AAT Silent Study Session gets the green light from students Posted 08/19/2025 by Harry Rogers & filed under Students. AAT’s first ever Silent Study Session proved to be a huge success for attending students, with many reporting that the time reduced feelings of isolation and helped them feel more connected to the AAT community. The concept is simple – students register for the Silent Study Session, use the one-hour video call to focus on their studies, before celebrating their small “win” at the end for staying focused. Visitors to the call will be provided with some useful links and they can interact with each other in the chat box providing help and support. These virtual meets have been created to help students stay motivated and feel connected while working remotely, according to Neil Maguire, Customer and Partner Lifecycle Team Leader at AAT. He said: “We understand that one of the biggest hurdles that students face when progressing through their studies is balancing their commitments and maintaining motivation. “To help address this, we introduced our Silent Study sessions – dedicated, focused time slots where students can study alongside their peers in a supportive environment. “By scheduling these sessions into their diaries, we give students the time they need to concentrate without distractions. At the same time, studying together helps to create a sense of community and shared purpose, so students don’t feel alone on their journey.” Positive feedback from students Students who took part in the session were asked to provide feedback on the experience, with 90% of attendees reporting that it reduced feelings of isolation, and 100% saying they found the time extremely helpful and would attend again. When asked what the most valuable aspect of the session was, respondents said: Dedicated study time – 46% Motivation boost – 10% Reduced distractions – 4% Support from other AAT students – 6% All of the above – 34% Angela, who is studying level 4 accounting, said: “I hope these sessions continue as there were many positives and it was great to collaborate, especially for self-studiers like me.” Marta, who is also studying level 4 accounting, said: “It’s been good to have an hour dedicated to study and join along with others. It didn’t make me feel so alone.” What AAT has learnt so far These sessions resonate well with those that don’t have a natural classroom community or tutor-led teaching. AAT can experiment a bit more on the length of these sessions and what time of day they are hosted. It’s a great way for students to hold themselves accountable and to use their time effectively. What happens next? Neil Maguire added: “The overwhelmingly positive feedback and increased sense of connection we’ve seen so far confirms that providing structured, communal study opportunities can make a real difference. “Our goal is to continue refining these sessions – experimenting with timing and length to best support our students in achieving their goals. “We’re excited about the potential for these events to boost motivation, accountability, and community spirit among all those striving to succeed with AAT.” Join in a Silent Study Session with AAT Sign up to your preferred date and time using the links below: Wednesday 3 September12.00 to 13.00 – Register here20.00 to 21.00 – Register here Thursday 4 September 12.00 to 13.00 – Register here20.00 to 21.00 – Register here Friday 5 September 12.00 to 13.00 – Register hereWednesday 10 September12.00 to 13.00 – Register here20.00 to 21.00 – Register here Thursday 11 September 12.00 to 13.00 – Register here20.00 to 21.00 – Register here Friday 12 September 12.00 to 13.00 – Register here Further reading How to feel part of the community when studying remotely Top tips for practising self-kindness while you study Staying up late to study? 7 tips to help you switch off and get a good night’s sleep
Why AI is making accountancy exciting for a new generation Posted 08/15/2025 by AAT Comment & filed under Artificial intelligence. Laraine Ukwu-George’s technology-driven approach to finance demonstrates why people would consider a career change to accountancy if AI handled administrative tasks. Two in five people would consider a career change to accountancy if administrative tasks were carried out by AI, according to new research from AAT. For Laraine Ukwu-George, Finance Coordinator at Archway, a charity supporting vulnerable adults, this statistic reflects her own experience of how artificial intelligence is transforming the profession from number-crunching into something very exciting. Laraine’s journey into finance began in 2022, following a career reset prompted by the pandemic. With a degree in engineering and previous experience as an optical consultant in retail, she found herself in a business support role that unexpectedly introduced her to the world of finance. “I’d been working in retail as an optical consultant. Then after coronavirus (Covid-19), I wanted to do something different, something hybrid,” said Laraine. “I applied for a business support assistant job, and it turned out it was assisting operations and finance. They would get remittance invoices, and I wouldn’t know what debit and credit meant.” This knowledge gap led Laraine to discover AAT. “I researched and found out what AAT was, and I decided that it would teach me from the basics as I didn’t know the fundamentals.” She self-funded her studies, completing Levels 2 and 3 whilst working in increasingly finance-focused roles. 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 AI in action: from manual processing to strategic thinking Laraine’s first direct encounter with AI in accounting came during her role in accounts payable at a university in Aberdeen. The transformation was immediately apparent: “We upgraded our system to use AI technology to read the invoices with OCR (optical character recognition), so we wouldn’t have to manually input them because we had high volumes.” This practical experience aligns with AAT’s research findings, which show that 78% of those currently in the profession believe AI tools make accountancy easier by automating administrative tasks, while 64% believe AI tools will enhance efficiency and accuracy in the accounting profession. The human element: training AI and strategic oversight Rather than replacing human input, Laraine found that AI required careful human oversight and training. “We’d have to train the software, so we’d pass lots of invoices through, and if there were errors, every morning we’d have to check the error reports,” she explains. In her current role, Laraine continues to work with AI-powered tools. “We use AI technology – you might have heard of DEXT or Receipt Bank – for invoice capture. The more invoices you put in, the better it gets at it, but you still have to check it.” Blending technology with professional development What sets Laraine apart is her forward-thinking approach to combining traditional accounting qualifications with cutting-edge technology skills. She is currently studying for AAT Level 4 whilst pursuing a Master’s in Applied Data Analytics through the University of the Highlands and Islands, and she’s building a unique skill set for the future of finance. “I’m interested in the programming side”, Laraine explains. “From everything I’m seeing, AI and data analytics are going to be very important in almost everything we’re going to be doing as accountants.” Her academic projects demonstrate the practical application of this knowledge. “Each time I have coursework, I tailor it to accounting, and when I’m finished with AAT Level 4, I can show that this is the portfolio I’ve created.” One project involved creating a management reporting application where Laraine used fake employee data to generate charts and graphs showing departmental costs, salary distributions, and demographic breakdowns. Embracing AI for career enhancement Laraine also actively uses AI tools like ChatGPT to enhance her professional development. During her job search, she leveraged the technology to tailor applications and understand company requirements. “I would put the company name in and ask ChatGPT to tell me about the company,” she explains. “Sometimes I’d input the job description and ask what kind of skills they need, because some things are hidden in job adverts.” For her studies, AI serves as an additional learning resource. “The book may explain things one way, and I’ll ask ChatGPT to explain this question again to me in another way, so I’m seeing it in two different ways.” The future is exciting, not frightening For Laraine, AI represents opportunity rather than threat. “I think it’s something we should be excited about, but with a pinch of salt, because we need to understand this technology. We can’t just blindly follow it, because AI makes mistakes. It’s only as good as the programmer that programs it, and we still need to know the basics.” She draws parallels with previous technological advances: “It’s like when the internet came out – people were scared of it, but now everything happens on the internet. The learning curve is not that steep, so people shouldn’t really be frightened.” This optimistic outlook is transforming perceptions of the profession itself. “My husband is an accountant, but I wasn’t really interested in accounting at first because I thought it was boring,” she said. “But now I think it’s very exciting. There’s so much happening with it.” Strategic roles replacing routine tasks Laraine has witnessed firsthand how AI is elevating accounting roles beyond inputting numbers. “With the advancement and integration of AI, it now frees accountants up for more strategic tasks. The accountant’s role is changing from just number-crunching to strategic work,” she said. She cites a colleague whose role evolution exemplifies this shift: “I know someone who used to be a Finance Manager, but now she’s a Business Services Manager. It’s more about the strategy of the business and ‘how do we make more money?’ It’s no longer about writing in the ledger.” AAT’s research shows that 80% of current professionals say AI allows accountants to focus more on giving advice and solving business problems, whilst 81% believe AI is generating greater opportunities by enabling accounting professionals to develop skills in other areas. In summary Laraine’s journey from engineering graduate to AI-savvy finance professional illustrates why 23% of people say they would have stayed in the accounting profession longer if AI had been available to help them, whilst 22% say they would return if AI could support basic tasks. Her advice for those considering the profession is pragmatic: “People have to learn how to use this software, but it’s just like any new technology.” Laraine’s combination of AAT qualifications with advanced data analytics skills represents a new model for finance professionals – one where technology enhances rather than replaces human expertise. Laraine agrees that understanding the technical side of accounting will be vital in ensuring that AI is doing what it’s supposed to do. For students, employers and training providers, Laraine’s story demonstrates the importance of embracing both foundational knowledge and emerging technologies. As AAT’s research shows, the profession is evolving rapidly, and those who adapt will find themselves at the forefront of an increasingly dynamic and rewarding career path. AAT’s Skills Campaign research surveyed 1,000 members aged between 18 – 65. Further reading How AI is transforming accountancy’s appeal Working with AI: boosting your career in the right way AI focus: how artificial intelligence can help accounting students thrive 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
UKFIU Podcast on virtual squatting Posted 08/14/2025 by AAT Comment & filed under Anti-money laundering, Anti-money laundering, Members. Find out what virtual squatting is and the signs professionals should be aware of. Panellists from National Economic Crime Centre (NECC), Institute of Chartered Accountants in England and Wales (ICAEW) and Companies House address: what virtual squatting is the role it plays in economic crime potential signs that professionals should be aware of the positive outcomes that resulted from this public-private partnership. 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]. Ethics and the digital world Visit the AAT Lifelong Learning Portal to find out more about the ethical impact of digital technologies on you as an accountant. Log in to view Watch or listen to Episode 23: Virtual Squatting on youtube.
Defence Against Money Laundering (DAML) Threshold Triples Posted 08/14/2025 by AAT Comment & filed under Anti-money laundering, Anti-money laundering, Members. The threshold at which businesses can be exempted from committing a money laundering offence has risen. What does this mean for you? The Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025, increasing the DAML thresholds in section 339A of POCA £3,000 (previously £1,000), came into force on 31 July 2025. Master charity accounting Get the technical expertise and practical knowledge needed to navigate the unique financial requirements of charities. Find out more What does it mean in practice? The £3,000 threshold is the level below which businesses can be exempted from committing a money laundering offence. However, the transaction must: take place in the regulated sector, involve money or property valued at less than £3,000, involve transferring or handing over to the client money or other property which belongs to or is owed to the client, be made for the purpose of exiting the relationship with the client only (if you are unsure whether you are returning money for that purpose, you should seek legal advice), and must comply with Customer Due Diligence duties before transferring to a customer/client money or other property. Your next steps Ensure your AML internal policies and procedures are reflecting this change, if applicable, ensure your AML relevant staff members are aware of this change, if you have knowledge or suspicion of criminal property, regardless of its value, submit a Suspicious Activity Report (SAR), remain alert to the potential risk of split transactions that come under the £3,000 threshold. Learn how to write effective Suspicious Activity Reports with our webinar, FREE to members, running on 2 September 2025 and again on 18 September 2025. Master charity accounting Get the technical expertise and practical knowledge needed to navigate the unique financial requirements of charities. Find out more 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].
Role of ACSPs: Mandatory identity verification for all company directors and people with significant control Posted 08/14/2025 by AAT Comment & filed under Anti-money laundering, Members. What Companies House needs for different roles, and what this means in practice. Date of verification by role Companies House confirmed that from Tuesday 18 November 2025: new directors will need to verify their identity to incorporate a company or be appointed to an existing company existing directors will need to confirm they have verified their identity at the same time as they file their next annual confirmation statement, during a 12-month transition period existing people with significant control (PSCs) will need to verify their identity in line with an appointed day within 12 months of the commencement of mandatory identity verification on 18 November 2025 the director and PSC of the same company will need to provide personal code separately for each role a PSC but not a director of the same company will need to provide personal code within the first 14 days of their birth month For example, if your date of birth is 15 January, your 14-day period will begin on 1 January anyone becoming a PSC after 18 November 2025 will need to provide personal code within 14 days of being added to the Companies House register. Please note: Mandatory identity verification for individuals who file at Companies House, limited partnerships, corporate directors of companies, corporate members of limited liability partnerships (LLPs) and officers of corporate PSCs, will be introduced at a later date. Ethics and the digital world Visit the AAT Lifelong Learning Portal to find out more about the ethical impact of digital technologies on you as an accountant. Log in to view What it means in practice Once the identity verification was successful, a personal code from Companies House will be provided; from 18 November 2025, this personal code along with a verification statement will have to be provided to Companies House; it won’t be possible to file the Confirmation Statement without the personal code for every director; it will be an offence to act as a director without being verified once director duties commence. Further advice from Companies House Companies will be contacted by Companies House on their registered email address and will be advised what their directors and PSCs need to do to meet identity verification requirements; directors and PSCs will be able to check the Companies House register to see identity verification due dates for all their roles; in most cases, these individuals will only need to verify their identity once. These measures are intended to help identify who is setting up, running and controlling companies in the UK and contribute to accuracy and transparency of the register. Role of AAT AML licensed members Identity can be verified with Companies House GOV UK One Login by directors and PCSs themselves, or through an Authorised Corporate Service Provider (ACSP), which can be an AAT licensed member. There is no action needed from firms which do not intend to provide a verification service. Firms intending to file papers (including accounts) with Companies House on behalf of clients, will be required to register as an ACSP by spring 2026. We urge our members to make a well-informed decision about whather becoming an ACSP is the right fit for their firm, particularly in light of compliance risks. There is a separate identity verification standard set by Companies House which is different from the risk-based approach taken in AML compliance. There are also different record-keeping requirements according to which identity verification documentation for ACSP purposes must be kept for 7 years. There will be offenses in relation to breach of record keeping or late submission of information requested by the registrar. Read more about ACSPs Members interested in learning more about AML can go to AAT Lifelong Learning Portal and search for anti-money laundering. There’s also more about ACSPs on Knowledge Hub, including the below articles. Identity verification and Authorised Corporate Service Providers (ACSPs): what you need to know ACSPs, are you meeting the Companies House ID verification standard? What can you do to be accepted as an ACSP by Companies House? Ethics and the digital world Visit the AAT Lifelong Learning Portal to find out more about the ethical impact of digital technologies on you as an accountant. Log in to view
5 exciting new Impact Award categories Posted 08/11/2025 by AAT Comment & filed under Community, Events, Members. Nominate yourself or someone you know for our new Award categories. We’ve run our Impact Awards twice now, to great success. We love celebrating our community and taking time to highlight all your incredible contributions. So we’ve decided to add a few new categories this year, to showcase even more of your work. To be eligible for these awards, the person you’re nominating needs to be an AAT member who has been doing the activity you’re nominating them for since 1 April 2024. Remember, it’s not about the volume of votes a person receives but about the details in the nomination, so fill yours out carefully. Here’s the full list of categories, and more information about the Impact Awards. Creating fair and inclusive pathways into finance Do you know someone who’s creating a fairer and more inclusive pathway into finance? Perhaps they’ve implemented apprenticeships or internships at their workplace. Maybe they’ve been mentoring people to grow careers, or partnering with schools to do community outreach. If you or someone you know is helping open up the profession to new or underrepresented groups, you should enter them for the AAT Social Sustainability Champion Award. Nominate someone for the AAT Social Sustainability Champion Award Demonstrating excellence in financial leadership Are you a senior finance professional who leads teams and drives strategic impact? Or maybe you know someone who manages teams, transforms culture, or brings lasting improvements to business. If you or your colleague has demonstrated strong leadership or strategic influence, you should fill out the AAT Financial Leadership Award submission. Nominate someone for the AAT Financial Leadership Award Transforming finance functions or practices with technology Have you seen someone lead on finance transformation, adopt AI or digitise workflows? You can celebrate members who’ve adopted new technology – or supported other people to work more confidently with digital tools. Nominate yourself or someone else to the Digital Finance Pioneer Award to recognise work leading digital change in an organisation or practice. Nominate someone for the Digital Finance Pioneer Award Consistent and high-quality bookkeeping Are you someone who makes a lasting impact with your bookkeeping? Maybe you know someone who drives business success with their exemplary service to clients. Perhaps you’ve spotted AAT bookkeepers receiving great customer feedback, or making broader contributions to the bookkeeping community. Reward someone who demonstrates accuracy and professionalism in their bookkeeping by nominating them for AAT Bookkeeper of the Year Award. It’s open to all members who work as a bookkeeper, or run a bookkeeping practice. Nominate someone for the AAT Bookkeeper of the Year Award Making a meaningful difference in the community Have you volunteered or advocated for charities? Maybe you’ve campaigned for a local cause, or donated your time and financial skills to an organisation. If you’ve seen someone use their professional skills to make a positive difference in their community, you should enter them for the AAT Community Impact Award. Nominate someone for the AAT Community Impact Award
Using open banking in practice Posted 08/07/2025 by Christian Doherty & filed under Future Finance, Members, Technology. How the technology is transforming data transfers, banking reconciliation and audit. The development of Open Banking (OB), also known as application programming interfaces (API) banking in the past 10 years has coincided with – and fuelled – the growth of the UK’s status as a digitally integrated economy. Along with improving the range of services open to retail banking customers, OB is also helping business-to-business transactions and services behind the scenes. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Get nominating The dawn of the Open Data age is already here, with the government putting its weight behind the push towards lowering boundaries between data holders. It has said it “Shares the excitement of the sector about the opportunities to innovate and increase efficiencies by unleashing the power of data – in particular through the secure sharing of customer data under ‘smart data’ schemes, which government is supporting through measures in the Data (Use and Access) Bill.” The benefits to retail customers are already clear. “API banking has fully unlocked the digital potential for financial services,” says Sam Wadhwani, a director with PwC UK. “It allows for increased specialisation, personalisation and integration, and has led to the emergence of third-party products that complement banks’ core offerings with niche services and high-quality customer experiences.” Cloud accounting Cloud accounting is now widely integrated in the industry, with users reporting that they value the below qualities. Open Banking is a compelling offering because it deepens what so many accountants value about cloud accounting. According to Open Banking UK, among cloud accounting users: 72% consider connecting their bank account a key feature 58% value real‑time transaction visibility 77% say it delivers “better visibility of their financial position” 75% started cloud accounting within the past 3 years; 36% within the last year 87% plan to continue using cloud accounting tools; 79% say they’re good value. Adoption by accountants Open banking is also impacting the ways in which accountants work. By using APIs, accountants will find it easier (and quicker) to access customers’ financial data in real time, directly from their business bank account. That includes data like their balance, account information and transaction history. And since the data is coming from banks, levels of trust in its accuracy and timeliness should be higher. Whatever other benefits may be realised, this will simplify the process of importing data to accounting software. It happens automatically after a few clicks. You eliminate the need for uploading statements on an ongoing basis and leave no room for errors. Crucially, this results in less friction for the customer, which in turn means higher conversion and better experiences, as well as increased efficiency thanks to reduced time spent on manual work. Sceptical clients But it’s fair to say that scepticism remains, at least among clients. A 2023 report from business lender Iwoca suggested that accountants needed to do more to educate and convince their clients of the benefits. The research showed that 37% of accountants said their clients didn’t understand what OB was. That may go some way to explaining why OB adoption among accountants is relatively low. The Iwoca report cites a number of elements holding back uptake, including trust and interest from clients (48%), lack of understanding and confidence from accountants (38%), concerns over data security (34%) and general distrust of the technology (24%). Banking reconciliation benefits However, despite those fears, one of the biggest benefits of OB is that it makes banking reconciliation easier. It’s well known that mistakes in bank reconciliation can significantly affect a company’s profitability. Indeed, improper bank reconciliation procedures lead to about 30% of businesses experiencing financial record errors. Fortunately, secure APIs can automate the processes, revolutionising the way reconciliation is performed. Traditionally, reconciliation involved manually detecting cash manipulations or discrepancies between records and bank account balances. OB can mitigate these errors, as automated reconciliation ensures real-time matching of transactions. Manual data entry and reconciliation have long been pain points for auditors, often leading to inefficiencies and potential errors. Transforming audit Open banking is making waves in audit too, streamlining the audit process by automating data collection and analysis. Auditors shouldn’t need to rely on manual data extraction from multiple sources, and so should be able to reduce the time and effort required. Vasile Valcov, the Chief Commercial Officer of Salt Edge, a pioneering OB company, believes that the technology has the immense potential to transform auditing procedures just like it has done in other areas of accounting. “By adopting OB and getting access to account data, auditing professionals can achieve superior efficiency, accuracy and transparency, ultimately leading to simplified audit procedures, better financial reporting and thus better decision-making,” says Valcov. Ultimately, those practices that do bring clients into the fold and introduce OB to the relationship may see increased efficiency and lower costs, higher revenue from creating or extending new advisory services and closer client relationships based on a wider array of data. Proud of your impact? Help us reward great work and spotlight exceptional people by nominating yourself or someone else for AAT’s Impact Awards. Get nominating
Accounting software: financial modelling and how to get the most out of your tools Posted 08/07/2025 by AAT Comment & filed under Accountancy resources. A good financial model is the bedrock of any good business, but what requirements must there be to make it successful? Ongoing financial modelling is crucial for millions of businesses up and down the land. It allows them to plan ahead and make decisions relating to all aspects of their operations based on expected sales, expenses and cash. Typically, this is based on historical performance, assumptions and growth factors for the future. Using the historical data and assumptions, a balance sheet, income statement, and cash flow statement are prepared, which show historical trends and future projections. So, how do you take account of that? Must-haves for any financial model Understand your timescale This is a crucial question that affects a huge amount of the modelling process, down to the software you select. Different tools are better for different periods of time, so it’s important to undertake bespoke forecasting for each client, as their needs are often different and you have to be able to reflect that in the modelling. Flexibility is crucial For looking further ahead, spreadsheets still have their place, as many apps are not always flexible when it comes to changing the input data. The value is in integrated models that automatically update when you toggle an assumption or add or remove a condition. Spreadsheets are useful for layering up variables and understanding how they interact. Key export data from different apps can be exported to build models in Excel, too. Take the strain Key to any good financial model is stress testing on a regular basis. This is achieved by keeping the data constantly up to date and changing variables to gain a fuller picture of where the business’s vulnerabilities lie. Asking the right questions important. If you continually ask questions – perhaps by partnering and sharing it with other departments – and push the model as hard as you can, then that’s how you get results you can learn from. Potential financial modelling pitfalls to avoid Using the wrong tools It’s vital to understand the task you are undertaking prior to modelling and selecting the appropriate tool for the job. For example, if you are making a change to your business, such as adding a service line, then using your accounting software to project forward using historical data will not suffice. Similarly, it’s imperative to understand how far you are looking ahead and the granularity required. Narrow data pool Drawing upon traditional data sources can only tell you so much and it risks masking factors that could have a significant impact on your business. As such, it’s crucial to ensure data and information included in your modelling is drawn from as wide a range of sources as possible – to build up a complete picture. This data must also be kept up to date. Human factor Human behaviour is what lies behind much of the data and many of the assumptions made in any financial model. You need to predict behaviour and the social side of what’s happening in the business. If you’re too cautious, it’s important to understand how that might affect purchasing patterns. It’s about getting the data, getting that right and feeding it into the model. The future and automating your financial model Financial modelling requires data – the more the better. Artificial intelligence and machine learning may well just take this to the next level. Automation will mean more data can be applied to the model and will allow it to be updated automatically, improving accuracy and sensitivity. Live feeds will be available from sources as diverse as stock holdings to the company’s electricity meter reading, and even external ones such as weather and stock markets, bringing the modelling platform up to speed in real time. One business that adopted the AI shift early on, is Model Citizn in Melbourne, Australia. It worked with one Australian bank to set up a driver-based rolling forecast capability. The result was a more accurate, frequent rolling forecast which reduced the budget cycles dramatically for the bank. The time saved meant that the finance team was able to undertake more business partnering with other departments. Further reading Accounting software: analysis tools to make your life easier Are technological developments making accounting careers more attractive? Working with AI: boosting your career in the right way
AAT welcomes the Government’s new Small Business Plan Posted 08/05/2025 by AAT Comment & filed under Members, Policy. The Government has set out its long-term strategy to support SMEs. Here’s what it involves. On 31 July, the Department for Business and Trade (DBT) published its Small Business Plan which set out the Government’s long-term strategy to supporting SMEs. It took aim at persistent barriers to growth – chiefly late payments, regulatory complexity, limited access to finance and skills shortages. The headline announcements are significant. They included legislation to enforce maximum payment terms of 60 days, and the £3 billion funding boost to the British Business Bank to help lenders offer more small businesses loans. The strategy is centred around five chapters, summarised below. 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 ‘Fixing the Fundamentals‘ Late payments: maximum payment terms of 60 days, interest on overdue invoices, Small Business Commissioner’s powers expanded, among other measures. A consultation was simultaneously launched on this legislative package and will run until 23 October. Regulatory reform: new target to reduce the burden of regulation on SMEs by 25%. The Government will also have to complete a new Small and Micro Business Assessment (SaMBA) for new regulation. Tax modernisation: signposted the Government’s Corporation Roadmap (for example, the tax cap remaining at 25%) and HMRC’s Transformation Roadmap published 21 July, which we’ve previously written about here. Planning and Infrastructure: legislation will accelerate small-site development, support brownfield redevelopment and improve local authority planning capacity. Energy and Net Zero support: SMEs will receive expanded guidance through ‘The Net Zero Council’ supporting decarbonisation, as well as access to green finance. Programmes will train up to 18,000 workers for roles in retrofit and energy efficiency, to help SMEs access the skills they need. ‘Unlocking Access to Finance’ British Business Bank: the Government will expand the Start-Up Loans programme to offer 69,000 loans with mentoring over the next four years, increase the capacity of the ENABLE Guarantee scheme by £3 billion and provide a longer-term commitment to the Growth Guarantee Scheme. Equity and Early-Stage Capital: £340 million will help boost the availability of early-stage finance for innovative businesses. Personal Guarantee Reform: new code of conduct to ensure fairer use of personal guarantees in SME lending. Open finance: a roadmap for open finance will be published by Spring 2026 setting out practical steps towards SME Access to Finance. ‘Backing the Everyday Economy’ High streets and communities: up to 350 places will receive regeneration funding. New Growth Incubators will support high street renewal. Business rates: from 2026, permanently lower multipliers will apply to retail, hospitality and leisure properties under £500,000 in rateable value. Lease reform: ‘Upward Only Rent Review’ clauses (which ensure that costs can only go up) will be banned in new commercial leases to make UK high streets more affordable. Licensing reform: reducing red tape for hospitality and night-time businesses through a new National Licensing Policy Framework, as announced on 26 July. Crime Prevention: 13,000 additional officers, a new shopworker assault offence, and tool theft prevention initiatives will form part of the ‘Safer Streets’ mission. Co-operatives and mutuals: these are member-owned businesses that prioritise benefits for members. A call for evidence will inform support for the sector, which currently employs 1.3 million people. ‘Future-Proofing Business Skills’ Digital adoption: the ‘Made Smarter’ (technology) adoption programme for manufacturing SMEs, which provides specialist funding and advice, will be expanded. A new adoption scheme will also be launched for high-growth potential Professional and Business Services sector SMEs (including accountancy). Mentoring: a new industry-led ‘Business Mentoring Council’ and portal will be launched. Apprenticeships: the strategy highlighted plans for the Growth and Skills Levy to replace the Apprenticeship Levy, and the already announced £1.2 billion ‘additional’ skills investment by 2028–29. Short courses and T-levels: new short qualifications in areas such as digital and engineering; an ‘Employer Support Fund’ will help SMEs host T-Level placements. ‘Opening Up Opportunities’ Business Growth Service: a new central support hub for SMEs, integrated with local ‘Growth Hubs’ and on GOV UK, to make it easier to find and access the advice they need. Public procurement: SMEs will be prioritised to give them a better chance at winning public contracts, with SME spending targets set for each department. Export support: UK Export Finance capacity will increase from £60 to £80 billion (the agency will offer greater funding to help UK exporters secure contracts), with new insurance products and roadshows to promote overseas growth. Intellectual property and security: new IP guidance and a ‘Secure Innovation’ review scheme to help innovative SMEs manage cyber risks and IP protection. Digital trade: new online tools will help SMEs adopt electronic trade documents, with trade digitalisation estimated to cut paperwork costs and boost cross-border sales. Support for diverse founders: new £400 million ‘Investor Pathways’ scheme, expanding support to diverse angel networks, supporting the Invest in Women Taskforce and other initiatives. What we think Responding to the announcement, Claire Bennison, Executive Director of Customer, Partnerships and Innovation at AAT said: “AAT welcomes the Government’s Small Business Plan. We are pleased to read that the Plan is seeking to address key issues facing SMEs, including late payments and access to appropriate support and finance, which are critical to encouraging growth and investment. “We have long argued for the Small Business Commissioner’s scope to be expanded, including the ability to impose fines for late payment. New laws to introduce maximum payment terms and make audit committees examine payment practices sends a clear message to large firms. “The £4 billion investment in start-up loans and the British Business Bank to increase lending to small businesses shows the Government’s commitment to supporting them. We look forward to working with the Small Business Commissioner as a body whose members support thousands of small business owners across the UK.” Next steps Today, AAT CEO Sarah Beale MAAT will attend an introductory meeting with new Small Business Commissioner Emma Jones. We also plan to work closely with DBT on upcoming reforms in the late payments space, including through engaging with the newly launched consultation. 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
Accountex Summit Manchester launches free registration for the seventh year Posted 08/04/2025 by Accountex & filed under Members. Accountex is heading up north for Accountex Summit Manchester, taking place at Manchester Central on 23 September 2025. Last year’s event was hailed a huge success, welcoming double the number of attendees than two years previously. Portfolio Director, Caroline Hobden commented “We love reuniting with our northern community! We’re excited to deliver an even more exciting event with more features, exhibitors and exclusive content.” Accountex Summit Manchester is the perfect blend of fun, learning and networking. I loved every minute! Attendees will have the opportunity to meet 120+ software and service providers, including big names and first-time exhibitors like My VIP Tax Team, NatWest, Vista Insurance Brokers, Sign Up Software, Citation Cyber and Taxpad. “For the past three years, I have attended Accountex, and every year I discover a new software solution to enhance my business. This enables me to save time and increase my capacity to serve more clients.” Commented visitor, Mandy Crossley, Director/Accountant for MC Accounting & Business Solutions. Meet the AAT team The AAT will be on hand at the show, on stand K17. Their team will be answering questions and providing more information on their association, community and opportunities. Excellent for learning, networking and growing your business. 100% worth the time and effort to go! The CPD accredited seminar programme is made up of 60+ industry leading speakers across four theatres. It will be packed with sessions on everything from Making Tax Digital updates from HMRC ahead of the 2026 deadline, to practice growth strategies and AI. Thanks to Accountex’s official Accessibility Partner AAT, BSL interpreters will be present at all 4 theatres at the show for the majority of sessions. Visitor Rebecca Holloway, Associate Director at Harold Sharp Limited commented, “If you want to see all the best speakers from the accounting industry, this is the place to be. There is just so much great content all in one day, you can’t afford to miss it.” A day at work has never been more fun, inspiring and motivating Amidst the education programme and exhibitors, there will also be a post-show drinks event for visitors to network and relax after a busy day. Accountex Summit Manchester is taking place at Manchester Central on 23 September 2025. For further information and to book your free ticket, please visit https://www.badge-registration.com/DUKE_shop/accountex-manchester?AID=ASM519