20X5. Candidates will be expected to address a range of requirements from syllabus sections A, B, C and D, thereby tackling a real-world situation where candidates may have to manage multiple issues simultaneously in relation to planning, risk assessment, evidence gathering and ethical and professional considerations.

Ten marks will be available in Section A and are awarded based on the demonstration of professional skill within a candidate’s answer, including communication, analysis and evaluation, professional scepticism and judgement and commercial acumen. You can find more details about these professional skills marks here. You are strongly advised to access this content and work through the resources in advance of the exam.

These tips should only be used in conjunction with proper study. We cannot guarantee that these topics will appear in the actual exam as we have not seen the exam papers. Examiners are not predictable so it is vital that all core syllabus areas are revised fully.

Finally, it is essential that you read the examiners’ reports, which are issued twice a year after the June and December exam sittings. These are an invaluable source of advice and provide a sample Section A OTQ case-style exam question, as well as three constructed response questions from the March/June and September/December sittings. They provide the example questions and are accompanied by a commentary from the Examining Team that gives guidance on interpreting the question requirements and common mistakes/areas of weakness noted during the marking process. These reports can be found on the ACCA website

Advanced Audit and Assurance

December 2025 pass rate 38%

(AAA)

By now, you should have a pretty good idea of what to expect. Recent AAA exams have contained no real surprises, although you should make sure you are prepared for the ‘look and feel’ of the embedded email and supporting exhibits and the split of both technical and professional marks.

Section A: This will comprise a case study, worth 50 marks in total, split into 40 technical marks and 10 professional skills marks. It will be set at the planning stage of the audit, for a single company, a group of companies or potentially several audit clients.

Candidates will be provided with detailed information, which will vary between examinations, but is likely to include extracts of financial information, strategic, operational, and other relevant information for a client. It is also likely to include extracts from audit working papers, which could include the results of analytical procedures.

Remember that for all AAA questions, unless

Section B: This will contain two compulsory 25-mark questions, with each being predominately based around a short scenario. The marks will be split into 20 technical marks and five professional skills marks. There are no optional questions in AAA. One question will always test syllabus section E, and candidates should therefore always be prepared to answer a question relating to completion, review, and reporting.

There are several formats this question could adopt, including but not limited to matters to be considered and evidence expected to be on file, a going concern assessment, the impact of subsequent events, evaluating identified misstatements and any corresponding effects on the auditor’s report.

Candidates may be asked to critique an auditor’s report or a report which is to be provided to management or those charged with governance.

The second Section B question can be drawn from any other part of the syllabus, including sections A, B, C, D and F. Syllabus section G on current issues is unlikely to form the basis of a question on its own. Instead it will be incorporated into the Case Study or either of the Section B questions, depending on question content and the topical issues affecting the profession at the time of sitting the exam. Five professional skills marks will be available in each Section B question for demonstrating professional skill in analysis and evaluation, plus at least one of professional scepticism and judgement and commercial acumen.

This is a technically demanding exam which tests auditing knowledge from both AA and AAA. All three exam questions will require you to apply this knowledge to the scenarios given: the professional skills marks will be awarded on the strength of your application of knowledge to the situation presented in each of the exhibits.

Apart from poor auditing knowledge, lack of success usually comes from poor analytical skills, poor application, poor judgement and poor time-keeping, so make use of your BPP learning materials (especially the skills checkpoints in the Course Book) to help you prepare. This subject can also test topical issues that have been covered by the AAA examination team’s technical articles (for example, quality management in September 2022 and the impact of data analytics in September/December 2020).

You should even be prepared for a requirement

where you will not need to refer to an exhibit at all (in other words, a knowledge-based requirement) which was seen in in 2024: for example, when candidates were asked to ‘Discuss the challenges associated with the use of data analytics in performing external company audits’. This is most likely to be seen in Section B.

All the examining team’s technical articles can be found here, including two articles on quality management, two articles on planning questions and risk plus other articles that discuss current developments in social, environmental and sustainability reporting. There are also ‘Topic explainer’ videos on areas such as quality management, audit procedures, and prospective financial information (forecasts) that you may find of use.

There are two new syllabus learning outcomes: one on the ISA for auditing less complex entities (only applicable to the INT version), and an evaluation of evidence gathered as part of an assurance engagement (both versions) – so you can expect to see something on these in the coming sittings.

Also, remember the continuing focus on sustainability assurance following the issue of the IAASB’s exposure draft of ISSA 5000, which you can read more about this in your Course Book (and there is an article on this here ). In addition to syllabus changes, IFRS 18 Presentation and Disclosure in Financial Statements, is now examinable. So you should be prepared for the changes in terminology that this will require by referring to your Course Book.

Finally, the examining team has advised that certain less-frequently examined topics such as audit committees, money laundering, internal auditing and outsourcing could make an appearance, so you should make sure you have covered a good breadth of subjects in your revision. You are strongly advised to keep referring to all these resources in advance of the exam.

Financial Management (FM)

December 2025 pass rate 48%

Section A: Fifteen objective test questions (OTQ) worth two marks each. Questions often test your knowledge of key technical terms and will balance out the questions in Section B and C of the exam, to make sure that all aspects of the syllabus are examined. Questions will often test

your understanding of financial management and objectives (including ratio analysis) as well as the economic and financial environment (financial markets, fiscal and monetary policies).

Section B: Three 10-mark mini case-studies each containing five OTQ questions. Commonly examined areas are working capital management (e.g. the operating cycle, the impact of a change in credit period or accepting a factor’s offer), business or security valuations and risk management (currency and interest rate risk). Section C: Two 20-mark questions. Questions will be broken down into discussion and numerical requirements based on a common scenario; marks will be split evenly between calculations and discussion.

These questions will focus mainly on syllabus sections C (working capital), D (investment appraisal) and E (business finance). Whichever of these three topics does not feature in section C is more likely to be tested in section B of the exam.

Questions from syllabus section C (working capital) are likely to be broad ranging, so a wide knowledge of this syllabus area is important. Candidates are sometimes caught out by section C questions in this area, so make sure you practise this type of question as part of your final revision.

Questions from syllabus section D (investment appraisal) are likely to feature NPV with inflation and tax; however, it is important to also be able to answer questions that include risk, uncertainty, leasing, asset replacement and capital rationing.

Questions from syllabus section E (business finance) often test the calculation and analysis of a company’s cost of capital. Candidates often assume that business finance questions will always test this area, but questions also frequently test the evaluation of financing options (debt or equity) which sometimes catches candidates out – make sure you practice this type of question as part of your final revision.

Advanced Financial Management (AFM)

December 2025 pass rate 45%

All AFM exams will have questions which have a focus on:

1. Syllabus section B (Advanced investment appraisal).

2. Syllabus section E (Treasury and advanced risk management techniques).

These syllabus areas are therefore high priority areas for your revision.

Q1 (50 marks): We would expect questions to cover at least two different syllabus areas. This emphasises the importance of having a good broad knowledge of the syllabus, and NOT targeting your final exam revision on a small number of numerical syllabus areas.

Questions are often mainly based on core syllabus areas, such as project appraisal (domestic or overseas), business valuations and business/financial reorganisations; these areas often include cost of capital calculations. Risk management may also feature in a number of different ways such as value at risk, real options, interest rate or current hedging, and risk management (e.g. mapping).

Q2-3 (25 marks each): Areas that are commonly tested include:

• Risk management (currency or interest rate) including the functions and structure of a treasury department.

• Dividend policy and general financing issues.

• Real options (including limitations of the approach).

• Business reorganisation.

General advice: The examining team have emphasised that exams are designed to make question spotting extremely difficult for this paper, so it is important to have a broad understanding of the key aspects of each syllabus area.

Pay equal attention to discussion areas as you do to numerical analysis in your final revision – remember that this paper is not a maths exam and that in all exam questions the examiner is interested in your ability to communicate well and to give sound, practical management advice that relates to the scenario in the question.

This is now even more important as 20% of the marks are awarded for professional skills. Make sure you aware what these skills are and that you are confident in your ability to integrate these into your answer to the technical requirements of a question.

Café culture voices

Stuart Pedley-Smith explains how Accounting Café is giving educators a voice and helping shape the profession

In early February accounting educators gathered for a pop-up event that exemplified what Accounting Cafe stands for. The day featured lightning presentations covering everything from AI and its role in teaching, to flipped learning and sustainable management accounting, followed by an interactive workshop exploring diversity as a resource for enriching learning.

But this is not just another conference where the audience listens passively to the opinions of others. It’s an opportunity to meet, share ideas and come away with a far deeper appreciation of what it means to be an accounting educator, and the importance of what they do.

Why educators should be heard

Accounting educators occupy a unique position. They spend their days teaching the next generation of accountants, offering deep subject expertise and fostering new ways of thinking. Above all, they instil a pride in accuracy, integrity, and the courage to make the ‘right decision’. Qualities that are hugely important if accountants are to maintain the public’s trust.

Not only do they understand the technical complexities of accounting, but also see how students engage with key concepts, where they struggle and what excites them. They help them navigate the tensions between theory and practice, tradition and innovation, technical expertise, and ethical judgment. Many of these areas involve nuance and complexity, where exploration and dialogue are essential for developing informed, thoughtful opinion.

This experience provides a unique insight into what matters in accounting. What for example do students really think about sustainability or AI in practice? Are they genuinely engaged, or simply going through the motions because it will help them pass the exam? What workplace practices do they value, learn from and where do they have concerns?

Yet much of this knowledge will sit with the organisation or the individual. But should it not be shared, and used to help influence what is taught, which subjects prioritised,

and how assessments might evolve? And whilst professional bodies seek the opinion of individual institutions, this is often not a collective voice, which must make it difficult for them to get a true sense of what really matters.

Accounting Cafe can help

And this is where Accounting Cafe may be able to help. We provide the mechanism for educators to come together and be heard through spaces both physical and digital. Where experiences can be discussed, theories examined, and educators often find they’re not alone in their concerns and aspirations. Accounting Cafe provides a platform to capture

and amplify ideas, giving them wider reach and impact. This builds confidence to take more intellectual risks and shape the conversation in your field.

Join us

Get involved with Accounting Cafe in any way you like. Come to events, present your thoughts and ideas, write articles, challenge the status quo or simply sit back and listen to what others have to say. But only when we are connected is it possible to amplify the collective wisdom of accounting educators wherever they may be.

• Stuart Pedley-Smith, Strategy & Partnerships, Accounting Café. For more go to https://accountingcafe.org

Upskill wherever, whenever.

CGMA® Finance Leadership Program (CGMA FLP) — learning that fits your schedule.

CGMA FLP is your flexible path to CIMA® membership and the CGMA designation. Fully online, the CGMA FLP lets you learn new skills anywhere, anytime and at your pace. Don’t just wait for your next opportunity; take charge of your career progression today.

Hone your practice skills

Question practice is the key to exam success, writes David Evans – but are you practising questions in the right way?

Most accountancy students know that practising exam-standard questions is essential for success. What many overlook, however, is that how you practise questions is just as important as how many questions you complete. Effective question practice develops technical understanding, builds exam technique, and makes a huge difference to exam performance.

After three decades helping students pass accountancy exams here are some key question practice techniques that really work.

Start very early

A lot of students fall into the trap of saving question practice for the revision phase. Don’t wait. Start doing exam standard questions from the moment you begin studying for an exam. Will it feel tough at first? Definitely. Will you make mistakes? Absolutely. But early question practice is how you learn what examiners are testing and what you need to do to gain marks. Getting things wrong is part of the process – you will learn from every mistake!

Time yourself

When you begin studying for an exam paper it is sensible to practice questions slowly and carefully. This really helps you develop your understanding of a topic, and of the way that the topic is examined.

As you progress through your studies and enter your revision phase you need to ‘switch’ to doing questions under strict timed conditions. This is essential for developing good exam techniques – e.g. prioritising calculations that are easy, or that gain most marks, or making concise, mark-focused points in written questions.

Use examining body software

Accountancy exam bodies make available practice software that replicates the real exam environment– for example, the ACCA practice platform.

Do as many questions as you can on this software so that navigating the software becomes second nature. Deep familiarity with the actual spreadsheets, word processing tools and multiple-choice question presentation formats removes unnecessary stress in the exam and significantly improves the speed at which you can answer questions.

Suggested solutions matter

Many students rush through suggested solutions. They underestimate how much deep learning happens when reviewing solutions thoroughly.

Instead:

• Work slowly and carefully through each part of the solution.

• Identify exactly why marks are awarded.

• Note how many marks each separate

calculation earns.

• Look at how written answers are structured to make it easy for the marker and gain the most marks.

• Mark your own answers (and do so honestly!).

• Highlight any mark generating points that you missed.

If you don’t understand something in the solution revisit your notes or recordings.

Identify easy marks

Every exam question contains a mix of easy and challenging marks. When reviewing solutions identify the easy marks. These might be simple calculations or straightforward explanatory points.

These are your ‘low hanging fruit’. Students frequently lose marks not because they lack knowledge but because they spend too long on more complex points or calculations and miss easy marks.

Examiner’s reports are gold

Examiner’s reports are full of insights about what students commonly get wrong and why. If there is a report available for a question you’ve just attempted, read it straight after attempting the question.

You’ll learn:

• How marks were awarded.

• What strong answers included.

• The common mistakes that students make

Be systematic

Keep a simple spreadsheet to monitor the

questions you have attempted and whether you got them right or wrong.

For multiple choice questions record:

• Question number.

• Whether you attempted it.

• Whether you got it right.

• Whether you redid it.

• Your second attempt result.

This makes it easy to see your progress, identify weak areas and decide which questions to redo before the exam.

Quality over quantity

Many students feel overwhelmed by the sheer volume of available exam standard questions. The good news is you can get a high pass without attempting every available question.

Quality of question practice matters more than quantity. Quality means prioritising the most important questions (e.g. recent past exam questions or those discussed in examiners’ reports) and following the techniques for attempting questions and working through suggested solutions outlined in this article.

Final thoughts

Good question practice is about practising smartly, consistently, and with purpose. If you practice questions in the right way, you’ll not only learn more effectively – you’ll walk into the exam feeling prepared and confident.

Good luck with your question practice. I hope these tips help you get the very best out of every question you attempt.

• David Evans, Director, HTFT Partnership

Lease calculations explained

Here we explain how to deal with a technical accounting area students sometimes struggle with

CIPFA students need to be familiar with lease calculations for both the Business Reporting and Public Sector Financial Reporting exams. As with most technical areas in accounting, the key to success is plenty of practice. However, it is important to spend some time after completing an exercise to reflect on what you have learned. This is highlighted in the following exercise. Consider a scenario involving leases which will require some technical accounting. After the exercise has been completed we will consider how accounting theory can be better understood.

An NHS Foundation Trust requires a new machine for one of its hospitals. The Trust has two options to lease this particular machine, inventively called Option A and Option B. Whichever option they chose, the lease agreement will begin on 1 April 20X5 and apart from the deposit, annual payments will be paid in arrears. Here are the details of the lease agreements:

Step 4 – Split the liabilities

Expected useful economic life of machine 10 years

Residual

From the above information, the Trust will have to enter into new lease agreements if they choose Option A and still want to use the machine for 10 years. However, by comparing how the differences between the two lease agreement affects the financial statements a better understand of the meaning of assets can be achieved.

First, compare the accounting entries for the two options for the year ending 31 March 20X6:

Step 1 – Capitalise the asset

Step 3 – Account for lease payment

Under Option A because the lease does not transfer legal ownership, then the right of use asset will be depreciated over its lease term (i.e. £300,000/4) and the residual value is ignored. For Option B, as the lease does transfer legal ownership, the asset will be depreciated over its useful life and its residual value is included in the calculation (i.e. (£1,000,000 –£350,000)/10)

Now compare how the above entries affect the Statement of comprehensive income and the Statement of financial position for the Trust for the year ending 31 March 20X6.

Statement of comprehensive income for year ending 31 March 20X6 (extract)

Other operating expenses (depreciation) (75,000)(65,000)

Finance costs (31,000)(93,220)

Retained surplus/(deficit) for the year (106,000)(158,220)

Statement of financial position as at 31 March 20X6 (extract)

and cash equivalents (deposit and lease payment) (133,000)(469,000)

By seeing how each lease agreement affects the financial statements, it can help to better understand prior learning at a higher level. For example, notice that Option A result has a closing net book value of the asset as £225,000 (£300,000 - £75,000), whilst Option B is £935,000 (£1,000,000 - £65,000) and yet the different lease agreements are for the same machine. The lesson here is what defines an asset in accounting. Initially, many accounting students define assets as something a business owns, but an asset is defined in part, as a resource controlled by an entity.

So, what is the resource that the Trust controls? It is the right to use the machine for a period of time. Option A has a period of four years, whereas Option B has the right to use it until they plan to dispose of it (currently 10 years). They are two different resources and thus they differ in measurement.

What does this exercise teach you? It is the importance to reflect on what you have learned. It is easy to fall into the habit of just doing question after question, but by spending some time reflecting on what has been learned, will result in a greater understanding of accounting. Next time you complete an exercise, progress test or mock exam, take some time afterwards to reflect on what has been learned. Perhaps, discuss this learning with others and soon you will find that your understanding of accounting begins to accelerate.

• Thanks to CIPFA for this article

Take your place on cybersecurity’s front line

The IFA’s Jonthan Barber explains why cybersecurity is now a core risk management issue that trainee accountants can’t afford to ignore.

It’s a common misconception that cybersecurity is only an issue for large businesses. In reality, SMEs are particularly attractive targets for cybercriminals. They typically hold valuable data such as payroll information, customer records and banking details while lacking the robust controls and dedicated security teams of larger organisations. According to figures, three-quarters of UK SMEs have experienced a ‘cyber incident’ in the past five years and that figure will only rise.

Being a good accountant in today’s SME environment means being cyber-aware, and that starts early in your professional journey. For trainees, cybersecurity links directly to topics you already study like internal controls, risk management, ethics, and governance.

Understanding how cyber risks translate into financial risk is a key professional skill. A successful cyberattack can lead to immediate costs such as fraudulent payments, system downtime and recovery expenses, while longer-

term impacts include lost customers, damaged reputations and even regulatory penalties. Trainee accountants should be able to identify these risks and appreciate how they impact cash flow, budgets and forecasts, not just in theory

but in practice.

Cybersecurity is also closely aligned with data protection as financial records contain personal data, meaning SMEs must comply with data protection laws such as GDPR. For trainees involved in bookkeeping, payroll or management accounts, understanding why access controls, secure storage and data retention policies matter will make you a more effective and responsible professional.

One area where junior finance staff can add real value is fraud prevention; many cyberenabled frauds rely on pressure, urgency and trust. A threat to cybersecurity may, for example, be an email that appears to be from a director asking for an urgent payment. Knowing when to challenge unusual requests, follow verification procedures and escalate concerns is critical –the adage ‘better to be safe than sorry’ is a good rule of thumb to follow here.

At the IFA, we encourage part qualified and trainee accountants to develop cybersecurity awareness now. Not only will it strengthen your exam performance, your workplace confidence and your long-term career prospects, it will ensure you can contribute meaningfully in your role from day one.

The IFA is running its AI and Emerging Technologies Conference online on Thursday 5 March 2026. Head to www.ifa.org.uk to secure your place.

• Jonthan Barber is Executive Director – UK at the Institute of Financial Accountants

At the heart of business

How CICM is helping develop the next generation of credit professionals

For those considering a career in finance, credit and debt management offers a dynamic and commercially focused alternative to traditional accountancy routes.

This profession sits at the heart of business decision-making, combining financial expertise with risk management, negotiation and strategic insight. Credit and debt professionals play a vital role in protecting cash flow, supporting sustainable growth and building strong customer relationship, making it a rewarding career path for individuals who want to apply financial skills in a practical, peoplefocused and commercially influential way.

The Chartered Institute of Credit Management (CICM) is the awarding body for qualifications in credit management and collections at Levels 2, 3, 4 and 5.

Units include core subjects including credit & debt management, export, trade, insolvency, law and business environment, as well as specialist subjects in money and debt advice and consumer vulnerability (Level 3) and enforcement (Level 4). This breadth of topics ensures that professionals can develop both core and specialist expertise, aligned

to the increasingly complex demands of the credit and collections landscape. Importantly, the qualifications are rooted in practical application, enabling learners to translate theory into meaningful workplace impact. Professionals can develop their knowledge, understanding and skills gaining qualifications from Level 2 to Level 5.

The CICM qualifications are designed to support the development of competent, confident and ethical credit professionals across all stages of their careers. Ofqual regulated and globally recognised qualifications, they provide assurance to employers that learning outcomes meet rigorous academic and professional benchmarks, while offering learners a credible pathway for career progression.

Flexibility is key

Flexibility is a key feature of CICM qualifications. With a range of study options available, including online, blended and employer-supported learning, individuals can balance professional development alongside work and personal commitments. This flexibility also allows organisations to tailor learning pathways that

meet their specific operational needs, supporting talent development and succession planning.

Beyond technical knowledge, CICM qualifications emphasise professional standards, ethical practice and continuous improvement. Learners are encouraged to think critically, apply best practice and understand the wider economic and regulatory context in which they operate. This approach supports the development of well-rounded professionals who are equipped to make informed decisions, manage risk effectively and contribute strategically within their organisations.

As the credit profession continues to evolve, investment in recognised, high-quality qualifications is becoming increasingly important. CICM qualifications play a vital role in raising professional standards across the sector, supporting individuals to build rewarding careers while enabling organisations to strengthen capability, compliance and performance. In doing so, they help ensure that the credit management profession remains resilient, respected and fit for the future.

• Thanks to CICM for this article

Disposal of Capital Assets: the lowdown

Karen Groves explains how to approach a disposal of capital assets exam style question and tests your knowledge on the subject

Disposal of capital assets is assessed in AAT Level 3, within the Financial Accounting: Preparing Financial Statements unit. When a business disposes of a capital asset, the asset must be removed from the accounting records. The asset is usually disposed of for more or less than the carrying amount, as the carrying amount is an estimate based on how long the business considers the useful economic life of the asset to be. The carrying amount is calculated as the cost of the asset minus accumulated depreciation.

The disposal must be recorded in the non-current asset register, to ensure this is up-to-date, together with updating the non-current asset cost account and accumulated depreciation account. A disposal account is used to remove the balances and determine the profit or loss on asset disposal.

If the capital asset is disposed of for more than the carrying amount then a profit on disposal is made; however, if the capital asset is disposed of for less than the carrying amount a loss is made.

The following steps should be taken to remove the non-current asset:

1 Remove the cost of the disposed asset:

Debit Disposal account

Credit Non-current asset account

2 Remove the accumulated depreciation:

Debit Non-current asset accumulated depreciation account

Credit Disposal account

3 Enter the sale proceeds amount for the asset:

Debit Bank (or Receivables)

Credit Disposal account At

has been made on the disposal.

We will look at an example question, and the way this should be approached.

Example

EC Limited had a non-current asset costing £20,000 with accumulated depreciation of £12,000.

The asset had been sold for £7,500 and a bank receipt for the sale had been received.

To calculate the profit or loss on disposal: £

Cost 20,000

Accumulated depreciation 12,000

Carrying amount 8,000

Disposal proceeds 7,500

Loss on disposal 500

This can be shown in the ledger accounts as follows: 1 Remove the cost of the asset Debit Disposal account £20,000 Credit

2 Remove the accumulated depreciation:

Debit Non-current asset accumulated depreciation account

£12,000 Credit Disposal account £12,000

Accumulated Depreciation

3 Enter the sale proceeds amount for the asset:

Debit Bank

£7,500 (account not shown in this type of task) Credit Disposal account £7,500 Disposal

The loss on disposal is then debited to the statement of profit or loss, as this represents a loss on disposal. If, however, there had been a profit on disposal, a credit entry would be made to the profit or loss instead.

Now have a go!

EC Limited had a non-current asset costing £10,000 with accumulated depreciation of £4,000.

The asset had been sold for £6,500 and a bank receipt for the sale had been received.

Show the entries to be made in the ledger accounts.

Persistence pays off

How you deal with exam failure will define your career success, says Rachel Spence

Mistakes are inevitable; they happen to everyone, no matter how prepared you are. The question is, how do you respond when things don’t go as planned? You can either let mistakes define you and give up on your goals, or you can face them head on, accept that things won’t always work out the first time, and use them as a stepping stone to improve. The key is not perfection, it’s persistence. If you’re an accounting student, you’ll understand this more than most. I can honestly say my journey hasn’t been plain sailing. Not every professional exam I have sat has led to a first-time pass. Did I want to give up? Absolutely, more than once. But I’m glad I didn’t. By re-sitting exams I struggled with I eventually achieved my part qualified status with CIMA. And along the way, each mistake became a lesson

that helped me grow as a student and as a future accountant.

Here are some common pitfalls that students face during professional exams, and how you can turn them into opportunities to succeed:

1. Misreading questions: It happens to everyone, even the most careful of us. You might run out of time because you spent too long on a topic you find tricky, resulting in skipping questions you’re confident about. Sometimes, during revision, we focus too much on memorising theory and not enough on applying it to exam-style scenarios. The solution is practice, and lots of it. Mock exams and past papers are your best friend. They teach you not only the material but also how to read and interpret questions under time pressure.

2. Learning from failure: It’s easy to feel like a failure after a bad result. I certainly did, for a few days each time. But dwelling on mistakes isn’t helpful. What matters is reflecting on why it went wrong and what you can do differently next time. After each setback I analysed my approach. Was my revision plan realistic? Did I spend enough time practising application? Did I run out of time because I got stuck on one question? This type of reflection will help you improve not just for your exams, but for your day-to-day work as well.

3. Sticking to a study plan: Having a structured revision timetable is essential. Early in my journey I often drifted away from my desk, distracted by other things. I learned that consistent, focused study, rather than lastminute cramming, makes a huge difference. Break your study into manageable chunks and be disciplined about following the plan. Your future self will certainly thank you as in the long run you will spend far less time glued to the textbooks.

4. Developing soft skills: Exams don’t just teach technical knowledge, they build resilience, patience and professionalism. Failing an exam is frustrating, and it costs money and time. But each setback teaches you to bounce back without losing confidence. You also learn to communicate clearly and professionally, admit mistakes and correct them. These are skills that will serve you well throughout your career. Most importantly, you start to develop a growth mindset, seeing every challenge as an opportunity to improve.

Turn setbacks into success

Everyone stumbles at some point. The difference between students who succeed and those who don’t is how they respond. Deliberately reflecting on mistakes, adjusting your approach and practising consistently are the keys to turning setbacks into progress. Over time, you’ll find that what once felt like failure is actually a milestone on the road to success.

So, the next time you slip up don’t see it as a disadvantage. See it as an opportunity to learn, grow and move closer to your end goal. Exams are tough, but each mistake teaches a lesson that will help you become not just a better student, but a stronger accountant in the long run.

Remember: persistence, reflection and a growth mindset are far more valuable than perfection. Keep going and you’ll get there.

• Rachel Spence, MAAT

Dear Karen

Ask PQ’s very own agony aunt Karen Young when you need advice from a real expert. Email your dilemma to graham@ pqmagazine.com, and he will pass on the best ones to Karen

THE DILEMMA

I’ve realised that I’m always saying yes to extra tasks. How do I set boundaries without seeming unhelpful?

KAREN’S RESPONSE

It’s natural to want to be seen as supportive and reliable – those are great qualities to have. But when you say yes to everything it can become unsustainable, leaving you stretched thin and unsure of how to step back without disappointing anyone. Setting boundaries doesn’t mean you’re being difficult; it means you’re being thoughtful about how you manage your time and energy. Start by paying attention to your workload before agreeing to something new. A simple pause can help you make a clearer decision. If you genuinely don’t have the capacity, you can still communicate that in a positive way. For example: “I’d like to help, but I’m at full capacity. Is there flexibility on timing, or is there someone else who could support this?” This shows willingness without taking on more than is realistic.

Another helpful strategy is offering what you can do, even if it’s small - such as reviewing something later or providing quick guidance. It keeps you engaged without overcommitting.

People appreciate honesty more than over promising and struggling later. By setting clear boundaries you’re not shutting doors, you’re making sure you can deliver your best work consistently. And that’s ultimately far more valuable than saying yes every time.

Boundaries signal confidence and self awareness not a lack of team spirit. Wanting to help is admirable, but protecting your own capacity is just as important.

• Karen Young is a director at Hays. She is passionate about helping people to find the right job and companies the right person

Are too many graduates just work-shy?

Recruiters

are saying too many grads are simply not ready for work

New research shows 80% of recruiters think graduates are missing out on job offers because they are deemed ‘not ready for the world of world’.

Research from Regent’s University London found recruiters calling out graduates for a lack of professional maturity and work readiness. These negative attitudes went further, with a fifth saying graduate are ‘work-shy’ and ‘lack selfawareness’ when they try to join the workplace.

And, when graduates do land roles, it is taking them longer to prove themselves to their employers, with 71% of recruiters globally saying they have increased probation periods for graduates because of misaligned expectations around work ethic and softer skills.

Worryingly, nearly threequarters of recruiters also believe that traditional university education does not adequately prepare candidates to thrive in a professional environment.

In brief

Bucking the jobs trend?

Demand for finance and accounting talent is bucking the downward trend, as UK employers prepare to accelerate growth in 2026.

Recruitment consultants Robert Half said their research shows 58% of businesses plan to expand their finance and accounting headcount in the first half of 2026. That is eight percentage points up on the previous six months.

Robert Half’s Phil Boden said: “Organisations are facing heightened regulatory scrutiny, increasingly complex reporting requirements and ambitious digital agendas. This is creating strong, sustained demand for professionals who can bring rigour, insight and strategic financial leadership.”

GAAPweb needs your stats!

GAAPweb, the UK’s leading specialist job site for finance and accounting professionals, has officially launched its 2026 salary survey.

The survey gathers insights on earnings and professional life from across the finance sector. It provides a comprehensive view of current pay levels, benefits and working arrangements, and career trends across a wide range of roles.

The GAAPweb Salary Survey remains a trusted source of market insight for the finance profession. Broad participation is essential to ensure the findings reflect the full breadth of roles, responsibilities and career paths within the industry today.

Finance professionals at all levels are invited to participate in the survey by clicking here

This, says the study, is leading graduates to fail, not because of grades but because of a disconnect between their theoretical skills and real-world ability.

Professor Geoff Smith, ViceChancellor and CEO at Regent’s University London (pictured), said: “It’s increasingly clear that traditional approaches to higher education are no longer preparing students for the realities of employment. With many recruiters believing graduates are ‘work-shy’, despite their eagerness to work, it’s evident that change is needed.”

New tech training chief for Armstrong Watson Armstrong Watson is recruiting 74 new trainees across its offices in the north of England and Scotland. For 2026, it is looking for 27 AAT and six ATT trainees, alongside 41 graduates, who will study towards the ACA chartered qualification. Armstrong Watson has also appointed a new technical training director, Chris Soan, the former Associate Dean of Education at Newcastle University Business School.

Soan spent 16 years at Newcastle University and previously worked in both industry and practice as a financial controller, a European assurance auditor and at two of the Big 4 firms – PwC and Deloitte. He qualified as an ICAEW Chartered Accountant at Arthur Andersen.

The PQ Book Club: books you should read

Be a man about it: Building a healthier idea of masculinity, by George Bell (Capstone, £20)

Author George Bell believes nothing has been more damaging to men than the emotional suppression we have taught them. He says we tell men to ignore their natural emotions, because the unemotional man is the correct one, the one who is strong, powerful and in control. Where, he asks, are the stories about emotional men throughout history? Bell is worried that men are cracking, quietly and privately, and in far greater numbers

than we like to admit. That is why he wants a new version of masculinity, one that can change, expand, adapt and bend, without breaking under the pressure.

For the author, it is time to rebuild cultural, societal, and traditional norms and beliefs.

He is right that there is power in talking and listening, and too many men I know (and I am one) talk too much and listen poorly.

Men do have to redefine their relationship with emotions– if you cry, you eventually stop, and you feel better for it! It is fear that eats men’s souls.

Maybe it’s me, but I felt a bit weird reading about men and what we need. It felt too selfindulgent, but Bell is also asking me to look at my own masculinity and maybe I found that too emotional!

PQ RATNG: 5/5 This books has lots of great recommendations. Stephen Fry said it was “an absolutely fascinating enquiry into the nature of masculinity, coming at a time when it’s really needed”.

Reviewer: Graham Hambly

Have you been HMR’Ced?

Andrew Oury, partner at Oury Clark, has released an Eminem-inspired rap remix (think Stan here) about his experiences of navigating the UK tax system.

Using the alter ego The Rebel Accountant, Oury says his song, called ‘Dear HMRC’, is an open letter to a system many businesses find difficult, overwhelming and emotionally draining, particularly during the peak tax season. We can promise you will love this. One of our favourite lines is “My girlfriend is jealous because I talk about you 24/7. But she don’t know you like I know you, C, no one does, She don’t know what it was like to be HMR’Ced…”

Check it out here. And if you loved that then his other track, ‘Forgot about VAT!’, can be found here

There are rumours The Rebel Accountant is also putting together a debut album – ‘Profit & Loss’. It will include the above tracks and new recording such as “No Equity, No Diggity”. We can’t wait…

One big leak

The Office for Budget Responsibility’s (OBR) leak of Chancellor Rachel Reeves’s Budget was accessed almost 25,000 times before its official publication.

The National Cyber Security Centre (NCSC) investigation found official forecasts by the OBR were downloaded on “at least 24,701 occasions in the hour before Reeves delivered her Budget on November 26”.

An initial review had claimed there were just 43 downloads. The NCSC report shows it was much bigger than that.

The NCSC has agreed with the OBR that early access of the Budget was due to a technical misconfiguration in the OBR’s web publication process. The investigation also agreed that the same misconfiguration enabled early access to the March 2025 report, too.

Are you ready to date AI?

Would you date artificial intelligence? Well, new findings from the Norton Insights Report: Artificial Intimacy, suggest the idea has gone mainstream. A whopping 77% of current online daters say they would consider dating an AI, and 59% believe it is possible to develop romantic feelings for one.

As Norton says: “Who would not be drawn to a perfect partner designed to be attentive, affirming and always available?”

Norton also points out that this shift in attitude comes amid a widespread loneliness epidemic. More than four in five (81%) of people report feeling lonely, with rates even higher among Gen Z and Millennials (89%).

The worry is with emotional isolation levels high, many are becoming open to deeper relationships with technology, creating new emotional and financial vulnerabilities that scammers are already weaponizing.

Show us the football money!

The top 20 clubs in world football generated over €12bn in revenue for the first time, according to the 29th edition of the Football Money League from Deloitte’s Sports Business Group.

This figure marks an 11% increase in cumulative revenues from the previous season, as all three main revenue streams grew to record levels.

Real Madrid retained the top spot in the Football Money League, generating close to €1.2bn during 2024/25. They are followed by FC Barcelona (€975m), Bayern Munich (€861m), Paris Saint-Germain (€837m) and Liverpool (€836m).

Commercial revenue (€5.3bn) remained the largest revenue source for clubs for the third year running, accounting for 43% of total revenue in 2024/25. This was driven by a shift in clubs’ business models, focusing on the increased use of stadia and surrounding areas on nonmatchdays, an increase in sponsorship revenue, and improved retail performance. Commercial accounted for almost half (48%) of total revenue for top 10 Money League clubs, but just a third (32%) for clubs ranked 11th to 20th.

Matchday revenue remained the revenue stream that grew at the fastest rate, growing 16% year-on-year, generating €2.4bn for Money League clubs (accounting for 19% of total revenue). Improved matchday experiences, coupled with an increased use of other revenue drivers such as Personal Seat Licenses (PSL), contributed to this growth.

Broadcast revenue grew by 10%, accounting for 38% of total revenue. This increase was primarily driven by the impact of the expanded FIFA Club World Cup – 10 Money League clubs participated in last summer’s tournament, resulting in a 17% uplift in broadcast revenues for these clubs. Additionally, the expansion of UEFA’s three primary men’s club competitions also contributed to the clubs’ revenue growth.

Amazon’s £1bn tax bill not enough for some!

Amazon paid direct taxes of £932m to the UK government in 2024, despite a £2 billion jump in revenues to £29 billion.

The tech and retail giant saw direct taxes rise year-on-year by £151m, with these direct taxes (including business rates, digital services tax, and corporation tax) equating to just 3.45% of its turnover.

However, Amazon claims that its latest tax bill means it is the sixth-biggest taxpayer in the UK, and is the secondbiggest retailer behind Tesco. The company also pointed out that VAT and national insurance contributions from staff added £4.7 billion to the Treasury’s coffers. Amazon currently employs 75,000 people in the UK and has plans to hire thousands more in the coming years.

What is still unclear is how much profit Amazon is making in the UK and how much corporation tax it pays. The only thing we do know is that it didn’t pay any corporation tax in 2021 and 2022.