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The official page of AccountingWEB UK, the largest independent online community for accounting and finance professionals in the UK. www.accountingweb.co.uk

AccountingWEB.co.uk is one of the UK's best online information sources and communities for over 100,000 accountants in business and practice. We welcome your questions or comments on our page, but if you've got any more, simply contact us at [email protected] or log on to http://www.accountingweb.co.uk.

01/10/2024

Misdirected post and uncertainty featured in the case of a dry cleaning company that appealed against a corporation tax bill of over £500,000. 👚

🖱️Click here:

Anyone who has dealt with HMRC can know how protracted even simple disputes can be. More complex affairs can seem to be never ending, such as the

01/10/2024

Partner pay has dropped at Deloitte UK on the back of a financial year that the Big Four firm has described as a mixed performance. 📉

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Deloitte’s UK equity partners took home 5% less than the previous year, according to the Big Four firm’s latest annual report [1], down from

01/10/2024

Ben Steele offers a glimpse into a day in his life as managing director of Streets Steele, balancing early mornings, back-to-back meetings and finding moments to recharge with his dog. 🐶

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Ben Steele (/pictured left/), managing director at Streets Steele and a finalist for Practice Leader of the Year [1] at this year’s Accounting

01/10/2024

Is the influx of private equity in the accounting industry here to stay? We asked Stuart Marcy of Gerald Edelman about the impact it is having. 🧐

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It’s too early to tell if the spate of private equity activity happening across accounting is a painful flash in the pan or a long-term part of the

30/09/2024

Accounting Excellence award-winning practice Prevail discussed their ongoing pursuit of new technology and processes to benefit their firm and clients. 🧐

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Catherine Machalinski (/pictured below/), founder and director of Prevail Accountancy Limited, spoke to AccountingWEB about her journey in supporting

30/09/2024

To discover how accounting firms are attracting and retaining top talent while building high-performing teams, we analyse last year’s Accounting Excellence data and highlight the strategies of the Employer of the Year finalists. 🏆

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/Ahead of the 2024 Accounting Excellence Awards [1], we look back on the 2023 awards and explore the key trends and insights from last year’s finalists. /

29/09/2024

The Court of Appeal has overturned the upper tribunal’s decision in a capital allowances tax avoidance case involving a dairy business and a support services company. 🐄

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What do a dairy company and an industrial services company have in common? Both participated in a contrived capital allowances scheme that the court of

29/09/2024

This week’s round-up of accounting technology news includes an upcoming consultation on introducing e-invoicing for UK businesses, a £22m investment for Apron, and a partnership between Klarna and Xero for ‘buy now pay later’ payments. 🤩

👁️Watch now:

Links to all stories featured in the video (AccountingWEB links unless specified otherwise):

28/09/2024

It’s well known that a company’s level of profits can affect the corporation tax rate it pays. However, some aren’t able to access the lower 19% rate regardless of how small their profits are. Emma Rawson takes a closer look. 🧐

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The changes made to corporation tax rates in April 2023 brought with them a range of complexities. In particular, for the first time since 2015,

28/09/2024

A watch seller failed to convince the first tier tribunal that its use of the second-hand goods VAT scheme was justified for a significant proportion of its transactions. ⌚

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Ancient & Modern Jewellers Ltd (A&M) predominantly sold watches, with many of their sales being within the second-hand margin scheme. This meant A&M

27/09/2024

A self-employed minicab driver failed to convince the tribunal that he intended to continue his trade, so he was not eligible for Covid support payments. 🚖

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A minicab driver who incorporated a “nearly” dormant company has been denied coronavirus support payments under the self-employment income support

27/09/2024

Rachel Reeves has announced plans to recruit 5,000 additional experts to HMRC’s investigation teams in a bid to crack down on those who do not pay their taxes. What’s not to like? 🧐

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Ever since George Osborne took the reins at the Treasury and quite possibly for some time before, the watchword when it came to HMRC was cost-cutting.

27/09/2024

The majority of respondents see no benefits in MTD for IT, according to the latest survey from ABAB, which underscores the challenge HMRC faces in preparing businesses for the April 2026 rollout and HMRC’s ongoing poor customer service.

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The Administrative Burdens Advisory Board (ABAB) [1] has published the results of its annual online survey, which reveals the general lack of

27/09/2024

Simon Owers of American Golf explains why keeping the entire business aligned on profitability ensures it is working towards growth. ⛳

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The key KPI (key performance indicator) of American Golf CFO Simon Owers (/pictured left/) – gross margin vs budget – has become much more

26/09/2024

It's not just a brilliant venue for events such as our amazing Accounting Excellence Awards, The Roundhouse Trust is also a Charity helping to provide opportunities and support for the next generation in the creative industries.

The Finance Team at The Roundhouse recently upgraded their finance systems to implement Xledger UK which has completely transformed the way they work giving them better control and detailed insights into the huge range of projects they run. Robb Webb spoke to us about how the project was delivered and the results the Roundhouse team has seen.

Xledger UK are sponsors of our Client Transformation Award at the 2024 and we look forward to seeing who wins the award this year. Will you be joining us at The Roundhouse on the 8 October to find out?

Click here to watch the full video case study [1]. -------- SPECIALIST ARTS AND CHARITY FUNCTIONALITY AND SUPPORT ---------------

26/09/2024

AccountingWEB sat down with cloud accounting pioneer and NetSuite founder Evan Goldberg to discuss the value he sees in artificial intelligence, how NetSuite is measuring AI success, and what products may be on show in the future. 🤖

🖱️Click here:

As founder of NetLedger (now Oracle NetSuite), the world’s first major cloud accounting platform, back in 1998, it’s unsurprising to find Evan

26/09/2024

PwC’s average partner pay fell from £906,000 to £862,000 this year as the Big Four’s group revenue inched to £6.3bn. 📉

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PwC partners in the UK took home 5% less than the previous year, with average distributable profit falling from last year’s £906,000 [1] to £862,000,

26/09/2024

Management accounting is not without its challenges, but Makbul Patel has stepped into the rodeo to try to harness the problems. 🤠

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Management accountancy has been part of most of my working life. Aside from the summer job working as a cardboard crusher at a supermarket, or that time

26/09/2024

A welcome dose of clarity has been given on lending regulations, which SMEs feared may increase borrowing costs. 📈

👉Read here:

Small or medium-sized enterprises (SMEs) appear to be in the clear from the risk of lenders increasing borrowing costs, after concerns were raised that

25/09/2024

Accounts payable platform Apron has raised £22m in new investment as the fintech provider seeks to expand its team and launch a new expense management system and a payment product for larger, more complex businesses.

🖱️Click here:

Almost a year after landing a £12m Series A round [1], payments platform Apron has boosted its balance sheet further by securing a £22m Series B

25/09/2024

Speaking at FAB earlier this year, Ian Pay, head of data analytics and tech at ICAEW, highlighted the challenges of trusting AI-generated content, particularly in customer service and compliance contexts, and outlined how to overcome them. 🤔

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As a profession, accountants and bookkeepers are well aware of the importance of ethics in accountancy and should understand the need for transparency,

25/09/2024

With the new revenue recognition rules affecting both FRS 102 and FRS 105, Steven Collings looks at the five-step model included in both standards, with examples to highlight the technical concepts. 🧐

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The Financial Reporting Council (FRC) issued the final amendments to UK and Ireland accounting standards arising from its periodic review on 27 March

25/09/2024

After being told to step up their game last year, anti-money laundering supervisors have once again been warned that they must do better. 😬

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Improvements among anti-money laundering (AML) supervisors are still needed, according to a new report, which proposes robust and proactive actions to

24/09/2024

The government has announced a consultation on using electronic invoicing more widely across the UK, and foreshadowed a new ‘Digital Transformation Roadmap’ for HMRC, although details about the specifics of each plan remain scarce. 🗺️

🖱️Click here:

Rachel Reeves used her first Labour Party conference speech as Chancellor to announce measures she believes will help improve productivity, reduce fraud

24/09/2024

With the AE Awards happening on 8 October we take a look into how the finance team at the venue recently transformed their finance systems and processes with the help of our Client Transformation Award sponsors, Xledger.

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Click here to watch the full video case study [1]. -------- SPECIALIST ARTS AND CHARITY FUNCTIONALITY AND SUPPORT ---------------

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Videos

💬With July and August being the time where everyone jets off on holiday, how do you deal with time off work. 💬 Will you be reading a set of accounts by the pool or will you be fully unwinding without an email being checked? 🌅 🏖️Join the discussion: https://www.accountingweb.co.uk/any-answers/unwinding-on-holiday

We need your views on the support and account management that software vendors provide in the latest AccountingWEB Intelligence survey. 🚨 👉Find out more by watching the video below and click here for the survey: https://surveymechanics.com/s/accountingweb2024w2 Thank you! ⭐

How do you manage your practice deadlines and day to day tasks? 📔 💬I've recently returned from 2 weeks away and I've had a week of pure chaos. There has to be an easier way to keep a track of everything.💬 📢Join the discussion on Any Answers: https://ow.ly/GxCc50SAt0u

💬I was on the phone to a client about CGT and wanted to check if there was any complexities that I needed to know about. I asked if she was married and when she said no my reply was, "Brilliant"💬 😬What's your, I shouldn't have said that moment: https://ow.ly/as6S50Sn3Q9

💬Working from home has changed work attire massively. Do you opt for suits, smart casual or casual wear? And how much does this change between working from home and office working? 💬 👉Join the discussion here: https://ow.ly/XMJl50ROqpV

💬I can't be the only one to notice that there is a boom of accountants that give bad advice and are utterly unfamiliar with the legislation💬 Is there a recent spikes in self made accountants that are not fit for the job? 💥Join the discussion: https://ow.ly/MFoQ50RvHa8

💬We've started using ChatGPT-4 in our practice with some impressive results but still feel like we're scratching the surface💬 What's the most impressive thing you've used CGPT for in your accounting practice so far? 😮 👁️‍🗨️Join the discussion here: https://ow.ly/U8FB50RurBq

💬Waitrose said their job applicants will now be able to see interview questions before an interview in “to make the process fairer”. 💬 Would you consider sharing your interview questions with job applicants beforehand? 🤔 👀Join the discussion here: https://ow.ly/2eS450RqnWr

💬Due to our significant investment in marketing, we're generating around 12 leads a month but are struggling to land more than one new client.💬 Are other accountants finding it hard to get new clients? 🙃 👀Join the discussion on Any Answers: https://ow.ly/97U250RoLhy

What is the biggest thing you have learnt over the years? 🤔 💬I used to take anyone on just to win the work. I am now more selective, getting rid of all my nightmare clients. 💬 👀Join the discussion here: https://ow.ly/R8em50Rb71W

💬Labour rates have increased substantially especially since Covid but I wondered as accountants do we undercharge ourselves?💬 What do you think? 🤔Join the discussion on Any Answers: https://ow.ly/JbLt50R42Wy

💬In one EY office an employee had stuck a guide on using the toilets, named “Guidelines for feral male staff”. 💬 In a profession known for precision, shouldn’t accountants know proper bathroom etiquette? 🤷‍♂️ 🚽Join this sophisticated discussion: https://ow.ly/ZWMb50QImI0

💬What advice would you give to someone who may not have gone to an exhibition before? 💬 It can be overwhelming if it is more than one day and there are lots of vendors and people to speak to. Do you have a certain approach? 🤔 👉Join the discussion: https://ow.ly/lJ8250QFuoU

What are your spring software shopping plans? 🛍️ 💬Maybe you’re looking to soup up your practice workflow, give cashflow forecasting tools a whirl, or dip your toe in the water when it comes to artificial intelligence?💬 👉Join the discussion here: https://www.accountingweb.co.uk/any-answers/spring-software-shopping-plans

Show some appreciation to your favourite client on Valentines ♥️ Do you actually show them that you’re grateful? 🤔 How do you build those long-lasting client relationships? 😍 💬Comment here: https://ow.ly/slyV50QAZ6u