Chairman of Members Advisory Committee: Ian Hornsey Executive Director — UK: Jonathan Barber EA to the CEO (UK) & Risk Coordinator: Jolene van Wyk +44 (0)20 3567 5832 | jolenevw@ifa.org.uk
Head of People and Operations: Jane Capaldi
+44 (0)20 3567 5830 | janec@ifa.org.uk
Director of Professional Standards: Tim Pinkney timp@ifa.org.uk
Disciplinary Case Manager: Lisa McNeela | lisam@ifa.org.uk
Regulatory Case Manager: Clara Robinson clarar@ifa.org.uk
AML Reviewer: David Erichsen | davee@ifa.org.uk
AML Reviewer: Mizanur Rahman | mizanurr@ifa.org.uk
AML Reviewer: Sara Moras | saram@ifa.org.uk
Head of Compliance: Bill Bewes
+44 (0)20 3567 5841 | compliance@ifa.org.uk
Compliance Officer: Anthony Higgins +44 (0)20 3567 5842 anthonyh@ifa.org.uk
Compliance Officer: Erin Campbell
+44 (0)20 3567 5834 | erinc@ifa.org.uk
Member Growth Executive: Paul Flowers
+44 (0)7946 528029 | paulf@ifa.org.uk
Member Growth Executive: Alan van Wyk
+44 (0)7387 845590 | alanvw@ifa.org.uk
Member Growth Executive: Gavin Westcarr
+44 (0)7989 594 198 | gavinw@ifa.org.uk
Head of Communications and Marketing: Debbie Homersham +44 (0)20 3567 5833 debbieh@ifa.org.uk
Membership and Professional Standards Administration Coordinator: Jessica Baker +44 (0)20 3827 5828 | jessb@ifa.org.uk
Finance Officer: Yasheema Hall +44 (0)20 3567 5839 | membership@ifa.org.uk
Professional Development and Advocacy Manager: Kyle Baker-Kemp +44 (0)7539 995290 | kylebk@ifa.org.uk
Financial Accountant is published on behalf of the Institute of Financial Accountants (IFA) by Redactive Publishing Ltd +44 (0)20 7880 6200 redactive.co.uk
Account Director: Tiffany van der Sande tiffany.vandersande@redactive.co.uk | +44 (0)20 7324 2793
Editor: Kevin Reed Group sub editor: James Hundleby Senior designer: Seija Tikkis McPhail Picture researcher: Jessica Marsh
While every care has been taken in the compilation of this magazine, errors or omissions are not the responsibility of the publishers or of the editorial staff. Opinions expressed are not necessarily those of the publishers or editorial staff. All rights reserved. Unless specifically stated, goods or services mentioned are not formally endorsed by Institute of Financial Accountants, which does not guarantee or endorse or accept any liability for any goods and/or services featured in this publication. ISSN: 1357-5449. Copyright: Institute of Financial Accountants
Recycle your magazine’s plastic wrap. Check your local facilities to find out how.
ANDREW CONWAY
Sustainability reporting – let small business have
Sustainability reporting is no longer a concern only for large corporations – it is reshaping the entire business landscape, and small businesses should prepare for the shift. The introduction of International Sustainability Standards Board disclosure standards (IFRS S1 and IFRS S2) in June 2023 intensified the global focus on sustainability.
In the UK, mandatory climaterelated financial disclosures for large companies and financial institutions, aligned with the Task Force on Climate-related Financial Disclosures recommendations, are setting the stage for industry-wide accountability. While these requirements currently apply to larger firms, SMEs will inevitably feel the impact as supply chain expectations tighten, investors demand greater transparency and customers seek sustainable business partners.
For years, climate reporting lacked a unified approach, but this is quickly changing, and the influence on SMEs is undeniable. However, this shift also presents a significant opportunity. Those who embrace
sustainability reporting can enhance operational efficiency, gain investor confidence, and unlock new financing options. By adopting streamlined reporting frameworks, SMEs position themselves as responsible, forwardthinking businesses prepared for the evolving regulatory landscape.
Sustainability reporting is a chance to create long-term value. Accountants play a pivotal role in helping SMEs navigate this transition by leveraging digital tools, conducting climate disclosures, and collaborating with sustainability specialists.
As UK regulations evolve, small businesses embracing sustainability reporting will gain a competitive edge, enhance resilience and build stakeholder trust.
Let’s get the conversation going.
JONATHAN BARBER
Authenticate your impact on clients
Our commitment to supporting our members is about fostering open discussions and meaningful engagement. Last year, we hosted the first UK Members Advisory Committee (MAC) town hall, providing a valuable platform for members to gain deeper insight into the work of the MAC, share perspectives and discuss key industry developments.
I’m delighted that we are hosting four online MAC town halls this year, with the first taking place on 25 March. Whether you have questions, ideas, or simply want to stay informed, these sessions offer a unique opportunity to connect with your regional ambassadors and fellow members. Your voice matters and I encourage you to take part by registering via the website.
Effective from 1 January 2025, the IFA Disciplinary Regulations have been amended to allow for complaints to be dealt with by way of a fixed penalty. The fixed penalty policy explains the circumstances that might give rise to a fixed penalty, how fixed penalties are issued and what a fixed penalty includes. It also includes details on the process following the acceptance or non-acceptance of a fixed penalty. It is your responsibility to be aware of the fixed penalties
and how they work – see ifa.org.uk/ memberregulations.
You may have seen the business hub under the technical resources section on the website. We have pulled together all our existing business resources into one place, making it quick and easy for you to find the information you need.
Turning to the awards, I’m pleased to highlight that Capium is sponsoring Practice of the Year, EB Now is sponsoring Rising Professional of the Year, and Equals Money is sponsoring Member of the Year. Find out more about all of our sponsors at the IFA Conference and awards drinks reception. Early-bird ticket prices end on 4 April.
There’s still time to gather supporting material and enter. Testimonials from other people are a great way of demonstrating a specific reason your service was outstanding and boosting your credibility. You can find more guidance at ifa.co.uk/ awards. Nominations close on 11 April.
Jonathan Barber
IFA
Executive Director – UK
Testimonials are a great way of demonstrating a specific reason your service was outstanding
KEVIN REED
Accounting for time
What will you be doing in ten years’ time? I ask the question because, simply put, our main business and practice features provide suggestions as to what may be going on in your roles.
Of course, for the younger generations you may have changed jobs ten times in that period. And while us older types generally prefer a more measured path, it’s fair to say that ‘measured’ isn’t really a term that fits well with the current social, political and economic environments.
international accounting standards. Others have become payroll specialists, practice leaders, data analysts or CEOs.
If you throw in the pace of change of technology and its integration into our daily personal and working lives, then we have been brave to gather predictions of the future.
I guess the big question is: will the world need accountants?
The short answer to that, in my opinion, is yes... but with qualification. Accountancy studies are, generally speaking, foundational. From that foundation many a varied and successful career has been built. Some have focused on the technical, from tax returns to
But accounting qualifications, and the skillsets that accountants build, must move with the times. If transactional data entry becomes ‘automated’, then how does an accounting trainee build up the knowledge to understand the mechanics of the transaction and its potential impact? Will accountants be asked to find and interpret the most valuable data rather than input it?
I am fascinated, and a little nervous, as to what the term ‘accountant’ and associated qualifications will mean in 2035.
IN NUMBERS
£110M
Predicted value of £100 penalties on the basis of 1.1 million people in the UK filing their tax return after the 31 January deadline.
Source: AJ Bell analysis of HMRC data
29%
Increase in the value of gold in 2024, a higher growth rate than 90% of FTSE 350 companies.
Source: TallyMoney analysis of financial data
MILLION
16
Number of calls answered by HMRC in 2023/24, from 33.1 million in 2014/15.
40%
Percentage of UK businesses short-staffed at least once a week.
Source: Indeed Flex
75%
Percentage of workers that would turn down a role because it doesn’t offer flexible/hybrid working
Source: The Global Payroll Association
Source: AJ Bell FOI request
0.1%
GDP growth in Q4 2024.
Source: ONS
23,872
Number of UK registered company insolvencies in 2024, down 5% from 2023.
Source: PKF Littlejohn Advisory analysis of ONS data
£160BN
Current estimated surplus of UK defined benefit schemes
Source: PPF7800 Index
61%
Percentage of workers that say attending their workplace three or four days a week improves their mental wellbeing
Source: infinitSpace
£15.4BN
The total amount estimated by HMRC that businesses spend annually to comply with their tax obligations
Source: HMRC
Average tenure in years for FTSE 100 CFOs
Source: AJ Bell analysis of corporate data
Office v home questions remain
AS A
MULTITUDE OF QUESTIONS
hang over the UK economy on recruitment, flexibility and the sheer cost of employees in 2025, a new survey has revealed that hybrid working is still viewed positively by the UK workforce.
ON YOUR BEHALF
PUBLISHED COVERAGE
Accountancy Today
Predictions to watch out for in 2025 tinyurl.com/IFA-22047
Lessons worth carrying into 2025 tinyurl.com/IFA-22049
Accountancy Age
Work-life balance, CPD and client relationships key to success, say retirees tinyurl.com/IFA-22051
Accountancy Daily
What advice might retired accountants give to their younger selves? tinyurl.com/IFA-22053
Three-quarters (74%) of the 1,000 UK office workers surveyed by the Global Payroll Association (GPA) work entirely remotely or split their time between the office and home. More than half (55%) of those surveyed believe they
Reflections on a year of change for accountancy tinyurl.com/IFA-22055
An accountancy guide to digital currency tinyurl.com/IFA-22057
PQ magazine
How to master the art of networking tinyurl.com/IFA-22059
The Accountant
Retired accountants reveal career reflections tinyurl.com/IFA-22061
REPRESENTATION
We were represented during December and January at:
are more productive from home.
“It’s clear that a flexible working arrangement is now a key requirement in the eyes of many UK workers,” said GPA CEO and founder Melanie Pizzey. Some 94% said it was important to maintain a degree of flexibility in their working arrangement.
A survey of more than 2,000 UK employees by the CIPD found that a third (32%) plan to cut headcount through redundancies or lower recruitment targets in response to increased employment costs, while 42% plan to raise prices.
“These are the most significant downward changes in employer sentiment we’ve seen in the last ten years, outside of the pandemic,” said CIPD chief executive Peter Cheese. “Employer confidence has been impacted by planned changes to employment costs, and employment indicators are heading in the wrong direction.”
• • One-to-one catch-up meeting with HMRC regarding MTD
• • One to Many Compliance Advisory Board
• • Tax Administration Framework Review: New ways to tackle non-compliance –consultation workshop
LEARNING/UNIVERSITIES
We have mapped the Northeastern University London BSc Applied Accounting and Finance degree programme as meeting requirements for membership.
Susan Divall, education manager, was a panel member at Northeastern
University London’s apprenticeship week event.
We have endorsed the following programmes for a further three years:
• • Future Connect Training and Recruitment Ltd for Bookkeeping and payroll training, accounts assistant training, and final accounts training
• • Lexicon School of Business and Finance for certified Islamic banker and certified financial modeller.
AROUND THE WORLD
Online CPD webinars took place in the UAE, Bangladesh and KSA, and face-to-face networking and learning in the UAE, Ghana and Sri Lanka.
NEWS IN BRIEF
Thank you, Bob Millard
After eight years, Bob is retiring from the IFA membership team. In his time with us, Bob has helped increase member numbers in the UK and internationally, and provided help and support with annual renewals. We thank Bob for all his hard work, professionalism and warm wit, and wish him the very best for his retirement and future adventures.
Digital push
Online marketing drove £263m of sales to UK businesses in 2024, according to research by Omnisend. There were 1.8 billion emails, 8 million SMS text messages and 45 million push notifications sent out in 2024.
IFA Members Advisory Committee
town halls – new dates
Our free IFA Members Advisory Committee (MAC) ‘town halls’ are back for members based in the UK. Join the IFA regional ambassadors online to learn more about:
• • The role of the MAC
• • Opportunities to get involved and volunteer
• • Plans for regional meetings in 2025
The webinars are planned for 25 March, 10 June, 16 September and 2 December, from 12-1pm. Register here: ifa.org.uk/mactownhall
Wages ticking up
UK wage growth accelerated in the final quarter of 2024, up 5.9% higher than a year earlier, and from 5.6% in the three months to December, according to the ONS. Job numbers, despite gloomy predictions, were relatively robust. A decline in payroll in December was revised to 14,000 from 47,000, while initial estimates suggest an increase in employment in January.
TECHNOLOGY
Multi-billion pound AI growth plan launched in UK
THE UK GOVERNMENT has outlined a £14bn plan to drive AI growth, with a commitment by leading tech businesses to increase jobs by 13,250.
The move, announced by prime minister Keir Starmer, saw all 50 recommendations by Matt Clifford and his AI Opportunities Action Plan agreed upon. These recommendations include:
• • to set out, within six months, a long-term plan for UK’s AI infrastructure needs, backed by a 10-year investment commitment. A plan is expected this spring;
• • establish ‘AI growth zones’;
• • develop and publish guidelines and best practice for releasing open government data sets which can be used for AI, including on the development of effective data structures and data dissemination methods; and
• • support higher education institutions to increase the numbers of AI graduates and teach industry-relevant skills.
“Artificial intelligence will drive incredible change in our country. From teachers personalising
lessons, to supporting small businesses with their recordkeeping, to speeding up planning applications, it has the potential to transform the lives of working people,” said Starmer.
Sage CEO Steve Hare said that the potential opportunities arising from AI were “huge” but required comprehensive government support.
“When SMEs fully embrace AI, the benefits – productivity, innovation, growth – will ripple across the entire economy.”
Three major tech companies –Vantage Data Centers, Nscale and Kyndryl – have committed to £14bn investment to build AI infrastructure the UK and deliver the jobs target.
Vantage Data Centers is working to build one of Europe’s largest data centre campuses in Wales. It plans to invest more than £12bn in data centres across the UK – creating over 11,500 jobs in the process.
IT infrastructure services provider Kyndryl plans to create up to 1,000 AI-related jobs in Liverpool over the next three years.
REGULATION
Disciplinary outcomes
DISCIPLINARY HEARING 8 JULY, 14 AND 15 NOVEMBER 2024
Mr Waheed Oyekola Abidoye
FFA FTA
London, UK
Complaint
The allegations were that Mr Abidoye, as sole principal of Bright & Co, had breached IFA Bye-law 12.2 and Regulations 19, 40(2)(a), 24, 27-28 and 66 under the Money Laundering Regulations 2017. He also breached the fundamental principle of integrity in the IFA Code of Ethics. In 2023, he made an annual declaration for his firm that gave a false impression he was meeting his statutory obligations when he was not. His conduct was dishonest as he knew at the time that this was not the case.
Order
Removed permanently from the
register of members; practising certificate withdrawn permanently; fine of £5,000 and costs of £10,830.
DISCIPLINARY COMMITTEE
HEARING 2 DECEMBER 2024
Mr Gerald Coldham FFA FIPA
Newport, UK
Complaint
The allegations were that Mr Gerald Coldham, as sole proprietor of G Coldham, had breached the Money Laundering Regulations (2017) 18, 19, 27 and 66, and failed to respond in a timely manner and cooperate with the AML review process, in breach of IFA Bye-law 11.2 (d).
Order
Severe reprimands and a reprimand imposed, fine of £5,000 and costs of £3,785.
E-invoicing consultation kicks off
A CONSULTATION TO STANDARDISE E-INVOICING in the UK has been launched by HM Treasury.
Pledged by chancellor Rachel Reeves during the Autumn Budget, the consultation is aimed at gathering views on how to drive uptake of e-invoicing across UK business and government departments.
E-invoicing is described as the automated exchange of invoices between buyers and suppliers, with the invoice written into systems without manual processing. The process is prevalent in other jurisdictions.
Launched by HMRC and the Department for Business and Trade, the consultation states that e-invoicing “could support businesses by reducing administration burdens, improving cash flow, reducing error and lowering costs”. It continues: “Using the improved data to support tax reporting and compliance could also simplify tax administration and reduce errors in invoices and tax returns.”
Details of the consultation, which runs until 7 May, can be found here: tinyurl.com/IFA-22045
Visit pages 16-17 to read more about e-invoicing.
NEWS IN BRIEF
HMRC interest rate shifts down
Following the February reduction to the Bank of England base rate, HMRC interest rates for late payments and repayment have been reduced. They came into effect of 17 February for quarterly instalment payments, and 25 February for nonquarterly payments. Late payment interest is set at the base rate plus 2.5%. Repayment interest is set at the base rate minus 1%, with a minimum floor of 0.5%.
‘Growth corridor’ aims to boost UK growth
Lifting of red tape and new funding aims to develop a ‘corridor’ between Oxford and Cambridge, boosting the UK economy by £78bn by 2035. The plan, announced by chancellor Rachel Reeves, includes: the lifting of Environment Agency objections to a new development around Cambridge; investment in new reservoirs; better transport links; prioritisation of a new Cambridge Cancer Research Hospital; and a new Growth Commission for Oxford.
Charity Commission engages church charity trustees on safeguarding
The Charity Commission is engaging with the Church of England over the urgent need to improve its safeguarding arrangements, following the publication of the Makin Review. The commission is writing to all members of the General Synod, who are also trustees of church charities, to draw attention to their legal duties – specifically their duty to take reasonable steps to protect from harm people who come into contact with their charity. It will continue to engage to ensure church charity trustees are able to fulfil their duties.
‘Tinyurls’
explained
The ‘tinyurl’ web addresses at the end of each news item, and elsewhere in the magazine, are short aliases for longer addresses. Simply type the tinyurl address in your web browser and press return to be taken to the relevant website for more information.
The proportion of agents with trust in HMRC has fallen to 49% from 61% between 2021 and 2023.
Source: NAO
TAX COMPLIANCE
Business spends billions to keep up with the tax system
BUSINESS IS SPENDING BILLIONS OF POUNDS to navigate the tax system, with HMRC called on to improve its efficiency, productivity and service levels, a report has found.
The National Audit Office’s (NAO) ‘The administrative cost of the tax system’ report found that HMRC estimates it costs businesses £15.4bn annually to comply with the tax system. Of this figure, some £6.6bn is payments to agents, accountants, software developers and other intermediaries.
However, the NAO states that this is an understatement due to it not taking into account all taxpayer obligations. Overall, HMRC’s costs of administering the tax
system are £4.3bn in 2023/24, to collect £829bn of tax. Its operational costs will increase circa £875m in the next few years due to tax policy changes announced between 2022 and 2024 – of which 57% is attributable to the introduction and running costs of MTD for income tax self-assessment (ITSA).
Progress has been mixed in efforts to build a modern and trusted tax system by 2030, as set out in the Tax Administration Strategy.
Its efforts to improve trust with taxpayers has seen it fall for large businesses to 70% for 2023 from 86% in 2020.
The proportion of agents with trust in HMRC has fallen to 49% from 61%
between 2021 and 2023; it has fallen to 47% from 52% for individuals in the same time period. Small businesses’ trust has fallen to 65% from 70%. Trust has been stable for medium-sized businesses.
Of the 204 Tax Impact and Information Notes published between 2022 and 2024, which show the cost of policy changes upon businesses and individuals, HMRC identified 16 as having a significant impact upon businesses – 13 have an estimated implementation and ongoing cost of £917m, of which 83% is attributable to the costs of MTD ITSA.
“There is evidence that the tax system is imposing increased administrative burdens on taxpayers and their intermediaries, despite the availability of digital channels,” the NAO stated.
Read the full Financial Accountant story at tinyurl.com/IFA-22065
Can finance professionals know ‘everything’? Perhaps not, but the expectations upon them in 2035 will be even higher than now, writes Richard Crump.
EXPONENTIAL CHANGE
“Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window,” management thinker Peter Drucker once observed. Nowhere is this truer than in the evolving role of the CFO.
Over the next decade, finance leaders will need to navigate a rapidly shifting landscape shaped by artificial intelligence, automation and real-time data analytics.
Traditional responsibilities – financial stewardship, risk management, and compliance – will remain, but will be augmented by the need for technological fluency, strategic foresight and the ability to interpret vast streams of real-time data.
David Bailey, client partner at Pedersen & Partners, says the CFO role will continue to move more towards general management and leadership and further away from dayto-day financial oversight.
“With the rise of technology, financial processes will become
increasingly automated. The CFO job will become even more focused on leadership of teams that blend accounting experience and data scientists and analysts from a tech background,” Bailey says.
Sputnik moment
A recent Grant Thornton CFO Pulse Survey of 500 finance leaders revealed that many believe the role will evolve over the next five years to include a greater focus on people management, increased strategic influence and enhanced risk management.
The survey also found that the top three skills CFOs are looking to hire into their finance function – AI and automation expertise, ESG strategy and implementation, and business partnering – are not skills that would historically be associated with finance.
The CFO of 2035 will operate within a world of accelerating change. It took the smartphone ten years to penetrate its available market, Netflix three and a half years to gain one million users. A gen-AI chatbot achieved that in five days, according to Deloitte.
Indeed, the breakthrough of DeepSeek, an AI system demonstrating unprecedented reasoning capabilities, has been described as a ‘Sputnik moment’ – a stark reminder that AI is accelerating faster than many had anticipated.
For CFOs, this signals a fundamental shift in their role over the next decade, as AI moves beyond automating routine tasks to reshaping financial strategy, risk management and corporate decision-making.
“Tech fluency is going to be hugely important, as is being data driven. I don’t believe finance professionals
are going to need to become data scientists but certainly they have a leverage and leaning on that type of skillset that is going to be important,”
Tim Leung, a director in the financial advisory practice at Deloitte, says.
A BI wizard
That demand is already present in recruiters’ wish list for finance candidates, according to Phil Boden, market director, technology and financial services at Robert Half.
Boden says that, when recruiting for CFOs, “AI has been thrust into the limelight” with recruiters wanting to know how it is being integrated and what role the CFO has to play in that process.
“We have placed a head of FP&A at a real estate investment firm and that person is a Power BI wizard; you wouldn’t have had that before. That is where we have seen the integration of tech tools and data really be part of the CFO’s world,” Boden explains.
The rise of AI will also spur a new wave of tech investment. Consequently, because of the CFO’s focus on cost and expenditure, this could lead to tension between CFO and CTO. Finding the balance in investment in new technologies and rising costs will be a key battleground.
“We have seen this before with the rise of the CMO and now we see that tussle again between the CFO and CTO. I can see this becoming an increasingly fractious relationship,” Bailey says.
Changing faces
Tim Leung says that, in the future, the emphasis will shift from the steward and operator who respectively preserve the assets of the organisation and run efficient processes to that of the strategist and catalyst, who
execute on the organisation’s strategic and financial objectives.
“We will increasingly see the role of the CFO move from operator to catalyst in terms of influencing stakeholders, being able to tell stories, thinking about where shareholder value is created,” says Leung.
Crisis, what crisis?
The CFO of today has already been through several black swan events – a rare, unexpected, and potentially devastating scenario – such as Brexit, Covid and before that the 2008 financial crisis. But increasing disruption, whether geopolitical or environmental, is likely to become part of the day-to-day crisis management CFOs are expected to prepare for.
“CFOs will increasingly need to war-game different scenarios to deal with crisis, while being much more proactive about risk management,” explains Leung.
KNOW IT ALL, DO IT ALL
Deloitte points to the emergence of a so-called ‘exponential CFO’ – an executive who can drive value creation, operational excellence and talent development during unprecedented changes in how businesses operate. It pinpoints five macro dynamics –technological innovation; generational differences in the workforce; environmental instability; rising economic nationalism; and shifting fiscal policy – that are simultaneously evolving at unprecedented speed.
In many ways the ‘exponential CFO’ of the future is just a reflection of the changing dynamic between the four key characteristics of the role – steward, operator, catalyst and strategist – as outlined by Deloitte’s long-standing ‘four faces’ model.
Such concerns are borne out by the spectre of a global trade war sparked by the recent tariffs imposed (or not) by US president Donald Trump. Bailey says experience in crisis management is increasingly being sought after, as a prerequisite for CFO candidates.
“Crisis management is going to become increasingly prevalent in the next five years,” he explains.
“Recruiters are asking candidates to evidence not only core finance leadership experience, but also ‘What crises have you navigated? What was the outcome, and what did you learn?’”
Core tenets
There are several non-negotiable skills that will remain integral to the CFO role in the long term – particularly those relating to business protection and operational delivery.
However, while the core tenets of the CFO role will remain the same, there’s no doubt that the remit is expanding and ‘softer skills’ such as increased emotional intelligence and an adaptable communication style will become necessities.
Indeed, the workforce community of tomorrow will come from a far more diverse stakeholder base. There are already five generations in the workforce – the Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z – for the first time.
This will necessitate an “evolved role for CFOs facing into the organisation,” explains Bailey.
“If you think of the CFO as a C-suite leader, they have got a job to do in managing that diverse population. I see the CFO as being the linchpin around that.”
Richard Crump is an accounting and legal journalist
Celebrate your hard work and dedication over the last 12 months. The IFA Awards are the perfect way to showcase your achievements and celebrate your success. NOMINATIONS ARE NOW OPEN!
Meet our sponsors
Equals Money Member of the Year
Equals Money is on a mission to make money movement simple. They provide a range of flexible payment solutions to businesses of all sizes, from open banking, pre-paid debit cards, domestic and international payments and much more.
EB Now Rising Professional of the Year
EB Now is an organisation providing employee benefits and rewards for SMEs. EB Now see employee benefits as the foundation for a company, playing a crucial role in employee retention and attraction and supporting the company’s growth strategy and longer-term goals.
Capium Practice of the Year
Capium is a leading innovator in cloud-connected accounting software, designed specifically for small and medium-sized accountancy practices and is HMRC-listed for MTD IT.
Their fully integrated, cloud-based software suite combines automated accounts production with robust practice management tools, empowering accountants to operate more efficiently and grow their businesses profitably.
TBUY SOONER NOW PAY
AND
hUKt
he UK government has launched a public consultation on electronic invoicing, or e-invoicing (see page 10 for more). The process of e-invoicing entails creating, sending and receiving invoices in a structured digital format that enables automated electronic processing.
According to Christian Balk, head of e-invoicing and digital reporting at RSM, e-invoicing “has been progressively implemented across Europe, focusing on reducing fraud and improving compliance”.
The EU’s VAT in the Digital
ooking ic ing hat rned ?
With the UK looking to push e-invoicing during 2025, what lessons can be learned from European forays into this area?
Santhie Goundar takes a look.
Age (ViDA) initiative “aims to further standardise and mandate” e-invoicing across the EU, with the intention to have mandatory domestic and cross-border e-invoicing across the whole EU by 2030, Balk explains.
However, in th still very n
outsourcing and systems advisory director at Menzies. E-invoicing is mandatory for suppliers to the NHS and encouraged for other business-to-government invoicing
– but “this needs to be ramped up and extended quickly, to allow small and medium-sized enterprises [SMEs] and the UK government to reap the benefits sooner rather than later”.
The European experience
The rollout of e-invoicing throughout EU countries has not been without its problems. “Lack of standardisation, concerns about the readiness of IT systems, especially among small and medium-sized enterprises, and the need for user-friendly solutions are frequently raised issues,” Balk notes. The countries that have adopted e-invoicing “have faced hurdles in ensuring widespread compliance and addressing technical barriers,” he adds.
According to Simon Armstrong, countries that have mandated e-invoicing “to some extent” include Albania, Australia, Belgium, Greece, France, Hungary, Poland, Saudi Arabia, Serbia, Spain, Tunisia and Turkey. In France, e-invoicing is mandatory when billing public bodies. France initially planned to introduce B2B e-invoicing and e-reporting for VAT from 2024; however, in 2023, the French government announced it was delaying these obligations until 1 September 2026. On that date, all businesses must be able to accept e-invoices, and the first phase of mandation will begin for large-sized and mid-cap businesses. The second phase of mandation – for SMEs – will commence on 1 September 2027. Balk says that e-invoicing rollout strategies that have proved successful involve phased implementation starting with large taxpayers.
“A phased approach allows time to address unforeseen challenges and gives SMEs more time to adopt.”
E-INVOICING: THE BENEFITS
According to Menzies’ Simon Armstrong, the benefits of e-invoicing include:
For businesses:
• • Cost saving
• • Error reduction
• • Increased security
•
• Fraud reduction
• • Potential for greater visibility and understanding of VAT obligations
• • Over time, reduced business spending and broader tax digitalisation
For tax authorities:
• • Closing VAT gaps
• • Preventing unintended errors
• • Enhance risk management capabilities
• • Early detection of fraud schemes
• • Near real-time data offers greater possibilities for quicker and more in-depth analysis
• • Transparency and accuracy
However, he adds, the UK can learn from other countries by ensuring that any e-invoicing mandate “is accompanied by adequate support for businesses, particularly SMEs, to facilitate a smooth transition and maximise the benefits of e-invoicing”.
What will the UK do?
Armstrong says that HMRC’s Making Tax Digital (MTD) programmes for VAT and income tax self-assessment are an attempt by the UK “to close the tax gap and modernise” the record-keeping of SMEs and landlords. However, he notes, with HMRC’s vision of being a digital-first organisation, there is more potential for efficiency and streamlined operations with e-invoicing.
“It is good to see HMRC recognise that e-invoicing is a real opportunity to close the VAT gap and that it is being pushed up the agenda,”
Armstrong adds.
The government’s 2025 consultation aims to establish e-invoicing standards and encourage the widespread adoption of e-invoicing across both government entities and businesses, Balk says. It “reflects the UK’s commitment to modernising its tax infrastructure” and aligns with broader global trends toward e-invoicing and digital tax reporting, he adds.
“By learning from the experiences of other countries, the UK seeks to develop an e-invoicing framework tailored to its unique environment,” Balk explains, adding that he expects the UK to introduce mandatory e-invoicing “within the next three years”.
However, he adds, it is crucial that businesses adopt a strategic approach to e-invoicing. This is “to ensure they understand their responsibilities, the potential risks and to have a solution that can grow with their business”.
Although governments can impose fines or penalties for late adoption, “the biggest risk for organisations is not being able to raise invoices and therefore not getting paid,” he says. It is important businesses ensure they are compliant from day one.
“E-invoicing touches many business areas, including finance, tax and enterprise resource planning or tech teams,” Balk notes. Early planning also means businesses can understand and monitor their responsibilities and spread out costs, such as for IT upgrades, staff training, or consultants, “rather than facing nancial burden closer to the deadline”.
c an unde responsib such as fo or consu a large fin dead
PROJECT 2035
emember 2015?
Written down, it might seem an age ago, or it’s just flown by, but for the profession the past ten years been a busy time.
Making Tax Digital (MTD) for VAT, changes to financial reporting standards, negotiating GDPR, the Brexit referendum and then it finally happening, a global pandemic (and helping clients with BBLs, CBILS and furlough). Lets not forget a hefty bounce-back in inflation and the several attempts to get Making Tax Digital for income tax self-assessment (ITSA) up and running. Not bad for a decade’s work.
It’s doubtful anyone could have predicted this ten years ago, so thinking about the profession in 2035 is tricky, maybe impossible. First of all, there are some things we can be broadly
If change accelerates, then what can accountants expect of their clients, their practice, their people, their tech… and ultimately their offering, in ten years’ time? Richard Sergeant delves into the crystal ball.
Most tax will be digital
Given the pace of MTD, we could assume that, within a decade, a digitalised tax regime is more likely to be a reality. MTD ITSA will be completely normal for those outside of direct employment, and corporation tax will have swiftly followed. The good news for accountants is that change often means complication, and complication generally means fees.
AI might become more clever, but people will be just as erratic, emotional and human as they are now
More tech and more ways to help
Some, like Gary Jacobs of Eazitax, are very enthusiastic about the future and see the tech opportunities to open up more chances to support businesses.
Digital record keeping and e-invoicing is standard practice
In 2035, bookkeeping in its present format will be largely a curiosity, but the demand for bookkeeping services will be even higher. E-invoicing systems will be at the heart of how HMRC will collect the data it needs to send out tax bills and keep track of VAT (see pages 16-17 for more), and digital record keeping has now been mandated. So data quality, and making sure the right stuff is being transmitted, is even more important. People still exist, and real life remains complicated – no matter what AI says.
And for anyone thinking that the robots will be in charge, AI might become more clever, but people will be just as erratic, emotional and human as they are now. Which means there will be plenty of mess to clean up, ambitions to deal with and unexpected lurches in different directions – things that robots will find hard to contend with.
“Why wait until 2035?” asks Jacobs. “We are deconstructing our accountancy practice and building a digitally based service provider with a broader professional product base that looks at the total financial needs of the client and fills the gap left by banks and financial institutions destroying their own frontfacing relationships.”
But in order to get there, and perhaps because more and more of this tech is pretty complex, the role of the accountant will change to make sure things are set up and run smoothly.
Clive Hand of Bluestone Accounting outlines how this might look. “There will be more demand for ‘system accountants’ to manage and set up e-invoicing, blockchain, AI agents and automations. E-invoicing will be huge, more for the social and political benefits it will bring rather than accounting. Getting tight into the systems will mean we are working closer with clients on helping them grow their business.”
Staff will be busy being productive
While AI tools are an important component of the future, Clive assured of, and they are important because they set down some important pillars.
So, do practice owners of 2025 agree, or do they see a different 2035?
Although there is a lot more tech, there is still a lot for people to do.
“Our staff will still be valued but won’t be doing the mind-numbing lower and middle ground data crunching, which our AI BOT (she is called Bobbie) is now starting to undertake,” explains Jacobs (who sounds as if Bobbie is already on the payroll).
Hand agrees with Jacobs about where their attention will be focused. “We’re still going to need the right people to do the right jobs, and this means that we’ll continue to have those with different levels of qualification and experience.
“Technical accounting staff will have more responsibility, software specialists will be needed to keep things moving, and more people will be needed to drive client relationships. The profession will be on the front foot, making things work with their clients,” adds Hand.
The crystal ball is a little blurry when it comes to whether this will mean more or fewer staff, but the emphasis is definitely on having a different set of skills more readily available. Will this mean that we will need even more skilled professionals to do all this ‘higher value’ or technical work? No one seems to be committing, but what the consensus does seem to be is that there will still be plenty to do, primarily because of the one thing that is guaranteed to make things difficult. Clients.
Clients will be clients
Sometimes both the sticking and the acceleration points of a successful practice is the paying customer, who does have a tendency to make life interesting. Their enthusiasm for accounting and data is not always shared with the profession, but by 2035 this will be completely upended. Not least because digital reporting has ironed out the quality and regularity of data, which means they may be doing less, and getting a whole lot more.
“Cloud helped clients believe accountants should be more available, and that more can be done to help and support them. With even more data and insight being surfaced by tech tools, and more tasks being taken out of their hands by regulation (like e-invoicing), this will accelerate further,” believes Jane Hardy of Hardy’s Accounting. “The whole compliance angle will be even more important to them, as there will be no escaping HMRC scrutiny, but this will have the effect of pushing them to find better and more efficient ways to trade.”
In other words, the digitalisation journey we are on will reset the bar on what clients think they can demand and expect from their local firm of accountants. And it won’t just be for those bright young things. Gary Jacobs is passionate about making sure this is a future for everyone.
“Just as importantly, those small companies and individuals in digital poverty will not be left behind by the ‘I’m only a practice that wants digitally competent clients’ offerings, but will be trained, supplied and swept along with us on the journey.”
Who will answer the phone? So, in 2035, who will be there to open the (e)mail, pick up the WhatsApp messages and be on the end of the mobile? It seems that the humans of 2025 don’t think it’s going to be them.
Digitalisation will reset the bar on what clients think they can demand and expect
“There will be a general acceptance that you can ask your software most of the things that you will need to know on a daily basis, but talking through with an experienced human and thinking creatively will be where the value will be really felt,” explains Jane Hardy.
A possibility that for those like Gary Jacobs, who like to seize the opportunity, may fast becoming a reality: “The front-facing accountant will be an AI avatar, but you won’t be able to quite tell whether they are real or not (we are piloting that too).”
Richard Sergeant is MD of Principle Point and a freelance journalist
Welcome to new members & new fellows
We welcome new IFA members who joined in January/February and congratulate our new fellows
● Mr Navas Achiveettil AFA MIPA
● Mr Hafiz Ahmad AFA MIPA
● Mr Saeed Ahmed AFA MIPA
● Mr Saeed Ahmed IFA AIPA
● Mr MD Zishan Ahmed IFA AIPA
● Mr Ahmad Akbar AFA MIPA
● Mr Waqar Ali AFA MIPA
● Mr Muhammad Ali AFA MIPA
● Mr Andrew Asante AFA MIPA
● Mr Asrar Baig IFA AIPA
● Mr Ritesh Bhansali AFA MIPA
● Mr Asanka Bulegoda Arachchige Bulegoda AFA ATA
● Miss Neve Gad AFA MIPA
● Mr Dharmendra Gupta AFA MIPA
● Mr Ali Husnee AFA MIPA
● Mr Usman Imtiaz AFA MIPA
● Mr Muhammad Imtiaz AFA MIPA
● Mr Md Shahidul Islam AFA ATA
● Mr Harsh Jain AFA MIPA
● Mr Ghous Jamil AFA MIPA
● Mrs Michelle Jones-Minnis AFA MIPA
● Mr Abdullah Kalam IFA AIPA
● Ms Jowita Kardasz-Choinska AFA ATA
● Miss Rachel Kelly AFA MIPA
● Mr Kingsley Kessie AFA MIPA
● Mr Muhammad Haad Khan AFA MIPA
● Mrs Margrat Mathew IFA AIPA
● Mr Mohamed Rijwan Mohamed Rizam IFA AIPA
● Mrs Sawdatu Musah AFA MIPA
● Mrs Cynthia Nartey AFA MIPA
● Mr Samsoor Nasery AFA MIPA
● Mr Muhammad Sultan Nisar Nisar Ahmed AFA MIPA
● Mr Joseph Normesinu AFA MIPA
● Mr Taiwo Adekunle Olasupo AFA MIPA
● Mr Lawrence Onanuga AFA ATA
● Mrs Jayshree Patel IFA AIPA
● Mr Abid Rauf AFA MIPA
● Mr Rana Raza AFA MIPA
● Mr Mohamed Fazeer Rifky IFA AIPA
● Mr Palmcy Sallah AFA MIPA
● Mr Sajin Sanil IFA AIPA
● Mr Mohammad Sheikh AFA MIPA
● Ms Ramsha Siddiqui AFA MIPA
● Ms Bakhtawar Sultana AFA MIPA
● Mr Kanagasingam Thavaraj AFA MIPA
● Mr Thomas Tustain AFA MIPA
● Mr Muhammad Usman AFA MIPA
● Ms Amelia Viner AFA ATA
New fellows
● Mr Manishchandra Domah FFA FIPA
● Mr Sarfraz Hussain FFA FIPA
● Mr Zohaib Jivani FFA FIPA
● Mrs Natalie Sherwood FTA
● Mr Rashmin Solanki FFA FIPA
● Mr Abhishek Soni FFA FIPA
● Mr William Chun Shu Yeung FFA FIPA
FILE UNDER: WORK IN PROGRESS
New prices, new systems – how much has changed with Companies House in the last 24 months… and is it working? Santhie Goundar finds out.
Significant reforms have taken place within Companies House, the UK company registrar, over the past two years. Many of these have been brought about by the Economic Crime and Corporate Transparency Act 2023 (ECCTA), which became law in October 2023. The Act introduced the biggest changes to Companies House
since corporate registrations were established in 1844. According to Maria Fandrakis, business outsourcing services partner at Evelyn Partners, the aims of the ECCTA reforms include enhancing corporate transparency around UK companies and other legal entities, including combating economic crime.
The initial phase of Companies House reforms began in spring 2024 – a year ago – and more changes are on the way in 2025 and beyond.
In a news release from when the phased rollout of the ECCTA reforms began, Companies House hailed its “new and enhanced powers to improve the quality and reliability of its data and tackle misuse of the companies register”.
Wave one
The first wave of changes arising from ECCTA are now in force – with several key measures having taken effect from 4 March 2024. Trish Sankey, RSM UK company secretarial associate director, explains that, under the new rules, an ‘appropriate’ registered office address must be used. This means any documents delivered to that address can be signed for, and can be expected to come to the attention of the appropriate person at the company, usually a director – and a PO box address will no longer suffice.
Companies House filing fees increased on 1 May 2024 to support these reforms by increasing resources available for enforcing the new measures. “One example is the digital filing fee for an annual confirmation statement, which more than doubled to £34,” Trish Sankey observes.
The economic crime element of ECCTA also introduces a range of other measures, such as the failure to prevent fraud offence. Companies House confirmed that from October 2024, it has been able to issue financial penalties for any relevant offences under ECCTA and the Companies Act 2006. Sankey notes these financial penalties range from £250 to £2,000 “depending on the severity of the offence and whether there have been previous offences”.
The next wave of ECCTA changes includes enhancing the penalty regime
Other changes include the requirement to have an appropriate company email address, and provide a lawful purpose statement when incorporating or filing a confirmation statement. “The registrar now possesses greater authority to query, amend or remove information deemed inaccurate or inconsistent on the register,” explains Maria Fandrakis.
Wave two
According to Sankey, the next wave of ECCTA changes is under way, which include enhancing the Companies House penalty regime. Although ECCTA requires annual progress reports on its implementation and operation to be issued until 2030 (the government published the first progress report in May 2024), Companies House “expect the 50 statutory instruments required for implementation will be issued over the next 18 months,” she says. Full implementation of all ECCTA changes is expected to happen by 2027. Katie Liasis, business outsourcing services associate director at Evelyn Partners, agrees that “there are still
a number of further changes to look out for”. These include suppressing personal information from historical documents on the public record, and providing additional shareholder information. There will also be restrictions on the use of corporate directors.
Accounting filing requirements will be changed, whereby micro and small companies will be required to file profit and loss accounts, and the ability to file abridged accounts will be removed to ensure more comprehensive financial disclosures. As to when those changes will take place, Liasis adds that “unfortunately, there are no set dates proposed at this time”.
However, on 21 January 2025, Companies House updated its outline transition plan policy paper to confirm dates of some of its other changes that will be brought in by ECCTA. Many of the changes being brought in during 2025 involve individuals’ personal information.
Liasis highlights that one of those changes will be identity verification, requiring all directors and people with significant control (PSCs), as well as individuals such as LLP members, partners and those filing documents at Companies House on behalf of others, to formally verify their identity. The Companies House policy paper says these changes will come in by autumn 2025 and by spring 2026.
By the end of 2026, the policy paper adds, all limited partnerships should be required to submit more information to Companies House to provide greater transparency for users of the register. Companies House should also be able to complete the transition period for all individuals on the register
The registrar now possesses greater authority to query, amend or remove information deemed inaccurate or inconsistent
requiring identity verification, and start compliance activity against those who have failed to verify their identity, as well as facilitate more cross-checking of information between itself and other public sector bodies.
Lots to consider
With so many changes coming in, practitioners will need to stay on top of the changes to advise businesses. Maria Fandrakis advises that to avoid potential pitfalls, “accountants should stay updated with the new
rules as they are introduced and ensure adequate training is provided to staff on their responsibilities under ECCTA”.
Katie Liasis adds: “Accountants play a crucial role in helping businesses navigate these changes by complying with enhanced filing requirements, maintaining compliance and reducing risks to ensure alignment with the ECCTA’s objectives.”
Accountants should, therefore, “be able to help clients understand and complete these requirements to avoid delays or penalties”.
But will these changes tackle the problem they purport to solve?
Companies House has indicated it believes they will greatly help. When responding to an MP’s concerns at a December 2024 parliamentary hearing that “for a fraudster, or a criminal, it is far too easy to register as a company at Companies House,” Louise Smyth, Companies House chief executive, defended the registrar and enthused about the 2024 reforms.
Smyth told the hearing that the introduction of the ECCTA reforms
“has made it much harder” for fraudsters or criminals to register.
“Previously, we didn’t have powers to query or challenge any information that was given us,” Smyth explained, adding that Companies House can now annotate the register or remove information from it. According to Smyth, the initial ECCTA changes “are really big strides in taking action again fraudulent companies, and there’s more to come”.
Santhie Goundar is a freelance journalist
A REGISTRAR’S
PROGRESS
In May 2024, the government released a report on Companies House’s progress on implementing the initial phases of the ECCTA.
The report noted that the register was accessed more than 14.4 billion times in the 2022/23 year – an increase from 6.5 billion in 2018/19, when the government found the value of the registers to be up to £3bn.
According to the report, “the threat from economic crime continues to grow,” as fraud “accounted for an estimated 41% of all crime experienced by adults in England and Wales in the year ending September 2022”. Reforming the company register and Companies House’s role will therefore “help to cut crime, protect our national security, and support the UK’s legitimate economic growth and competitiveness,” the report added.
The government is investing £108.1m over five years for the transformation, while Companies House has been “investing in new capabilities to prepare for implementation of the reforms as part of their wider transformation programme” – which, the report adds, includes the transformation of Companies House’s structures, systems, services and culture.
FEEDBACK GENERATING
Becky Westwood, author of Can I Offer You Something? Expert Ways to Overcome the Horrors of Organisational Feedback, covers key tips to create constructive, clear and useful conversations with your people.
Achieving goals is the aim of every organisation, and that means having their people perform at their best. Most employers acknowledge the benefits of supporting their employees with their development, and the tool most often deployed to achieve this is feedback.
A great deal of energy and resources is invested into feedback processes, software and training
courses. But that energy and those resources can be squandered.
Instead of feedback being used effectively to highlight possibilities, in many teams it’s a practice that happens a few times a year, and people try to ‘get through’ it as quickly as possible. This not only incurs a loss of investment – more importantly it leads to missed opportunities for people to grow and an organisation to perform sustainably.
I have come across situations where, in an effort not to come
across as micromanaging or too direct, managers dilute their feedback to such an extent that it’s unclear what they are truly asking someone to do with their comments. This can result in managers feeling irritated that things are not getting done, that they need to repeat meetings or become concerned that their staff are focused on the wrong priorities.
People want feedback
Recipients can feel as though feedback is being ‘done to them’ and as a result may start to disengage from the content and even the person providing the feedback. If, as a provider, you are feeling any anxiety about giving feedback, it’s likely that this experience may be exacerbated by your desire to ‘just get it over with’. You may end up inadvertently ‘dumping’ your feedback on the recipient.
Most people want a relational –not transactional – experience with feedback. A conversation, based on a relationship, that provides them with the clarity they need to perform, has a positive impact and uses perspectives to leverage opportunities. This starts with being clear about what you are offering someone.
Here are three key steps that you might find helpful.
Your outcome
Start by defining the outcome you are intending to share. Is it something that the person must action or deliver on, or are you simply sharing your experience of something that they can take or leave? Three of the most common outcomes that get muddled under the label of ‘feedback’ are when giving a direction, instruction or perspective. If you know you want someone to action your comments, it’s better
for all involved if you can be clear about this upfront rather than try to nudge people there. By becoming more intentional and clearly defining your outcome, you will be able to choose the most effective approach for what you are giving, setting expectations clearly, minimising ambiguity and saving yourself and others unhelpful stress and anxiety.
Recipients can feel as though feedback is being ‘done to them’ and start to disengage
Your approach
• • Direction. Be explicit with your people that what you are asking them to do has to be done, but they have autonomy and support, if needed, to decide how it’s done. When giving someone a direction there is usually a consequence to the work, organisation or individuals if the things are not completed.
•
• Instruction. Be explicit with your people about how something needs to be done, the process or steps that need to be completed. For example, this could be related to a process that needs to be followed in a certain way for compliance or safety reasons. When the process or steps are not followed there may be a detrimental consequence to the work, organisation or individuals.
•
The human touch
To give you the best chance of achieving your outcome, it’s time to think about the people in front of you. In my experience, people generally know how they best receive feedback and what their preferences are. But the vast majority have never shared their preferences with their leader or colleagues. Some people prefer to receive your comments in writing first so they can reflect, and some want to talk about it and follow up with questions later. Your people know what works for them, and so with one simple question to them you can get much of the data you need to save you time, energy and stress when sharing perspectives.
• Perspective. Convey how you see, hear or experience things from your point of view. The person on the receiving end has the autonomy and choice of what to do with it, without the concern of punitive consequence. A perspective is neither true or false, right or wrong, but it may be useful to consider for the good of relationships, wellbeing and performance.
The question you need to ask is: ‘What’s your preferred way for me to share perspectives with you?’
Becky Westwood is an organisational psychologist, and chief experience officer of Monkey Puzzle Training and Consultancy
Graduating in December 2023 with a BSc in business accounting was a moment of pride and accomplishment. However, I quickly realised that, while academic achievements are essential, employers also place significant emphasis on hands-on experience.
With this in mind, I was eager to complement my academic background with practical experience, which led me to join KBM Chartered Accountants for training and recruitment as a trainee financial accountant. What initially drew me to KBM was its strong partnership with the IFA, and the institute’s global credibility as a member of IFAC.
The IFA endorsement of KBM’s training programme gave me confidence that I was making the right choice. This recognition not only assured me that the training aligned with professional standards but that it was tailored to meet the evolving demands of the job market.
The IFA targets SMEs, aligning with KBM’s use of real-world data for teaching. This synergy reassured me that the skills I could gain would meet both employer expectations and professional accreditation standards.
The programme provides training on leading financial software including Sage 50, Sage Payroll, Xero, QuickBooks, advanced Excel and BrightPay, with IRIS soon to be added. These tools have shown me how technology has transformed the accounting and finance sector, enabling businesses to enhance efficiency and productivity. Moreover, digital transformation is at the heart of modern financial management, a reality that aligns with the IFA’s emphasis on practical,
YOUR VIEW
Real-time learning
Yasmin Lenezi plots her path from attaining an accounting degree to learning even more deeply – and with practical experience – about the future of accountancy with the IFA.
training prepared me for immediate opportunities, it has also reignited my aspirations.
During my degree, I was particularly inspired by two modules: knowledge management and managing digital transformation. These subjects deepened my understanding of how technology and information can drive innovation.
The IFA serves as a prime example of this principle in action, acting as an innovation intermediary, bridging the gap between the education system and the professional world. By aligning practical training with industry needs, it ensures that future graduates are equipped with the hands-on skills and digital expertise required to thrive in an evolving job market.
technology-driven, solutions. This hands-on approach mirrors the practical focus championed by the IFA, providing me with invaluable experience that directly translates to the workplace. While this
I am proud to be part of this forward-thinking initiative. My journey with KBM and the IFA is not only preparing me for a career in accounting and finance but also allowing me to contribute to a system that empowers the next generation of professionals. Every day, I am learning, growing and progressing, and I am excited to see where this journey leads.
Yasmin
Lenezi is a KBM trainee accounts assistant and IFA student
Describe yourself to us...
I am the owner of a small accountancy practice, DNC UK Accounting, based in north-east London. I have ten years of experience working in various roles within accounting and business valuation industries, both in Romania (my native country) and the UK. I say that accounting has been my choice of career since I was at high school. I like things to be organised and structured – this is why I like accounting, because it offers both.
Why is the future bright with the IFA?
Being part of a worldwide recognised accounting body offers me professional recognition and credibility. It enhances trust with clients as it means a great commitment to high ethical and professional standards. There are many resources provided by the IFA, especially for those of us who have our own practice.
YOUR STORY
Dana Dunca squeezes in reading books in between driving her practice’s clients forward.
Most useful tech tool or app, and why?
The most useful is HMRC-approved software, those that support Making Tax Digital and RTI. It is amazing that the information from accounting records can be passed to HMRC in real time with no need to send paper documents.
What is the most interesting part about your job?
had its own significance and contributed to the professional that I am today.
Your funniest moment?
When, based on my advice and services, I deliver positive change to a client’s business in terms of being more efficient, more productive and more tax-efficient.
What was the most rewarding moment in your career?
In 2023, when I became an IFA member – it was the feeling that was the most rewarding. Each step
A client said that he was going to another accountant because his friend used them. But his friend was also my client, and he knew me based on my name before I was married!
Who is your role model, in life or in your career, and why?
My role model in my career is my accounting teacher from high school, who motivated me and made me love this profession.
How do you spend your time away from your role?
I spend time reading whenever I can – evenings and weekends, or when I can find some free time. My goal is to read at least one book a week. I especially like historical books based on real facts and I have a particular interest in the Second World War and the Holocaust. These books are an important reminder of what can happen.
What do you see as the path ahead for you and your career?
I am happy with where I am, but I have a growth mindset.
What is your favourite food?
I like Turkish food and tiramisu.
DANA DUNCA
WEBINARS
MEET AND
Regional networking meetings
Eastern England
28 April | 6pm – 8pm
16 June | 6pm – 8pm
29 September | 6pm – 8pm
24 November | 6pm – 8pm
Anglia Ruskin University
Bishop Hall Lane
Chelmsford CM1 1SQ
CPD hours: 2
Price: Free
Regional ambassador: Ian Hornsey
London
9 April | 5.30pm – 8pm
11 June | 5.30pm – 8pm
10 September | 5.30pm – 8pm
12 November | 5.30pm – 8pm
Northeastern University
London – Room 121/123
Devon House
58 St Katharine’s Way
London E1W 1LP
CPD hours: 2.5
Price: Free
Regional ambassador: Ermal Krutani
Midlands
3 April | 6pm – 8pm
12 June | 6pm – 8pm
11 September | 6pm – 8pm
13 November | 6pm – 8pm
Venue: check website for details
CPD hours: 2
Price: free
Regional ambassador: Mujibur Rahman
Northern England
10 April | 6pm – 8pm
22 April | 6pm – 8pm
18 June | 6pm – 8pm
22 September | 6pm – 8pm
8 October | 6pm – 8pm
19 November | 6pm – 8pm
Venue: check website for detail
CPD hours: 2
Price: Free
Regional ambassador: Robin Murray
Northern Ireland
19 June | 2pm – 5pm
18 September | 2pm – 5pm
20 November | 2pm – 5pm
Dunsilly Hotel
20 Dunsilly Road
Ballymena
Northern Ireland BT42 2JH
CPD hours: 3
Price: Free
Regional ambassador: Bill McGregor
Scotland
24 April | 5.30pm – 7.30pm
25 September | 5.30pm – 7.30pm
FRP Advisory Offices, Apex 3
95 Haymarket Terrace
Edinburgh EH12 5HD
17 April | 5.30pm – 7.30pm
16 October | 5.30pm – 7.30pm
FRP Advisory Offices, Level 2
The Beacon
176 St Vincent Street
Glasgow G2 5SG
CPD hours: 2
Price: Free
Regional ambassador: Duncan Walker
Southwest of England & Wales
3 April | 5.30pm – 7.30pm
3 July | 5.30pm – 7.30pm
25 September | 5.30pm – 7.30pm
20 November | 5.30pm – 7.30pm
The Bristol Golf Club
St Swithins Park
Blackhorse Hill
Almondsbury
Gloucestershire BS10 7TP
CPD hours: 2
Price: Free
Regional ambassador: Available
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
5, 12, 19 June
Quarter 3
11, 18, 25 September
Quarter 4
13, 20, 27 November
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
Maintaining your continuing professional development couldn’t be easier, wherever you are.
INGS
Future-proofing your practice
How to engage and develop your team to have advisory conversations with clients.
24 April 2025 | 12pm – 1pm
How to attract more advisory clients.
22 May 2025 | 12pm – 1pm
CPD hours:
2 per webinar
Prices:
IFA members & affiliates – free
Non-members – £40 per webinar, £420 for 12 webinars
Visit ifa.org.uk/cpd for more information about events and to register.
IFA conferences
IFA AML conference online
20 May 2025
CPD hours: 6.5
Prices:
IFA members & affiliates – EB: £65 | R: £75
IFA Direct students
– EB: £40 | R: £50
Non-members
– EB: £90 | R: £100
Early bird ends
1 April 2025
IFA Conference and awards
26 June 2025
Royal College of Physicians
11 St Andrews Place
Regents Park London NW1 4LE
Prices:
IFA members & affiliates – EB: £145 | R: £155
Non-member
– EB: £170 | R: £180
IFA Direct & universityembedded students
– EB: £77.50 | R: £87.50
Early bird ends 4 April
IFA international conference online
6 November 2025
CPD hours: 7
Prices:
IFA members & affiliates – £75
Non-member – £95
IFA Direct & universityembedded students
– £35
AML Matters
Our practically focused, engaging and insightful webinars support and help build understanding of antimoney laundering requirements.
Preparing & conducting your firms’
AML annual compliance review
1 April | 9:30am – 12pm
How to create policies & procedures
6 May | 9:30am – 12pm
How to conduct a risk assessment for your firm and your clients
3 June | 9:30am – 12pm
CPD hours
Per webinar: 2.5
Per bundle: 7.5
Price per webinar
IFA members & affiliates – £70
Non-members – £90
Price per bundle
IFA members & affiliates – £189
Non-members – £243
EASTERN ENGLAND
Time to step up
Regional ambassador
Ian Hornsey discusses the need for practices to get closer to their clients, and his role in increasing engagement and recognition of the IFA.
Tell us about your roles and responsibilities – has anything changed since we spoke a year ago?
It’s been exciting times, with Devonports LAS becoming part of Xeinadin. While I’m not an ‘owner’ any more, there’s work to do to make sure the integration goes smoothly – and I’m still a partner and principal of the firm. There’s plenty of client work for me to do, and I am appreciating the much larger resource that now backs up the practice. I’m also supporting Xeinadin in a search for new member firms.
With the direction of travel for the smallest practices, I definitely think now is a good time to map out succession and exit opportunities.
What is the economic and business climate like in Eastern England?
It’s a climate that is far from easy for our clients. The incoming increase in both the Living Wage and National Insurance contributions in April means that high-staffed sectors such as hospitality and care are going to see a big increase in their cost base. Do these firms lose employees or raise costs for their clients and customers?
It feels like a critical time for the practice community to step up and outline the options available to our clients – that means understanding their strategic and financial positions. Worryingly, I don’t think enough practitioners are in a position to undertake this kind of analysis.
How does the IFA work with business, people and the local community?
I’m continuing to raise the profile of the IFA and gain recognition for the qualification – it is there, as the Devonports LAS deal proves.
We have been running a mix of face-to-face events and webinars –we’re hosting a ‘town hall’ meeting with all the ambassadors online to talk to members on 25 March.
It’s also about the next generation – from ‘Who wants to take over as a regional ambassador?’ through to ‘Who wants to join us?’ There is work afoot to work more closely with Anglia Ruskin University, for example.
Finally, it’s worth noting that our meetings are open to everybody – whether a lawyer or student. We need to build a network that allows others to see us and how professional we are.
REGION IN FOCUS: EASTERN ENGLAND
A tunnel to connect the East of England across the Thames has been given the green light by chancellor Rachel Reeves. The Lower Thames Crossing would connect the A13 in Thurrock and junction 29 of the M25 to the A2 and M2 in Kent. The connection would be 14.3 miles long, with 2.6 miles underground – making it the longest road tunnel in the UK.
A deadline of 23 May remains for the development consent order from the Planning Inspectorate, the government’s independent planning authority.
• • Essex’s fourth Festival of Business will take place on 5 November at the Chelmsford City Racecourse. This flagship event from the Essex Chambers of Commerce brings together an expo, speakers, a ‘best in business’ award and networking opportunities.
• • East Anglia has been praised by the Energy Security and Net Zero Committee for helping to drive a lower-carbon environment. Committee chair Bill Esterson MP visited East Anglia ONE wind farm, Sizewell C and the Port of Lowestoft, reports the East Anglian Daily Times. He said: “It’s impressive to see the progress being made here, from pioneering carbon capture technology to vital offshore wind energy operations.”
• • A £10m investment into a drinks plant in Suffolk is planned by Molson Coors Beverage Company. The upgrade will be made to Aspall Cyder House, near Debenham, over the next five years.
We spoke in mid-2024. What has changed in your life and career?
I have been focusing more on selfdevelopment, enhancing not only my skills but also my mindset toward leadership and entrepreneurship. I’ve also made a conscious effort to mentor younger professionals. My work has become more focused on strategic advisory services, helping clients navigate the complexities of corporate tax implementation and ensuring compliance with new legal frameworks.
What has happened in your work with the IFA?
We have been working closely with businesses to help them navigate corporate tax regulations, financial reporting and compliance under the UAE’s evolving tax framework. Another major achievement has been building strategic partnerships with educational institutions to provide aspiring accountants and finance professionals access to globally recognised qualifications.
And what has happened in the UAE?
Perhaps the most notable change has been the introduction of corporate
AND STATS
4
4%
GDP (2024)
US$23.2bn Trade deficit (June 2024)
The UAE is aiming to become more connected. It has announced plans to work with an Elon Musk company to build an underground high-speed metro, the Dubai Loop. Musk’s Boring Company has been
UNITED ARAB EMIRATES (UAE)
YOUR WORLD
The development of business law and taxes sits alongside a huge appetite for continued growth and investment in the UAE, says Saqib Iqbal
tax, which marks a major shift in the business landscape. This change has required businesses, both local and international, to reassess their financial strategies, with a particular focus on compliance and tax planning.
Have your thoughts on doing business in the UAE changed since we last spoke?
While the tax landscape has become more complex, it has also added a layer of maturity to the business environment, ensuring that companies operating in the UAE are more accountable and compliant with international standards. Businesses are also expected to incorporate innovative technologies and sustainable practices into their operations to remain competitive.
What is the future of the IFA in the UAE, and why?
It looks very promising. The introduction of corporate tax, VAT and international financial reporting standards means that businesses need qualified experts to help them remain compliant and manage their finances effectively. The IFA, with its strong focus on SME accountants and financial professionals, is well positioned to support this need.
5.1%
Estimated GDP growth (2025)
9.5 million Population (2023 estimate)
testing tunnels in the US since 2018, reports Arab News Routes are being mapped out by UAE officials for air taxi and cargo drone routes, reports Reuters. The ‘air corridors’ will allow for
2.9%
Inflation (December 2024)
flying taxis that should be airborne by 2026. Germany’s Volocopter has been testing two-seater propellor taxis since 2017, and US-based Joby Aviation has applied to operate in the UAE.
9%
Rate of corporate tax (above income over AED 375,000) 33
The UAE has also tightened competition laws, bringing M&A clearance to a lower threshold. Pinsent Masons partner Mohamad Tbaishat said this will help maintain a level playing field for market participants.
There are still IFA practices that share an email address between staff, rather than everyone having their own individual email address. There are a number of compelling negatives when it comes to a shared email account.
Accountability and management
Shared access to an email inbox might mean shared responsibility for actioning what appears there. So who does what, and when? How do you track if someone deletes an email that they shouldn’t? And what if someone replies to an email that was meant for someone else?
You might have instances where emails are ignored because someone expects someone else to action it. You may also have two people reply to the same email. Alternatively, staff might ‘cherry-pick’ emails to respond to that are easier to deal with.
Privacy and security
By definition, several people using the email means that several people know security details about accessing the account. If someone using the account leaves the practice, you could end up in a situation where they change the password and lock you out of the account.
The security details themselves, such as the password, are likely to be simple so that everyone can keep track of them – and therefore easier to breach.
Conversely, the more people who know the access details, the more it will be spread across different devices and more likely that the access details are breached and/or stolen through phishing. Multi-factor authentication is a robust way to
MEMBER
SUPPORT
Why shouldn’t my practice have a single email address?
protect access, but is again made much more difficult if several people are using the same address.
Data retention can become complicated – if sensitive information needs to be deleted it may still remain on someone else’s device if downloaded.
Communication and collaboration
An email address is, despite concerns about ‘complicated workflows, still a vital tool with which to communicate to colleagues. Sharing an email address removes that option.
External communication is made more difficult in sifting through an inbox to find applicable emails, or to find emails you are already responsible for that are in a thread.
Liaising with the IFA
Last but not least, the IFA is implementing a new digital communication system that will require us to contact members individually – and we will need individual email addresses to do so.
Tax Fee Protection Insurance protects against accountancy fees incurred dealing with an HM Revenue & Customs Enquiry or Compliance Check.
Vantage is staffed by Tax Fee Protection Insurance experts who have years of experience working either for Vantage or across the industry. With over 1800 accountancy clients ranging
from sole practitioners through to top 100 accountancy firms, Vantage are able to provide a tailored solution to each practising accountants needs.
Vantage have 225 combined years of fee protection experience, a 95 retention rate and 99% of claims are accepted.
Please mention that you are an IFA member when contacting Vantage Fee Protect.
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.
Self-invested personal pensions
Mattioli Woods
With offices UK wide, we administer over 10,000 clients and hold £8.3bn 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.
FEE PROTECT 01162749123 info@vantagefeeprotect. com vantagefeeprotect.com
APARI PRO 01788 422175 accountants @apari-digital.com apari.pro
