Financial Accountant - Mar/Apr 2024

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ISSN: 1357-5449. Copyright: Institute of Financial Accountants

ANDREW CONWAY

2024 is a crucial year

It’s a new year and the financial industry is transforming, influenced by technological advancements, and evolving client expectations.

Embracing change as a professional accounting body isn’t a choice, it’s a responsibility. Our commitment to improving information and communication technology (ICT) and education pathways for our members means we will always be at the forefront of driving change for the industry.

Sustainability has become one of the most important topics for the small business community, and as trusted advisers, it’s our responsibility to help guide the transition to renewable energy by integrating sustainable practices in financial reporting for the sector.

Our profession plays a pivotal role in shaping a responsible and ethical financial landscape, and sustainability reporting is our tool to measure and communicate that impact.

As we brace ourselves for the challenging yet exciting year ahead, the IPA Group does not waiver from its primary goal to support its members and advocate for the accounting profession worldwide.

We will always challenge ourselves to ensure that we deliver the best services possible to our members, which will never change.

Professor Andrew Conway FIPA FFA Group Chief Executive Officer

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JONATHAN BARBER

A CPD mindset

As we move through 2024, it is key to look ahead and try to plan for the upcoming changes in the accounting sector. One fast-moving area is the evolving digital landscape.

Both AI and automation have heralded significant changes in the accounting sector. According to recent data around 40% of accounting operations are now automated, with the aim of increasing both productivity and accuracy. AI has also been a massive adaptation for our sector, with its ability to rapidly evaluate large datasets, identify patterns, and even run data analysis to spot future trends.

These changes are advancing rapidly and we need to keep up to date to ensure we are not left behind and miss business opportunities to support and guide our teams and clients. It’s an important area and one which will be covered by Tushir Patel, co-founder of Capium, at the IFA Conference on 25 June. Tushir will give an overview of what AI is and identify how you can easily apply AI without risk to your business or practice making it a don’t miss session (see pages 18-19 for more).

Recognising these developments, we are exhibiting for the first time at the Digital Accountancy Show on 16-17 April, which features insightful talks

on emerging technology. I look forward to catching up with those of you who visit our stand. I hope we’ll also see you at Accountex in May - make sure you visit stand 584 and say hello. Our inaugural online AML conference takes place on 21 May. Building on the success of the AML Matters webinars, the conference offers an excellent opportunity to learn about recent regulatory updates and their impact, the role of the MLRO, what to expect from an AML review, SARs, and interactive session around the ‘all too familiar’ video. Book your place for this and our face-to-face conference at ifa.org.uk/cpd.

There are many changes to look forward to this year. By staying engaged, it is possible to use these changes as opportunities to futureproof your business.

Jonathan Barber IFA Executive Director – UK

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These changes are advancing rapidly and we need to keep up to date to ensure we are not left behind

KEVIN REED

Ambling along

The UK ‘ambled’ into recession at the end of 2023, according to initial readings by the Office of National Statistics. While a shallow one, it’s been a slow and ponderous journey that has nonetheless felt inexorable.

There are other less-than-positive metrics. Insolvency figures are very high, while funding is becoming more expensive and difficult to access.

We have a large number of employees, yet low productivity. Inflation has fallen but food and energy prices remain high — the cost of living crisis is squeezing people’s pockets.

Financial management is fine and dandy when the going’s good*, but what about when things are tough – or just plain uncertain?

This may be a bit tenuous, but I think that this issue’s main features encapsulate, or at least provide a snapshot of sorts, for the type of issues you face in such a climate.

The lead business feature (pages 12-14) covers how to support your organisation’s approach to risk i.e. being too defensive could prove self-fulfilling. The health

of the workforce — understanding and maintaining it — has never been more critical, and so we cover off some thoughts across pages 16-17.

And, when times are tough, personal financial management requires extra vigilance. We discuss how accountants can support clients when it comes to wealth transferral (pages 22-24).

Without wishing to sound glib, an accountant’s work is never done.

*OK, that’s not strictly true. Knowing when your organisation is likely to overstretch itself, even in good times, is no mean feat — putting on the financial handbrakes is a difficult task… a topic for another time.

WHO SAID THAT?

There is a danger that by focusing exclusively on specific tax issues, you could miss many wider points

Turn to pages 22-24 to find out

11.5 MILLION

£39BN

Amount of tax collected by HMRC following investigations.

Source: UHY Hacker Young analysis of HMRC data

Record-breaking number of selfassessment tax returns filed by the 31 January deadline

Source: HMRC

UK GDP for the three months to December 2023; following a 0.1% fall in Q3 this means the UK entered recession

Source: ONS

71

2,140

Stress illness days per 100,000 finance workers in a year, to March 2023. For more visit pages 16-17

Source: Claims.co.uk analysis of HSE data

38%

-0.3%

Percentage of small business owners (set up in the last ten years) that are optimistic the UK economy will improve in the next 12-24 months

Source: Geek Retreat

The threshold that retirement age will have to rise to, due to life expectancy predictions and falling birth rates.

Source: State Pension Age and Demographic Change report by Les Mayhew of the International Longevity Centre

900,000

A record number of new companies incorporated in the UK during 2023, taking the number of active companies to 5.31 million

Source: NatWest/Beauhurst analysis of data derived from Companies House

25,241

Corporate insolvencies in the UK in the 12 months to 31 January 2024.

Source: Mazars analysis of Insolvency Service data

13%

Percentage of UK over65s that have delayed their retirement due to insufficient funds in their pension pot. For more on wealth management visit pages 22-24

Source: Senior Capital analysis of Pensions and Lifetime Savings Association data

30%

Percentage of small UK business directors seeking finance in 2024.

Source: Purbeck Insurance Services

FINANCE AND FUNDING

Personal guarantees abound for small business finance

MORE THAN A THIRD OF OWNERS and directors of UK small businesses signing a personal guarantee did so to keep their business afloat in Q4 2023,

ON YOUR BEHALF

according to the Purbeck Personal Guarantee Insurance Monitor.

Some 34% of personal guarantee insurance applications at the end of the

IFA IN THE NEWS AND OUT AND ABOUT

PUBLISHED COVERAGE

Accountancy Age

What’s ahead for 2024?

tinyurl.com/ifa-17007

Accountancy Daily

What’s in store for accountants in 2024?

tinyurl.com/ifa-17009

Accountants work more than 40 hours a week tinyurl.com/ifa-17011

Help the fight against dirty money in the UK tinyurl.com/ifa-17013

Autumn Statement a missed

opportunity for green improvement tinyurl.com/ifa-17015

Accountancy Today

2024 industry trends to look out for tinyurl.com/ifa-17017

Has 2023 been a good year for accountancy?

tinyurl.com/ifa-17019

REPRESENTATION

We were represented at the following during December 2023 to January 2024

year were for loans to provide working capital.

“The rise in the number of founders and directors applying for PGI to support unsecured loans is indicative of the way personal guarantees have become part and parcel of lending to small businesses,” said Todd Davison, MD of Purbeck Personal Guarantee Insurance. “It also highlights the precarious nature of running a small firm.”

Research earlier in 2024 from the Federation of Small Businesses (FSB) found that 53% of SME credit applications were successful in Q4 2023, down from 62% three months earlier.

Of those successful applications in Q4 2023, a third were offered an interest rate in excess of 11%, with the average rate at 9.3%. The most common reason for accessing finance was cashflow (55%), compared with 26% in the same period a year earlier.

Other drivers for applications to expand the business (19%) and to upgrade equipment (15%).

HMRC, including Agent Support Group, Charter Stakeholder Group and One to Many Compliance Advisory Board

Accountancy Intelligence Sharing Expert Working Group

Anti-Money Laundering Supervisors Forum (AMLSF)

Accountancy AML Supervisors Group (AASG) Companies House and Department of Business Office for Professional Body Anti-money laundering Supervision (OPBAS)

HM Treasury Department of Business & Trade — Authorised Corporate Service

Provider (ACSP) Secondary Legislation Working Group National Crime Agency

LEARNING/UNIVERSITIES

Arrangements have been put in place with the following universities and bodies to provide a route to membership of the IFA:

SOAS University of London, Bath Spa (UAE), Middlesex University Dubai (UAE), Ziauddin (Pakistan)

AROUND THE WORLD

Online CPD webinars continued in UAE, Pakistan, Sri Lanka and Saudi Arabia and a face-to-face seminar was held in Sri Lanka focused on AML.

NEWS IN BRIEF

HMRC web queries jump

More than 850,000 HMRC webchat requests were made between April and December 2003, up 140% on the same period a year before. And, despite closing phone lines last summer, total calls were slightly up in the period, to 27 million. “The figures suggest the attempt to limit telephone queries has allowed the tax office to stand still in terms of the number of calls it has to handle,” said AJ Bell’s Charlene Young.

Fit to work?

More than half of the UK’s population (56%) believe their job stops them from keeping fit. The survey of 2,000 adults by PureGym found that HR and the arts were the two sectors where employees felt most likely to have work block their efforts to exercise.

Missing the deadline

The flipside to HMRC stating that 11.5 million taxpayers filed a self assessment return by 31 January (see page 7 for more), is that an estimated 1.1 million missed the deadline. They will each face a £100 penalty along with daily interest that equates to 7.75% annually — along with a further 5% penalty charge if still unpaid by March.

Negative energy for price hikes

A quarter of UK organisations state that government energy support is ‘essential for survival’, according to a PwC survey. The report found that 70% of respondents cite high energy costs as damaging their competitiveness over the next two years.

‘Tinyurls’ explained

The ‘tinyurl’ web address at the end of some news items and elsewhere in the magazine are short aliases for longer addresses. Type the tinyurl address in your web browser and press ‘return’ to go to the relevant website for more information on the news item.

TAX STRATEGY

Tax

policy ‘stifling small business growth’

BUSINESSES DON’T BELIEVE that tax policies support their growth ambitions, according to research by Azets. The accountancy firm’s Barometer January 2024 survey found average scores below the ‘neutral score’ of five out of ten, covering tax policy’s ability to support business growth; innovation; sustainability and attracting and retaining talent.

The scoring is largely driven by smaller businesses; mid-market (£10m-£49.9m) scored netural while the next set of businesses by turnover scored 6.4.

INCORPORATIONS

“Simplifying incentives, taxes, and regulations is essential for a more competitive landscape that rewards entrepreneurship and ambition,” said Azets UK head of tax Praveen Gupta.

“Businesses are paying more tax than ever, yet there is an obvious correlation between tax, regulation, and economic growth, and this ought to be a priority for this government and the next.”

Of the 323 UK respondents, 41% expressed moderate optimism of its economic outlook (scoring six or above), though responses were mixed — some 35% scored four or lower.

Economic and geopolitical uncertainties were the highest concerns for among UK business owners, closely followed by talent recruitment and retention and regulatory compliance.

Company launches soar

A RECORD 900,000 companies were launched in the UK during 2023, bringing the number of active businesses up to 5.31 million.

New online retailers led the way, representing 82,000 businesses starting in the sector, according to the New Startup Index from NatWest and Beauhurst. Nearly 50,000 businesses started in the property letting space, while 21,000 new takeaway and street food stands also set up shop.

The incorporation

boom comes as corporate insolvencies continued to grow: some 25,000 businesses folded in the UK during 2023, a 13% increase on the previous year. The number of creditors’ voluntary liquidations was the highest on record for Q1 2023 at 5,578.

NatWest Group head of business banking

James Holian said the report shows that “despite the recent economic challenges, entrepreneurial spirit in the country has not just endured, it has thrived”. Sectors showing the slowest rate of growth for new incorporations were: packaging; passenger rail; and logistics warehousing businesses.

REGULATION

Disciplinary outcomes

DISCIPLINARY COMMITTEE

HEARING 8 NOVEMBER 2023

Mr Derek Williamson FFA  Surrey, UK

Complaint

The allegations were that Mr Williamson was disciplined by another professional body, declared in his 2022 Annual Member Return that he had not been the subject of an investigation by a professional body and declared that he was supervised for AML by the ACCA, and these actions were dishonest and in breach of Bye-law 11 (effective 1 January 2021).

Order

Permanently removed from the Register, fine of £6,000 and costs of £5,659.

REGULATORY COMMITTEE

MEETING 8 DECEMBER 2023

Mr Sayed Ahmed FFA FIPA   Dubai, United Arab Emirates

Complaint

The IFA complaint was that Mr Ahmed breached IFA Continuing Professional Development Regulations 3.4, effective 1 July 2022, in that he failed to complete a minimum of 40 hours of CPD, 20 of which shall be verifiable CPD, in the calendar year of 1 January 2022 to 31 December 2022.

Consent order

Severe reprimand, fine of £975 and costs of £653.

Mr Lintho Kaneli AFA MIPA  Maseru, Lesotho

Complaint

The IFA complaint was that Mr Kaneli breached IFA Bye-law 12.2 and IFA Membership Regulation 4.2 in that he

failed to submit a member return to the Institute by the prescribed date of 31 December 2022.

Consent order

Severe reprimand, fine of £1650 and costs of £653.

Mr Somnath Mukherjee AFA MIPA  Muscat, Oman

Complaint

The IFA complaint was that Mr Mukherjee breached IFA Bye-law 12.2 and IFA Membership Regulation 4.2 in that he failed to submit a member return to the Institute by the prescribed date of 31 December 2022.

Consent order

Severe reprimand, fine of £1950 and costs of £653.

REGULATORY COMMITTEE

MEETING 9 NOVEMBER 2023

Mr William Lemon AFA MIPA  County Down, Northern Ireland

Complaint

The allegations were that Mr Lemon failed to comply with Money Laundering Regulations 18, 19, 24, 27, 28; and 66. In addition, there had been a breach of the fundamental principle of professional behaviour, Code of Ethics para R115.1 which imposes an obligation on all professional accountants ‘to comply with relevant laws and regulations and avoid any conduct that the accountant knows or should know might discredit the profession’.

Consent order  Reprimand, severe reprimands, total fines of £5,800 and costs of £1,000. A further monitoring review to be conducted at the member’s expense.

NEWS IN BRIEF

The UKFIU podcast

Tim Pinkney, IFA director of professional standards, was a panelist discussing anti-money laundering (AML) compliance within the accountancy sector on episode 16 of the UKFIU podcast. Subjects included a specific case where a firm may have AML concerns during know your customer (KYC) and suspicious activity report (SAR) practices. Listen at tinyurl.com/ifa-17005

Companies House fee increase

A new set of costs has been introduced by Companies House, seeing fees rise. Incorporations, changing names, confirmation statements - and other services - will cost more from 1 May 2024. The new prices can be found here: tinyurl.com/ifa-17003

HMRC investigations income leaps 22%

The tax authority collected a record £39bn from tax investigations in the year to 31 December 2023. According to UHY Hacker Young, investigations have increased in areas such as: ultrahigh net worth individuals suspected of underpaying tax; cryptocurrency traders not properly declaring their gains for tax purposes (see below); residential landlords not declaring income properly; multinational businesses being too aggressive with ‘transfer pricing’ — cross-border payments within a group that can reduce corporation tax bills; and businesses claiming R&D tax relief without entitlement.

Cryptocurrencies in HMRC’s line of sight

Enquiry letters have been sent by HMRC to crypto investors, asking them how they have funded their investment and other tax-related questions. UHY Hacker Young partner Neela Chauhan said: “HMRC’s war on crypto tax avoidance has stepped up.”

TAX POLICY

‘Powers and penalties’ consultation launched by HMRC

HMRC HAS PUBLISHED AN open call for evidence inviting views on how the government could reform aspects of tax administration relating to compliance. The closing date for the consultation is 9 May 2024.

The consultation explores a range of topics that relate to HMRC’s enquiry and assessment powers, penalties and safeguards. The scope for this call for evidence only extends to those taxes, duties and National Insurance contributions (NICs) that HMRC administers. Responses can be submitted by any individual, business or organisation with views on how HMRC’s powers, penalties and safeguards can be made more efficient, effective and simple.

The call for evidence — which

TAX POLICY

runs for 12 weeks from its release date of 15 February — is the latest consultation in the government’s ongoing review of the Tax Administration Framework, defined as “the broad system of instructions, guidelines and obligations underpinning the tax system”. The government published its ten-year strategy in July 2020 to “build a trusted, modern tax administration system”, which included a commitment to reform the Tax Administration Framework.

HMRC says that reform in the areas covered by this call for evidence “has the potential to simplify and modernise the tax administration framework relating to HMRC’s role to promote and enable compliance, respond appropriately to non-

‘Days-old’ pickup truck tax guidance reversed

compliance, while ensuring that taxpayers’ rights are protected”.

The address for responses to the call for evidence or for any queries is as follows: tafrcompliance@ hmrc.gov.uk.

NEW TAX GUIDANCE has been overturned by HMRC. The tax authority rowed back on a decision to reclassify double cab pickups (typically doublerow seating pickup trucks) as ‘cars’ for employment benefit and capital allowance purposes.

The initial change was flagged on 12 February, updating its tax guidance on the treatment of double cab pickups (DCPUs) following a 2020 Court of Appeal judgment (Payne & Ors (CocaCola) v R & C Commrs (2020) (BTC19)).

This change meant that, from 1 July 2024, DCPUs with a payload of one tonne or more would be treated as cars rather than goods vehicles for capital allowances and benefit-in-kind purposes. Treating DCPUs in this manner could have seen the benefit in kind, upon which tax is paid, increase several-fold, alongside a corresponding NIC charge for employers at 13.8%; with transitional rules through to 2028 to lessen the financial blow.

But the new guidance was reversed after a week. A joint Treasury/HMRC statement said that the government “has listened carefully” to views from farmers and the motoring industry “on the potential impacts” of the change in tax treatment.

Faced with high inflation and interest rates, uncertainty caused by the war in Ukraine and conflict in the Middle East, and the lingering impact of the Covid-19 pandemic and Brexit, adopting a defensive strategy is a natural response for senior finance professionals. But, while safeguarding the financial health of a company is

undoubtedly crucial, there exists a delicate balance that finance chiefs must strike to avoid inadvertently damaging the very prospects they aim to protect.

“There is a massive dilemma between the two because, ultimately, the best thing for employees is growth. We see too many firms who cut costs and revenue declines,” explains Andy Blackstone, a finance

director at the advertising agency M&C Saatchi Group.

Cutting room

While cost-cutting is often a necessary aspect of defensive financial strategies, it’s vital that CFOs approach it judiciously.

Drastic measures, such as indiscriminate layoffs or severe budget cuts, may provide shortterm relief but can have longterm consequences on employee morale, innovation, and the overall organisational culture.

SOLID FOOTING

Volatility and uncertainty

— words to strike a chill in the hearts of finance leaders. But too defensive a stance can be self-fulfilling, writes Richard Crump.

Bobby Lane, chief executive officer of multi-disciplinary outsourcing firm Factotum, says he has seen

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Ultimately, the best thing for employees is growth. We see too many firms who cut costs and revenue declines

many businesses “that have kneejerked, panicked, cut every cost they can, getting rid of both people and therefore the revenue generators within the business”.

The starting point, says Lane, is to convert as many fixed costs to variable costs as possible and build flexibility into the cost base. For instance, by opting for flexible office space over the renewal of a long-term lease.

“While it may be more expensive per desk or per square foot, the reality is that it gives you the flexibility within your business model,” Lane says.

Andy Blackstone says the best place to look for savings is by trimming back on cost of sales by finding “things that other people are doing that you could do better yourself internally”.

For instance, having previously used Nielsen — a US data and marketing and measurement firm — to conduct audience analysis, M&C is now using its own data processing function “to target the right audience with the right message”.

“That is a classic example of something that was traditionally ‘cost of sales’ that is now part of our core.”

Sustainability

Only 11% of organisations can sustain cost cuts over a three-year period, according to Gartner. This is because most cost-cutting strategies are short-term and fail to preserve the behavioural or structural change required for smart spending decisions in the future. While certain costs such as travel and expenses can be limited by policy regulations, many eliminated expenses tend to resurface, as budget owners and managers pursue expenditures and initiatives under the guise of fostering growth.

Premal Parekh,

a former divisional finance director at London Stock

OUTSOURCING OR INSOURCING AS A COST LEVER

The decision between insourcing and outsourcing to trim costs is a pivotal one.

While insourcing may offer greater control, it often entails higher initial investments and ongoing operational expenses.

On the other hand, outsourcing can provide cost efficiencies and access to specialised expertise.

“As labour arbitrage erodes, enterprises are expecting a higher quality of service, technology arbitrage and personalisation intelligence from outsource providers,” says Parekh, who was responsible for finding savings during London Stock Exchange Group’s integration of its £27bn acquisition of Refinitiv.

Insourcing resource has its merits, especially if it drives the right behaviours, enhances the culture, and improves profitability, he adds.

“You have got a headcount management question bringing the capability back in the business, it may then help develop the culture,” Parekh says. “Since we started bringing some shared services back in-house it became more of a one team initiative.”

He says LSEG’s location strategy was built on “the right people doing the right role in the right location”.

Costs can be reduced with a strategy of investing in high labour costs for a small number of people in important centres like London or New York, and then investing in other low-cost locations for people “whose roles are more transactional, or don’t need to be in front of the customer or supplier”, Parekh explains.

Some saving initiatives may result in shorterterm wins, while others may inadvertently risk fuelling longer-term profitability volatility

Exchange Group (LSEG), says he won’t prioritise removing costs “that are only going to have a one-off impact”.

“I prioritise driving the right business behaviours and identifying sustainable cash savings, which relate to recurring costs, to enhance enterprise value and potentially unlock reinvestment opportunities for revenue growth,” Parekh says.

“Some saving initiatives may result in shorter-term wins, while others may inadvertently risk fuelling longerterm profitability volatility,” he adds.

A “real cost take-out”, Parekh says, could involve identifying process efficiencies, improving labour productivity and reducing third-party fees and property costs.

“The pandemic has focused enterprises on their workplace strategy, and many are assessing the rationalisation of their office portfolio to reduce leasing costs, energy consumption and carbon footprint,” Parekh says.

Capital allocation

Preserving cash is essential, but finance directors must also consider

COST CONTROLS

• • Strategic cost management — Focus on eliminating inefficiencies and nonessential expenditures, rather than resorting to across-the-board cuts.

• • Prioritise ROI — Conduct thorough cost-benefit analyses to ensure that capital expenditures contribute meaningfully to growth and profitability.

• • Flexible financing — Instead of solely relying on traditional loans, consider alternative financing methods such as factoring, venture capital, private equity, or strategic partnerships.

• • Liquidity buffers — Maintain adequate liquidity buffers. Having sufficient cash reserves ensures the ability to cover unforeseen expenses and capitalise on opportunities.

• • Communicate — Transparent communication about investment plans and the rationale behind working capital management decisions builds trust and confidence among investors, lenders, and other stakeholders.

• • Optimise working capital — Streamline receivables and payables processes, negotiate favourable payment terms with suppliers, and incentivise timely customer payments.

strategic investments that contribute to future growth, while maintaining a healthy balance between liquidity and investment.

In practice, Parekh says this means “being really clear” how the investment aligns with the corporate strategy and if it will close the gap on either complexity, capability or capacity issues.

“Fundamentally, a strong capital allocation strategy with ruthless prioritisation can separate leading companies from the rest of the market,” he says.

For example, LSEG had a principle of “cost to achieve”, where for every pound spent to invest, a certain percentage of sustainable, incremental revenue had to be generated within a specified period.

“If an investment doesn’t fit into one of the corporate strategies, then automatically you start scratching your head and thinking ‘is this a real need-to-have?’” explains Parekh.

Open communication lines

Clear communication with stakeholders is paramount during times of financial defence.

Transparency about the reasons behind defensive measures, the company’s long-term vision, and the strategy for navigating challenges can instil confidence in investors, employees, and customers.

“Stakeholder communication is fundamental. Change management communication is fundamental. If a business is cost cutting too much all its good staff will leave,” explains Andy Blackstone.

Bobby Lane gives the example of a client with “a great business”. However, they lost around 50% of their revenue from one big customer who left overnight. He remembers “seeing the pain” in the chief executive’s face as he delivered the news.

“However, the chief executive explained what the plan was, what they were going to do with the business and how they were going to take it forward,” Lane says. “They didn’t lose one member of staff and that business has now recovered successfully and is making very decent profits.”

Richard Crump is an accounting and legal journalist

Every week, it seems like there is fresh research about the declining health of British citizens. In February the worsening health among under 5s in Britain, flagged by Academy for Medical Sciences research, shocked the UK. If unaddressed, this will limit their future and also damage UK future economic prosperity. But business leaders have a more immediate problem for now — the declining health of the current UK workforce.

If ever there was a case for improving health in Britain, now is the time. Nearly two million workers in Britain reported suffering from work-related ill health in 2022/23, according to The Health and Safety Executive (HSE). Around half of cases were attributed to stress, depression or anxiety.

Before the Covid-19 pandemic, the rate of self-reported work-related ill health had been broadly flat, but the rate is now on a continuous upward trajectory. Chronic conditions are challenging for employees and can

affect staff confidence and capacity to work productively.

Lesley Cooper, the founder and CEO of WorkingWell, says: “Employee ill health attracts multiple direct and indirect costs. The direct ones are easier to spot through sickness absence, private medical insurance

bills and even professional liability claims. But the indirect ones are more multiple and harder to identify and quantify. The sector faces its own seasonal challenges in terms of volatile demands and pressures, mainly driven by immovable return deadlines.”

HEALTH COST THE OF

What are the financial implications of ill health among the workforce and how can you best make a case for investing in their health?

However, accountancy leaders are aware of the problem and are taking it seriously. Many firms are investing in resources and support systems for mental health, such as employee assistance programmes (EAPs) and counselling services, to address the growing prevalence of stress, anxiety and burnout in the workplace.

Accountancy firms, like other sectors, are working hard to shift the cultural mindset — particularly in regard to mental health — by using tools, digital and otherwise, to offer staff a space to talk to specialists.

Vicki Cockman, head of client delivery at mental health trainer MHFA England, says: “External factors to our careers can affect our happiness and health in the workplace. How we deal with them will be different from person to person and therefore having a workplace culture where people are able to talk about their mental health and what supports them to stay well, in a supportive environment is vital.”

A culture shift

Creating an open culture where employees feel safe to talk is paramount, but safe spaces and supportive managers can also help those struggling with their health rather than feel ostracised or alone. Many organisations now have wellbeing strategies, but these should be targeted rather than scattergun.

Traditional metrics such as absenteeism rates and healthcare claims data can provide valuable insights, but experts warn they only tell part of the story. Accountancy leaders also need to consider key business metrics, such as productivity, profitability, and employee retention. With this data to hand employers can better assess how employee health Image: Getty

VITAL SIGNS

•

• An estimated 875,000 cases of workrelated stress, depression or anxiety in 2022/23 in the UK.

•

• An estimated 35.2 million working days were lost in 2022/23 due to self-reported work-related ill health or injury.

•

• In 2021/22, the projected annual costs of workplace injury and workrelated ill health reached £20.7bn, a £1.9bn rise on 2019/20.

Source: The Health and Safety Executive (HSE)

impacts their organisation and help them to think differently.

Data first

Evidence-based research and case studies highlighting the positive outcomes of wellness programmes, such as increased employee engagement, improved staff retention, and enhanced reputation as an employer, can help gain support from senior leadership and stakeholders.

According to the US Society for Human Resource Management, the average cost to replace an employee amounts to six to nine months of their salary. Researchers from Lancaster University and the University of London also found that around 5% of voluntary staff turnover can be directly attributed to concerns over mental health.

Lesley Cooper says that while there is currently no shortage of employee wellbeing interventions used by employers, “very few of them are provided as targeted interventions to meet known health concerns”.

“There are many interconnecting variables in employee wellbeing,

most of which are measurable and, through open conversation with the people affected, eminently modifiable. This not only offers a measure of current wellbeing but also provides an invaluable road map for where to invest in targeted support and learning resources,” Cooper adds.

Clearly, ill health in the workplace is costing billions annually and appears to be getting worse not better. It’s time to reframe the picture of UK ill health and for employers to begin viewing it as an investment rather than a cost. To do so requires evidence-based data.

Cooper says leaders must begin to reconsider the relationship between employee health, individual performance and business reliability and sustainability.

Accountants are well-positioned to gather and analyse data so maybe it’s time for firms to begin to look inwards and apply these financial and analytical skills to their teams’ health and thereby future proof workforces and their businesses.

Sarah Baldry, VP of people at AI chatbot mental health provider Wysa, says: “We continue to see a lot of ‘wellness washing’ in business. The most successful businesses will be those who integrate a year round, always-available employee assistance programme that is rooted in evidence, support their employees to deal with challenges, and (perhaps most crucially) address working practices and the psycho-social impacts of work that can cause poor health.

“We need to move to a place where prevention and treatment work hand in hand with evidence-based programmes that are proven to make a difference.”

SMALL G NS

Can the finance function experiment with AI… and where to start? Richard Sergeant investigates.

Accountants are going to be hearing a lot about AI in 2024 as software vendors look to take advantage of the technology to enhance their range of products.

The good news is that it should be them that takes care of thinking about how it can be best used in the day-to-day working of a busy practice. But that doesn’t mean you can’t have opportunities to experiment and get a feel for how things could work.

Helping clients with common challenges

Darren Jones of SharpenUp Accountants has been using the

ChatGPT tool to create simplified guides for clients around challenges facing many small businesses. He has created nearly 20 so far, covering a wide range of common issues such as VAT, bookkeeping, self-assessment, and deciding whether — and how — to form a limited company. “It’s taken a while to get right, but it took all the hard work out of bringing together the key information, meaning I could simply edit and check that they are 100% accurate.”

The time saving here is considerable, and having a raft of ready-to-go guides has been useful to create consistency in the information provided. Clients will still need support and advice to make the final

decisions, but this way they can be forearmed to help them understand the implications.

Recording and creating summaries of online client meetings

Given the amount of time spent talking to clients, there are readily available tools that plug into online meeting software that can not only take notes, but also create summary lists and actions without the need for any further effort.

Jessica Pillow of Pillow May has found this approach a much better way to create sharable documents with clients, and to store them next to their client records. “We’re enjoying

Tactiq, which summarises meeting transcriptions so we can be more engaged in the client meeting and the minutes are quicker to write up. We’re still playing with it as it’s a new 2024 tool for us, but we’re already seeing some benefits.”

Analysing data

Caution needs to be applied when using public-facing tools such as ChatGPT to analyse clients’, or indeed your own firm’s, data. There is considerable risk in terms of data privacy and therefore GDPR, so whatever the temptation, it’s best to only use tools supplied by your software supplier. However, that doesn’t mean that there can’t be

considerable value in researching and trying out different ways of presenting data that could be of use now, and to develop the skills in the future. Darren Jones has been doing this to provide context for some of his conversations with clients. This has included looking at cost of living data, in particular around things which have an impact on clients such as energy, wages and raw materials.

I can help to demonstrate to clients that their plans can be made in line with what’s happening in the wider world, not just their own gut feel

“Being able to review this and then create graphs and tables which I can share has opened up conversations around price increases and margin pressure. I can help to demonstrate to clients that their plans can be made in line with what’s happening in the wider world, not just based on their own gut feel.”

Learning to play

The idea of ‘having a go’ may seem like play, however as these tools develop,

WHERE TO START WITH AI

LLM (Large Language Model) tools — help with researching and creating text and images.

• • Chat GPT — openai.com/ chatgpt

•

• BARD — bard.google.com

• • Copilot — for MS Office 365 users

Meeting notes and summaries

• • Tactiq — tactiq.io

• • Fireflies — fireflies.ai

• • Otter — otter.ai

so will some of our awareness of how to get the most of them. In particular, the concept of ‘prompts’ is important to ensure we get the best responses and outputs.

Prompts are the commands that certain tools need to help deliver a response. Jones then refines what comes back.

“We use prompts such as ‘create a response for an owner of a busy local restaurant’, or ‘create a draft in bullet points that summarises the main issues, and also how these might impact taxi drivers’ - and it has a real impact on what comes back.”

AI integrated into your everyday tools

All the major bookkeeping software providers are planning on releasing integrated AI tools in 2024, and it already exists in certain tax and audit products. However, it would be fair to say that this is an area of promise at the moment, rather than hard reality.

Saying that, it is likely to grow and develop quickly, as the impact on business (and individuals) is potentially vast; so expect to see AI embedded into tools in every sector and facets of life.

Gaining some of the skills and confidence needed now, could help boost your client service in (currently) unimaginable ways in the near future.

Richard Sergeant is MD of Principle Point and a freelance journalist

SOCIAL BEING

Referrals from clients are often the main form of business development for small firms, but can practitioners be tempted into raising their profile online? Richard Sergeant reports.

Relationships are key to business success and, by definition, business development.

Increasingly this is not only done face to face, but through social media channels too.

While it’s easy to rely on your ability to ‘just do a good job’ for clients and reap the rewards of referrals, it’s also helpful if you can demonstrate your expertise, technical knowledge and understanding of the local environment to those who could be

clients of the future.

Social media extends and builds on the idea of networking and being front of mind, both to those that you know and those you don’t.

In many ways it’s like traditional networking in so much that it involves being active, in a certain ‘place’ and helping others understand how you can help.

Accountants have been using social networking to good effect for a number of years, but there is still the opportunity to sharpen up and it’s never too late to give it more of a go.

Professional profiles and personal touches

While you might engage with family and friends on sites such as Facebook, as professionals it doesn’t always feel appropriate to be so relaxed and informal. LinkedIn helps here by being specifically

My social media profiles don’t just include business details. This helps people to start more personal conversations if they’re interested

for business networking, meaning few you engage with are there in the context of sports or leisure interests.

Having a ‘considered profile’ allows others who know you to find you more easily, and it’s straightforward to build it up with your experience and areas of expertise. However, letting in some of ‘the personal’ can pay dividends, and harks to the reality that people do business with people; making sure you create the right impression doesn’t have to mean sterilising your personality.

Della Hudson, owner of Minerva Accountants and experienced user of social media, provides a good example: “My social media profiles don’t just include business details, I also mention that I’m a tea addict and a triathlete. This helps people to start more personal conversations if they’re interested.”

Engagement builds reputation

Being social is the key element to raising your head above the parapet and shouldn’t be intimidating. While some are prolific posters of updates, others prefer to comment, and some

take more of a watching brief. The mix you take is for you to decide, however the more you are willing to engage the more you are likely to reap the rewards.

Hudson sees this as something that can become natural very quickly. “I treat online networking just like face-to-face networking. You don’t just give a 60 second spiel and hand out a business card, you chat to people too. Being helpful is a great way for building relationships.”

Consistency helps

Forming habits are quite easy to do when it comes to social media, and while it’s not advisable to spend too much time on them, it is worthwhile reviewing, posting and commentating regularly. Accountants like Graham Leeds of Orchardmore Accountants bakes in a little time every day. “I just like to keep an eye on things, and find that dipping in for a few minutes each day is enough. I think you find a good rhythm and can fit it around work like you would the news.”

This consistency, along with

engagement, allows you to start to develop your online presence, which is both easy to manage while allowing you to be recognised by others.

Thinking about results

Ultimately it is about what you can gain from participating in social media that counts. The gains can be broad (and light). For Hudson, the interaction and what is gained by networking with peers can be very rewarding. “It’s so much easier to collaborate than to compete and I’ve made some fabulous friends, as well as gaining business referrals by networking with other accountants and vendors. We all want the best for small businesses and their owners.”

However, there is nothing wrong with trying to engage more with clients or indeed having a goal to bring in new clients like Graham Leeds: “I definitely would like to get more business from using social media, but see it as a way of allowing people to know how I can help and the fact that I will be there when they have a need.”

KEY SOCIAL MEDIA CHANNELS TO EXPLORE

LinkedIn linkedin.com

The number one site for business networking with peers, software vendors, clients and potential clients.

Facebook facebook.com

Familiar to many for contact with family and friends, but also

full of groups for local businesses, and busy private communities for the users of most major software brands.

Instagram instagram.com

Primarily used to post images and videos, often manipulated to add text that can promote

an idea, your business, or demonstrate your activity locally.

TikTok tiktok.com

Short videos often used to create fun or engaging content in a more informal style. Definitely one for those willing to embrace the social aspect.

Image: Getty

What support and advice do you need to give clients looking at passing on cash or assets? Santhie Goundar takes a look.

The ‘great wealth transfer’ is already underway. In January 2024, the Guardian reported that inheritance is “about to divide millennials into haves and have-nots” — and that this transfer of assets and/or cash from older generations to younger ones is “driven by legacies and parents ‘giving while living’.”

The coronavirus pandemic caused the biggest loss of life in the UK since the second world war, it added, and most of the 208,000 “excess deaths” between March 2020 and May 2023 were elderly people.

HMRC’s figures on inheritance tax (IHT) and capital gains tax (CGT) back this up.

Government receipts from CGT were £17bn for the year ended 31 March 2023, up from £15.8bn for 2022 and £12bn for 2021.

IHT receipts for April-to-December 2023 were £5.7bn – a £0.4bn rise on the same period in 2022.

Wealth management firm Evelyn Partners calculates that IHT receipts for 2023/24 are on track for a record £7.6bn — a 7.5% increase on the previous all-time high of £7.1bn in 2022/23, and a £1bn increase on 2021/22.

The firm’s tax partner Laura Hayward says the increases result from rising asset values, particularly for property, and frozen IHT thresholds.

With potential IHT changes being considered by both the government and the opposition, Paul Ayres, head of private client services at BDO, says that “now is a good time to discuss with clients what

their priorities are for business and wealth succession planning”.

When advising clients on how they should pass on their wealth, Ayres explains it is important to understand their objectives and their family dynamics, as well as their own current and future needs for capital and income. Once an adviser understands a client’s priorities, then you can consider how to achieve their aims, including any taxefficient options.

Giving it away

The challenge “is always balancing the need” for continued assets and the income they generate to fund later life, with giving assets away to reduce the size of the estate subject to IHT, says Tim Stovold, head of tax at Moore Kingston Smith. Regardless of their level of wealth, “many clients fear running out of money later if they start giving too much away now,” he adds.

Given how complex UK tax rules are, a range of different taxes could apply depending on what assets are gifted, notes Kate Aitchison, tax director at RSM UK. For example, where an individual is gifting residential property, the gift could be subject to IHT, CGT and/or stamp duty land tax (SDLT) if not structured correctly, she explains. “A gift of cash, however, may only crystallise a charge to inheritance tax.”

For a gift to be tax-free for IHT purposes, in most cases the individual making the gift needs to survive the gifting date by seven years. However, regular gifts out of income that don’t reduce a person’s standard of

living can fall outside of the estate immediately. This means starting small, regular gifts early can be more tax-efficient than large one-off gifts later on.

Anti-avoidance rules stop gifts being free of IHT if the person making the gift still benefits from the asset given away, Tim Stovold notes. For example, parents giving the family home to their children while continuing to live in it would be subject to IHT “unless the parents pay their children rent to reside there,” he explains. Kate Aitchison agrees: “If a parent gifts their house to their children, then unless they are paying a market rent to use the property, they have retained a benefit in the property” and IHT may apply.

A donor cannot retain a benefit – gifts must come with no strings attached, and the value of the asset must pass in full to a beneficiary.

“Gifting any assets — whether on lifetime or on death — can have a tax impact for the donor and potentially the donee [recipient], which the client needs to be aware of,” she says.

There are various steps that can be taken to reduce a future IHT liability, explains Laura Hayward, including keeping an up-to-date will to ensure that assets are distributed according to one’s wishes. A deceased spouse or civil partner can pass their estate to their surviving spouse without immediate tax consequences, and any unused IHT nil-rate band can then be passed on to the spouse for them to use in the future. Before the end of a tax year, individuals may want to use their annual gifting allowances before they expire, “as gifting will help to reduce the size of an estate — perhaps taking it below the nil-rate band,” says Hayward. “Likewise, as defined contribution pension pots are very IHT-efficient, some might look to use

AML AND HIGH-NET-WORTH CLIENTS

The Accountancy AML Supervisors Group (AASG) provides the following information relating to the antimoney laundering (AML) risks associated with providing services for high-net-worth individuals:

•

• HMRC guidance defines high-net-worth individuals as those who have a net worth of £10m or more.

•

• Not all high-net-worth individuals will be high risk, but risk will be elevated if they are a PEP or are high profile.

• • Overseas high-networth individuals may be higher risk if they are investing in UK property.

• • High-net-worth individuals may look

•

to use corporate structures or the services of professional advisers to structure their affairs to minimise tax.

• Risk will be greatest when the structures are complex and involve high secrecy jurisdictions.

•

• Family offices provide services to ultra-highnet-worth individuals and their families and can coordinate the management of companies in charge of a portfolio of investments adding an extra layer of privacy to further distance the true owners.

HMRC guidance states the following: High-net-worth

individuals have complex tax affairs. Their wealth can take many forms. It typically includes assets such as property and investment income, and they may have complex business arrangements. Their assets may be located in many different countries, and they generally have more choice over how they manage their income and assets than the average taxpayer. Almost all use tax agents to manage and advise on their tax affairs. It can be challenging for HMRC to understand their tax affairs and assess if there are any risks to address. The full HMRC guidance can be found here: tinyurl.com/ IFA-17001.

up their annual pension allowance with extra contributions.”

Not just about tax

Often the best advice is given collectively by a client’s tax, legal and financial advisers, Kate Aitchison says, especially for high-net-worth clients, who tend to have complex affairs. “A client can be comfortable that they understand all the implications of a potential gift, from both a tax and a practical perspective, and to ensure that gifts are properly documented and implemented so they are effective.”

However, Paul Ayres advises that tax shouldn’t be the only consideration

when discussing wealth or succession planning. “There is a danger that by focusing exclusively on specific tax issues, you could miss many wider points,” he adds.

It is important to remember that delaying planning also carries risks, Ayres adds. Any plans made on how to transfer a person’s wealth need not be implemented straight away, but “having discussions and, if desired, getting some of the paperwork sorted in advance will make it easier for your clients to achieve their goals”.

Santhie Goundar is a freelance journalist

Welcome to new members & new fellows

We welcome new IFA members who joined in January/February and congratulate our new fellows

New members

● Mr Muhammad Aasar AFA MIPA

● Mr Wasim Abbas AFA MIPA

● Mr Imtiaz Ali AFA MIPA

● Mr Johnson Amandor AFA MIPA

● Mr Muhammad Sadiq Amin AFA MIPA

● Mrs Racheal Annan AFA MIPA

● Mr Victor Annor AFA MIPA

● Mr Oheneba Ansong-Agyepong AFA MIPA

● Mr Seth Appiah AFA MIPA

● Mrs Zoe Appleby AFA MIPA

● Mr Sohaib Arshad AFA MIPA

● Mr Haridas Arumugam IFA AIPA

● Mr Edmund Attiku AFA MIPA

● Mr Adnan Awan AFA MIPA

● Dr Samuel Agyei Baah AFA MIPA

● Mr Kofi Boateng AFA MIPA

● Mr Syed Rafaqat Bukhari AFA MIPA

● Miss Hannah Dawn Castilleja IFA AIPA

● Mr Pradeep Chanaka IFA AIPA

● Mr Osman Dukuly AFA MIPA

● Mr Muhammad Gilani AFA MIPA

● Mr Michael Hanson AFA MIPA

● Mr Syed Hassan AFA ATA

● Mr Stéphane Koussé AFA MIPA

● Mr Tsz Wah Leung IFA AIPA

● Mr Ghanim Mattar Bin Lahej Al Falasi AFA MIPA

● Mr Charles McCulloch AFA MIPA

● Mr Daniel Mensah AFA MIPA

● Mr Charlton Minnaar IFA AIPA

● Mr Mohan Mohan AFA MIPA

● Mr Peter Mozsa AFA MIPA

● Ms Sana Mutahir AFA MIPA

● Mr Zaid Nasir AFA MIPA

● Mr Nyaruviro Nyaruviro IFA AIPA

● Mr Nuhu Osmanu AFA MIPA

● Mr Olayinka Owojaiye AFA MIPA

● Mr Richard Owusu-Banahene AFA MIPA

● Mr Pareshkumar Patel AFA MIPA

● Mr Ahsan Qayyum IFA AIPA

● Mr Sanjaya Ranneththige IFA AIPA

● Mr Ali Raza AFA MIPA

● Mrs Gloria-Ann Saakwa-Mante AFA MIPA

● Mr Mohamed Sajeel AFA MIPA

● Mr Najam-Us Saqeb AFA MIPA

● Mr Daniel Sarfo AFA MIPA

● Mr Muhammad Bilal Shafiq AFA MIPA

● Mrs Rabia Batool Shaukat AFA MIPA

● Mrs Harriet Stirling IFA AIPA

● Mr Syed Zaker Syed Ibrahim AFA MIPA

● Mr Muhammad Tanweer AFA MIPA

● Mr Yonas Tsegai AFA MIPA

● Mr Sohail Walli AFA MIPA

● Mr Husnain Zahid IFA AIPA

New fellows

● Mr Abdul Rafay Mohammad Ajmal FFA FIPA

● Mr Abdul Shahid FFA FIPA

31 March 2024

ATED returns amendments

Deadline to amend annual tax on enveloped dwellings (ATED) returns for the year ended 31 March 2023, and pay any tax due.

1 April 2024

R&D regime changes

The UK research and development (R&D) regime changes apply for accounting periods starting on or after this date — a merged scheme will replace the old R&D expenditure credit (RDEC) and SME R&D relief schemes. Restrictions on some overseas expenditure in R&D tax reliefs apply from this date. There is

also a new R&D-intensive scheme for loss-making SMEs, and the threshold reduces from 40% to 30% for accounting periods starting on or after this date.

Landfill tax, aggregates levy, and climate change levy

Landfill tax rates and the aggregates levy rate will increase in line with RPI. Climate change

levy amended main and reduced rates take effect.

Charity taxation changes

Community amateur sports clubs and non-UK charities are no longer eligible to claim UK charitable tax reliefs from this date.

Making Tax Digital for Corporation Tax pilot

31 May 2024

PAYE Form P60

Last date for an employer to issue form P60 for 2023/24 to employees working for that employer on 5 April 2024.

5 July 2024

PAYE Settlement Agreement

Deadline date for a business to agree PAYE Settlement Agreements for 2023/24.

1 May 2024

VAT on vehicles sold in Northern Ireland

From this date, businesses must account for VAT on the full sale price of any vehicle bought in Great Britain and sold in Northern Ireland.

30 April 2024 ATED return submission Deadline to file returns with HMRC for annual tax on enveloped dwellings (ATED) for the year from 1 April 2024 to 31 March 2025.

9 April 2024

Consultation on tax simplification for alternative finance

Closing date for government consultation on reforms that would address the difference in tax treatment when a commercial or residential property is refinanced using alternative rather than conventional finance methods.

6 July 2024

Employment returns

Annual share plan return for the year ended 5 April 2024, commonly referred to as the employment-related securities (ERS) return, needs to be submitted to HMRC by this date to avoid a late filing penalty. If the scheme is no longer required, the employer (not their agent) must ensure they cease the scheme.

This is also the filing deadline date for Expenses and Benefits forms P11D(b) and P11D to reach HMRC.

19 July 2024

Class 1A NICs on benefitsin-kind

Deadline for payment of outstanding Class 1A NIC arising on benefits-in-kind by one’s employer for the tax year ended 5 April 2024 (22 July if paying electronically; 19 July if not).

31 July 2024 Selfassessment tax payment on account

Deadline date for a second payment on account of estimated tax due under selfassessment for the year ended 5 April 2024 – as well as for trusts and partnerships.

5 October 2024

Registration with HMRC for 2023-24 self-assessment

Date by which a person who was self-employed or a partner during the year ended 5 April 2024 must register with HMRC for tax purposes, or if untaxed income –including capital gains exceeding £6,000 –arose. Also partnership registration date.

KEY REGULATORY EVENTS,

Santhie Goundar provides a review of regulatory happenings you need to know.

Date scheduled for the Making Tax Digital for Corporation Tax pilot scheme, with a view to mandation from April 2026.

Business

rates relief extension

Eligible occupied retail, hospitality and leisure business properties will receive 75% relief on their business rates bills for the 2024/25 year up to a maximum cap of £110,000.

5 April 2024

Year end for selfassessment threshold change

From the tax year 2023/24, the self-assessment threshold for individuals taxed solely through PAYE will be increased from £100,000 to £150,000. (The threshold for 2022/23 is £100,000). Individuals who submitted a 2022/23 tax return indicating income between £100,000 and £150,000 was taxed through PAYE, and who do not meet any other criteria for self-assessment, should receive a self-assessment exit letter from HMRC.

6 April 2024

Basis period reform start date

From 2024/25, i.e. the tax year starting from this date and ending 5 April 2025, all unincorporated businesses will be taxed on the profits generated between the tax year’s start and the end dates, regardless of the year-end that a business prepares its accounts to. A business’s year-end falling between 31 March and 5 April will be treated as if it falls at the end of a tax year. (2023/24 was a transition year, with businesses taxed on a long period of account ending 5 April 2024 if they do not already prepare their accounts to that date.)

National Insurance changes

Changes to National Insurance contributions (NICs) for self-employed people apply. From this date, Class 2 NICs are abolished for those with profits above £12,570, and the rate of Class 4 NICs reduces from 9% to 8%.

Dividend and CGT allowance reductions

The dividend allowance reduces from £1,000 to £500. The capital gains tax (CGT) annual exempt amount reduces from £6,000 to £3,000 for individuals, and from £3,000 to £1,500 for most trustees.

Cash basis

The cash basis (as opposed to the accruals basis) is the default method accounting for selfemployed businesses and partnerships. Turnover, interest and loss relief restrictions are removed.

Off-payroll working (IR35)

From this date, in cases of IR35 non-compliance, PAYE liability calculations can take account of tax and NIC already paid by a worker and their intermediary where the worker was paid through an off-payroll working arrangement.

Pension allowance changes

The pensions lifetime allowance will be abolished from this date (the lifetime allowance charge was already abolished on 6 April 2023). The maximum amount which an individual can take as tax-free cash will be frozen at £268,275 (25% of the current standard lifetime allowance of £1,073,100).

Construction Industry Scheme (CIS)

Changes to the CIS gross payment status test apply from this date to include compliance with VAT as well as other taxes.

Scottish income tax changes

The new 45% advanced rate of income tax applies in Scotland to income between £75,000 and £125,140, and the top rate increases from 47% to 48%.

19 October 2024

PAYE settlement agreement payment date

Deadline for income tax and class 1B NIC arising under PAYE Settlement Agreement (22 October if paying electronically).

31 October 2024

Paper self-assessment tax return deadline

Deadline date for submission to HMRC of paper tax returns for partnership, trust, and self-assessment for the year ended 5 April 2024. Electronic returns have a later filing date (submit online by 31 January 2025).

CONSULTATIONS AND DEADLINES

17 December 2024

General

Election must be called by this date

Under the Fixed-Term Parliament Act, the UK government must call a General Election by this date (i.e. exactly five years since Parliament first met after the last General Election). If one has not been called by this date, then Parliament will be automatically dissolved and the election will take place 25 working days later.

The first article in this two-part series looked at the strategic steps required to begin a finance modernisation project. Now it’s about understanding the talent requirements you have and gaining buy-in from the executive to support change.

Planning and executing a modernisation project

•

• Secure executive support

Implementing a modernisation project requires the support and buy-in of senior executives, including the CEO and board members. The CFO plays a crucial role in effectively communicating the importance of modernisation and securing the necessary support and resources.

•

• Build the right team

Building a competent and diverse team is vital for the project’s successful execution. The team should consist of individuals with expertise in various areas, including technology, process improvement, change management, and finance. In the context of long-term considerations, it can be beneficial to train finance professionals as robotic process automation (RPA) developers to cater to the automation needs within the finance function.

•

• Leverage technology

Embracing new technologies and tools is fundamental. As the CFO, it is crucial to actively explore emerging technologies like artificial intelligence (AI), RPA and cloud-based solutions. These technologies offer immense potential to streamline processes and enhance efficiency within the finance function. In essence, the primary focus of the modernisation project should be to automate as many tasks as possible.

YOUR VIEW

Modernising finance: teams and innovation

In the final part of our ‘modernising finance’ series, IFA member Arif Uddin delves into people skills and talent management.

•

•

•

• Foster a culture of innovation Modernisation necessitates a change in mindset and the establishment of a culture that embraces continuous improvement. As the CFO, it is crucial to foster an environment where employees are encouraged to embrace change, experiment with new ideas, and collaborate to drive innovation. This often includes promoting a culture of openness and positivity during the project to instill confidence in employees regarding the upcoming changes.

• • Monitor progress and adjust The finance function encompasses a significant number of processes, making it essential to continuously monitor the implementation of modernisation

initiatives in each area.

The CFO should establish key performance indicators (KPIs) to assess the success of the project and make any necessary adjustments as things progress.

The CFO’s role in modernising the finance function

• Talent management

The CFO is responsible for building a future-ready finance team by identifying skill gaps, developing training programmes, and attracting top talent. They ensure the finance team has the necessary capabilities to navigate the changing landscape.

• Stakeholder engagement

The CFO collaborates with other stakeholders, such as IT, operations, and other business units, to ensure alignment and integration of the modernisation efforts. They must foster true cross-functional collaboration and create a unified vision for the organisation’s successful financial transformation.

The first part of Arif’s feature was in our November/December 2023 issue.

Arif Uddin is a senior director at Grameenphone

Describe yourself to us

I am a self-motivated finance professional who is passionate about numbers. Having completed my BBA and MBA with a major in accounting, I joined the Grameenphone finance team (the largest telco in Bangladesh, a subsidiary of Telenor) back in 2005.

Why is the future bright with the IFA?

I joined the IFA as an associate member in 2021. It is globally recognised; committed to public interest; and maintaining high ethical standards. Having been SME/SMPfocused, there is a bright future for it to support members and clients in evolving start-ups under the changing digital landscape.

What is the most interesting part about your job?

In telecommunications, change is the only constant. Adapting to continuous change in the business model/ product portfolio and applying them in accounting and reporting to aid management decision-making is the most challenging yet interesting part of my job. Here, collaboration with the rest of the organisation is the key to achieve its goals.

What is the most rewarding moment in your career?

I was involved in a cross-functional ‘war room’ for nearly three years, where management and senior staff met daily to monitor business performance, discuss challenges and take decisions. It was a

OUR STORY

Bangladesh-based Mohammad AtaharAli talks adapting to continuous change, his favourite biriyani and the future.

stressful yet enjoyable journey for me, and my contribution was acknowledged and praised.

Who is your role model, in life or in your career, and why?

I don’t have any particular role model in my life to follow. I believe everyone is unique and has something I can learn from. I try to learn different good things from different people and accommodate that within myself.

What is your favourite food?

Mutton biriyani (traditionally called Kachchi biriyani) — a dish cooked with flavoured rice, mutton and spice; served with roasted potato.

Most useful tech tool or app, and why?

I just love Excel. Apart from this, Teams is great for collaboration.

Memorable career moment?

momen

During visit ou went to of our c In the e o return work saw a peop motiv That thes behi

During a market visit outside Dhaka, we went to the office of one of our channel partners. In the evening, the sales force of the distributor returned from their work and joined us. We saw a lot of exhausted people, but they were motivated to see us. That day, I realised these were the heroes behind our success.

How do you spend your time away from your role?

I love travelling with my wife and the kids. I am also a sports lover (cricket, football); enjoy reading light stories/ novels and tracking planes.

What do you see as the path ahead for you and your career?

I want to be a finance professional who understands complexity and can be a trusted partner by adding value to the business.

MOHAMMAD ATAHAR ALI

Images: iStock

Financial Reporting

Quarterly Update

Preparing financial statements and annual statutory accounts is a constant part of an accountant’s role — especially for those working for a small business or advising them. Matthew Shaw provides updates in financial reporting requirements plus any small changes in the accounting treatment of different areas.

5 June | 10am - 12pm

4 September | 10am - 12pm

4 December | 10am - 12pm

CPD hours

Per quarter: 2

Bundle: 8

Price per quarter

IFA members & affiliates - £55

Non-members - £79

Price per bundle (four webinars)

IFA members - £198

Non-members - £284

Payroll webinars

Hosted by the IFA with guest speaker Alison Cook, our payroll webinars are intended for members and non-members who wish to build a better understanding of payroll matters.

9 April | 9.30am - 11.00am

15 May | 9.30am - 11.00am

CPD hours: 1.5

Prices:

IFA members & affiliates - £55

Non-members - £70

AML Matters

Our programme of practically focused webinars support and help build understanding of antimoney laundering requirements for members and accounting professionals.

3 April | 9.30am – 12pm

1 May | 9.30am – 12pm

6 June | 9.30am – 12pm

CPD hours

Per webinar: 2.5

Bundle: 7.5

Price per webinar

IFA members & affiliates - £70

Non-members - £90

Price per bundle (three webinars)

IFA members & affiliates - £189 Non-members - £243

Charity taxation

This webinar will look at all major taxes, covering the specific rules, allowances and exemptions applying to charities.

18 April | 9.30am - 12pm

CPD hours: 2.5

Prices:

IFA members & affiliates - £70

Non-members - £90

Regional networking events

Scotland

24 April | 5pm–7.30pm

FRP Advisory offices, Level 2, The Beacon, 176 St Vincent Street, Glasgow, Scotland G2 5SG

CPD hours: 2.5

Price: Free

WEBIN AND

IFA Tax series

Focusing on tax topics relevant to small business, our quarterly series features speakers who are experts within the industry. The webinars run across three weeks and last two hours each.

Quarter 2

12, 20, 27 June

Quarter 3

12, 19, 26 September

Quarter 4

21, 28 November, 5 December

CPD hours

Per quarterly series: 6

Bundle: 24

Price per quarterly series

IFA members & affiliates - £109

Non-members - £130

Price per bundle: (12 webinars)

IFA members & affiliates - £390

Non-members - £468

ARS

Maintaining your continuing professional development couldn’t be easier, wherever you are.

MEETINGS

AML Conference online

Gain valuable insights from experts about AML regulatory updates and how best practice can protect your business from being misused for the purposes of criminal activity at our inaugural AML Conference online.

21 May | 9.45am – 3.15pm

CPD hours: 5

Prices:

IFA members & affiliates - £65

IFA Direct students - £40 Non-members - £90

IFA Conference

For 2024, our flagship event is bringing members together in one venue on one date. Covering a broad range of relevant topics carefully chosen to meet the needs of those working in micro, and small to medium-sized enterprises and accountancy practices the IFA Conference enables you to update your knowledge on changing regulations and network with peers and external professional advisers.

25 June 9.00am4.30pm

Royal College of Physicians, 11 St Andrews Place, Regents Park, London NW1 4LE

CPD hours: 7.5

Prices

IFA members & affiliates: £135

Non-members: £160

Online learning

Business and management short courses

Our new online CPD courses are offered in partnership with ATHE, an Ofqual-regulated awarding organisation through their accredited centre, UK Versity and cover:

Business skills

Management skills

Digital skills

Coaching and mentoring

They provide:

A variety of on-demand bitesized courses which range in level from entry through to advanced. Specific and relevant skills and knowledge.

Access to an online portal to support your study.

Opportunities to acquire targeted competencies, often in a matter of weeks rather than committing to traditional longterm courses.

End of course written assessment.

Ofqual certification on successful completion of final assessment.

Credits that can build towards ATHE-nationally recognised qualifications.

Price

Each course costs £250 + VAT per person.

Fees are paid directly to the ATHErecognised centre, UK Versity.

IFA Direct

IFA Direct is administered in partnership with ATHE, a global awarding organisation regulated by Ofqual. The programme comprises 14 flexible online study units including financial accounting, assurance, business taxation and core reporting for strategic business.

Units are studied over foursix weeks via a secure learning platform and run continuously meaning you never have to wait before starting a new subject.

IFA Direct provides:

Choice of ATHE recognised centres

Personalised learning plans

Access to online tutorial support

Online lectures

Online resources such as ebooks, presentations, case studies and articles

Supervised independent learning

Access to IFA resources including:

Member-only technical resources

End of unit written assessment

Certificate on completion

Transferable credits

Cost per unit

Each unit costs £320* with a one-off learner membership fee of £50*.

Fees are paid directly to the ATHE-recognised centre.

*VAT where applicable will be charged by the centre directly.

You can find out more about IFA Direct and the business and management short courses at ifa.org.uk/learning or contact the education team at education@ifa.org.uk.

Around the country

EASTERN REGION

Keep on talking

Eastern region ambassador

Ian Hornsey discusses why conversations with both clients and IFA members can only be virtuous.

Tell us about your roles and responsibilitieshas anything changed since we last spoke?

The practice in which I’m a partner has undertaken both a merger and an acquisition in the past 18 months. We are now Devonports LAS.

Whatever the structure of the deal, it’s about compromise and understanding very clearly the direction of travel of the firms, staff and the partners. It’s important to learn how we all operate, and how we act as individuals — unless you do that it won’t work.

As you move through the learning process then it’s about integrating, driving economies of scale, and improving client offerings. I think a lot of practice owners struggle to make the shift from it being ‘their firm’ to becoming a custodian. We’re now one of the IFA’s largest practices.

What is the current business and economic climate in the Eastern region?

It’s an ‘interesting’ year ahead. There will be difficulties, particularly with hospitality and construction. With the

Budget and forthcoming UK election there is uncertainty. This is where accountants hold such an important role: in advising their clients correctly and as early as possible about risks and opportunities ahead.

Gaining access to funding is difficult. Increasingly we’re having to look beyond the high street banks for client options. This means us having to have a good understanding with those making finance available. And it means we need good access to their financial data.

How does the IFA work with members, business and the local community?

We are running webinars online, but it’s more important than ever that members meet face-to-face and network among themselves and other business experts. We’re holding regular meetings in Brentwood, Essex, which seems to be a popular venue — with up to 50 attendees.

We have speakers for CPD purposes, but the networking is a fundamental part of those meetings too. We have bankers, lawyers and financial advisers and more attend.

REGION IN FOCUS: EASTERN ENGLAND

Mixed messages abound across the UK’s economy: stubborn inflation; energy prices falling; employment holding up; mortgages creeping down but consumer credit rising.

In Kent, house prices are up 2% year-on-year to June 2023, with areas such as Tunbridge Wells (10.2%) and Dover (11.7%) seeing big increases. These were offset by fallers, including Sevenoaks (-7%), according to the latest Kent Property Market Report.

And while many traditional retailers shut, the report flags an increase in independent retailers opening outlets. Newer office space is sought, as older offices fail to meet the incoming legal requirement for a ‘C’ rating for efficiency.

•

• More than £5m has been awarded to Essex for skills funding. The package will support developments outlines in Local Skills Improvement Plans, and go to colleges, universities and independent training providers, reports Business Time in Essex.

•

• A £1.6m public square development has begun in Colchester’s city centre. The St Nicholas Square improvement plan comes as a £6.25m digital creative hub began construction a month earlier.

•

• Pfizer is to shed half of its Kent workforce, costing around 500 jobs, according to reports. The Sandwich-based Discovery Park has operated for nearly 70 years.

•

• Growing Kent & Medway is offering a slice of £600,000 for businesses looking to innovate their food, produce and drink supply chains. Up to £50,000 per organisation will be awarded for ideas and methods that develop sustainable production, product and packaging, reports Kent Business News. Image: Alamy

We spoke over a year ago –what’s happened in your life and career?

We are expanding education centre BIMT Campus into other Sri Lankan cities in order to support management and technology learning. We have aimed to make high standard education affordable for students as a tertiary education provider.

What has happened in your work with the IFA?

I have been working as a regional director of the IFA for five years, educating financial and accounting professionals about the institution’s mission and vision in Sri Lanka. My role is about creating a brand for the IFA among students and employers.

What has happened in Sri Lanka?

Sri Lanka’s economy will rebound in 2024, following two consecutive years of contraction, although the economy will continue to grow below trend owing to a severely damaged policy infrastructure. Higher electricity prices, following International Monetary Fund (IMF) conditions, will continue to pinch.

As Sri Lanka is a beautiful country, tourism is key for its economy.

Has doing business in Sri Lanka changed since we last spoke? If so, how?

US$75bn GDP in 2022

T

US$4.9bn Trade deficit in 2023

Indebted Sri Lanka is looking to drag itself into a more certain financial and economic future. However, questions need answering.

Firstly, presidential elections will be taking place in the

YOUR WORLD

Farshath

Abdul Jamaldeen

can see better times on the horizon for Sri Lanka, while the IFA’s influence grows ever stronger in the country.

The government is providing adequate institutional support for the business community, potential entrepreneurs, foreign investors and investment promotion agencies, to establish a business here. We are seeing business process outsourcing (BPO) set up. Sri Lanka is a good market to outsource business processes to, as you can find wellqualified professionals here.

What events have been run in the last year on behalf of the IFA?

We organised a face-to-face training session on anti-money laundering policies, in collaboration with the AMLCC (Anti-Money Laundering Compliance Company), which was held at BIMT Campus, Colombo.

What is the future for the IFA in Sri Lanka, and why?

The IFA now has a brand in Sri Lanka. We update members with the latest industry news and features. The AFA and MIPA qualifications enhance members’ standing and reputation with their business colleagues, clients and fellow professionals.

-4.2% Estimated GDP growth in 2023

22.4m Population (2022)

45% Inflation (2022) t

autumn. Incumbent Ranil Wickremsinghe stepped into the position as then-prime minister, following protests against the government’s mismanagement of the economy. However, Human

Rights Watch warns his focus is on suppressing dissent.

The International Monetary Fund notes that Sri Lanka is showing signs of economic recovery, with inflation curbed and revenue increasing.

1.6% Real GDP growth y-o-y in Q3 2023

It is also looking to obtain debt restructuring with holders of its defaulted US dollar bonds in the near future, reports the FT. This relates to $13bn (£10.3bn) of debt that was defaulted on in 2022.

SRI LANKA

As an AML supervisor, the IFA has a commitment to meet targets set by its regulator, the Office for Professional Body Anti-Money Laundering Supervision ((OPBAS) housed within the Financial Conduct Authority). To ensure we achieve this, we need to increase the number of reviews we carry out on our supervised firms.

To accomplish this efficiently in a risk-based manner, the AML review team has created a new focused desktop review for some of our monitoring work. Below, members can find out what to expect from a focused desktop review, as well as the resources available to help firms put in place procedures to minimise the risk of money laundering.

What to expect

If no high-risk factors have been identified from the firm’s annual return and firm-wide risk assessment, we are able to use an abbreviated work programme to confirm our initial risk assessment. This format is less intrusive and time-consuming than our standard review programme which involves video conferencing or on-site time with the firm.

Much of the review can be carried out using information from the firm’s submission of annual returns and firm-wide risk assessment. In addition, we will ask firms to provide details of their AML policy and procedures, AML training and compliance reviews undertaken in the last year, alongside some examples of client due diligence.

Once the reviewer has assessed the information provided, we will issue a letter via email with our conclusions on the firm’s level of compliance, including an action plan. This will

How will AML ‘desktop reviews’ work?

AML ISSUES THE IFA FINDS

Common issues the team find while conducting reviews include: not tailoring the policy and procedures document to set out what the firm does in practice; confusing a client risk assessment with a firm-wide risk assessment; or not conducting an annual compliance review if the firm has staff

cover any issues we have identified, which must be addressed, as well as suggestions for improvement. The firm must reply to this letter in ten working days with confirmation of the action it will take.

Once the firm has confirmed the action it will take and where necessary, provided evidence of this, we will send a letter concluding the review.

Help and support

The reviews are designed to support our firms. The team of reviewers help with all aspects of AML compliance and we send a guidance document with all the information firms need to put effective procedures in place. Templates which cover AML policy and procedures, client due diligence and firm-wide risk assessment are available on the technical resources section of our website: ifa.org.uk/ amltemplates.

Don’t wait until you are selected for a review to put your procedures into place. All our supervised firms can expect a review at some point. If you have any questions or are unsure about any aspect of your AML compliance, you can contact the team on AML@ifa.org.uk

BUSINESS DIRECTORY

Tax relief

Catax

Catax are experts in specialist areas of tax relief. They have been helping clients secure tax relief for 10 years and have identified over £204m in tax benefit for their clients to date.

The average client benefit for capital allowances is £47k and the average for research & development and the Patent Box is £51k. We break down the claims process for you, so all your clients need to do is provide us with some

details, and we’ll take care of the rest. There are no complicated forms to fill out, no legal language to unpick and no tax law to get your head around.

Headquartered in Manchester, with offices in London, Edinburgh, Glasgow and the Channel Islands, Catax work with businesses across the UK. They have a team of more than 100 in-house experts which includes surveyors, tax technicians, accountants, and report writers. They are also ISO 9001 accredited.

Simplifying Income Tax Self Assessment

APARI Pro

APARI Pro is a unique platform offering specialist tax services to accountants and their clients. It uses automated data capture and extrapolation to deliver significant efficiencies along with added-value services to accountancy clients.

Seamlessly automating live calculations

of clients’ tax affairs, APARI Pro delivers efficiency, accuracy and transparency. Through the use of APARI Pro, accountants can enjoy added value service, real-time client data insights, increased client retention and an overall future-proof, long-term solution to simplify tax return processes.

CATAX

0300 127 8394

Paul O’Kell

Paul.Okell@catax.com

catax.com

APARI PRO

01788 422175

accountants

@apari-digital.com

apari.pro

Self-invested personal pensions

Mattioli Woods

With offices UK wide, we administer over 10,000 clients and hold £8.3 billion of assets. We can proudly claim to be a leader in the field of self-invested personal pensions (SIPP) and small self-administered schemes (SSAS), and such arrangements are often central to our clients’ pension strategy.

We take full account of the wider opportunities, including ISAs and other forms of personal investment; taxation and trust planning; and work with our clients to develop a balanced financial plan.

MATTIOLI WOODS

07792 775174/0116

2408700

kieran.mehngar@ mattioliwoods.com

mattioliwoods.com

AML Conference Online 2024

TUESDAY 21 MAY | 9:30AM TO 4:00PM

The role of the MLRO

Richard Simms, Managing Director AMLCC

What to expect in an AML review

IFA AML Review team

Bringing SARs to life

Emma-Jayne Turner, Manager - Reporter Engagement, UKFIU, National Crime Agency

“All too familiar” video and discussion

Tim Pinkey, IFA Director of Professional Standards and Ian Hornsey, IFA Director and Regional Ambassador

Gain valuable insights from experts about AML regulatory updates and how best practice can protect your business from being misused for the purposes of criminal activity.

IFA Member & affiliate£65

IFA Direct student £40 Non-member £90

6.5 CPD HOURS