Will your clients benefit from the small business strategy? Posted 09/09/2025 by Georgia Lewis & filed under Members, Prompt payment. Accountants and bookkeepers consider whether the Backing Your Business plan will boost SMEs. While it’s a common political soundbite to call small businesses the backbone of the British economy, it doesn’t always translate into policy. The UK Government has tried to address this in its Small Business Plan. Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready The past five years have proved challenging for small businesses, especially when dealing with the aftermath of the Covid-19 pandemic and ongoing global economic uncertainty. But can the government’s Backing Your Business (PDF) plan be a catalyst not only for a renewed sense of optimism in the small business community, but for genuine economic growth too? To boost the growth and productivity of smaller firms – and ideally contribute to better economic growth than this – the Backing Your Business plan includes actions such as: tackling late payments improved access to finance business rate reform to support the high street technology training opening up more opportunities for small businesses to access government contracts and export markets. Do accountants think the government’s latest strategy will provide small businesses with the support, skills and regulatory relief they need to thrive in the years ahead? Small businesses need to be factored into every single decision Kate Hayward, Chartered Accountant and UK MD, Xero Small businesses have long been calling for a dedicated strategy that’s fairer and truly built around their needs. They want to know the government can and will help them, but in a way that shows they truly understand. The government’s bold intentions to tackle late payments and improve access to funding are good starting points, as these are some of the biggest issues facing small businesses. However, we’d like to see even more ambition, with small businesses being factored into every single decision. Small businesses are grappling with a tough economic environment. On top of that, they are trying to keep up with accelerating change, such as developments in AI technology and regulatory shifts. They deserve robust support that encompasses skills, education and community, so they can seize new opportunities and navigate change effectively. In every town and community, small businesses are the very essence of what we cherish about the UK. They need tailored, accessible support that is relevant to them to thrive and unlock vital growth for the wider economy. Verdict: There are some bold intentions from the government that can be built on. Small businesses deserve to be thoroughly supported. The plan has long-term potential for businesses and communities Craig Dyer, Managing Director, CA Dyer Accounts and Bookkeeping Overall, Backing Your Business appears to be a positive step for UK SMEs. It directly addresses many of the longstanding challenges and concerns that business owners face daily. Improved access to funding, guidance and mentoring could have a positive impact in the future, which should be a great thing for small local businesses and communities. The proposed changes for hospitality and high streets are a good idea, especially given that they have found the post-Covid economy challenging. The new Youth Entrepreneur King’s Award for Enterprise is particularly exciting. Hopefully, this will encourage more young people to become small business owners. As with all plans and policy changes of this ilk, the major concerns will be around how accessible the schemes will be, effective implementation, and what impact it will have. It will take decades to assess the impact, but the local accounting and bookkeeping industries and communities will be there to support local businesses and their owners along the way. Verdict: This is a positive plan overall, and accountants will be there to help businesses navigate challenges. A clear step in the right direction Alex King, Founder and Chartered Accountant, Generation Money The strategy is a clear step in the right direction. Measures like the proposed crackdown on late payments, an extended Growth Guarantee Scheme, and a so-called front door for advice show a genuine willingness to respond to what SMEs have been asking for. But, with the budget still to come, the plan doesn’t fully settle nerves and provide the longer term certainty on fiscal policy that many firms need. Many small businesses will still wait for clarity on tax, business rates, and fiscal policy from the budget before committing to major growth initiatives. The success of Backing Your Business will depend on how it’s delivered. In the case of late-payment reforms, this could transform SME cash flow, but only if rules are enforced quickly and backed with real penalties for large firms that continue to ignore them. Extending loan guarantees will help, but without setting a multi-year business rates path, uncertainty remains for many industries. To build real confidence, the government needs to move from pledges to practical enforcement, publish clear timetables – and give businesses certainty on costs. Overall, the plans have a solid foundation. The challenge is execution. Money from lending and access to finance schemes must be unlocked in a timely manner, licensing and regulatory schemes must be simplified sooner, and enforcement of new laws and rules must be visible. If those pieces come together, this strategy can be a real boost, particularly those who’ve suffered through the employer’s NICs rise and increases to the minimum wage. Verdict: The plan shows the Government is listening to SMEs, but success depends on execution. Action on late payments is the stand-out pledge Tom Smith MAAT, Director, Every Cloud Accounting The pledge that stands out is trying to tackle late payments, which is a positive step as they can be a huge burden to my clients and other small businesses. You’ve delivered a service or product, often paid out associated costs – and then when you don’t receive payment. The delay can be detrimental to your business. In reality, I think the plans to deal with late payments will be hard to implement, but it’s a step in the right direction in trying to tackle this problem. Verdict: Tackling late payments is very welcome, but strategies may be hard to implement. Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready
What does the rise of AI mean for entry-level roles? Posted 09/08/2025 by Annie Makoff & filed under Artificial intelligence, Members, Recruitment. Finance professionals weigh in on how AI-powered automation could affect the skills gap and developing new talent – such as with AI-assisted training platforms. A growing number of accountancy firms are integrating artificial intelligence (AI) technology in a bid to improve efficiency. In many ways, it’s an inevitable step for firms to look to reduce costs and utilise AI capabilities. However, in a sector that’s plagued by skills shortages, it needs to be implemented carefully. AI skills for members AAT members can learn about AI, privacy, compliance risks and generative AI for accounting tasks in Learning Portal. Find out more On the one hand, two in five people would consider a career change to accountancy if administrative tasks were carried out by AI, according to AAT’s research. The technology is making careers in the sector more appealing and potentially addressing the skills gap. But on the other, some companies utilising AI have reduced headcount. They may need to rework their business practices, too: traditionally, new starters have learned processes and operations by carrying out a business’s more mundane tasks and manual processes, gaining insight into how and why things work. This has been the foundation on which young employees and graduates have developed skills, confidence and experience. We asked accountants, finance professionals and ChatGPT what they make of AI’s effect on careers. Firms must redesign how juniors build experience Ben Lee, Crypto Tax Partner, Andersen LLP AI is increasingly handling repetitive, rules-based tasks that historically formed the bulk of entry-level roles. While this may reduce the volume of traditional graduate intake, it doesn’t diminish the need for talent – rather it simply changes the profile of skills firms are looking for. Instead of focusing on manual processing, firms will need recruits who can interpret outputs, apply judgment and engage with clients. Ensuring that new joiners gain meaningful experience is a genuine challenge in an era where routine tasks are increasingly automated. Many accountants have learned their trade by cutting their teeth on compliance and processing work. If that training ground is automated away, firms must be deliberate about designing alternative pathways such as earlier rotations into client-facing work, structured problem-solving projects, or leveraging simulation and AI itself as a training tool. Left unaddressed, this could create a skills gap at the mid-tier level in future. The issue with all this isn’t the loss of routine work per se, it’s whether firms adapt quickly enough to redesign how juniors build experience. For forward-looking firms, this isn’t about reducing headcount, it’s about elevating the profession, moving it closer to consultancy and strategic decision support. Verdict: AI won’t diminish the need for talent or the loss of work per se, but firms must adapt quickly to redesign how juniors build experience. Newcomers risk missing incremental learning that underpins good judgment Dr Faisal Sheikh, Principal Lecturer and Accounting and Finance Course Leader, Nottingham Business School, Nottingham Trent University and former ACCA-qualified audit manager Historically, entry-level and new joiners learned the profession’s language and culture by performing repetitive tasks like reconciliations, basic audit testing and data entry. Automation removes the vast majority of the repetition; thus, newcomers risk missing the slow, deliberate and incremental learning that underpins good judgment in complex, ambiguous scenarios, which may affect the depth and breadth of their professional development. Consequently, firms may need to rethink and redesign their training and onboarding programmes to simulate those learning opportunities — for example, by using case studies, shadowing, and AI-assisted training platforms. It becomes problematic if and only if firms fail to replace the developmental, if not educational value, of mundane and routine tasks. Without that, future accountants may be technically adept but lack the contextual, sceptical mindset that distinguishes an excellent practitioner from a merely competent one. The winning firms will be those that successfully integrate AI into their workflow while simultaneously consolidating and enhancing their staff’s human skills, such as empathy, critical thinking, ethical judgement, and the big one, curiosity — that technology cannot replicate. Verdict: With AI, newcomers risk missing the incremental learning that underpins good judgment which may affect depth of professional development. Replacing graduate intake with AI will come with long-term costs Alistair Main, Head of Assurance and Assurance Director, Duncan & Toplis When used correctly, AI can improve both quality and efficiency at a time when regulators are expecting more from firms. But AI cannot replace human judgement. Over-reliance risks complacency, errors and ultimately lower-quality outcomes.The biggest challenge is what this shift means for training the next generation. Entry-level audit work gives trainees the foundation they need to critically review financials and, in future, the work of AI itself. Cutting graduate intake because AI can do the base work may feel efficient now, but the long-term cost will become clear in five to 10 years.Crucially, accountability cannot be passed to AI. Just as with the work of a junior auditor, responsibility rests with the Responsible Individual signing the audit report. Unless AI developers are prepared to take on that responsibility, auditors must ensure they fully understand the outputs of AI tools before relying on them. Verdict: Cutting graduate intake to utilise AI may feel efficient now but the long-term cost will ultimately become clear. AI is creating demand for critical thinking and advisory skills Vipul Sheth, Chartered Accountant and MD, Advancetrack AI is not removing opportunities, it’s raising the bar. As compliance and admin work becomes automated, we’re seeing more demand for critical thinking, communication and advisory skills – even at the start of someone’s career. The real challenge is making sure we support early-career professionals in building those higher-value capabilities. That might mean firms need to rethink how they structure their teams and training. Outsourcing, for example, can help by taking the routine work off their plates – but it also means firms have to be much more intentional about how junior staff learn and progress. According to our latest Accounting Talent Index, 65% of firms still haven’t introduced AI training or development for their teams. That presents a major risk to the pipeline – especially if graduates are entering firms where the traditional hands-on learning route no longer exists. Verdict: AI isn’t removing opportunities. As admin work becomes automated, we are seeing more demand for critical thinking and advisory skills. We mustn’t stop investing in people even as AI revolutionises the sector Ellis-Harris Boulter MAAT, Founder and Director, FieCO AI is the biggest change for the accounting industry since computerisation. Automation will free up time and allow us to explore new sectors and opportunities, including carbon accounting, cryptocurrency accounting and advisory. We’ll be able to move away from number crunching and being seen as ‘bean counters’. But the real challenge with AI will be a significant skills shortage in the coming years if we stop investing in young people. Those entering the field are at risk of skipping the fundamentals of accountancy as AI takes on the more manual processes, leading to an increasing reliance on technology. So when things go wrong, we might find practitioners unable to resolve basic issues due to lack of knowledge. Entry-level staff and new joiners will need to be more innovative than before, as competition for the reduced number of roles will be higher than ever. Verdict: AI will revolutionise the sector, but those just entering the field are at risk of skipping the accountancy fundamentals – so we mustn’t stop investing in people. We risk a generation of accountants who don’t understand the numbers ChatGPT, Open AI’s AI Language Model AI is starting to take over the manual, repetitive jobs in accountancy firms — things like reconciliations, data entry, and basic analysis. That’s great for efficiency, but it does raise a tricky question: if these regular tasks disappear, how do new joiners actually learn the ropes? Traditionally, those tasks weren’t just busy work; they helped junior staff understand how the numbers fit together. Without that foundation, there’s a risk of a training gap. But it’s not all doom and gloom. If firms get it right, AI could actually speed up progression. Instead of spending years buried in spreadsheets, new accountants might move more quickly into client-facing work, problem-solving, and advisory roles. The catch is that firms can’t leave this to chance — they’ll need to create more structured training, mentoring, and hands-on opportunities. Otherwise, we risk a generation of accountants who know how to use AI, but not why the numbers matter. Verdict: If firms don’t act now, we risk a generation of accountants who know how to use AI but not why the numbers matter. AI skills for members AAT members can learn about AI, privacy, compliance risks and generative AI for accounting tasks in Learning Portal. Find out more
AAT on a budget: how to manage study costs, from textbooks to exam fees Posted 09/04/2025 by Harry Rogers & filed under Students. Want to kickstart your career in finance, but worried about the costs involved? Here, were explore how you can make your AAT learning experience more budget friendly. If you’ve decided to embark on a new learning journey in the world of finance, it may be that the costs involved feel a little daunting. If you don’t have any savings to help you through, coupled with the pressure to succeed, a lack of structure and feelings of isolation, it’s easy to lose sight of why you took on the qualification in the first place. Like anything in life, AAT qualifications cost money. However, managing the cost of your AAT qualification is possible with strategic planning. You can save money on tuition, textbooks and exam fees by exploring funding options, choosing cost-effective study methods, or using free or discounted materials. Here’s how you can make your money go further. 5 ways to cut tuition costs and source funding Try self-study: while tutor support is beneficial, self-studying with a provider’s materials is a great, cost effective option. This route requires strong discipline and motivation for working through your qualification remotely, however there are several ways to stay connected to peers to help you remain accountable and on track. Try employer or government funding: some employers cover the cost of AAT training for their staff, while depending on your age, location and financial situation, you may be eligible for a fully funded qualification or financial help from the Government. It’s worth taking the time to research what’s available to you. Try an apprenticeship: if you’re not in full time work and want on-the-job experience, why not find an accounting apprenticeship which involves working and studying at the same time? This way, the employer pays for your training and qualification while you earn a salary. Consider a bursary: AAT offers to cover course, assessment and membership fees for those who meet the correct criteria. All you need to do is submit an application and a team of judges will decide if you’re eligible for support. Look for course deals: There are some providers that offer package deals and discounts, such as 10% off if you book two or more levels at once. You can also find deals on subscription-based learning platforms. Save money on textbooks and study materials There are several ways to economise your study materials, here’s how: Buy second-hand books: save funds by purchasing used AAT textbooks from former students or online. As long as it’s legible and covers the most up-to-date information relating to your qualification, it’ll get you through Access AAT’s Lifelong Learning Portal: registering with AAT gives you access to the Lifelong Learning Portal, which includes practice assessments, e-learning tools and guidance documents. Share study materials: You could always study with a friend and split the cost of physical textbooks, sharing resources and notes. You may even find it more useful studying with a partner. Try before you buy: some providers offer free trials for their online courses, allowing you to sample the content before committing to a purchase. This way you can get a feel for what’s to come and ensure you will remain motivated for the future. Exam exemptions and maximising student perks All students, no matter their age, can find money hard to come by while they study. It’s important to remember that although it may seem financially tough during the qualification, there are several student perks to help you. Along with being able to use your AAT student membership to ask for student discounts in a range of shops, bars and restaurants, it’s also worth signing up for a Totum or Totum Pro card to see where else you could save. You can also check for AAT membership discounts. AAT offers reduced fees for those moving on to study for a chartered accountancy qualification. A discounted registration fee is also available if you move from an AAT bookkeeping membership to a higher qualification, so your future doesn’t If you’ve got previous experience in the accounting sector, it’s worth checking to see if you are eligible for any exemptions based on prior qualifications using AAT’s skills checker. You will pay a fee for each exemption, but it may be cheaper than re-sitting an exam for a qualification you already hold. Finally, and it may sound obvious, but reduce the risk of resits, and the associated costs, by ensuring you are well-prepared for your exams. Utilise free practice assessments and other resources to give yourself the best chance of passing on your first try. Further reading Study Smart, Not Hard: Ten Tips for Accountancy Students Top tips for enhancing your studies while working from home Should I have a study partner?
“Being a winner really put my name out there” Posted 09/03/2025 by Marianne Curphey & filed under Community, Members. We caught up with the 2024 AAT Impact Award winners to see how they’re faring. Just under a year ago, AAT celebrated the achievements and successes of some of the amazing members and students that make up our community. As part of AAT Connect, the AAT Impact Awards 2024 recognised the incredible strength, talent and diversity within the profession by highlighting the great work of AAT members in a whole variety of ways. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating We caught up with some of the award winners to find out how their careers have been progressing, and how AAT has helped them grow both professionally and personally. One key theme which all the winners highlighted was the support and prestige that being AAT qualified provided them with, and how their training and the AAT community gave them the skills and the confidence to give their customers and clients the best possible service. If you’d like the chance to benefit from winning one of our awards, or know someone who deserves recognition, get your nominations in ahead of the submission deadline, Friday 5 September. “Winning has given me more confidence and the award shows I’ve been recognised for my work” Jessica Morton FMAAT, Excellence Award The award was presented to an individual who has been hugely impactful in their career to date. Jess Morton (née Brindle), set up her own business Jessica & Morton last year with her partner Ben in Lancashire. They run an AAT-licensed practice and business consultancy. “I applied for the award because I was starting the business and it felt like a good way getting my name out there,” Jess explains. “Winning has given me more confidence. When I am talking to a new client, I need to earn people’s trust very quickly. When you’re asking to talk about people’s numbers and their bank accounts, they need to feel that you are competent and trustworthy, and the award has shown that I have been recognised for the work that I do.” “AAT has been life-changing” Julie Spence AATQB, One to Watch Sponsored by Intuit Quickbooks, this award acknowledged and celebrated an individual who is early in their career but has already made an outstanding contribution. Julie is an advocate for changing the narrative surrounding bookkeepers and accountants and is the founder and director of NOEXSPENCE Ltd. “I was delighted to win the award,” she says. “For somebody who never graduated from school or went to university, AAT has been life changing. “No matter what your background or where you have come from, if you’ve got something that’s that you’re proud about sharing and that could potentially inspire somebody else that you should be actively doing that, because we’re humans, and we are meant to be of service.” “The award has strengthened my professional profile internationally” Paul Lyn FMAAT, Global Champion The award was presented to someone who has helped to widen the impact of AAT. Paul is Chief Performance Officer at Business Pro Limited and Managing Director of J-WYN Pharmacy Limited, Sam Fo Wholesale & Foods Limited, Sam Fo Meats, Sam Fo Plaza, and ProVantage Outsourcing HRM and Payroll Solutions Limited. “Winning the 2024 AAT Global Champion Award was a defining moment in my professional journey,” he says. “I felt honoured and grateful, not only for the recognition but also for what it symbolizes, years of dedication, high standards, and a commitment to service. It reaffirmed that hard work, perseverance, and above all, integrity when combined with purpose-driven leadership, can create an influence that extends far beyond your immediate sphere and leaves a lasting mark on both the profession and the community. “The award has strengthened my professional profile internationally. Professionally, I have been the lead accountant on many large-scale development projects here in Jamaica. Personally, I have remained deeply engaged in community service and continued my work as a Justice of the Peace for Jamaica.” “Winning the award has opened up opportunities” Ellis Harris-Boulter MAAT AATQB, Professional Member of the Year (MAAT/FMAAT) Sponsored by Capium, the award recognised an AAT full or fellow member who has demonstrated outstanding achievements and success in their role. Founder and Director at FieCo Accountancy & Marketing, and AAT Tutor Ellis said he was “very surprised and grateful” to win. “Winning the award meant a lot,” he says. “My mum joined the accounting practice early on and we grew it together, so it was lovely having her with me at the ceremony. It has opened up opportunities, whether being able to represent AAT in new ways and business opportunities after clients saw the posts on social media and got in touch. I’m incredibly lucky to get to work with a collection of fabulous businesses across the UK, alongside my Mum and sister, where we’re treated almost as an extension of the business. “I’ve also been collaborating with AAT to develop the next generation of accountants by hosting webinars, speaking at events and filming for their accounting virtual work experience programme. I accepted the role of co-chair at AAT Northampton Branch and I’m also very grateful to have been invited to be a judge at their Bursary scheme and Connect Awards 2025.” “Being a winner connected me with other amazing business owners” Zara Farr AATQB, Professional Member of the Year (AATQB) The award recognised an AAT bookkeeping member who has demonstrated outstanding achievements and success in their role. Zara set up Base2Base Bookkeeping to serve local business in and around her home in Cornwall. “I felt so welcome at the awards and being a winner really put my name out there and connected me with other amazing business owners,” she says. “I have grown my business this year and worked with some amazing clients. For the future, AAT level 4 is definitely on my wish list, as well as expanding our offering. “I would like to have an office space for contractors and so that I can think about recruiting new staff and employees. When I first set up my business, I didn’t anticipate that it would grow the way that it has. It’s been amazing.” “The award validated going against the grain and gave me confidence to keep learning” Andrew Smith FMAAT, Licensed Member of the Year Sponsored by Sage, the AAT Licensed Member of the Year Award recognised an AAT licensed member who has demonstrated outstanding achievements. Andy is business owner at Abbeygate Accountancy in Bury St Edmunds, which aims to deliver proactive and commercial advice at the right time, while leveraging software and automation. “Personally, the award felt like recognition for many years of continual self-improvement and also that it is ok to push against the grain in a sector that often plays it safe,” he says. “Professionally, it was validation that the way we’re doing things, with a modern, tech-enabled, conversation led, client-first approach, is the way forward. It has provided the confidence to keep pushing forward with my studies, continually learning and developing my softer people skills for leadership. “My plans for the future are to continue to scale the business without losing any of the culture, the ethos or the quality.” Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating
Do hackers have your business in their sights? Posted 08/22/2025 by Christian Doherty & filed under Cyber security, Members, Technology. Small businesses are a big target for certain cybercriminals. Here’s how to build your cyber fortress. The recent high-profile attacks on major UK retailers such as M&S have once again put the issue of cybercrime in the news. But while it’s tempting to think that it’s the household names, with their revenues in the multi-millions, that are the most attractive targets for cyber criminals, in fact the opposite is true. Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready SME in the sights KNP, a 170-year-old logistics company in Northampton, went into administration in 2024. A ransomware attack that damaged the company’s financial position led to its collapse, and the loss of 730 jobs. Meanwhile, the Information Commissioners Office (ICO) recently revealed that it received reports of 140,000 incidents between 2019 and 2023. Matt Norris is a consultant and underwriter at insurance firm Beazley. He works with smaller businesses to help them develop better cybersecurity, and says the KNP case revealed some concerning facts for smaller firms. The group that attacked KNP back in 2023 was a ransomware group called Akira. “This group has different styles of attack, and what they do is target people that only use passwords to secure access to their email accounts or their network. The group has stolen things like email addresses and guessed passwords.”Estimates suggest that about 80% of the companies that Akira attacks are SMEs. Similarly, cybersecurity firm Coveware recently reported that 35% of all the ransomware attacks affect companies with 11-100 employees. “So, if you take Akira, which targets SMEs, and you combine that with the number of incidents revealed by the ICO data, and then you look at Coveware’s figures, then you get a picture which points pretty firmly at SMEs,” Norris says. Two-pronged attack So what does a typical ransomware attack look like? Loss of network “There are two main things about a ransomware attack,” Norris says. “In the first one, you can’t use your network. For a logistics company like KNP, which has so many bits of technology, like optimum route, goods locators, ordering systems and so on, that is critical. “So you can imagine with a logistics or manufacturing company, or a retailer, are absolutely reliant upon technology. The ransomware attack means you probably can’t even use your telephones either. And we often we call it ‘pen and paper’ time, when a business is attacked and doesn’t have their network up and running or a way of recovering it, end up literally using a pen and paper to keep the trade going. And of course that has huge impact. Stealing sensitive data The second area of ransomware involves the theft of personal or sensitive information. “And the idea there is they try to put you in between a rock and a hard place about whether to pay the ransom or not,” Norris explains. “So for other types of company like education and health services, for instance, obviously they’ll be affected by not having a network, but they probably feel even more sensitive about that other part of ransomware: the data side.” For the average accounting practice, both versions of attack can be deadly: “Their ability to trade with no network is going to be significantly impacted of course; but at the same time, if their clients feel that their sensitive personal information and financial information is accessed, then that could have longer term effects on that company because there may be an effect on trust.” Security when outsourcing And it’s also true to say that the risks are intensified if the business is careless about who it works with. “I think the stats in the UK are about 70% of small companies outsource their IT, so they don’t really build it themselves now,” says Norris. “And so one of the key things about outsourcing – which can be brilliant – is that only 14% of companies ask their outsourcer what their security is like.” The UK has 13,000 managed service providers (MSPs), which suggest that the quality of cyber security will vary. Three ways to ensure your security Norris’s three tips are: Tip one – take time to understand how it works Norris suggests taking the time to really understand how your MSP protects itself – and you. “It’s really important that people ask some basic questions of their outsourcer to check. Because, as we’ve seen with bigger events recently, it’s the supply chain which can create problems upstream.” Tip two – create layers of security The second key tip is to focus on creating layers of security. “It’s not about doing everything in 24 hours; it’s about slowly building a plan,” Norris says. Many of Akira’s victims have been firms that don’t use multi-factor authentication (MFA) that demand users authenticate across different devices. “There are degrees of MFA that you can use, but not using any at all is probably one of the first steps that you’ve got to consider addressing. It’s why a group like Akira go after SMEs – because they can be the softest target if they’re not using MFA.” Tip three – address third party fraud The third key vulnerability is what’s now commonly referred to as ‘trusted third party fraud’. This is where your suppliers are attacked as a means of getting to you, or a fraudster attacks your systems as a way into your customers or suppliers network. “There’s definitely a front door and a back door to this,” says Norris. “And there’s certainly human psychology to it. If you know and trust your someone, then you leave the door open for them to do whatever they need to do, while if you don’t know them, the front door is normally well battened down. “In a way, sometimes websites have a bit more security than the managed access that some of your critical suppliers have,” Norris explains. “So, as with all kinds of things to do with cyber, the attackers are psychologically trying to work out their easiest entrance routes. And the psychology of how you treat a trusted third party means that they look at it as being a potential softer entry point.” Takeaways Finally, while there’s no failsafe approach to cyber security, keeping in mind a few things can go a long way to protecting the business from the growing threats online. the need for layered security, vigilance over your MSPs, and a healthy sense of scrutiny over other partners Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready
Who are the judges for this year’s AAT Impact Awards? Posted 08/22/2025 by Christian Koch & filed under Community, Members. The judges for this year’s AAT Impact Awards have done some extraordinary things in their own lives. Let’s meet them. The AAT Impact Awards are back! And they’re bigger than ever. This year’s ceremony on 7 November is a rare opportunity to celebrate the unsung heroes and inspirational figures in AAT’s community who go the extra mile to make a difference or have overcome significant challenges. The AAT Impact Awards 2025 submission deadline is Friday 5 September. Make sure you submit your nominations in time. Many of this year’s judges are also former AAT award-winners, such as Libby Walklett, aka The Ethical Bookkeeper, who won CPD Champion of the Year in 2017. “The AAT Impact Awards highlight the full breadth of our community, from rising stars and technical leaders to those driving fairness, inclusion, ethics and connection,” she says. “That’s why they matter and why they resonate so deeply.” Here’s more info on the judges… Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating Sam Gooding Founder, Gooding Accounts Eleven years ago, Sam launched Gooding Accounts in his spare room using an abacus. Now? The Wiltshire firm is a £2 million turnover business, with over 2,500 clients. Throughout his career, Sam has mentored new recruits or those who might be struggling. “Many are anxious about exams, juggling study with work or questioning their careers. My role is to give them confidence and show there’s light at the end of the tunnel.” A passionate mental health advocate, Sam also supports self-employed accountants facing the pressure of running their own businesses. On the AAT Impact Awards: “Sometimes talented people don’t get the acclaim they deserve. These awards give them a well-earned moment in the limelight.” Chris Argent Founder, Generation CFO Chris started his career in media sales, but after qualifying in AAT, moved into management accounting – once uncovering a £1.5 million fraud in his organisation. In 2009, Chris started a LinkedIn group for finance professionals, which has morphed into Generation CFO, a content platform, training provider and events company with a 100,000-strong community. A leading voice on digitalising finance functions, Chris has helped global brands such as Amazon, Vodafone and John Lewis on their digital transformation journeys. On the AAT Impact Awards: “The accountancy role is evolving. Because this ‘role revolution’ will not be televised, championing the changemakers and spotlighting those who excel at their roles is critical to directing the disruption.” Becky Glover Director of Finance and Technology, Yutree Insurance Becky began work as “pretty much the tea girl” in a law firm’s finance department after leaving sixth-form. The job inspired her to become an accountant, with Becky studying AAT at night school and landing a job at a practice. Her meteoric career has since taken her to senior roles, such as finance director of Cambridge-based software firm VNC Automotive and her current position at Suffolk-based Yutree Insurance. She’s also got a side-hustle as a vintner, running Elizabeth Rose Wines, which sells English and Welsh wines. On the AAT Impact Awards: “They shine a spotlight on stories that might otherwise be overlooked, highlighting not just accountants’ technical excellence, but the real-world influence they have on organisations too.” Libby Walklett Founder, The Ethical Bookkeeper Libby started her award-winning accounting career nearly 30 years ago, working in sectors such as catering, hospitality and education before founding The Ethical Bookkeeper in 2020, with a promise to “always do the right thing; it’s about sleeping at night knowing you’ve acted with integrity and built a business to be proud of”. Libby sees accountants as being “part consultants, part counsellors”, a stance she brings to the AAT community, where she mentors members and serves on the Members’ Advisory Council. Cotswolds-based Libby is well-known among AAT members for her trademark cerise-coloured hair and delicious homemade cakes. Her hobbies include DIY and am-dram, while she’s recently achieved a certificate in nail art. On the AAT Impact Awards: “At last year’s celebration [the finalists] brought tears of joy to the room; their stories give our members the confidence to push for even greater success… The knowledge, experience and generosity in this profession is immense. When we share it, we all get stronger.” Ellis Harris-Boulter Founder/Director at FieCo Accountancy Ellis has run Leicestershire-based FieCo for six years, helping small businesses grow through its accountancy, web design and marketing services. A proudly sustainable firm, FieCo’s website is powered by renewable electricity, while they plant 25 trees for every new client. Ellis won AAT Professional Member of the Year at last year’s Impact Awards thanks to helping students in his role as AAT tutor (“one of the most rewarding things ever”) and for championing mental health and career opportunities in his community. He’s also previously volunteered as a sergeant in the Leicestershire police force and as an NHS first responder for the East Midlands Ambulance Service. On the AAT Impact Awards: “It’s important accountants have a place to recognise their hard work while keeping organisations up-and-down the UK ticking along… Accountancy can sometimes feel lonely with lots of pressure, so the awards ceremony is also a great reason to grab a glass of prosecco and catch up.” Francesca McClory Managing Director, Future Cloud Accounting Francesca was a 26-year-old stay-at-home mum with two kids when she made the life-changing decision to study AAT. After six years at Duncan & Toplis, she launched Future Cloud Accounting in 2019. Driven by her belief that the profession needs “more people from all walks of life”, she’s currently championing this vision as an AAT non-executive director and board member. Interesting fact? Francesca narrowly missed out on a spot in the next series of The Apprentice. On the AAT Impact Awards: “They highlight the incredible work accountants and bookkeepers do every day – which often goes unseen outside of client conversations. They also inspire the whole profession to aim higher, creating a ripple effect across communities and the profession.” Julie Spence Director/Founder, Noexpence Leaving school at 16, Julie began as a business administrator for a construction firm. Later, an Open University business course led her to AAT and her passion for accountancy. Roles at several Glasgow practices followed before Julie set up her own award-winning bookkeeping firm Noexpence (described as “accounting with heart, strategy and purpose”) shortly after gaining her AATQB licence. Julie won ‘One to Watch’ at last year’s AAT Impact Awards. On the AAT Impact Awards: “The Awards are a moment to recognise other’s achievements, to become inspired and motivated by their unique stories and feel a part of something bigger than yourself. It truly is a day for us to honour and celebrate each other.” Paul Lyn Chief Performance Officer, Business Pro Limited, Jamaica Paul studied in Washington, DC before becoming project accountant on some of Jamaica’s largest hotel construction projects. Alongside accountancy, Paul runs successful businesses in pharmacy, wholesale and foods, employing over 100 people in Jamaica and the US. He also lectures at colleges and universities, and mentors people in his native Jamaica. At last year’s AAT Impact Awards, Paul was awarded the Global Champion Award for his efforts expanding AAT’s international reach. On the AAT Impact Awards: “They remind us that our work as accountants goes far beyond the numbers: it’s about trust, integrity and using our skills to create opportunities that change lives.” Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating
What do accountancy students need to know about UK payroll compliance? Posted 08/22/2025 by AAT Comment & filed under Pensions and payroll. From common PAYE terms to National Insurance contributions, here are some of the things that AAT students may find useful when it comes to UK payroll. UK payroll compliance is – in many respects – one of the most important ‘administrative’ obligations of any UK-based employer. It is also an area where errors are relatively frequent where the tax and National Insurance Contributions (NICs) at stake can be significant. This guide provides an initial insight into the core terms, deadlines and skills associated with UK payrolls. When is pay-as-you earn (PAYE) due? As an initial premise, employers need to account for PAYE on all the payments that they make to their employees. Organisations also need to consider whether someone is an employee for tax purposes, or whether someone’s status (from a labour law perspective), is not relevant. It is quite possible that someone could be regarded as ‘self-employed’ and/or an employee for tax purposes. While the tests on whether someone is an employee for tax purposes can be quite subjective, HMRC does have an online tool here which provides a marker as to whether someone is an employee or not for PAYE purposes. This tool gives a useful indicator, but additional analysis may be needed. Common PAYE terms and their meaning Gross pay: this is all of the cash earnings (pay, bonuses, commissions, overtime etc.) to which an employee is entitled to. This does not include any deductions (PAYE, NICs, employee pension contributions). Private pensions paid to retirees are also subject to PAYE. Net pay: this is the amount that an employee earns after PAYE, NICs, pension contributions etc. have been accounted for. PAYE tax code: this is the code which is applied to all employee’s pay and indicates the personal tax allowance (tax free amount) that employees are entitled. The standard code is 1250L, which would indicate that the employee has a personal tax allowance of £12,570 for the tax year. Real time information (RTI): this refers to the monthly (electronic) declarations that the payroll provides to an employee for each pay period. The RTI declaration needs to be made ‘on or before’ the relevant payments have been made to the employees. Want to learn more about UK payroll? Try AAT’s Learning Portal Access study materials and connect with fellow learners to ace your qualification and kickstart your career. Find out more Form P60: this is the certificate which is produced at the end of every tax year for every employee on the payroll at that stage. It provides confirmation of their taxable income and PAYE withholdings. Form P45: this is the certificate which is provided to an employee when they leave employment during the tax year. One element of the form should be provided to new employers, so that they know what PAYE tax code the individual has been on and what their year-to-date earnings and PAYE are. Employee share awards (share options, restricted stock etc.): Where employers provide employees with shares in the company (or a related entity – e.g. an overseas parent business), as a result of their employment. Such awards may create a liability to PAYE, however these should be considered on a case-by-case basis. Benefits-in-Kind (BIKs) There is presently no standard obligation for employers to include employee BIKs (e.g. private medical insurance, private travel insurance or a company car) within the employee payroll reporting process, although they can include this in the payroll with HMRC’s approval. However, those employers that don’t report any BIKs which are provided to employees through the payroll, will need to produce a Form P11D for each employee to report the deemed ‘cash value’ of these amounts to HMRC. The Forms P11D are prepared after the end of the relevant tax year and reported to HMRC on or before 6th July following the relevant tax year end. The compulsory payrolling of BIKs is due to start from April 2027. National Insurance Contributions (NICs) In addition to income tax, employers are (usually) obliged to account for NIC withholdings (social security) on the gross pay provided to employees as part of the overall payroll reporting process. Key points to understand include: NICs include both employee NIC (primary contributions) and employer NIC (secondary contributions). Certain employees will not be liable to either primary or secondary contributions e.g. many foreign employees who are assignment to the UK may have no liability to NIC for various reasons. UK-based employees who are either under 16 or over 66 will not be liable to employee NICs, but secondary NICs will still arise for the employer on their earnings. Business expenses and round sum allowances Qualifying, legitimate business expenses which have been incurred wholly, exclusively and necessarily in the course of business can be reimbursed to employees without incurring a PAYE or NIC liability. However, those employers which provide employees with ‘round sum allowances’ instead of receipted business expenses to cover business travel and similar cost will innately need to subject these allowances to PAYE and NIC. Individual employees may then be able to submit a tax relief claim to HMRC at the end of the tax year, where they have incurred qualifying business expenditure. Pension contributions When assessing whether an employee’s pension contributions are included within ‘gross pay’ or not, it is important to note that the precise conditions associated with the pension scheme can impact how these contributions need to be reported for payroll purposes. Key examples in this regard include: Pension salary sacrifice arrangements: with these arrangements, the legal salary of the individual for PAYE / NIC purposes is adjusted and hence PAYE / NIC will only be applied to the reduced salary after the salary has been adjusted for the pension contributions. Employee contributions to a personal pension scheme (or Group Personal Pension Scheme): will not adjust the employee’s salary for PAYE or NIC purposes. Basic rate tax relief is claimed directly from the Government via the relevant pension fund, whilst any additional tax relief which is due (for 40% or 45% taxpayers) on these contributions is obtained via their personal tax return. Payroll timings The PAYE and NIC should be transferred to HMRC by the 22 of the following month (i.e. 22 September for August withholdings). This assumes the payments to HMRC are made electronically, otherwise the payments need to be with HMRC by the 19 of the month. If the 22 or 19 falls on a weekend or bank holiday, the payment should reach HMRC on the previous working day to avoid the risk of late payment penalties. The wider personal skills needed in payroll Finally, working in payroll isn’t just about ‘technical skill’ and knowledge of the core rules. It also requires a wide range of personal skills and attributes including attention to detail, solid administrative and process skills, confidentiality and the ability to work with other parts of a firm closely while staying calm under pressure. Key soft skills need to be adopted to bring success to your role, including active listening, empathy and problem solving. Further reading Where can an AAT qualification take me in my career? Accounting software: analysis tools to make your life easier How to feel part of the community when studying remotely
“HMRC’s focus on making life easier for agents is very welcome” Posted 08/20/2025 by Annie Makoff & filed under HMRC updates, Members. How accountants feel about HMRC’s transformation roadmap. HMRC’s transformation roadmap sets out over 50 measures, initiatives and projects playing a part in the government’s strategy to modernise the UK tax system. It outlines how HMRC will meet key objectives such as improving departmental performance and customer service, closing the tax gap and reforming and futureproofing the tax system. Ultimately, the aim is for HMRC to become a digital-first organisation by 2030, with at least 90% of taxpayer interactions being digital, through the use of AI capabilities, automation and improved digital functionality. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating Currently, 76% of customer interactions are digital, but a new PAYE service introduced as part of the roadmap is intended to make it ‘simpler and easier’ for taxpayers to check, review and control their tax status and accounts. Some of the other major changes and measures announced in the roadmap include: leveraging AI capabilities for internal HMRC advisors and caseworkers leveraging AI-powered assistants to provide services and support for HMRC customers increasing investment in IT infrastructure, data-driven systems and new platforms introducing automated invoicing and AI-powered ID verification systems mandating and modernising tax adviser registration from April 2026. To fund the digital transformation, £500 million has been allocated over a four-year period which will help recruit thousands of additional HMRC staff as well as introduce, implement and streamline each of the projects as set out in the roadmap. In addition, HMRC has announced it will no longer introduce Making Tax Digital for Corporation Tax, looking instead at an ‘alternative approach’ to corporation tax. So what’s the reaction from accountants and bookkeepers? HMRC’s plans are commendable, but experienced officers are needed to oversee technology Robert Marchant, Partner, National Head of Tax, Crowe HMRC has a wealth of data about organisations and individuals, and using a data-led approach to target area of perceived tax avoidance is welcomed. In my experience though, the application of technology still needs oversight by a human and I would hope that there will still be experienced officers reviewing the data and the actions that HMRC then proposes to take. Overall, the plans are commendable. More officers, reducing the tax gap, reducing the tax debt, improved customer service, improved turnaround times, measures to support small businesses, all amongst a number of announcements. It feels like we have been here before, but time will tell. Verdict: HMRC’s plans are commendable but experienced officers are needed to oversee technology. HMRC’s roadmap would massively reduce turnaround times Paislei Godley, Director, Prime Accountants Group The proposed roadmap would be fantastic if HMRC can deliver it, though I feel the five-year timeframe is optimistic. Many things we deal with as agents are paper-based or done by phone call. We’re often asked to write a letter if we’re not able to get the support we need over the phone. It’s archaic compared to much of the service sector. You can wait months before a letter is actioned. Therefore, giving agents the ability to deal with these kinds of enquiries digitally would be a fantastic move in the right direction. If HMRC can stick to this roadmap, it would massively reduce turnaround times for simple tasks. For example, getting someone out of self-assessment means we have to write to HMRC and wait weeks for a reply – and that’s if we hear back from them at all. This change gives us the power to do this electronically and it would be almost instant. This is also a step in the right direction towards closing the tax gap and ensuring people are paying the right amount of tax. It’s interesting to note it also includes the launch of an enhanced rewards scheme for people reporting serious non-compliance. There are concerns around security and fraud, for example using voice recognition to verify individals. This process will lean heavily on AI, so its ability to spot fakes will be crucial. But when you consider HMRC doesn’t currently use two factor authentication (2FA) on agent accounts, there is a security risk here. Verdict: HMRC’s roadmap will massively reduce turnaround times and is a step in the right direction towards closing the tax gap. Modernisation and simplification is welcome, while over-reliance on AI is a concern Ellis Harris Boulter MAAT, Founder and Director, FieCo Accountancy HMRC is ready to enter its technology era. The Transformation Roadmap puts it on a journey to deliver fast-paced change. The plan is certainly ambitious, and addresses some of HMRC’s big problems. Its futuristic AI approach and raft of exciting plans to make tax synonymous with everyday life is almost enough to make you forget about years of delays and false starts with Making Tax Digital. What could go wrong? A new online service for PAYE customers to allow self-service, alongside development of an easier reporting system for customers with simple tax affairs can only be a good thing. Who knows, telling your aunt to ring HMRC because her tax code’s wrong could be a thing of the past. The possibility of improving VAT registration and sending codes by email could be promising given the dire state of VAT registration now, but this must be carefully balanced against risk of fraud. Finally, HMRC’s focus on making life easier for agents by modernising and streamlining registration and three-way communication is very welcome. However, the idea of HMRC implementing AI is concerning, and brings flashbacks to the CEST IR35 tool, with HMRC promising to uphold the result of it before calling it “irrelevant” in a subsequent tribunal. Therefore, HMRC should stay alert to potential unintended consequences of implementing AI. Overall, I’d prefer to see HMRC focus more on consistently delivering its core role. Verdict: The focus on modernisation and simplification is welcome but over reliance on AI-powered technology is a concern. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating
Getting onboarding right: How to set up new recruits for success Posted 08/20/2025 by Christian Koch & filed under Employers, Members, Recruitment. It’s getting to the time of year where organisations ramp up recruiting new staff. Training providers and AAT’s experienced team talk about the best way to approach onboarding them. The September Recruiting Rush is on! With summer holidays ending and end-of-year budgets clearer, September usually sees businesses launching drives to hire. But onboarding fresh talent – particularly inexperienced recruits – comes with challenges. In the past few years, many businesses have reported young hires lacking core workplace skills such as time management and communication, or even abandoning their roles before day one. “Whether you’re a large or small business, the goal of onboarding is to help that trainee move from becoming a newcomer to a confident, productive member of the team, who knows how to do their job and feels like they belong too,” says Jordan Osborn, business development manager at the AAT. “To avoid a high fall-off rate, it’s important to get onboarding right.” Here’s how to make that experience as seamless as possible. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating Pre-boarding: Setting up success before day one Onboarding should start days – or even weeks – before the new hire starts. Some candidates might have accepted the job offer but may be weighing up other roles at the same time. How your business engages with them during this period could be crucial. Some pre-boarding strategies suggested by Osborn include: Online activities to build rapport, such as quizzes or virtual escape rooms. Arranging an informal coffee meet-up, lunch or dinner with the hiring manager or future teammates outside the workplace. Goody bags containing free swag such as branded notepads, water bottles, pens and sweets. This could also include some info on company culture, an employee handbook, an agenda for their first day/week, plus a friendly start-date reminder. Invitations to team days and social gatherings. The first day “The worst thing that can happen is the new recruit turns up on day one and never comes back!” says Osborn. “You want to build confidence and make them feel they’ve made the right choice.” A well-planned first day should include: A workplace tour and introductions. An overview of the company’s virtual tools for hybrid and remote employees. IT set-up and essential policies. A simple outline for their first week. A casual coffee or lunch with their line manager or new colleagues. Don’t dump a stack of forms on their desk the second they arrive or leave them looking helpless while IT sets up their equipment. The first week “The ideal first week should be a blend of orientation with a few small confidence-building tasks, such as shadowing a client call or meeting, processing a basic transaction or data-checking under supervision,” says Osborn. “This lets them feel they’re contributing and starting to grow, but without the pressure to perform.” For recruits studying professional qualifications such as apprentices, Osborn suggests sharing a “clear pathway, along with a study planner and resources to access in their own time.” Enlist the help of your training provider Training providers don’t just deliver skills. They can also handle much of the more onerous onboarding tasks too, such as HR or admin functions. “Think of training providers as partners or consultants,” says Matt Edwards, account director at EMA Training. “We can take away much of that admin headache for employers, such as filing information for government gateways, friendship/learning agreements and national insurance tax category advice.” Edwards recommends meeting with a training provider before the employee’s start date, to ensure contracts, compliance and training plans are ready. Probation without pressure Probation is a scary word for new recruits. Osborn’s advice? Don’t present it as an anxiety-inducing binary pass/fail process. “Instead, be clear about how long probation lasts, what success looks like and how that individual will be supported. This could be as simple as setting goals for each week/month. Also, be transparent about how their progress will be reviewed: informal weekly catch-ups, or once every 30/60/90 days”. Mentoring and buddy schemes Pairing trainees with a ‘buddy’ – usually somebody who has gone through the same apprenticeship a year or two earlier – can be hugely beneficial in helping them navigate the workplace culture, as well as boosting their learning. “Buddy schemes are great for helping starters understand the unwritten rules of the business, such as ‘What happens if I make a mistake?’ or software questions,” says Osborn. “Ideally, the buddy should reach out beforehand by sending a quick message or email to ease first-day nerves.” Mentoring, on the other hand, tends to focus on professional development. Businesses may wish to assign a mentor from within their organisation, but training providers such as EMA Training also allocate mentors too. “If the company or practice is struggling with workloads, then the training provider’s mentor will offer additional support for the trainee,” says Edwards. Allocating managers “It’s important to have just one main point-of-contact,” says Osborn. “Typically, this would be the manager, but it could be a ‘buddy’ too. It just needs to be somebody who’s approachable and patient. It might also be an opportunity to upskill an existing member of staff into a managerial position.” Culture club For many young people, workplace happiness isn’t just about salary and pension benefits, but company culture such as wellbeing, hybrid working and team spirit. “In my view, culture has to be experienced, rather than businesses showing recruits a PowerPoint slide on ‘company culture’ and values’,” says Osborn. How long should onboarding take? Osborn suggests: Week 1: Focus on orientation. Weeks 2-4: Provide hands-on learning with close support. Months 2-3/weeks 5-11: Set trainees bite-sized goals to keep them motivated. These tasks shouldn’t make them feel as if they’ve been thrown in at the deep end. “Make sure you check in with the individual, but also review their progress by checking in with other staff as well,” adds Osborn. End of month 3/12 weeks: “By now the trainee should be hitting their stride with the right mix of supervision and autonomy,” says Osborn. “They should also have a basic understanding of compliance, how to work to deadlines, communicate with clients/internal teams plus also contribute some meaningful work.” Above all, preparation is essential. Says Edwards, “The businesses that get this right give learners a thorough précis of what to expect before they even walk in the door. These companies ensure learners receive their contract before they start, alongside the offer letter, details of dress code, what to expect in their first week and a full training/development plan. Outlining these expectations from the get-go makes things go much smoother for both the business and trainee.” Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Nominations close soon. Get nominating
Whistleblowing related to sanctions Posted 08/19/2025 by AAT Comment & filed under Anti-money laundering, Anti-money laundering, Members. Protections for whistleblowers have been strengthened. Read the latest update. The Public Interest Disclosure (Prescribed Persons) (Amendment) Order 2025 strengthens whistleblower protections in the UK by expanding the categories of individuals and bodies that can receive protected disclosures related to sanctions violations. Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready As a result: HM Treasury was added as a prescribed person to receive suspected sanctions violations in relation to financial transactions or services the Secretary of State for Business and Trade was added as a prescribed person to receive suspected violations of trade sanctions (including import/export sanctions and director disqualifications sanctions) the Secretary of State for Transport was added as a prescribed person to receive suspected violations of transport sanctions (including aircraft and shipping) and related licensing offences. This means employees who report potential breaches of UK financial, transport, and certain trade sanctions to designated government bodies, are now afforded legal protections against retaliation from their employers. Further guidance and support on Anti-Money Laundering compliance is available on our AML webpage. You can also contact us on +44 (0)20 7367 1347 or via email [email protected]. Prepare for key financial reporting changes in 2025 and 2026 Significant updates to accounting standards are coming, so it’s essential to understand their impact on financial statements. Get ready