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LOOKING FOR THE EXIT? UK accountants are not happy bunnies, and some 43% recently said they want to leave the profession. New research by Silverfin found UK accountants are some of the unhappiest in Europe. Only in Luxembourg did more accountants want to change profession (48%). Dutch and Danish accountants are much happier, with just 15% and 24% respectively saying they were looking for the exit. The big worry about these latest figures is that last year just 9% of UK accountants said they were looking to change profession. With four in 10 accountants planning to move on it is hardly surprising that recruitment in the sector remains problematic. Some 92% of respondents reported their firm had at least one vacancy, and 41% say it typically takes 12 weeks or longer to fill posts.

PQ magazine talked to Aleisha Hales, Silverfin’s head of UK and Ireland (pictured), about the unexpected stats. An FCCA herself, she said many might be thinking of leaving accountancy because being a partner or CFO is not for them. But she felt they are using their qualification to open up more opportunities outside the traditional accountancy roles - so maybe the reasons for leaving the profession are not all negative. She pointed to herself as a prime example of someone not working in one of those traditional roles. Hales also felt another figure from the study shows it is not a case of all doom and gloom – despite the operational pressures, 88% are optimistic about the direction of the profession in the next five years. And, over the next decade some 41% of accountants also felt the profession would grow in importance

GRADUATE TAX RATES SET TO RISE TO 51% If student repayment rates are not reduced, then by 2035/36 around half of employed Plan 2 UK graduates (who are expected to be higher-rate taxpayers) face a combined marginal tax rate of 51%, according to the Intergenerational Foundation. The think tank estimates 2.5m graduates who studied between 2012 and 2023 face paying over half their salary back to the government. And the foundation said student

loans are imposing a social mobility penalty. Under Plan 2 higher earners who borrowed the maximum maintenance loan are expected to repay £29,100 more than those who borrowed the minimum amount. Plan 5 will extend this social mobility penalty to more graduates. The report, ‘Repayment Repression: The shift from public investment to private burden in higher education funding’, found the average borrower who began

and scope. While AI might seem to be the answer to many of the woes, some two-thirds of 25-34-year-olds say they lack the time or resources to implement it. With some 64% of this age group also having concerns

about its accuracy and reliability, compared with just 16% of those aged 45-54. Silverfin wondered if younger accountants are more likely to be experimenting with free or general-purpose AI tools, while older colleagues have access to technology selected and controlled by the firm. Or, maybe younger accountants are closer to the dayto-day output, making them quicker to spot when the answer does not look right? Again, Hales felt the disconnect with AI helps to lead into the current narrative. For Hales, it ties back to retention; “The people most likely to leave are the ones being asked to do more without the support to do it. Getting AI right is part of how firms keep their people - and attract new talent.” Silverfin’s findings are published in their report, All ‘Accounted For 2026’.

university from 2023/24 onwards is expected to repay £56,240 over their lifetime. The Intergeneration Foundation says repayment rates need to be reduced immediately from 9% to 5% for both Plan 2 and Plan 5 graduates. It said maintenance grants must be restored to 2016 levels to end the social mobility penalty, and loan repayment should be calculated after pension contributions.

Toby Whelton (pictured), Senior Researcher at the Intergenerational Foundation and author of the report, said: “The anger and frustration voiced by graduates are based on a financial reality: the burden of student loans has never been higher. By stealth and with minimal democratic scrutiny, successive governments have piled costs onto young graduates in the hope that nobody would notice.”

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contents PQ

IN THIS ISSUE

November 2026

A note from the Editor Firstly, I would like to thank everyone for their nominations for the PQ magazine Accountancy Education Power List. There’s still lots of time to put your choice forward –just email me at graham@ pqmagazine.com with the reason why they should be on the list! As I say on page 5, we are looking for the leaders, innovators and community builders. We have also launched a free practical workshop series, with an ACCA-approved Gold partner chartered accounting firm. The inaugural online workshop is on practical accounting and VAT returns, and will run on Wednesday 2 December. See page 9 for more. I have always felt we didn’t do enough providing practical skills – now we do! We haven’t shied away from taking a proper look at what is happening with Manchester City FC, either. As is our way, we take a look at who the accountants and auditors were (check out pages 18 and 19), and ask what they were doing while all the shenanigans was going on. An appeal has been launched, but if the decision is upheld then some accountants need to be investigated by their professional bodies, and HMRC will be on the case, too. Finally, I would like to welcome our new agony uncle, Geoff Collings, and say farewell to the wonderful Karen Young. We loved working with Karen, someone who genuinely cared about PQs. Graham Hambly, Editor and Publisher, PQ magazine News 4

AAT pass rates Good news as all pass rates are up compared with a year ago PQ Power List Do you know anyone who goes the extra mile? Then nominate them for the PQ Power List! CGMA Week Share your thoughts in this celebration of all things CIMA

New AAT community Two AAT PQs join forces to launch a new community – ‘The Young Voices of AAT’ Workplace survey Burnout is now affecting 55% of UK professionals as workloads become harder to manage

10 CIMA apprenticeship move CIMA to stop offering Level 7 apprenticeships for new students 12 Tech news Personal digital confidence does not equal professional digital competence, report finds Features, etc

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beyond the budget sheets 17 AAT Q2022 We’ve got the latest pass rates for the CBA exams, for the year ending 30 June 2026 18 Manchester City scandal Paul Merison examines the questions football’s latest scandal poses for the audit profession 19 Blue moon We take a look at the accountants who were working for Manchester City during the investigation timeline 20 AAT spotlight The AAT’s educational offering doesn’t just target traditional, younger learners 21 Artificial intelligence How part qualified accountants can navigate the AI revolution 22 Profile Meet Chandan Sharma, recent winner of IFA’s Emerging Professional Award

31 Back to basics How to tackle questions on bad debts and provisions, and the pitfalls to avoid 32 Making Tax Digital Why MTD makes good bookkeepers more valuable than ever 34 Talent Pool initiative Why a career setback isn’t the end of the road 34 CIMA spotlight Why it’s not the end of the world if you don’t pass your mock exams 35 Careers You may need to be in the office to get a promotion; meet our new Agony Uncle; and our Book Club review 36 Fun The lighter side of life – and accountancy The columnists Rachel Harrison Why aren’t you asking for help? 4

23 Viewpoint Joanna Perry asks: what happens when the bot that wrote your CV just met the bot that rejected it?

Sunil Bhandari A big thanks to my Fab Four 6

24 ACCA qualification Ethics will continue to be at the core of the association’s updated qualification

Stuart Pedley-Smith Be creative, analytical – and human 10

Prem Sikka Longer life expectancy should be celebrated 8

Libby Walklett A report from the front line of e-invoicing 12

26 CPAA spotlight How the organisation is developing the next generation of public practice accountants 28 ICB spotlight How the new assessment regime will highlight those who can best do the job

14 The PQ Digest Some happy thoughts on getting qualified; why we all need the ‘grunt’ work; and reflections on better ways to study

29 ACCA spotlight ACCA research finds ‘AI use’ is the biggest ethical challenge facing the accountancy profession

16 CIPFA spotlight To help shape the places where we live, public finance professionals need to look

30 A question for Tom Why one mistake on an exam question doesn’t necessarily ruin an entire answer

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RACHEL HARRISON

Why aren’t you asking for help?

When you’re studying there are always some areas you understand immediately, and other areas where you don’t know how to get started. Which of these common barriers is stopping you from asking for help and how can you move forward? • Fear of judgement: tutors often say there is no such thing as a silly question and this really is true. If you are finding something difficult others will too. • Difficulty articulating what you need help with: some topics or exam questions can feel overwhelming. Go back to basics, breaking down each question requirement into parts you are and are not confident on. • Seeking validation: it is easy to fall into the habit of saying “I am going to fail” or “this is too hard” and looking for someone to validate your feelings. Reframing this by asking for help with a specific topic which contributed to you failing a mock exam will help you ask for support. • Equating asking for help with personal failure: very few achieve success effortlessly. Reframe asking for help as a positive trait – you are taking ownership of your studies. • Lack of time: juggling work and studies can make it difficult to find time to seek help. • Remember the power of the pause: you don’t need to respond to questions immediately. Leaving time to think before replying helps conversations remain focused on your needs. Rachel Harrison is Head of Academic Support at Kaplan

AAT pass rates on the up The latest AAT pass rates for the year ending 30 June 2026 are now out. The good news is the Level pass rates are all up compared with a year ago. And, as with last set of results, the Level 4 overall CBA pass rate (71.8%) is higher than the Level 3 one (69.3%). There were five papers with pass rates just over 60%: MATS (61.6%), FAPS (64.2%), AMAC (62.8%), PNTA (65.5%) and CRDM (68.2%). The MATS paper will be a particular concern here. Two years

ago it had a pass rate of 68.2%, but has been heading in the wrong direction ever since. And while the Level 4 AUDT

assessment had a healthy 80% pass rate in the UK, it was only 50% in the Rest of the World (the lowest pass rate of any paper sat overseas). When it comes to graded qualifications, a distinction is still a rare thing for Level 4 Diploma in Professional Accounting. Just 3.97% were awarded during the year, with another 48.93% PQs receiving a merit for their hard work. Check out the full results on page 17.

Free practical workshops series PQ magazine has teamed up with an ACCA Gold partner chartered accountancy firm to provide online practical accounting workshops to readers – for free. The first workshop, Practical Accounting and VAT Skills, will be held on 2 December 2026. Using Sage and a real limited company business file, a qualified accountant will demonstrate each task step-by-step. Participants will also receive a certificate of attendance, which

they can put on their CV and be used to support their CPD. PQ magazine editor Graham Hambly said: “We have the exams covered, but practical accountancy skills were something we didn’t help provide. We have sorted that with these great free online workshops. This really is an opportunity for all our readers to build practical skills at no cost, and what is not to like about that.” See page 9 for more.

A million members and students The seven UK-based accountancy bodies have over a million members and students worldwide, according to the latest Key Facts and Trends report from the Financial Reporting Council. In the UK and Republic of Ireland (RoI), accountancy member populations increased from 408,000 in 2024 to almost 419,000 in 2025. This increase of 2.5% was driven by more

members joining the ACCA, CAI and ICAS. Worldwide membership increased by 2.9% from 623,000 to 641,000 over the same

period. In 2025, there were 156,000 students studying professional accountancy qualifications in the UK and RoI, and about 584,000 students worldwide. Between 2024 and 2025 student numbers in the UK and RoI increased by 0.9%, but they decreased worldwide by 0.1%. That all adds up to 1,225,000 students and members between them.

In brief Finding the right course for you If you are looking to move quickly from PQ to NQ then you need to choose a top training provider. But which one? Well, you need to check out our Course Finder. Select which body you want to study with and you will find our trusted providers. We only have top trainers on the list – our AAT partners include the University of Exeter, HTFT Partnership, KBM Training & Recruitment, e-Careers, 4

Ideal Schools, Future Connect Training Institute, Training Link, Premier Training, FI and Kaplan. We know if you choose one of these you will get a firstclass service and be one step nearer your goal of becoming a qualified accountant. Book yourself a FAB time The Finance, Accounting and Bookkeeping (FAB) Show 2027, which is taking place on 10-11 March next year at the NEC

Birmingham, is open for registration. The 2027 FAB programme will feature 200-plus speakers and industry leaders, alongside a wider range of interactive formats designed to move beyond traditional conference sessions. New and expanded features for 2027 include more roundtable debates, bringing attendees together to discuss the challenges affecting their firms, finance teams and day-to-day work. Registration for FAB 2027 is

now open and the event is free to attend. You can register for FAB 2027 here. Deloitte fined £6m over ‘troubling’ audit The Financial Reporting Council, in the form of the Executive Counsel, has fined Deloitte £6m and imposed sanctions over what is being described as the ‘concerning pattern of behaviour’ of its audit of Go-Ahead Group plc (GAG). PQ Magazine November 2026

news PQ

Time to power up our list The ultimate We have launched the PQ magazine Accountancy Education Power List 2027, to celebrate the leaders, innovators and community builders, and all those working behind the scenes who make PQs’ lives better. Being recognised will hopefully raise the profile of many people who are often overlooked. Officially launched last month, we already have some great nominations, but we want to ensure no accountancy stone is left unturned. Is there a dedicated distance learning staff member who needs recognition, or a training manager who always champions their students? There might even be a fellow student who is always on call to help you. Any of these could make the list, and what a wonderful way of saying thank you! So, please get nominating. All we need is up to 500 words on

PQ Magazine November 2026

why this person should be on our inaugural list. PQ magazine editor Graham Hambly explains: “I want to showcase the great work being

done in the profession, the people that really touch and impact the lives of PQs. “We are on a mission to show that accountancy educators count, and it’s time some unsung heroes got the recognition they deserve.” Deadline for nominations is Monday 30 November 2026. Then our panel of independent judges will decide the 50 people who will make our inaugural list. Head up your nominations ‘Power List’ and send them to graham@pqmagazine.com. We will formally announce the full list at a special event in London, in January 2027.

BIG THANKS TO OUR SPONSORS:

career app

Professional Career Training & Recruitment (PCTR) has taken its joboriented practical training programme to a new level with GoRizzume, its AI-led careers app. Currently only available to its students, GoRizzume takes the stress out of looking for a job. It has a CV builder, cover letter section and even an AI interview coach. The clever stuff comes with the job tracker and LinkedIn organiser. The LinkedIn organiser will recommend how to improve your descriptions, pick up spelling mistakes, and makes sure your picture is professional. There is also a job match engine, which reads your CV and then finds all the good jobs that match it, saving you hours of your time. Other features include a visa sponsor register and graduate test prep section. PCTR’s Ali Raza (pictured) told PQ magazine: “We want to ensure our students get the best service from us, and our new app will get them the jobs they really want.” Click here for more.

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SUNIL BHANDARI ‘I’ll give it a year’

I used those words shortly before beginning my tutoring career in November 1986. Almost 40 years later, that anticipated single year continues, and my commitment to the profession remains as strong as it was at the outset. I have had the privilege of working with respected training colleges in the UK and overseas. These experiences have also introduced me to many valued professional colleagues, several of whom became friends. I would like to acknowledge four individuals who have each made an important contribution to my professional journey. Bob Phelps, then an FTC tutor – now Kaplan– taught me during my accountancy studies. He was the finest tutor I encountered. His exceptional teaching style and delivery strongly influenced my decision to pursue tutoring as a career. James Cooper (BPP) was the best manager I worked for. While I was establishing BPP Birmingham, he encouraged me to develop my entrepreneurial abilities. Like Sir Alex Ferguson, he combined firmness and fairness with steadfast support. Gareth John (FI) led the finest training centre I have taught in, in Cambridge. Under his leadership, its staff and students consistently made me feel respected, appreciated and welcome. Mark Ingram (FME) is unquestionably the best colleague I have worked with. Although we knew each other earlier, our professional collaboration began in 2012. His support has been invaluable, and his understanding of me is often greater than my own. Sunil Bhandari is an AFM tutor at FME Learn Online

CGMA Week: exploring what’s next CIMA is hosting CGMA Week from 2 – 8 November, a global celebration of the CGMA designation together with a look at what’s next for finance and accounting. This year’s theme, ‘CGMA: Ready for What’s Next’, reflects the important role Chartered Global Management Accountants play in helping organisations navigate change, embrace innovation and create long-term value in an increasingly dynamic world. Throughout the week, CIMA members, CGMA students and volunteers from across the globe will share their experiences,

achievements and aspirations, offering valuable insights into the skills, opportunities and career paths shaping the future of the profession. Whether you’re a

member, student or volunteer, CIMA is inviting you to join the conversation by reflecting on two simple questions. You can share your story using #CGMAweek in whatever format feels right for you, whether that’s a short video, a photo or a written post, so: • What are you most proud of? • What are you looking forward to? Wherever you are in your CGMA journey, CGMA Week is an opportunity to connect with the CGMA community, celebrate professional achievements and explore what it means to be ready for what’s next. To learn more click here.

Justine Greening receives ICAEW award This year’s ICAEW Outstanding Achievement Award went to Justine Greening, in recognition of her outstanding achievements in public service and work on social mobility. Chartered accountant Greening was an MP for 14 years and in the Cabinet for six. She is also the founder of the Purpose Coalition, which brings together business leaders, public sector leaders, educators and policy makers to take a collective, practical approach to improving social mobility across the UK. Greening qualified as an ACA with Price Waterhouse in 1995, and also

Justine Greening with ICAEW CEO Alan Vallance and ICAEW President Caroline Smale had senior roles at GlaxoSmithKline and Centrica. Greening said: “This award means a huge amount to me. Qualifying as a

chartered accountant gave me a head start in my career which was such an important part of my own social mobility journey.”

Never too early to start Meet Om Dey (pictured), who recently sat and passed the ACCA Recording Financial Transactions (FA1) paper, achieving a score of 78%. Dey told PQ magazine that he decided to study ACCA to build a strong foundation of financial

accounting knowledge, as he hopes to work in mergers and acquisitions. He felt starting early might put him ahead in an already highly competitive job market. Well, he is only 14, so he certainly is ahead of most people!

ICB’s role as an end-point assessment supervisor for the Level 2 and Level 3 accountancy standards and the Level 3 payroll standard, and arrives as accountancy assessment plans at Levels 2 to 4 undergo sectorwide review. ICB’s Future Skills Challenge has also been launched: a free monthly programme building the communication, leadership, innovation and digital confidence that will define the profession’s next decade. Members and

students can register here.

In brief ICB’s Assistant Accountant apprenticeships The Institute of Certified Bookkeepers’ redeveloped Level 3 qualification has been approved for use within the Assistant Accountant apprenticeship, strengthening the vocational route into the profession as government reforms reshape apprenticeships around occupational competence. The approval sits alongside 6

PQ JOB OF THE MONTH: Group Management Accountant An international media/ advertising group in central London, with a turnover of £200m, has an excellent opportunity in its group finance team in London, supporting the business. It is seeking an ambitious newly qualified or PQ or finalist ACCA/

CIMA accountant, with a strong career record to date, for a Group Management Accountant role. Study support will be provided if needed. The business is growing both organically and by acquisition – hence affording an excellent career opportunity. On offer is a salary of between £45,000 and £50,000 plus hybrid working, study, bonus and 26 days holiday. Click here for more. Closing date for applications is 28 October 2026. PQ Magazine November 2026

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Young Voices of AAT

LORD SIKKA Where’s the joy in old age?

Increased life expectancy is the greatest achievement of human race. However, it has not been accompanied by the development of appropriate social and economic institutions. Neoliberals portray senior citizens as a burden through the lens of higher pension, health and social care costs. The state pension age is rising to 67 years. Many are unable to work for longer or save for a decent pension. Equitable distribution of income and wealth has been off the political agenda. Workers’ share of ‘gross value added’ has declined from 71.9% in 1975 to 59.7%. The median wage of an employee is £31,884. The Joseph Rowntree Foundation estimates that a single working-age adult needs to earn £31,500 a year to reach a minimum income standard. A lone parent with two children needs £67,600. Saving enough for old age is beyond the reach of many. Faced with a cost-of-living crisis, millions of workers have opted-out of pension schemes. Low wages deprive people of nourishing food, good housing and healthcare, and lead to pressures on public services. Not surprisingly, average healthy life expectancy has declined to 60.7 years for males and 60.9 years for females, which creates greater dependencies. The full state pension is less than 50% of the minimum wage, and no government has addressed the social care conundrum. Longer life should be a cause for celebration, but governments have turned it into a crisis. Prem Sikka is Emeritus Professor of Accounting at the University of Essex

Two AAT PQs, Keira Lake and Savannah Daley (pictured), have joined forces to launch a new community – ‘The Young Voices of AAT’. If you are an AAT student or member under the age of 30 and want to find ‘your community’, now you have one! They have already held a session for students, a deep dive into the level 3 FAPS exam. Lake, an apprentice at Doncaster Town Council, said: “Our goal in to create a space where you can feel comfortable showing up,

whether that’s by tuning into the sessions, watching the recordings, or by asking those questions you are unsure about to the wider community.” Daley, an apprentice at High Clarity Accounting, explained: “This community has been created for AAT students and professionals aged 16 to 30 to connect, learn, share experiences, discuss challenges and celebrate successes. Our age is not a limitation; it is our superpower. We are the future of the profession,

and by supporting one another, we can create meaningful change one person at a time.” Click here to join The Young Voices of AAT

Ethics the heart of the matter Ethics remains ‘absolutely fundamental’ to the ACCA future qualification, according to Head of Qualifications Jacky Bateman (pictured). She stressed ethics and professional skills will continue to be integrated throughout the entire redesigned qualification – from the earliest stages of a student’s journey to the point where they are ready to lead. Ethic will also be covered on each level’s Essential Employability Module (EEM). None more so,

said Bateman, than the Strategic Professional Level’s Ethical, Sustainable Leadership Essential

EEM, where leadership and ethics comes together. As the Ethics and Professional Skills Module (EPSM) will not form part of the redesigned qualification, students must decide if they are going to sit it before it is removed on mid-July 2027. Those opting not to sit the EPSM will have to sit the new Ethical, Sustainable Leadership EEM. And those who pass EPSM will receive a transition credit for the Ethical Sustainable Leadership EEM. Find out more on page 24.

BDO welcomes new trainees BDO welcomed 525 trainees in September. The trainees join BDO’s 8,500-strong workforce across its four core business areas – Audit, Tax, Deals and Consulting, and Risk and Outsourcing. They are a combination of university graduates, school leaver apprentices and students undertaking a 12-month industrial

placement. Some 55% of the new joiners will be based in regions outside of London, which aligns to BDO’s commitment to sustained regional growth. This year, BDO has significantly expanded its early engagement activity, reaching over 8,200 young people through its in-person events, social mobility programmes

and virtual work experience opportunities; all of which are designed to support young people explore a career in accountancy. This year’s early career intake included eight individuals who are alumni of the ‘Explore BDO’ insight programme, designed to support students in Year 12 and 13 from lower socio-economic background understand career pathways and broaden access into the accountancy profession.

27% of the total. This was followed by the wholesale and retail trade at £9.5bn, 10% of total corporation tax receipts. Professional, scientific and technical activities was the third-largest contributor with £8.6bn, or 9% of total corporation tax receipts.

taxpayers will be brought into the system – or will they? There is less than six months before these taxpayers need to sign up, and it has been estimated more than a third of the cohort (37%) don’t have an accountant to help them. Despite HMRC hailing the launch of MTD for Income Tax for sole traders and landlords earning more than £50,000 a success, hundreds of thousands of these taxpayers missed the first August filing deadline. Those who haven’t

signed up in this group are now being automatically enrolled.

Tax briefs Corporate tax receipts top £100bn Corporate tax receipts rose 4% year-on-year to reach a record £100.4bn in 2025/26. The figures include £95.1bn in mainstream corporation tax, in addition to the bank levy, the bank surcharge, the residential property developer tax, the energy profits levy, and the electricity generator levy. The financial and insurance sector was the largest contributor to corporation tax receipts contributing £25.3bn in 2025/26 – 8

MTD moving to second wave When Making Tax Digital extends to sole traders and landlords with qualifying income over £30,000 next April another million

Time to scrap taxes Shadow Chancellor Andrew Griffith is promising to scrap at least one tax every Budget if the Conservatives return to power. Top of the former accountant’s list is the mansion tax. He also wants to scrap the High Value Council Tax Surcharge (HVCTS), which introduces a new extra levy on owners of properties valued at more than £2m in England. PQ Magazine November 2026

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Thornton Burnout a real problem Grant offers marketBurnout is now affecting 55% of UK professionals as workloads become harder to manage, according to new research from Robert Half. The study found the burnout rate in the UK placed it above the average of 48% across nine markets surveyed. In fact, the UK had the fourth-highest burnout, behind Canada (62%), the US and Brazil (both on 59%).

When asked what was driving their burnout, 54% of workers cited a heavier workload due to understaffing, while 39% reported lower team morale after restructuring or labour reductions. A further 39% reported feeling stuck in their career. Matt Weston, Senior Managing

Director, UK & Ireland at Robert Half, said: “Burnout is clearly no longer an issue affecting a small group of employees. When more than half of professionals say they’re experiencing it, employers recognise it as a workforce issue with implications for productivity, retention and long-term business performance. “Employers need to recognise that addressing burnout isn’t simply about offering support when people reach a crisis point, but taking a proactive approach.”

Keep mobiles at arm’s length Can you still see your phone while you’re sitting an ACCA exam? Well, ACCA student Sabaur Rahman Elham Amini failed to adhere to ACCA exam guidelines that stipulate sitters move “mobile phones… out of arm’s reach”. Amini was found guilty of being in possession of an unauthorised item during an on-demand

PQ Magazine November 2026

remotely invigilated exam. In late September, the disciplinary committee ordered him to be removed from the student register and pay costs of £7,000. A fellow ex-student, Hriya Patil, not only had a phone ‘in arm’s reach’ but also gave the exam proctor misleading information. For her dishonest conduct she was also removed from the

student register and ordered to pay the ACCA a sum of £660. Another student, Raahim Raza, was removed from the register and fined £6,310 for using a mobile fine to take pictures in an exam.

leading salaries Grant Thornton UK is to offer new starters a salary of £40,000 in London. This is much higher than the Big 4 firms, who currently offer their graduates salaries of between £30,000 and £36,000. The new salary is part of a programme that offers a defined pathway from trainee to partner, not just to qualification. Grant Thornton is offering increased client exposure, international secondments and a dedicated partner sponsor throughout their time at the firm. It said the programme consists of two elements: Ascent, providing support during qualification; and Summit, providing ongoing support post-qualification to partner. Designed to foster both professional growth and a strong sense of community, the programme provides a clearer line of sight to future leadership and long-term success in the firm. The first cohort will join the new programme in September 2027.

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STUART PEDLEY-SMITH

Be creative, analytical – and human While working towards a professional qualification your focus is naturally on the next exam. But the longer-term objective is to have a fulfilling career in finance. To do that, you need to develop skills that AI can’t replicate. Unlike technical knowledge, which AI is exceptionally good at, judgement is innately human and highly valued by employers. It comes from combining three skills. Analytical thinking breaks a problem into parts, creative thinking widens your options, and critical thinking weighs the evidence and tests conclusions. And you shouldn’t simply delegate responsibility for knowledge, because you can’t form a judgement about something you don’t understand. According to the WEF, analytical thinking is the most sought-after skill, with seven out of 10 employers considering it essential. Creative thinking follows at 57%, with motivation and self-awareness at 52%. Exams provide the intellectual framework to acquire knowledge and to develop critical thinking. But it’s in the workplace where you will see these skills in action. Watch how experienced colleagues handle a difficult situation, make sense of messy data, or work to a deadline where prioritising is key. Ask what they looked at first, what they ignored and why they changed their mind. Over time, you’ll start to borrow their thinking habits before making them your own. AI can supply knowledge, but judgement has to be exercised, and it is the part that remains yours. • Stuart Pedley-Smith is an accountancy lecturer, education advisor, author and blogger

CIMA withdraws L7 apprentice offering CIMA has confirmed that it plans to withdraw from offering Level 7 apprenticeships for new students when the new standard is implemented on 18 December 2026. There will be no impact on students currently enrolled on CIMA’s apprenticeship programmes and they will remain fully supported in completing their pathways. As a result of government changes many employers have already adapted how they support their employees through CIMA’s CGMA Professional Qualification, using existing pathways such as the CGMA Finance Leadership

FI buys Decoded First Intuition Group Holdings, the company behind First Intuition, has acquired Decoded – a leading data and AI capability training business. FI CEO Martin Taylor explained: “Data and AI capabilities are becoming increasingly important to every organisation we work with. Clients and learners regularly ask how we can support them in these areas. By bringing First Intuition and Decoded together we can now offer a broader range of high-quality programmes and services – built by

two businesses with closely aligned cultures and values.” He added: “Learners, clients and our teams will remain at the heart of everything we do. Decoded and First Intuition share the same philosophy, the same ambition and, in several cases, the same clients. Employers are already investing in financial capability through us and in data and AI capability through Decoded; our aim is to make that combined offer available to the wider market.”

Accountant goes off-piste Chartered accountant Kirsty Payne has been jailed for 18 months for defrauding her employer to fund a skiing holiday in the French Alps. Payne, who worked at Marshall Thermo King, based in Cambridge, was reportedly on a salary of £80,000. In February 2025 she ran a payment of £400,410 through the system from various suppliers,

PwC staff numbers down 12% Tougher trading conditions in the Middle East has meant the PwC UK Consolidated Group revenue were down 3%, to £6.155bn, for the year ended 30 June 2026. Revenues for the Middle East fell 15%, reflecting the impact of the regional conflict, wider market disruption and currency movements. UK revenues actually grew by 2% to £4.365bn for FY26, and with disciplined management of the business UK distributable profit per partner increased by 8% to £935,000. 10

Programme (FLP) or the selftailored pathway. CIMA’s Level 4 apprenticeship offering remains unchanged. Paul Turner, Vice President, UK, Ireland & Europe at CIMA (pictured), said: “We are

disappointed by the government’s changes, and the decision to close Level 7 apprenticeships to new enrolments was not taken lightly. CIMA has long championed apprenticeships as a route into the profession, and will continue to support existing Level 7 learners alongside our Level 4 routes. “Skills development remains central to our mission. We are committed to opening clear, flexible and accessible routes to the CGMA Professional Qualification, working with employers, tuition providers and students to build the finance talent businesses need now and in the future.”

but £40,383 was paid into one of Payne’s family member’s accounts. The financial discrepancy wasn’t spotted until a few months later by

Martin Taylor, Sarah Mackey and Richard Peters a routine internal audit. Payne originally told police the money was for a sick relative’s medical care, but later admitted it was for a family ski trip. Payne said the theft was “spur of the moment” and claimed she was having money troubles. It didn’t help her case that the ski trip was all over her Facebook page. A previous conviction for false representation was taken into account for sentencing.

A quick look at the financial statement shows staff cost are down from £3.158bn to £3.008bn – with staff numbers dropping yearon-year by 12%, from 36,421 to 32,091. Read the full report here.

Another reason for the cuts is because of the low levels of attrition in that division. Staff are expected to leave by the end of October. This latest news means that KPMG UK has shed around 1,000 jobs so far this year.

More job cuts at KPMG KPMG is set to cut around 200 jobs from its UK advisory business, including staff working on AI. This is the latest round of redundancies after a series of job losses at the Big 4 firm in April. The cuts in the data and technology division amounts to around 4% of KPMG’s advisory workforce. Staff were told that KPMG needed the “right-size” capacity in the affected business.

Deloitte UK partner pay hits £1.2m Deloitte UK’s results are out, and they show revenue for the year ended 31 May 2026 was up 2% to £5.81bn. Distributable profit jumped 14% on last year at £899m, and the average profit per equity partner rose 7% to £1.12m. If you take out the 0% growth in Switzerland, the actual growth in the UK was 3% year-onyear. PQ Magazine November 2026

BSc (Hons) Applied Finance and Accounting

A UK Honours degree for qualified accountants and finance professionals. Awarded by the University of Greenwich. Delivered by GEMS

A one-year top-up programme designed for professionals who hold a recognised accounting or finance qualification but have not previously completed a bachelor’s degree. The programme converts professional expertise into a full UK Honours degree, opening access to postgraduate study, degree-filtered roles, and points-based immigration pathways in the UK, Canada, Australia and the UAE.

Who is eligible

Curriculum

•

ACCA Affiliates and Members

•

ACA / ICAEW Qualified Members

•

CA (ICAS) Qualified Members

•

CAI — Chartered Accountants Ireland

•

CIMA / CGMA Qualified Members

Four modules at Level 6, 30 credits each: Investment Management; Machine Learning in Fintech; Quantitative Finance Research; and Corporate Governance, Ethics & Sustainable Practices. Assessment is entirely by coursework, with written academic feedback on every submission.

•

CIPFA Qualified Members

•

AAT (Level 4 and above)

•

Recognised international CPA bodies (case-bycase)

On completion

A professional qualification is the entry requirement.

academic year

Apply at financetopup.com

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Graduates receive the same award as Greenwich’s on-campus students; the certificate does not state “online”. They may attend the official graduation ceremony at the Old Royal Naval College on the Thames and join the University’s alumni network of 21,000 graduates across 140 countries.

£2,000 total tuition

examinations

University of Greenwich · Established 1890 · TEF Gold · QAA-regulated · 21,000 students across 140+ countries

PQ tech the news

LIBBY WALKLETT On the front line of e-invoicing

Earlier this year I was invited to Downing Street for the inaugural roundtable on e-invoicing. I went to represent bookkeepers, because we’ll be the ones on the front line. From April 2029, e-invoicing becomes mandatory for VATregistered businesses sending B2B and B2G invoices. Confirmed in the 2025 Autumn Budget, the government has since named Peppol, an established international network, as the system that will carry it. E-invoicing replaces PDFs with structured files that pass electronically between systems. The Small Business Commissioner reports e-invoices are paid almost twice as fast as paper ones, with 15% fewer supplier queries, and a reduction in fraud. There are risks though. Set-up costs will hit smaller businesses hardest, and older systems will need replacing before 2029. Support for this is promised, but the detail isn’t there yet and, as we know, promises can be broken. We asked questions about preparation time, and whether HMRC would actually communicate with those impacted, or just dump it on us as with MTD? I will continue to push for a better outcome. You don’t have to wait to find out more. Ask your preferred software provider whether e-invoicing registration is already available and if it isn’t ask for their planned date. Signing up now is a great way to get comfortable before it’s mandated. Libby Walklett is a director of The Ethical Bookkeeper Ltd

The myth of the digital native Personal digital confidence does not equal professional digital competence, says a new Kaplan white paper ‘The myth of the digital native’. Research revealed that while early-career apprentices enter the workforce highly confident in day-to-day communication tools, they present severe, hidden operational risks to their employers.These risk areas include data protection, information security, and advanced data manipulation.

Tests by Kaplan showed that, left unguided, new intake professionals frequently struggle with the legal, commercial and technical complexities of enterprise software. They know how to navigate digital platforms, but they often struggle to build complex analytical data models. As Kaplan says: “They know the word ‘GDPR’ but they do not always grasp the immediate business risks of a data breach.”

Kaplan’s head of data and Technology education, Michael Lafferty, is the author of the white paper, and he says the concept of the ‘digital native’ is an illusion that masks significant baseline liabilities in corporate compliance, spreadsheet modelling, and information risk management. However, he said: “Over a short evaluation period, targeted education interventions successfully turned corporate liabilities into operational strengths.” Download ‘The myth of the digital native: Building real technical capability in the modern workforce’ here.

Will AI make audits cheaper? When the story broke earlier this year that KPMG had asked its own auditors, Grant Thornton, to pass on AI cost savings, many commentators suggested the news might come back to bite the Big 4 firm. Now Source Global Research has asked external audit buyers what impact the dispute had on

their own negotiations with their auditors. Nearly half (48%) said they were thinking of using the bust-up between the firms to ask for lower fees in the future. Some 18% revealed they are using it now as an argument to reduce fees. Lead analyst at Source Global Research, Martin White, said: “Clearly there are a lot of clients

AAT and Baltic partner up AAT has partnered with training provider Baltic Apprenticeships to provide financial training to its data apprentices, to help meet evolving workforce needs and boost financial literacy. From this month, data apprentices at Baltic Apprenticeships interested in finance can access relevant AAT modules depending on their role and development needs. This includes training on financial fundamentals through to commercial finance, profitability

and business performance alongside their data studies. Baltic Apprenticeships CEO Tony Hobbs (pictured) said: “Data

who are thinking of using that as a negotiating tactic with their auditors, that auditors themselves are saying ‘lower my fees’.” skills are becoming fundamental to how organisations understand performance and make decisions, but being able to analyse a dataset is only part of the picture. People also need to understand what those numbers mean in a financial and commercial context. “By working with AAT we can bring those skills together in a way that is directly relevant to the workplace. It gives our data apprentices a broader skill set, helping them connect analysis with business performance and giving employers people who can turn information into betterinformed decisions.”

Tech briefs Supplier Days to Pay Detail report Xero has launched its new Supplier Days to Pay Detail report in the UK, giving business a simple way to track how quickly they pay suppliers and access the evidence needed to support a Fair Payment Code application. The Government’s new Fair Payment Code recognises businesses for paying their suppliers fairly and promptly, with gold, silver and bronze awards based on payment performance. 12

Xero’s new report brings this information together in one view, showing how long it took a business to pay every supplier bill over a selected period and categorising payments into 0–30, 31–60, 61–90 and over 90 days. ‘We need sovereign AI’ British tech leaders have warned the UK government that over-reliance on overseas AI infrastructure (mostly US) threatens national resilience, and are calling for a £20bn

investment into sovereign UK capabilities. An open letter to the Prime Minster Andy Burnham, from senior figures at BT, Telefónica Tech, Leonardo, HPE, Kainos and Sopra Steria, calls for a five-year programme spanning computer power, data centres, energy and government procurement. The signatories wrote: “Countries with reliable access to compute, secure deployment pathways, strategic models, and effective procurement will have greater

resilience and influence. “Countries that lack those capabilities risk becoming dependent on decisions, infrastructure and operating conditions determined elsewhere.” ‘Not good enough’ Open AI admits OpenAI has said its actions were ‘not good enough’ after a rogue agent breached Australian government websites in the summer, and has added precautions to training environments. PQ Magazine November 2026

PQ in the news

THE PQ DIGEST Each month we look at the accountancy stories that have made waves on social media

JUST A PIECE OF PAPER? S

usie Italiano, Director/finance fairy godmother: “I’m officially CIMA certified! 21 months and almost £5,000 later, the certificate came through the letterbox, and I can finally draw a line under my student era. Again! The last time it happened was 14 years ago when I got my Master’s degree and swore to myself I would never. Study. AGAIN. Funny how life surprises you!

QUOTE OF THE MONTH: ‘Qualifications don't make you good per se, they just give you the baseline for competency’

Although it was never mandatory for me to get qualified, and I could have continued on with my career just as smoothly without the piece of paper, I’m glad I put myself through it. Now that I’m past the finish line, I don’t remember it being as bad as it did while I was sweating out of every pore, writing mock exams and learning IFRS regulations by heart. This whole journey confirmed for me that passing gruelling exams and being part of a professional body doesn’t eradicate the feeling of not knowing as much as you should and having to check for blind spots. Being an outstanding finance professional will always be a continuous learning curve! Qualifications don’t make you good per se, they just give you the baseline for competency

from which you can springboard. Learning new, very technical accounting notions as a 38-year-old while running a business wasn’t easy, but I’m proud to say it’s done, and I look forward to hanging this baby somewhere very visible in the house.”

THE GRUNT WORK MATTERS

oby York, lecturer and trainer in accounting: “Is grunt work a rite of passage or a waste of time? AI is, allegedly, eating up entry-level tasks where trainees cut their teeth: reconciliations, data entry, tick-and-bash. Firms are delighted as trainees can go straight to the interesting stuff. Should we be celebrating? A resident doctor told me that removing routine cases from a doctor’s day doesn’t free them for more complex ones. It’s utterly

exhausting. They prefer a mix of jobs, including the straightforward ones. This is supported by a study from Baird, Smallwood, Mrazek and Cam, which suggests people given an undemanding task before a creativity test significantly outperformed those who go straight to the more demanding one. Mind-wandering, it turns out, is productive.

DO THINGS DIFFERENTLY H

ugh Martin, ACMA CGMA: “I prepared for my first CIMA exam 10+ years ago. Here’s what I would do differently (honestly): 1) Avoid rewriting notes. I summarised every paper, and it was a huge waste of time.

I never read the notes, and I didn’t understand a lot of them. 2) Practice questions sooner. I waited too long to start practising. I felt like I had to know it all before I started. Not true – you can learn as you go. 3) Use the past papers WITH

So what exactly are we hoping to remove when AI takes the grunt work? Drudgery, yes, but also, perhaps, the conditions under which trainees learn to pace themselves, absorb context, and build the foundations for creativity, critical evaluation and judgement. Are we solving a problem or in danger of missing out on something important?”

the marking grids. I never used the grids, and it was a mistake. They are super useful and FREE! 4) Stop ignoring mock feedback. I used to look at the result, and if it was a pass, I didn’t bother to read the feedback. Bad idea. 5) Get help. I figured everything out myself, but it cost me A LOT of time. A course would have saved me weeks of wasted time. Noting here that there is no perfect approach. But there’s always room to improve. Hopefully this helps.”

YOUR PQ MAGAZINE Free subscription: www.pqmagazine.com/subscribe/ Delivery problems or need a change of email address: admin@pqmagazine.com Website: www.pqmagazine.com 14

Editor: Graham Hambly Email: graham@pqmagazine.com Associate editor: Adam Riches Art editor: Tim Parker Origination: Classified Central Media

Phone: 07765 386489 Address: PQ Publishing Limited, 4 Dangan Road, London E11 2RF Copyright: PQ Publishing 2026 PQ Magazine November 2026

PQ CIPFA spotlight

Shaping the landscape CIPFA’s Zachary Scott looks beyond the budget sheets to see how public finance professionals shape places

hen you look at a public sector budget, do you consider the potential you have to shape the place it relates to? Reframing our view to appreciate how public resources influence the way local areas develop, and the conditions communities experience as a result, can bring new depth to the art and practice of accountancy. Behind each spreadsheet is a real place where people experience the effects of decisions made locally, through local government, and nationally, through central government. Looking where the 16

journey ends, from planning through to the conditions that communities experience, opens scope to appreciate the impact of unmet needs. The ‘places and people’ lens There are human stories within public accountancy. The profession implicates stewardship of part of the public purse. It involves responsibilities around financial control, reporting, assurance, value for money, sustainability and providing reliable data to those who make decisions. Those decisions are reflected in

the conditions people experience daily. Housing, transport, education, employment, public spaces and local services all contribute to what a place is like to live in. As finance professionals, you might not create these conditions, but your work informs planning around the resources that shape them. With a place-focused lens, we start to see how stretched resources and tight capacity tips over into lesser employment opportunities, financial strain and compromised wellbeing – all of which could drive demand for downstream services in turn.

Beyond the budget line Broader perspective matters because the conditions in which people are born, grow, live, work and age, have influence on health and wellbeing. Housing, employment, income, education, transport and the local environment all shape outcomes for individuals and communities. Decisions taken in one area of public spending can have implications far beyond the service or budget line in which they appear. Looking at things through this lens encourages us to ask questions. What impact could this decision have elsewhere in the system? What could the longer-term consequences be for a place and its people? Reduction in one area may create pressures elsewhere, while investment upstream can help prevent greater demand further down the line. From this standpoint, a compelling challenge presents itself to look both up and downstream, understanding the journey as a whole and how its course affects the final impact. By connecting the figures to the wider story of a place, finance professionals can better understand not just where money is spent, but the difference it makes. Bringing it back to practice What does this mean for the finance professional? Ultimately, your role remains the same: providing rigorous, objective and reliable financial information to support decision-making. However, good analysis also requires an understanding of the broader context. That means asking questions beyond the numbers alone. What decision is this work informing? What assumptions underpin the analysis? What trade-offs are being presented? Are there consequences that sit outside the immediate budget or service area? Do decision-makers have enough information to understand the wider picture? Getting the numbers right will always be fundamental. Equally important is understanding the decisions those numbers help to inform, and the impact those decisions may have on people and place. When we follow the public pound throughout its journey, from planning to real-world outcomes, we gain a richer appreciation of the role public finance plays in shaping the places we serve. • Zachary Scott – CIPFA Policy Manager, Prevention PQ Magazine November 2026

AAT pass rates PQ

AAT Q2022 pass rates are here Are you sitting comfortably? The latest pass rates have been released for the CBA exams for the year ending 30 June 2026

AT has released a new set of pass rates, covering the 12 months to 30 June 2026. The worry will be a dip in some of the Level 4 pass rates, compared with the June 2025 rates. AMAC, PNTA and CRDM pass rates were all down – to 62.8%, 65.5% and 68.2% respectively. In stark contrast, AUDT at Level 4 had a pass rate of 80%, up on the rates a year ago. At Level 3 the MATS pass rates seems to continue on a downward trajectory. At 61.6%, the rates are moving in the wrong direction – in June 2025 they were 65.3%, and the year before that the pass rate was 68.9%. The good news at Level 3 is the FAPS pass rate is holding steady and even jumped this time, albeit to only 64.2%. Note: Pass rates are only published for assessments that have been available for at least 12 months or where there has been a minimum of 500 sittings. The pass rates shown are the rates for assessments sat between 1 July 2025 and 30 June 2026. *TPFB, BNTA and PNTA cover a period of 26 January to 31 December 2026, covering the FA25 assessments only. CBA LEVEL PASS RATES Level Assessmentname

Shortcode

RoW*

Qualifications and grades awarded

Pass

Merit

Distinction

Level 2 Certificate in Bookkeeping

26.57%

41.58%

31.85%

82.3%

Level 2 Certificate in Accounting

26.05%

51.52%

22.43%

77.4%

Level 3 Certificate in Bookkeeping

36.51%

45.65%

17.84%

Business Skills

BUSK

89.8%

100%

Bookkeeping Fundamentals

BKFN

85.3%

89.7%

Introduction to Bookkeeping

ITBK

82.0%

Principles of Bookkeeping Controls

POBC

71.0%

GRADED QUALIFICATIONS Qualifications awarded by AAT include four graded qualifications. The table below shows a global summary of the grades awarded for each qualification between 1 July 2025 and 30 June 2026.

Principles of Costing

PCTN

76.3%

79.1%

Level 3 Diploma in Accounting

36.95%

48.45%

14.61%

The Business Environment Synoptic assessment

BESY

80.3%

84.9%

Level 4 Diploma in Professional Accounting

47.10%

48.93%

3.97%

Management Accounting Techniques

MATS

61.6%

62.8%

Tax Processes for Businesses

TPFB+

75.5%

77.6%

Business Awareness

BUAW

79.7%

75.2%

Botswana Tax Processes for Businesses

BTPB

N/A

60.3%

END POINT ASSESSMENTS The following table shows the pass rates for the End Point Assessments for year-ending 30 June 2026.

FAPS

64.2%

68.3%

End Point Assessments

Financial Accounting: Preparing Financial Statements Auditand Assurance

AUDT

80.0%

50.8%

AATAccounts/Finance Assistant End Point Assessmentv1.2 EPA In-tray test

ITAF

53.4%

Drafting and Interpreting Financial Statements

DAIF

78.3%

76.1%

Structured interview

SIAF

80.9%

Cashand Financial Management

CSFT

74.5%

68.3%

AAT Accounts/Finance Assistant End Point Assessment v1.4

Business Tax

BNTA+

73.2%

71.5%

Knowledge test - integrated

BESY

80.3%

Internal Accounting Systemsand Controls

INAC

86.1%

77.9%

Structured interview

SDIN

70.4%

Applied Management Accounting

AMAC

62.8%

54.9%

AAT Assistant Accountant End Point Assessment v1.1

Personal Tax

PNTA+

65.5%

70.4%

Advance Diploma Synoptic assessment

ADSY

56.5%

Credit and Debt Management

CRDM

68.2%

58.0%

Assistant Accountant Portfolio and Reflective

AARF

95.5%

Advance Diploma Synoptic assessment

KNWA

95.0%

Assistant Accountant Portfolio and Reflective

PRDI

77.4%

Professional Diploma Synoptic assessment

PDSY

79.6%

Professional Accounting Technician Portfolioand Reflective

PPRF

91.6%

CBA pass rate*

Level1

Level2

Level3

Level4

86.3%

77.5%

69.3%

71.8%

*Please note that the information in the above table refers to the global pass rates based on the CBAs only and not achievements rates for the qualification. It is not possible for AAT to calculate and provide qualification achievement rates.

Shortcode Percentage

AAT Assistant Accountant End Point Assessment v1.2

AAT Professional Accounting Technician End Point Assessment

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PQ Magazine November 2026

PQ Manchester City scandal

Shamchester City: what you need to know Paul Merison (pictured) examines the questions football’s latest scandal poses for the audit profession

misstatement: Manchester City is owned by politically exposed individuals, with multiple potential related-party relationships involving companies providing commercial income. There have also been investigations into the club’s finances dating back to 2014. These factors should increase the auditor’s risk assessment and professional scepticism, especially regarding the club’s revenues. • The importance of assertions: Some might say this is not an audit issue because the money certainly was received by the club. But it is absolutely an audit issue. The classification assertion is relevant because the money may not actually have been revenue. There may also be related-party disclosure issues because of where the money came from. Will BDO be accused of negligence? If it is, by whom? Manchester City’s shareholders are unlikely to sue, because the majority owner’s people run the club and it is they who are accused of misstating the accounts. Perhaps minority shareholders could bring a claim. The Premier League uses audited accounts when assessing compliance with financial fair play (FFP) rules, so potentially it could seek damages from the auditors for negligence. If the Premier League decides to sue BDO, this could make for some very interesting viewing. BDO will almost certainly be investigated by either ICAEW or the FRC, perhaps both. Did City directors lie? If the directors lied to BDO, will BDO be cleared? Maybe. A similar situation occurred with Wirecard, where the company was accused of misleading EY, its auditors. EY was nevertheless found guilty of poor-quality auditing, fined and banned from taking on new audit clients in Germany for two years. The lesson is important: management deception does not automatically mean the auditor has done nothing wrong.

o, Manchester City… I imagine you are reading this knowing some of the story, so I will keep the alleged crimes (guilty, but under appeal) simplified. I would also recommend the podcast The Price of Football, and other work from PQ award winner and contributor Kieran Maguire, whose analysis is both amazing and entertaining. Being the audit guy, I will look at this from the audit angle. The crime At the time of writing, in early October 2026, the club are guilty of reporting around £900m of incoming money from their owner, or parties very closely related to their owner, as commercial income (P or L) rather than capital (SFP). Why inflate revenues? Football clubs have their spending on players capped at a percentage of their revenue. When the current owners took over in 2008 they wanted to spend beyond these rules to buy the best players – which they have done, very successfully. 18

If the allegations are ultimately upheld, this means Manchester City’s financial statements have been materially misstated for many years. It also raises questions about the audit reports issued by BDO, which failed to report the alleged misstatements, presumably because the auditors did not detect them. This opens up several important audit issues: • Self-review threat: perhaps the 2018 BDO audit team were less inclined to question the commercial income because BDO teams in earlier years had already accepted it. • Familiarity threat: BDO have audited the club for almost 20 years. The same partner was involved for 10 years from 2007 to 2016, followed by his successor for eight years from 2017 to 2024. • Self-interest threat: an auditor may not want to risk losing a high-profile client. The relatively low audit fees – reportedly less than half what Arsenal pay Deloitte – could raise questions about how keen the auditor was to retain the high-profile engagement. • Failure to respond to higher risks of material

Challenging the audit client One of the biggest criticisms of auditors in recent years is that they accept evidence as genuine without challenging it sufficiently. This could be the biggest question for BDO. Much of Manchester City’s commercial income has come from prominent UAE companies. At the same time, the club’s owner is a prominent member of the family that controls the UAE and many of its largest companies, including Etihad Airways, which sponsors Manchester City. These sponsorship arrangements therefore create potential relatedparty and valuation risks. That is why accounting students, especially those studying audit, should keep watching this story as it unfolds. It raises some excellent realworld questions about audit risk, professional scepticism, independence, related parties, assertions and the auditor’s duty of care. • Paul Merison is the founder of Paul Merison Training. See https://paulmerisontraining.com Paul is planning to do a podcast on this very issue, so keep a watch on our website for more details. Check out www.pqmagazine.com for all the news. PQ Magazine November 2026

Manchester City scandal PQ

Where were the accountants? PQ editor Graham Hambly looks at the recent independent commission ruling on Manchester City’s finance

he Manchester City verdict is in, and the 115 claims of sham contracts, false accounting and a total lack of openness (and cooperation) all appear to have be proven. An appeal is pending, but where does this put the accountants who worked at the heart of the club during the timeline of the independent investigation (2009 to 2017)? First up is accountant Graham Wallace, who worked for Manchester City from April 2009 to December 2012. He was hired shortly after the Abu Dhabi United Group takeover and ended up acting as both CFO and COO. Wallace oversaw a massive financial restructuring of the club and is author of several of the leaked emails used against City. Next up is Jorge Chumillas, who became CFO from January 2013, another prominent figure in the leaked internal comms used by investigators. He left the club in 2016 due to ill health, but appears to have written some of the more damning emails in the bundle of hacked messages. As far as we can see he has no accounting qualifications at all. Another accountant is Andrew Widdowson, who was head of finance and then FD. He

worked at Manchester City between 2005 and 2018, and is now CFO of New York City FC. Martyn Hawkins, a former Deloitte accountant, spent 12 years with Manchester City in senior roles and at one time was the club FD, before becoming Group Finance Director. He joined Everton FC as its CFO in September

2025. And there is John MacBeath, who is a chartered accountant and joined the board in 2012. He stepped away from City in the summer of 2024. When it comes to auditors BDO, the commission says Manchester City concealed the true state of the finances from the firm, so they appear to be in the clear. The worry is the false contracts and false accounting was perpetrated for all those years directly under the same auditor’s noses – and people will ask what an audit is for, and maybe the rotation issue might get another airing! There could also be implications for unpaid UK tax for City, and an HMRC investigation to see if any tax evasion offences were committed. The Tax Policy Associates’ latest report looks at alleged payment to one manager through a consultancy contract when they were actually employed and should therefore have paid PAYE and NIC in the usual way. TPA’s has estimated that, if this is true, then as much as £12m of tax went unpaid during this time. And, of course, some people are asking if a new investigation should look at the years after 2017, because so much alleged wrongdoing has been discovered… this one could run and run.

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 PQ Magazine November 2026

PQ AAT spotlight

Helping learners climb the skills ladder David Casey (pictured) explains how the AAT’s educational offering doesn’t just target traditional, younger learners

oo often, discussions about skills focus on people entering the workforce for the first time. Yet many learners are adults looking to change careers, return to work or take the next step professionally. Qualifications continue to be more than just an addition to a CV. They can open doors to exciting and fulfilling opportunities and careers that may once have felt out of reach, or “not for someone like you”. Redefining pathways The traditional view that education is something completed in early adulthood no longer reflects reality. Careers are becoming longer and people are increasingly likely to change direction several times during their lifetime. Today’s careers are often far from linear, with people moving between sectors, roles and learning opportunities as their ambitions and circumstances change. As a result, flexible routes into skilled careers have never been more important. We see first-hand how individuals use further training and upskilling to create new opportunities. Many are returning to education after years away from learning. Others are balancing study alongside work, childcare or caring responsibilities, particularly during the summer holidays. Increasingly, they are looking for qualifications that are affordable, flexible and directly connected to employment opportunities. This is particularly evident in finance and accounting, where we’re seeing growing numbers of career changers enter the profession. In fact, almost a quarter (23%) of learners completing AAT’s Level 2 Bookkeeping qualification are entering the sector after having started in another, with women more likely than men to be making that transition.

Progression matters People want to know that if they invest time and energy into learning new skills, there is a pathway to something meaningful, whether that is greater responsibility, increased earnings, or a sense of professional fulfilment. Accounting and finance offer clear progression opportunities, whether that means progressing into a senior role, developing specialist expertise or starting their own business. For many adults looking to retrain, a career in bookkeeping can provide an accessible first step. Typically taking around three months to complete, it equips learners with practical bookkeeping and finance skills that can open the door to entry-level roles and future progression. Rachel Harris, founder and director of accountancy firm striveX, challenges the

perception that bookkeeping offers limited opportunities: “At striveX, there’s no disparity in income between our bookkeepers and accountants. We want to set the tone that bookkeeping offers the same earning potential as being a fully qualified accountant.” That progression has become even more important; Skills England projects that more than 90% of additional employment in priority occupations within professional and business services between 2025 and 2030, such as accounting and finance, will require qualifications at Level 4 or above. Yet those higher-level opportunities depend on the strength of the ladder beneath them. If we want more learners to benefit from advanced qualifications, professional bodies and employers need to provide accessible entry routes while giving learners confidence that the skills they develop today will continue opening doors tomorrow. A changing workplace Increasingly, organisations are looking for people who can combine technical expertise with communication, digital capability, commercial awareness and professional judgement. Learners need qualifications that help them secure employment while preparing them for the roles that will be in demand for the future. Building on foundations developed through qualifications such as AAT’s Level 2 Bookkeeping and Level 3 qualifications, the new Level 4 Diploma for Professional Accounting Technicians (PAT), opening for registration on 1 September 2026, combines technical knowledge with communication, digital capability and professional judgement skills needed to succeed in the workplace. When we talk about skills, growth and social mobility it is easy to focus on systems and policies. But this is about people: the parent returning to work, the individual changing careers after redundancy, or the learner taking their first step into a profession they once believed was out of reach. If we want an adaptable and resilient workforce we need learning pathways that help people develop new skills, change direction and progress throughout their careers. • David Casey is Head of Qualifications at AAT

PQ Magazine November 2026

artificial intelligence PQ

What will a PQ be doing in five years’ time? Tristan Fulchiron (pictured) explains how PQs can navigate the AI revolution

t is difficult to avoid the discussion about artificial intelligence replacing jobs. I hear it more than most, because my company builds AI agents that already do part of the work auditors do today. And I have to be honest: a large share of the tasks auditors perform at the moment will be automated, and sooner than most people in the profession expect. It would be foolish to say otherwise. But I do not believe that AI will replace auditors, or that it will make their professional lives worse. Quite the opposite. The good news Let’s start with some good news from another sector. Before I founded Opio I trained as a software engineer, in the industry arguably most affected by AI. Until two years ago, working as a software engineer meant an awful lot of coding. Now AI writes the code. AI has simplified the job of an engineer, and it has changed what makes a good one. The best engineers are now the ones with the best judgement and the most perspective. What AI has done is automate the grunt work and allow developers to do what they love to do: coming up with ideas, shipping products and working collaboratively. At Opio, we are automating a large part of the work of auditors. Opio will not replace jobs. It will replace tasks, starting with the repetitive, timeconsuming ones that few people get excited about. Making auditors more efficient I honestly believe AI will make auditors more efficient and help them spend more time on the things they enjoy: talking to clients, getting to know a business in depth and building real sector expertise. Most importantly, it will give them more time for judgement calls. Because no AI, as intelligent as it is, will be able to be accountable for what is signed off. That said, we do need to have an honest conversation with young professionals about the world that they are coming into: if you are training as an accountant and entering the workforce, how will AI change the roles you are

applying for or the things you should learn? Firstly, I know a lot of auditors are Microsoft Excel experts; they know all the shortcuts, they know how to navigate complicated Excel spreadsheets very quickly. It is important work – but the bet we are making is that, as with a lot of other professions, a lot of these manual technical manipulations, data manipulations, will be done through an AI interface. In that world, a junior accountant who is not as good at Excel as their colleague will no longer have a disadvantage. So what will make them stand out? It will be human judgement – which comes with experience. But can you learn experience? Answers aren’t simple There is no simple answer to that, but if I was entering the workforce now I would get exposed to as many companies as I could. Do a lot of internships in different sectors, and rather than focusing on technical skills, try to optimize on how to build professional judgment as quickly as possible. As a PQ, once you start work, think about the

leverage that automation will give you. Not only does it level the playing field when it comes to technical skills, but it can make you more proactive. The time that you are saving by not spending a week reconciling invoices can be spent on doing a dive into a particular area of the business or spending time with a client. Recently, Sage CEO Steve Hare published an open letter in which he said that AI will not replace accountants, but that the future will be dominated by PQs who understand how to leverage it alongside judgement and empathy. “Since Sage was founded 45 years ago... the technology has changed beyond recognition. The need for a great accountant has not.” Just like the best software engineers have a deep understanding of the underlying technical architecture – and those who have no profound understanding of how things work beneath the surface cannot be good engineers – so accountants will need to know what is being done and why, even if AI is doing the work. AI will never be able to automate that. • Tristan Fulchiron is co-founder of AI startup Opio

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PQ Magazine November 2026

PQ profile

Don’t be a blazer in the crowd

Meet Chandan Sharma, an IFA practising member and recent winner of IFA's Emerging Professional Award. He explains how he had to totally re-evaluate the idea that accountancy is boring!

hen I tell people that my father is an accountant they instinctively ask the follow-up question: “So when are you taking over?” However, a combination of the exams, the experience required and just a general sense of knowing what to do when clients ask complicated questions filled me with dread. So, naturally, I decided to run away from it as far as I could. I applied to a couple of universities, including one of the most prestigious universities in the world, University College London. Project management for construction was what I wanted to study – something exciting and I could see myself with a briefcase, Gantt charts at a ready, travelling the world reviewing beautiful

feats of design and architectural significance. Skyscrapers, onyx marble foyers, first-class travel across the Atlantic… not exactly. It was a car park in East Yorkshire. Sitting in a container, freezing and not really understanding the lingo of the tradesmen, I was a little, let’s say, out of my depth. After a few months I asked my father if I could work within his company as I searched for other roles. It is a small family practice, so we had only a few members of staff, to the point where it was my mother on reception, and two ad-hoc staff doing the admin. I was taught the basics, VAT and the manual bank reconciliation method, not so much debit and credit but usually just enough to keep me occupied as I looked for other jobs.

Accountancy, as far as I cared, was boring. Receipt gathering, stapling, totalling… I mean really, is there anything else to this? Months go by, and all of a sudden I have been promoted to VAT and archive specialist. It gave me the chance to explore the dungeon of the basement where we kept all the archived paperwork, ensuring that the rubber bands that had been wrapped around fish-and-chip paperwork still had their elasticity, and if required, it was my job to put a fresh one on. The occasional changing of plastic bags that had rotted, and moving boxes that had damp forming. What an adventure… Then, one day, I heard a heated argument in my father’s office. It was really unusual for my father, but he was going toe to toe with the gentleman in the room and standing his ground. I heard the words ‘ethical’ and ‘morality’. To this day, I never knew what the argument was truly about, and I never met the gentleman ever again. But I sparked an interest in what was going on in my surroundings. I started to understand the focus of an accountant. It wasn’t about maths whizzes and Sellotaped glasses staring at a computer all day… well, some things never change. It was about understanding numbers and understanding a business. Once you do that you can understand the people around it and help them get from one place to another. One of the main questions I learnt to ask when I have a new client is, what do you want from this business? Context is crucial to planning and getting the best out of your accountant. From cutting rubber bands and filing VAT paperwork, I took the ACCA qualification, and got a job in the City with a prestigious firm, Sagars (now AAB). I made a lot of mistakes, but they were amazing putting me on a path to success in the studies department. I then took a job with a small independent, whose owner shared his knowledge of technology and how you can manage a team. It made me look deeply at others out there, with trips to Accountex and ACCA roadshows, meeting individuals who inspired me to take a leap. I opened my firm in December 2025, independent from my father. Something I wanted, to separate me and make my own. From there it’s been nothing but up. Winning the Emerging Professional Award in July 2026 has given me the confidence to grow, and meeting the incredible people of the IFA, means I no longer feel like a blazer in the crowd.

PQ Magazine November 2026

viewpoint PQ

Your CV, your voice PQ columnist Joanna Perry (pictured) explains what happens when the bot that wrote your CV just met the bot that rejected it

f you got ChatGPT to write or enhance your CV you could have potentially made it worse. Most candidates are now using AI somewhere in their application, which means more and more CVs sound exactly the same. So now you’ve got AI writing CVs for AI to read, and everyone blends in. The one thing a bot can’t copy is your voice and evidence. That’s what needs to be on the page. It’s a weird contradiction. A City & Guilds survey found 74% of UK employers rate employability skills above technical expertise. Yet 69% admit the AI tools screening CVs favour the technical stuff. So here’s how to get past the bot without losing what makes you hireable. First, make sure the bot can actually read your CV. Keep the layout simple. No tables, columns, text boxes or graphics, because screening tools often scramble or skip them. Use plain headings like Work Experience, Education and Skills. If you copy and paste your CV into a plain text file and it comes out jumbled, that’s what the bot sees.

Next, speak the job ad’s language. If it says ‘month-end close’ don’t write ‘monthly reporting’. Name your exams and exactly where you’re up to (‘ACCA: 9 of 13 exams passed’). And tailor it every time. One generic CV sent to 50 firms is likely to get you 50 rejections!

If you stop telling and start showing you’re a ‘strong communicator’ you may have more success. On its own, it means nothing to a bot or a human, but if you “walked a café owner through why her profit looked healthy but her bank account didn’t, then set up a weekly cash forecast” means much more. If you’re struggling for examples and you’re studying ACCA, you’re already writing performance objective statements for your PER. If you’re studying ACA, you’re logging your development in your training file. Most trainees write them like tick boxes to get signed off. Write them like stories instead, and you’ve built your next CV without trying. Here’s something a bit controversial. Record a short video cover letter. I know that sounds crazy for accountants, who usually don’t love being on camera. But if a hiring manager can see how you communicate and the energy you bring, you save yourself and them a lot of time. If the portal has nowhere to put it, pop a link at the top of your CV. The bot might read your CV first. But a person makes the call. Give them something worth seeing.

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INTERMEDIATE FINANCIAL ACCOUNTANT 23

PQ ACCA spotlight

Why ethics matters more than ever ACCA’s Jacky Bateman explains why and how ethics will continue to be at the core of the association’s future qualification

he role of the professional accountant has never been more exciting – or more challenging. In a fast-changing world, where artificial intelligence and automation are transforming how work gets done, alongside the increasing importance placed on sustainability issues and reporting, organisations will continue to rely on the ethics and professional judgement of professional accountants. Ethical focus Ethical behaviour and professionalism are even more important in our increasingly digital age. Whilst AI can analyse huge datasets, identify patterns and generate outputs in seconds, accountants will be expected not only to understand what the data says, but also to consider how it has been generated, what it means in context and the wider consequences of the decisions that flow from it.From ensuring strong governance and sustainable financial decision making within organisations, to taking a leading role in the critical challenges facing businesses today, accountants will need to factor ethical considerations into their decisions and recommendations. This will be essential not only to seize the opportunities presented by the rapidly changing environment and help organisations navigate uncertainty, but to do so responsibly, acting in the public interest and contributing to wider society. Ethics therefore remains fundamental to the future qualification: it provides the principles that enable accountants to navigate new technologies, emerging reporting expectations and complex business decisions with integrity and confidence. Ultimately, amid all this change, one quality remains an ever-present requirement for accountants: trust. The accountant will require the confidence to challenge, and the integrity to make sound decisions when the right course of action is not always straightforward. They will need to be able to question information, recognise potential bias and understand the wider consequences of

None more so than in the Strategic Professional level’s Ethical, Sustainable Leadership Essential EEM, where ethics and leadership come together. Students will be required to explore ethical principles, leadership and sustainability; to help them understand how environmental, social and economic considerations can influence business decisions and how leaders can respond responsibly. Finally, in PER, students will continue to be expected to demonstrate how they apply ethical principles and professional judgement in the situations which they have encountered first hand. Of course, this focus on ethics doesn’t stop on completion of the ACCA qualification. Our future members will maintain and develop their ethical and professional knowledge as part of their continuing professional development (CPD) as members. Ensuring ethical decision-making remains central throughout their careers. decisions – with the value of the accountant increasingly being in their ability to exercise responsible ethical judgement, demonstrate professional scepticism and to communicate their conclusions clearly. As a result, ethics and professional skills will continue to be integrated throughout the entire redesigned qualification – from the earliest stages of a student’s journey to the point where they are ready to lead, advise and make a difference. Build these skills The redesigned ACCA qualification combines exams, our new Essential Employability Modules and our Practical Experience Requirement (PER). In our exams students will be asked to consider the ethical implications across real-life scenarios, covering topics like integrity, objectivity, and professional behaviour, and equipping them with the knowledge and skills to make ethical decisions in various professional settings. Meanwhile ethics will be covered in each level’s Essential Employability Module (EEM) – which must be completed alongside the level’s exams.

EPSM: what you need to know The Ethics and Professional Skills Module (EPSM) will not form part of the redesigned qualification. Current students can decide to sit EPSM before this is removed in mid-July 2027 or sit the new Ethical, Sustainable Leadership EEM in progressing to membership. Students and affiliates who have completed EPSM will receive transition credit for the Ethical, Sustainable Leadership EEM – meaning they will not be required to complete this EEM as part of the new affiliate or membership requirements. See the transitional guidance here. For more information The profession is changing fast, and ACCA’s redesigned qualification is evolving with it. Find out more about what’s changing, how ethics will be embedded throughout the qualification, and what it means for students and affiliates on our Accountancy redefined webpages • Jacky Bateman is Head of Qualifications at ACCA

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PQ Magazine November 2026

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PQ CPAA spotlight

Building your career CPAA’s Lee Haywood explains how the organisation is developing the next generation of public practice accountants

candidate has shown their own knowledge and understanding, and had it properly assessed. For firms, that assurance matters when deciding who is ready for a bigger role. There is also a reflective element, where you consider how what you have learned applies to your own professional practice. It keeps the learning tied to the work you do every day, so the benefits show up in practice straight away. You won’t be studying alone Students have access to CPAA Learn, the online learning platform, with structured learning materials and recorded content. Live tutor-led teaching and revision sessions are part of the programme, and you can put your questions to tutors as you go. Recorded content means you can fit study around client deadlines, and the live sessions give you the chance to test your thinking with a tutor and learn alongside others. The CPAA knows that most candidates are working full time and fitting study around everything else, so the programme is built around busy working weeks. It is designed to be achievable, with support at every stage.

sk anyone who works in a small accountancy practice what the job involves and it rarely stops at accounts and returns. Knowing the rules gets you started, but knowing what to do when a real client is sitting across the desk from you is what builds a career. That is precisely the thinking behind the CPAA Professional Certification in Public Practice Accountancy, a qualification for people working in, or aspiring to work in, public practice. It is built around the knowledge and judgement that accountants actually use with clients, supported by – but not centred on – the academic theory behind it. For people in practice The certification suits staff in accountancy practices who want to deepen their technical knowledge; experienced bookkeeping and accounting team members ready to progress; and those stepping up to more senior, clientfacing responsibilities. If you’ve been in practice a few years and are taking on more demanding work this is aimed squarely at you. For those coming to it afresh and looking to enter public practice, this is a good jumping-off point. Employers get something too: a structured programme for developing their people.

The programme The programme covers three areas: • Financial reporting and analysis: financial statements, interpretation and the application of relevant reporting standards. • Advanced taxation: practical knowledge of the main taxes accountants encounter in practice. • Advanced ethics and compliance: professional ethics, AML, data protection, cyber security and the HMRC Standard for Agents. The public practice context runs through all three: your professional obligations, the regulation you work under, your relationships with clients and the risks that come with the job. A set of accounts can be technically correct and still leave you exposed if a reporting requirement is misread, client data is mishandled, or an AML warning sign is missed. That kind of judgement is hard to pick up from a textbook, so the programme deals with it directly. Exam employers can trust Assessment includes a closed-book invigilated examination. Sitting it remotely removes the stress and inconvenience of travelling to an exam centre, and employers can be confident that a successful

Other benefits For employers, the certification can form part of staff development and progression plans, giving practice management a clear way to talk to staff about where they’re heading, with a defined programme to point to. The syllabus combines technical development with ethics, AML and professional standards, so what one person learns can strengthen the practice as a whole. It helps to have team members who can talk confidently about compliance, and a shared understanding of the standards the firm is expected to meet. The programme works just as well for a large team as for an individual. For firms considering putting groups of staff through the programme, the CPAA can offer up to 50% off per seat for bulk bookings. Investing in judgement Public practice asks a lot of the people who work in it. That is the challenge, and it is also the opportunity. The reward is job satisfaction, career growth and meaningful work in a good practice. Those who build their judgement alongside their technical skills will be well placed to lead the modern practices of the future. If you are ready to take the next step, or you want to develop your team, find out more and register your interest today at www.cpaa.co.uk • Lee Haywood is Operations Manager at CPAA

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PQ Magazine November 2026

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PQ ICB spotlight

What does being qualified actually prove? Vanessa Aradia (pictured) explains how the new assessment regime will highlight those who can best do the job

ere’s a question to consider between study sessions: when you qualify, what will your certificate actually prove? For most of the profession's history, the honest answer was what you could recall, alone, under pressure, in a hall. Useful evidence, certainly. Partial evidence, definitely. Every practitioner knows the colleague who aced every exam and froze at their first shoebox of receipts, and the one who scraped through the papers and became the safest pair of hands in the firm. That gap between knowing and doing is now the central question in professional education, and this autumn it is being answered in the least glamorous, most important corner of the system: assessment. The apprenticeship reforms rolling through England redesign assessment around one test: can this person actually do the job? Assessment now spreads across the whole programme. Employers verify the behaviours they witness daily: professionalism, ethics, how you handle a real client on a real deadline. Training providers

can deliver and mark structured components as learning grows. Independent assessment organisations design the materials and assure every outcome, keeping the standard sound and consistent. Sustained competence in real work becomes the measure, with the exam as one instrument among several. Why should a PQ care? There are three reasons.

First, this is the future you will qualify into. Employers are being handed a formal role in verifying workplace competence, which means the habits you build now – accuracy under pressure, clear communication, an ethical backbone – are being watched and will be counted, in the best sense. Second, it rebalances the game in your favour. If you are the person who understands the work rather than merely the person who memorises fastest, the reformed model finally measures your real advantage. Third, it answers the question AI has put to every professional. When software can produce a plausible answer in seconds, recall stops being the differentiator. The judgement to evaluate the output, explain it to a worried business owner and stand behind the advice is what clients will pay for, and it is precisely what competence-based assessment is designed to evidence. So, study the knowledge properly: judgement without knowledge is a weathervane without a compass. Then apply it everywhere you can, because application is where knowledge takes root and becomes yours. The certificate on your wall is about to mean something more than it ever has: proof, verified in real work, that you can be trusted with the books. Knowledge was only ever part of the story. Make sure you’re building the rest. • Vanessa Aradia, Head of Learning and Development, ICB

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PQ Magazine November 2026

ethics and AI PQ

Navigating ethics for trust ACCA research has found that ‘AI use’ is the biggest ethical challenge in the accountancy profession, writes Sarah Lane

ith AI use now firmly part of the profession’s ethical landscape, the issue has quickly moved from an emerging concern to the biggest mainstream challenge in day-to-day professional practice. According to ACCA’s second Navigating Ethics for Trust report, the proportion selecting AI use nearly doubled in just two years, highlighting the changing face of ethics. AI use is cited by 61% of respondents as the leading ethical challenge – in 2024, just 32% reported the issue as the leading challenge. The research draws on 1,178 responses from finance and accountancy professionals across 135 countries, with roundtable discussions and open-ended practitioner insights adding qualitative depth. Are ethical challenges changing? Concerns around AI use are not simply focused on speed or efficiency – the evidence points to practical concerns around transparency, explainability, bias, confidentiality and the boundary between automated support and professional judgement. Ethical challenges related to AI use include: overreliance, verification, reduced human judgement, confidentiality, inadequate human oversight on AI outputs, transparency, unclear accountability, lack of appropriate governance and weak organisational guardrails. Almost half of respondents say ethical leadership (43%) and ethical culture (39%) remain in the top three most cited ethical challenges. The results are consistent with 2024, when both scored 41%. “The current challenge is therefore not adoption alone, but whether governance, capability and human oversight are keeping pace with AI use,” according to one respondent. How to respond? The good news is that accountants overwhelmingly believe they are well-placed to manage the change and a large majority

PQ Magazine November 2026

(89%) say they have the skills to navigate such challenges. Going forward, the ethical challenges professionals face now are likely to continue for the next three to five years, rather than being replaced by entirely new ones. AI use, ethical leadership and culture, and external commercial and geopolitical pressure will remain the core areas. For additional support in navigating ethical challenges, the report includes useful resources to help members identify and respond to ethical challenges, including: • A practical 10-step process for applying the Code of Ethics and Conduct in real situations. • A prompt checklist to help identify possible threats to compliance with the fundamental principles. • A prompt checklist for AI use to help navigate ethical challenges using AI. What drives trust? The findings reveal that the accountancy profession remains strongly grounded in the

fundamental principles. Trust in the profession is built through strong ethical standards (46%), transparency (38%) and independence (36%) – with these factors ranking ahead of professional scepticism (33%), technical competence (31%) and high-quality work (29%). Across the roundtables, trust was presented as something earned through conduct, judgement and accountability in practice. This is sustained when professionals are able to act visibly in the public interest. AI as an opportunity Despite ethical concerns, almost three-quarters (72%) of respondents agree that AI tools enhance the quality and efficiency of their work, while 61% selected AI use among their top three ethical challenges. This demonstrates that AI is viewed as both beneficial and ethically challenging. “Finance professionals are embracing the opportunities of using AI while also navigating the ethical demands it creates, particularly around judgement, scepticism, accountability and human oversight,” said a respondent. ACCA chief executive, Helen Brand OBE, added: “The evidence from this research is clear. Professional accountants are working from strong ethical foundations – but they are doing so in conditions that have become more pressured and complex. “For ACCA, this creates a clear responsibility to continue building capacity for ethical decision-making. We achieve this through practical insights and guidance, contribution to ethical standards and policy development, and oversight of our members and students. In doing so, we help strengthen trust in the profession.” You can read all of the report findings and access the toolkit and checklists at the ACCA website. • Sarah Lane is Head of Ethics and Assurance at ACCA 29

PQ exam advice

A question for Tom Former examiner and marker Tom Clendon (pictured) explains why one mistake does not necessarily ruin an entire answer The question If I make a mistake in an early calculation and arrive at the wrong final answer will I lose all the marks?

correct parts may still earn two marks. This is why clear workings matter. The marker cannot award a mark for something that cannot be seen.

Tom’s answer Let me start with some reassurance: marking is not normally an all-or-nothing exercise. Students sometimes imagine that a marker looks only at the final number. If it is correct, marks are awarded; if it is wrong, everything is crossed out. That is not how professional accountancy exams are marked. Markers award marks for the correct steps and principles demonstrated in your workings.

The own-figure rule The own-figure rule, or OFR, can be your friend. Imagine that you calculated goodwill incorrectly and then had to perform an impairment review. It would now be impossible for you to arrive at the examiner’s impairment figure. Fear not! If you apply the correct impairment process to your own goodwill figure you can still earn the available method marks. In other words, it is possible to do the right thing to the wrong number.

Show your workings Suppose you are asked to calculate goodwill, for three marks. Your calculation contains three ingredients: consideration transferred, non-controlling interest and the identifiable net assets acquired. If you calculate two of these correctly but make a mistake with the third, your final goodwill figure will be wrong. However, the two

Written answers Narrative answers are generally marked by awarding a mark for each valid point, subject to the maximum marks available. If a requirement is worth three marks and you make five valid points, you will still receive a maximum of three. Equally, an incorrect point

does not usually cause a mark to be deducted. There is no negative marking. Therefore, if you have a potentially relevant point it is normally better to explain it than leave the answer blank. Conclusion Put yourself in the shoes of the marker. Make each point separately, show every important working and make your method easy to follow. One mistake need not become a disaster – but an invisible working can never earn a mark! • Tom Clendon is an ACCA SBR online lecturer and podcaster. Find out more at www. tomclendon.co.uk

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PQ Magazine November 2026

back to basics PQ

Bad debts and provisions: beyond the write-off Match the ‘why’ behind writing off a debt versus adjusting a provision, and stop treating them as the same kind of adjustment. By Sarah Wilson

customer stops paying and the debt gets written off. Somewhere else, on the same set of accounts, the provision for doubtful debts also needs adjusting. Many students treat these as the same move – a way of dealing with bad debts – and get the order, the accounts and the amounts tangled together as a result. They aren’t the same adjustment at all. A write-off deals with one specific, now-worthless debt – a certainty. A provision deals with the remaining receivables balance as a whole – an estimate of future loss. Confusing the two doesn’t just cost marks on definitions; it changes which accounts move, which order the calculations happen in, and what each figure represents. Two kinds of uncertainty Writing off a debt says: this customer will never pay, so the receivable no longer exists. It’s removed from the ledger entirely, because it isn’t an asset anymore — it’s a loss that’s already happened. A provision says something quite different: we don’t know exactly which of our remaining customers won’t pay, but experience says some won’t. The provision estimates against receivables still on the books, not a removal of any one of them. The double-entry difference Writing off debits irrecoverable debts expense and credits trade receivables directly – the customer’s balance disappears. A provision is never credited to receivables itself; it’s credited to a separate allowance for doubtful debts, sitting alongside receivables in the statement of financial position as a contra-asset. The receivables balance stays intact; the allowance simply reduces how much of it is expected to be collected. Two different credits, because a write-off is certain and a provision is only an estimate. Timing: why the order matters Write-offs happen first. Only once the genuinely bad debts have been removed does it make sense to estimate a provision on what’s left — otherwise you’re calculating a percentage on receivables that include a debt you already know is worthless. Getting the order backwards inflates the provision on a balance that was never going to be collected. Worked example Receivables: £50,000, including a specific debt of £2,000 now confirmed irrecoverable. Provision policy: 5% of remaining receivables. Receivables balance

£50,000

Specific debt written off

£2,000

Receivables after write-off

£48,000

Provision required (5% × £48,000)

£2,400

Provision brought forward

£2,000

Increase to provision (P&L charge)

£400

Write-off

Dr Irrecoverable debts expense £2,000 / Cr Trade receivables £2,000

Provision increase

Dr Irrecoverable debts expense £400 / Cr Allowance for doubtful debts £400

Two separate entries, two separate reasons: one removes a debt that’s gone for good, the other adjusts an estimate against the debts that remain. PQ Magazine November 2026

Now have a go Receivables stand at £40,000. A specific debt of £1,500 is confirmed irrecoverable and needs writing off. The provision policy is 4% of remaining receivables, and the provision brought forward is £1,000. What are the two double-entries required, and in what order should they be calculated? Final thought Writing off a debt and adjusting a provision both end up reducing profit, which is exactly why they get muddled. But one is closing the book on a debt that’s already lost; the other is estimating against debts that haven’t been lost yet, just might be. Keep that distinction in mind, and the order, the accounts, and the double-entry all follow naturally. In an exam that’s the real test: not whether you can calculate a provision, but whether you recognise which debts have actually gone and which are only estimated to. Get that right, and bad debts and provisions become two straightforward calculations rather than one confusing one. Answer The debt is written off first: Dr Irrecoverable debts expense £1,500, Cr Trade receivables £1,500, bringing receivables down to £38,500. The provision is then calculated on this reduced balance: 4% × £38,500 = £1,540. As £1,000 is already carried forward, the provision increases by £540: Dr Irrecoverable debts expense £540, Cr Allowance for doubtful debts £540. Writing off first is essential — calculating the provision on the original £40,000 would overstate it by including a debt already known to be worthless. • Sarah Wilson is a learning content creator and AAT tutor at Accountancy Learning 31

PQ Making Tax Digital

Make the most of MTD HMRC’s first quarterly figures are in. Angela Renshaw explains why MTD makes good bookkeepers more valuable than ever

n the 7 August, more than 436,000 sole traders and landlords sent HMRC their first Making Tax Digital quarterly update. HMRC expected around 864,000 people in this first wave, and has now started signing up those who haven’t registered themselves. This is only the beginning. From April 2027, the threshold drops from £50,000 to £30,000, bringing roughly another 1.1 million people into scope. In April 2028, it will fall again to £20,000, adding around 970,000 more. That’s close to three million taxpayers keeping digital records and reporting to HMRC four times a year. Most of the coverage has focused on software, but I think that misses the real story. MTD is a people challenge, and if you're studying for an accountancy qualification, it's one of the biggest opportunities you'll see in your career. What changes? For years, plenty of small business clients handed over a box of receipts in December and hoped for the best. Quarterly reporting ends that. Records have to be kept up-to-date all year, and because each update builds on the last an error made in spring carries through every update that follows until someone fixes it. Bookkeeping stops being an annual scramble and becomes a steady rhythm. Someone has to

categorise transactions correctly, reconcile the bank, chase missing paperwork and notice when a figure doesn’t look right. Software can automate a lot, but it can’t tell whether a £300 Amazon payment was stock, printer ink or a birthday present. Nor can it decide whether a landlord’s new kitchen is a repair or an improvement. That takes someone who asks the right questions and knows the rules. The grace period won’t last. There are no penalty points for late quarterly updates this tax year, but a points system starts in April 2027, just as the second wave arrives. Clients who have muddled through so far will be looking for help. Why employers want you Practices were stretched before MTD arrived. Skills England lists bookkeepers, payroll managers and wages clerks as a ‘critical demand’ occupation. That puts you in a strong position and the people who progress fastest will be those who pair solid technical knowledge with confidence in digital systems and the ability to explain them to clients. What good looks like As an AT External Quality Assurer, I see work from learners and centres across the country. The difference between competent and excellent is

rarely about knowing which button to press. It’s about understanding why the numbers are what they are. If you want to stand out focus on three things. First, make your double entry and control accounts rock solid, because every digital record still rests on them. Second, get comfortable with more than one software package. Clients won’t all use the same one, and adaptability makes you more useful. Third, practice explaining things simply. Many sole traders and landlords are nervous about MTD, and the person who can reassure them becomes the person they trust. Your next step If you’re at the beginning of your bookkeeping journey or part way through your studies, now is a good time to talk to your employer about your development. Your practice needs more capacity, and you’re the most obvious way to build it. Go into that conversation with a plan. Show how your next level would help the firm handle quarterly work, not just how it helps you. In England, if you’re under 25 and your employer doesn’t pay the apprenticeship levy, the government now fully funds new apprenticeship training. At 25 or over, non-levy employers pay just 5% of the training cost, and levy payers can use their levy funds. Across the UK, employers also pay no National Insurance on earnings up to £50,270 for apprentices under 25, so recent increases don’t apply. A changing profession MTD won’t be the last big change you see in your career, but it’s one that plays to the strengths of a well-trained bookkeeper. Three million taxpayers will soon need help to get their records right four times a year. The question is whether you’ll be one of the people they turn to. • Angela Renshaw is Director of Apprenticeships at Premier Training, an AAT External Quality Assurer and a published author PQ Magazine November 2026

PQ CIMA spotlight

The mock exam advantage

Nasheen Wuisman explains the importance of mock exams, and why it’s not the end of the world if you don’t pass them

hen students sit a mock exam and receive their feedback, they don’t always know what to do next, especially if they fail. Some students reschedule their exam straight away, believing they are not ready. Some get deflated and think they are not capable of completing this level. Some see it as a reflection of their overall exam ability. Which is it not! Purpose of a mock exam Firstly, it’s key to know that the purpose of each mock is different. The first mock shows you what to eventually expect when you sit the exam. It’s helping you identify areas that you may need to re-visit as part of your revision, allowing you to see which skills you need to refine to be successful in the exam. Skills like application, communication, answer planning and time management are just a few of the skills the examiners would like to see you demonstrate in the exam. This first attempt may not reflect your best work, so don’t expect it to; that can lead to feelings of disappointment and cloud your judgement as to what to do next. Instead,

more time than you did in the last – you are gradually becoming more accustomed to the case study exam, which is invaluable. Further attempts will give you confidence and build skill and familiarity – even if you do not pass them.

understand that this attempt is a dry run to help you improve on the areas you still have time to improve on. Subsequent mocks will address the areas identified in your previous attempt, helping you to work on fine-tuning areas such as exam techniques, application of technical knowledge and time keeping. For example, every time you attempt a mock you will find you have a little

Mocks make a difference We always advise our students to do as many mocks as possible as part of their case study exam preparation. This means you allow yourself the chance to learn, practise and develop those exam skills before attempting the actual exam. Even if you only have time to attempt one mock, do it! The fact you have taken time to sit the mock exam shows your determination in achieving your CGMA designation. • Nasheen Wuisman, Senior Manager – Global Academic Progression at AICPA & CIMA, together as the Association of International Certified Professional Accountants If you need advice on study challenges, exam prep or learning tips, AICPA and CIMA’s Nasheen Wuisman is here to help. Send her your questions to CGMAStudySupport (aicpacima.com)

Why talent still matters

Kat Excell Heskett explains why termination of a training contract doesn't have to be the end

hen a training contract ends unexpectedly, the impact can extend far beyond the immediate question of ‘what next?’. For an ACA trainee it can feel like a demoralising setback and a significant interruption to a career they’ve worked hard to build. The Talent Pool was created to ensure that interruption doesn’t become a dead end. Since launching, the response has been overwhelmingly encouraging. But beyond the numbers, what has been particularly meaningful 34

is hearing directly from candidates about the difference having somewhere to turn can make at a difficult point in their careers. For someone leaving a training contract, uncertainty can quickly become self-doubt. Providing access to live opportunities that match their experience and ambitions, and connecting them with employers who are hiring, can make a meaningful difference. The Talent Pool, powered by Hansel and backed by ICAEW, was created specifically for ACA trainees

who have left their training contracts due to exam policy or redundancy. The process is simple: candidates create a profile, upload their CV and professional transcript, and tell us what they’re looking for, including preferred locations. The platform then matches candidates against live ACA/PQ vacancies, with applications often able to be fast-tracked to the relevant hiring team. Tangible opportunities We are now seeing that support translate into tangible opportunities. More than 60 candidates have registered in recent weeks, new hiring clients have joined the platform and interviews are taking place. Encouragingly, firms across the profession are also engaging with the initiative, with multiple Big 4 and wider Top 15 firms actively signposting departing trainees to The Talent Pool as part of their exit processes. But there is still much more to do. Awareness is the first priority. Many ACA trainees find themselves in this position without knowing that independent support is available. We want every trainee to know that there’s somewhere they can turn,

and that an unexpected change in direction doesn’t mean putting their ambitions on hold. We also want to work with more accountancy firms to provide free outplacement support. For organisations making difficult decisions around training contracts, The Talent Pool provides a simple way to extend support beyond the exit conversation, helping individuals move towards their next opportunity while maintaining complete independence from their former employer. And there’s an equally important message for hiring firms. Leaving a training contract doesn’t erase the experience someone has gained, the ACA exams they’ve passed or the professional environment they’ve already worked in. The Talent Pool is bringing together a growing group of ACA/PQ professionals who remain committed to building careers in accountancy and are ready to put that experience to work. Ultimately, the message we’re hearing from candidates is simple: an unexpected end to a training contract doesn’t have to mean an end to a career in accountancy. Sometimes, it’s simply the point at which a different route forward begins. PQ Magazine November 2026

PQ careers PQ

Dear Geoff

Changing working patterns

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

How is WFM working for you? You may need to be in the office to get a promotion…

THE DILEMMA I’ve heard that having a mentor can benefit your career, but I’m not sure how to find one, or what to do once I have. How can I make the most of a mentoring relationship? GEOFF’S RESPONSE Having a career mentor can provide valuable support, guidance and encouragement throughout your development. I’ve seen first-hand how a good mentor can share their knowledge, help you overcome challenges and give you a clearer understanding of the different paths your career could take. Start by considering what you want to gain from having a mentor. You may want support with your studies, advice about progressing your career, greater confidence, or insight into different areas to specialise in. Once you’re clear on what you’re looking for seek out someone with relevant experience who you respect and can learn from. This could be a senior colleague, manager, former colleague or someone within your professional network. When approaching a potential mentor, explain why you value their experience and what you hope to gain from the relationship. Once established, take responsibility for making the mentoring relationship successful. Arrange regular conversations, prepare questions, discuss your goals and be honest about any challenges you are facing. Most importantly, listen to your mentor’s feedback and put their advice into practice. Keep them updated on your progress and achievements, and show that you value their time and guidance. Over time, a strong mentoring relationship can help you build confidence, expand your knowledge and make more informed decisions about your future career. Sometimes, a single piece of advice or a different perspective can have a lasting impact on the direction your career takes. • Geoff Collings is senior specialism director at Hays PQ Magazine November 2026

If you are starting your accountancy career working in banking and financial services then you are much more likely to be working in the office full time, ACCA research reveals. The problem is more senior team members are much more likely to be working from home, which is leading to less inter-generational collaboration, and opportunities to learn about the culture of the organisation. ACCA’s global survey found that 55% of employees believe time

spent in the office has a positive impact on promotion opportunities. The majority of respondents in the sector (61%) also agree that organisations should require employees to spend a set number of days in the office. Over half of the youngest cohort of respondents, Gen Z (52%), report working full time in the office – compared with only 33% of Gen X, and 14% of Baby Boomers. Jamie Lyon, Head of Skills, Sector and Technology at ACCA (pictured), said: “Time spent with older and

often more experienced colleagues in the workplace is an important part of gaining useful real-world experience in the workplace for younger employees, and it’s helpful for driving more effective cross-generational collaboration at work. This mismatch also carries possible implications for future skills development and workplace culture assimilation.”

In brief PwC UK opens its grad programme PwC’s graduate programmes are now open for applications. You can explore opportunities across audit, accounting, tax and finance, advisory and consulting, strategy, legal services, and technology and AI. PwC says you can “build valuable business skills, gain professional qualifications, and start a career full of possibilities.” That is very true! Find out more and apply via their website. New trainees join BHP BHP, part of the Sumer Group, has welcomed 44 new accountancy trainees into the firm. With offices in Sheffield, Leeds, York, Chesterfield and Cleckheaton, BHP has recruited

graduates, nongraduates and placement students into roles spanning accountancy, tax, advisory and audit, and corporate finance. Hamish Morrison, CoManaging Partner at BHP, added: “As part of Sumer, we are able to offer our team access to wider opportunities, expertise and collaboration, while maintaining the supportive culture and strong local relationships that have always been at the heart of BHP. Many of our senior leaders began their careers as trainees, and we look forward to seeing this year’s cohort develop, progress and make a lasting contribution to our business and our clients.” New vocational GCSEs unveiled Finance, Business Management and Digital Tech will sit alongside Building and Construction among

the new vocational GCSEs being proposed by the UK government. The same size as GCSEs, these new qualifications will be nationally set, with subject content based on expert advice. Assessment and grading will be regulated by Ofqual to ensure full parity with traditional GCSEs. The idea is every young person can pursue these new vocational GCSEs and access work experience in a major shake-up of the education system to help them prepare for the world of work. The latest announcement builds on reforms including new V Levels, Occupational and Foundation Certificates, and expanded T Levels. There has been a call to arms to employers to provide an additional 200,000 work experience placements for young people.

The PQ Book Club: books you should read Intentional attention: The science and practice of focus under pressure by Justin Andersen (Wiley, £23) Dr Justin Andersen is a licensed psychologist and founder of Premier Sport Psychology. He is recognised in the United States as one of the foremost practitioners in performance psychology, so he has some great credentials. In his new book he explains that we live in a world that is engineered to hijack our attention. The problem is our attention also gets distracted in pressure moments – times when we most want to perform

our best. In the classroom, Andersen says attention is a finite resource, and when students learn to reset it they build skills that will serve both academic success and life-long resilience. He wants us all to undertake an attention inventory, too. We need to reflect on what helps or hinders our focus – internal (self-doubt, fatigue) or external (phone, social media, etc.). This helps normalise the idea that attention is something we all manage. Being able to reset yourself is also vital. It’s what top athletes do all the time! And that reset

could be a something as simple as a deep breath, grounding phase, or even a stretch break. Ultimately Andersen wants to teach students to learn how to direct and redirect their attention when stress and distractions arise. And he is hoping the concept of trainable attention management will become a widespread expectation in our culture. PQ RATING: 5/5 I found this fascinating. I just hope you had the attention to read the whole piece! 35

PQ the got a story, funny or serious, you want to share? Email graham@pqmagazine.com

Something to muse over Meet the adorable new AI agent from Meta, called Muse. Launched on 8 September, it is one of the most interesting developments in consumer AI, designed to undertake tasks for you, not just answer questions. So, you can tell Muse to “find me a good flight, and put it in my calendar”, and it is done. It can interact with websites and apps, send emails, manage tasks and make purchases. Within the first few days Muse had over 83,000 downloads and was briefly the number 2 app on the US App Store. By late September downloads

were estimated to be 3.4m. Meta is already expanding Muse towards small businesses, with integrations including Shopify, Slack, Dropbox, QuickBooks, Canva, Strip and Zoom. But you are going to have to be trusting. This AI will have access to your emails, calendar shopping habits, travel plans, contacts, preferences, accounts and other financial information. Meta says Muse’s data is isolated and that users control which services it can access. Currently, conversations and virtual machine (VM) data aren’t shared with Meta’s advertising systems.

In one interesting development Amazon has blocked Muse, as it is worried about agents interacting with accounts and credentials!

Where is Number 24?

PQ magazine recently came across a film on Nexflix, Number 24, about Norwegian WWII resistance fighter Gunnar Sønsteby. The film follows the most highly decorated citizen in Norwegian history – he is the only person to have been awarded the War Cross with Three Swords, Norway’s highest military decoration. What a lot of people don’t know is that he was working as an accountant when the Germans occupied Norway in 1940. As a key part of the resistance he was high on the Gestapo’s mostwanted list – but they could never find him. Sønsteby was a master of disguise, operating under 30 to 40 different names and identities. They were never able to capture him and he attributed this to an entirely ordinary appearance, which meant no one noticed him riding through Oslo on his bike. Sønsteby also had 30 places where he could spend the night, many for only one night at a time, and never used them for more than a couple of months. A true accountancy hero!

Is it too soon to talk about C********? With Christmas creeping ever closer, the Association of Taxation Technicians (ATT) says employers should be able to spend at least £280 per head on festive parties or other annual staff events without triggering a tax charge. The tax exemption for annual parties and other social functions has been frozen at £150 per head, including VAT, since 6 April 2003. The ATT says that if the limit had kept pace with inflation it would now be worth £283. ATT is urging the government to increase the exemption. Ahead of Budget, it also called for ministers to commit to reviewing it on a regular basis, with the intention of raising it where necessary at least every five years. ATT’s Jon Stride said: “Christmas parties are a valuable way for employers to thank staff and bring colleagues together, but a tax-free limit fixed in 2003 no longer reflects the cost of these events. “An employer that goes even slightly above the £150 limit can find that the whole cost becomes taxable. That is an unnecessarily harsh result, and arises from a threshold that has been frozen for more than two decades.” 36

QUOTE OF THE MONTH: Warren Buffett: ‘The best way to teach your kids about taxes is by eating 30% of their ice cream’

The Calculator Club in action Ulverston Victoria High School became the first to benefit from JF Hornby & Co’s Calculator Club – taking delivery of a batch of scientific calculators. Managing Director Paul Hornby was on hand over the equipment. The scheme is designed to help ensure no secondary school pupil is disadvantaged in GCSE maths because they do not have access to the equipment they need. Hornby, a former pupil of UVHS, said: “A lot has changed since I first walked through the doors at The Vic many years ago, but one thing has not – the absolute importance of pupils having the learning tools they need to succeed. “The Hornby Calculator Club aims to ensure that is the case, by creating a bank of equipment that can be loaned to pupils in participating schools whenever needed.” The initiative is being funded through the Hornby Foundation, which has committed £4,500 to the project as part of its wider mission to support opportunities for young people and strengthen local communities. Schools taking part in the scheme will receive a stock of calculators that can be kept on site and loaned out to pupils throughout the academic year, helping to remove a practical barrier to learning and exam preparation PQ Magazine November 2026