Study tips: the best way to work through an assessment Posted 01/23/2025 by AAT Comment & filed under Students, Study tips. We spoke to AAT tutor, Gill Myers and former AAT student, Jess Brindle to get the most effective techniques working through your AAT assessments. What AAT tutor, Gill says: 1. Practice writing – no matter how boring you find it As a tutor, I’d often set written tasks as homework. However, it’s these assignments students often seemed to ‘not have time to do’, because they found them challenging. Accounting students will always prefer numbers to words. Before the synoptic assessments were created, you could get away with this. But now, explaining complicated things to non-financial readers is important. Practise as much as you can. 2. Brush up on key words Many students struggle in the assessment because they’ve misunderstood the ‘command words’ that crop up in the exam questions. Here’s a refresher: • Identify: Pick out several key points or assets from a list. There’s no need to be over-descriptive. • Describe: Detail the features of a subject/object. • Explain: This means you have to include a ‘why’ or ‘because’ element. Simply outline how or why something happened. • Compare: Talk about the similarities and differences between two or more objects. 3. Read the entire question Sometimes students will only answer half the question. The question might be: ‘Identify X and describe with examples’. If you haven’t included the ‘examples’ (which many students don’t), you won’t get full marks for that question. 4. Scrub up on spreadsheet skills At the advanced level, the big issue is spreadsheets. The students who have dealt with spreadsheets throughout the year are the ones getting good results. If you’re not being taught spreadsheets, mention it to your tutor as soon as possible. You need to be using Excel on a regular basis to do well in the assessment. 5. Don’t forget the ‘standard’ The standard is the assessment syllabus, which students can access at aat.org.uk. You should be able to see from the standard what topics will come up, and be able to go into the assessment armed with that knowledge. Very few students are taking advantage of this – many don’t know it’s available. What AAT student, Jess says: 1. Use the resources available The practical assessments on aat.org.uk are great. They’re similar to the real thing, especially with the question structuring. Read these and you won’t enter the exam thinking: “What questions will be where?” Everyone gets exam nerves, but using these papers beforehand will make you more confident going in. The best thing is the AAT Green Light tests for each unit, which uses a ‘traffic lights’ system to tell you how you’re faring in different subjects. Get an amber light and you’ll need to do more revision, while a red light means you don’t understand it at all. I once got a red light on business tax, which really helped me focus on my revision. 2. Assume the examiner knows nothing There’s a lot of writing in the advanced exams, which can be daunting. Just remember to explain everything as if the person you’re addressing (the examiner) doesn’t know anything about finance. I used some technical words in my own exams, but provided explanations alongside them to prove to the assessor that I knew what I was talking about, and hadn’t just plucked out words that sounded good. 3. Book your assessments wisely I always tried to make sure I booked my assessments shortly after I was scheduled to finish my lessons. I always booked my assessments for the mornings, too. Whenever I did afternoon assessments, I usually spent all morning stressing about them. 4. Remember: the assessment is similar to other exams you’ve taken Many students describe the synoptic as this big, scary thing. But it’s no different from any other exam I took. To be honest, it was easier than my GCSEs. Because the assessment is split into different exams, you can identify which bits you need more revision on, as opposed to GCSEs, where it’s just one end-of-year exam. 5. Cramming doesn’t work You just end up stressing out, because you start worrying about what you don’t know rather than focusing on what you do. In summary There are a few different kinds of exams with AAT. Read the question, look out for key words, explain things, and do your best. Further reading The one thing that can help you manage exam stress Staying up late to study? 7 tips to help you switch off and get a good night’s sleep How to overcome exam anxiety and succeed Browse the full range of AAT study support resources here
“Not one you want to miss”: Here’s what to expect from AccelerAATe Posted 01/22/2025 by AAT Comment & filed under Events, Members, Students. Our must-attend student conference is approaching. AAT’s FREE student conference AccelerAATe takes place from 29-31 January this year. You can sign up here. “Not one you want to miss” Award-winning AAT Tutor Will Boardman MAAT says “there are a variety of extremely useful sessions to get involved with and of course be sure to attend my session on day 2 at 1:30pm where I’ll be taking you through the best ways to prepare for your exams. It is not one you want to miss. I will hopefully see you there.” The programme Over the three days, students will get together to learn about and discuss: Where can an AAT qualification take you? Qualified AAT accountants took students through their journeys, inspiring listeners with their experiences, sharing how they turned challenges into successes, giving advice on how they achieved their goals and what to think about when starting your career. Using social media to land your dream job, with Reed Recruitment How to use different social media platforms to represent yourself, gave tips on how to manage your online persona, and showed how to use social media to enhance your job search. Communicating finance to non-finance people Data analysis and interpretation, scenarios you might face at work and how to present and explain your work and data in a business environment. Exam preparation: tips and tricks Strategies to maximise exam prep and performance, with actionable tips to help students succeed. From study stress to success: Ideal School’s ultimate strategies to unleash your potential and ace your exams Simple but powerful techniques to manage stress and boost study skills. Making the most of your AAT resources Showcasing everything AAT has to offer, giving advice on making the most of resources and discussing how to overcome study barriers. Employer panel on the skills needed for future accountants [link to OnDemand vid from Ant] Employability is an essential part of what AAT qualifications can give you. In this employer panel, BKL, EG Group and Network Rail joined us to discuss the key skills and attributes employers need from their finance staff. The panel looked at the future of accountancy and how finance roles might change, including how to future-proof your skills. Mastering workplace relations The conference wrapped up with a session from professional trainer Joanna Gaudoin on the importance of building professional workplace relationships.
How your accountancy practice can use software to achieve process excellence Posted 01/22/2025 by Xero & filed under Automation, Members, Technology. The modern software-powered processes that can help you deliver quality work, faster. This content is brought to you by Xero We’ve all been there – you set out with a list of jobs, only to get stuck on a single task for the whole day. When accounting tools don’t work as they should and information is hard to find, practice operations grind to a halt. Fortunately, modern software-powered processes can help you deliver quality work faster. Let’s explore how. Why practices need software-powered processes Process challenges vary from practice to practice, but many accountants and bookkeepers will recognise the following: Manual processes and repetitive admin: Data entry and reconciliation tasks are non-stop and time-consuming. They also keep practices from spending time with their clients and delivering personalised services like advisory. Tricky task delegation and accountability: Who should be doing what? When tasks are spread across multiple platforms and there’s no single system for delegating work, it’s hard to know what’s getting done. Meeting deadlines and keeping up with regulations: Every year, practices face multiple deadlines for every client. This is made harder when changing regulations mean desktop accounting systems become outdated, or expensive to upgrade. Where to start with streamlining your accounting processes Small changes can make practice life much easier. Start by automating repetitive admin tasks like bank reconciliation, invoicing, and reporting. Modern accounting software can take care of these jobs accurately and quickly – giving you more time to work closely with clients. For example, Xero’s bank reconciliation predictions recommend matches for statement lines based on past transaction data. Another way you can save time is by using the repeating invoice feature for regular clients, so that an invoice is sent on the same day or date every month. Next, facilitate task delegation and collaboration with a system for assigning and tracking work. With Xero Practice Manager, you can assign tasks and track progress from a single dashboard, and set up customisable access levels and permissions so only the right people are working on tasks and projects that they have been granted access to. Finally, use dashboards to manage deadlines. You can see client obligations for personal tax, company tax, company accounts and VAT in a single view with Xero Tax Manager. And Xero is automatically updated in line with changing regulations so you can be confident your software is always compliant. Building on better processes Once your practice is running like a well-oiled machine, you can focus on growth. Drive more efficiency with templates for regular practice tasks. Or integrate third-party apps that help you deliver specialised services. You could even explore reports that show progress against KPIs and areas for improvement. The choice is yours. Successful practices don’t happen by accident, and the right software can help you achieve success on purpose. Xero helps you build an effective practice with a library of features and supporting apps to automate tasks, improve team efficiency, and better serve clients. If you’re not yet a Xero partner, visit our Xero Partner Programme where you can find out more about becoming a partner and join over 200,000 accountants and bookkeepers using Xero in their practice. Get the tools and resources you need to succeed.
Research & Development tax relief changes fallout for SMEs Posted 01/21/2025 by Christian Doherty & filed under Members, Tax. What’s happened since the R&D tax credit shakeup in 2024? We take a look at the consequences for HMRC and small- and medium-size enterprises. The UK’s position as a leader in innovation has been the subject of much debate in recent years, particularly post-Brexit. And while disagreement rages over the details, all agree that British firms must be encouraged to develop new and innovative products and services. Since its launch in 2000, one of the key vehicles for that has been R&D Tax credits. 2024 saw a major shake up the administration of R&D tax credits, with the biggest change being the creation of a merged scheme R&D expenditure credit (RDEC) and enhanced R&D intensive support (ERIS) replacing the old RDEC and small and medium-sized enterprise (SME) schemes for accounting periods beginning on or after 1 April 2024. So, unless companies have a shortened accounting period, the chances are they won’t have seen any of these things take effect yet. “Seismic shift” But changes are afoot: “The merger will bring the SME scheme and the RDEC scheme together to basically say that we’re going to only incentivize businesses to claim above the line, like a 20% rate,” explains Akshay Thaman, IP and Policy Lead for Source Advisors. “So what they’re basically saying is if you’re a customer, i.e. the business that’s contracting that R&D out, then you’re most likely to be able to claim because you’ll take the financial risk. You should be aware of what R&D activities you’re contracting out, and so you’ll be the one to claim, but there are some exceptions around that rule, but it follows the old SME rules rather than the old RDEC rules.” The second main change under the new regime covers overseas expenditure on R&D, which is no longer allowable. “That means if you’re contracting out R&D activity to an overseas entity, then you won’t be able to, in most cases, claim for those costs back to using this scheme,” says Thaman. It adds up to a seismic shift, says Jennifer Tragner, Partner, R&D Incentives Advisory at Evelyn Partners and a seasoned observer of the R&D relief space. “Although I’m not sure I’ve got any benchmark for what a small year looks like, it has been a busy period, in terms of culmination of the consultation and the implementation of the merged scheme. “That’s along with an increase in awareness around compliance activity and the debate around the impact of that, with around 10 tribunal judgments in one year. If nothing else, I think that makes it quite a big year.” HMRC’s new approach The most immediate impact has been a significant change in tone and intensity of HMRC’s implementation of its compliance activity and how it assesses claims. And that has not been met with universal approval, with a growing consensus that more claims are being rejected, often unfairly. “There seems to be a presumption of the claim being incorrect at the beginning,” says Thomas Hayden, Research & Development Director at Moore Kingston Smith. “That means the inspector is not there to determine what the correct answer is, but rather is there to argue the point that the claim is invalid. And this seems to be regardless of any sort of logic or real substance behind these arguments.” Jenny Tragner argues this could have been handled better. “Had HMRC ensured that it had sufficiently experienced compliance officers to deploy that level of increase in compliance cases and keep the service levels high, then I think they could have managed the collateral damage much better,” she says. “I expect HMRC would say that something had to be done at scale and very, very quickly. And the cost of that was that we ended up with very inexperienced case workers on those compliance cases, largely unsupervised, and we had lots of instances of poor-quality work.” “Perception of a hostile environment” Many agree a stronger approach to compliance should tackle the issue of fraud. This includes putting out of business some of the boutique firms indulging in speculative and spurious R&D relief claims. But there is another side to it: “We’ve already seen quite a few cases of businesses dropping out of inquiry just because it’s too much effort,” reports Akshay Thaman. “I’ve had people write to me saying that we’re not going to be claiming any more because of what HMRC is doing. We’ve also got a couple of examples of businesses that have gone abroad as a result of the changes. I don’t know if that’s completely the reason, but it’s probably one factor as to why they decided to do that. Tragner is keen to point out that it’s too soon to tell what the changes will mean in the long term, but does draw some conclusions as to whether the changes have had the desired effect: “I think when it comes to those changes specifically targeted at reducing error and fraud, it probably depends on your viewpoint.” “I’m convinced that there were fewer fraudulent and speculative claims submitted than previously. “However, having supported businesses with dispute resolution, I’m also aware that there are plenty of cases in there of claims being reduced or rejected entirely incorrectly by HMRC because of poor compliance activity. “And I’ve spoken to businesspeople who have said that they’re going to opt not to claim relief for work that they believe qualifies just because of that perception of a hostile environment.” Landscape for accountants The changes won’t just affect businesses claiming (or deciding against claiming) R&D relief – accountants will also probably feel the impact. “I think that there will still be a need for R&D advisors while the relief is still available, but in all likelihood the claims will continue for the larger companies and maybe we’ll see a reduction in smaller scale SME claims,” says Iain Wheat Senior Tax Manager at UHY Hacker Young. “But I still think many SMEs do undertake perfectly legitimate R&D expenditure, and if the claims are significant enough and warrant the work involved, I’d hope the level of claims do not reduce too much as this would be detrimental to SMEs. However, it is possible that accountancy firms may need more specialist R&D advisers due to the new guidance, complexities and HMRC raising more and more enquiries.” What’s next But despite that, Wheat believes things will get worse before they get better: “We’re currently not really seeing claims within these new rules just yet, but I would expect HMRC to continue their aggressive approach the more we see. I have been aware of enquiry cases in which HMRC may not have covered themselves in glory – it appears it is more a case of HMRC finding ways to reject claims rather than being helpful with them.” Thomas Hayden sums up the worry many feel around the chilling effect the changes may have on smaller firms in particular: “Anecdotally I know of companies that are confident they qualify and have had inquiries go in their favour. In spite of that, they’re not going to bother making future claims because it’s just not worth the effort if it does go to inquiry for them again. “It feels SMEs are being clobbered from that perspective. And then, they’re also being clobbered from the perspective that HMRC are far more likely to open the inquiry on an SME in the first place. So it’s a double whammy.”
Identity verification and Authorised Corporate Service Providers (ACSPs): what you need to know Posted 01/21/2025 by AAT Comment & filed under Anti-money laundering, Members, Policy. An essential update on UK company law from the Professional Standards team. As part of changes to UK company law under the Economic Crime and Corporate Transparency Act 2023, Companies House will be required to verify the identity of anyone submitting information to the public register, including those acting on behalf of a company, from Autumn 2025. Who needs to verify their identity? As detailed on the gov.uk website, all new directors and people with significant control (PSCs) will need to complete identity verification. Identity verification will also apply to other registration types. For example, any members of a limited liability partnership (LLP) will also need to verify their identity. For existing companies, all directors (or equivalent) and PSCs will have a 12-month transition period to verify their identity with Companies House. The transition period will start from Autumn 2025. From Spring 2026, anyone acting on behalf of a company will also need to verify their identity before they can file information with Companies House. How will identity verification be carried out? Directly with Companies House online, or through an Authorised Corporate Service Provider (ACSP). What is an Authorised Corporate Service Provider (ACSP)? Authorised Corporate Service Providers (ACSPs) are individuals or organisations that undertake anti-money laundering (AML) supervised activity, such as: accountants company formation agents solicitors chartered secretaries and governance professionals. From Spring 2025, anti-money laundering supervised firms and sole traders will be able to apply to become ACSPs. More information about the standards to become an ACSP can be found on this Companies House blog and further information about the registration process will be published, once available. How will this affect AAT licensed members? If you’re an individual that is subject to identity verification, you will need to have your identity verified from Autumn 2025. If you wish to carry out identity verification checks on behalf of a company client, you will need to register with Companies House as an ACSP once the registration service becomes available in Spring 2025. If you wish to act on behalf of a company client, you will also need to have your identity verified from Spring 2026 in order to file information with Companies House. Information for AAT licensed members wishing to act as an ACSP If you do register as an ACSP, the following information will be important to you. When registering to become an ACSP, you will be asked for an AML number. This will be your AAT membership number. Your firm information held on AAT’s records, such as your business name and address, must match the information you’re providing to Companies House, otherwise your ACSP application will be rejected. It’s therefore important that you ensure your business details held by AAT are always up-to-date, particularly if you are changing entities and require AML supervision for the new entity. For example, changing from a sole practitioner to a limited company. Identity verification checks by ACSPs must meet the same level of assurance as those who verify directly with Companies House, and firms will need to allow additional time for these checks when providing services to company clients, such as company formation. Guidance for ACSPs around identity verification requirements will be published by Companies House in due course. Draft legislation suggests there will be a requirement for ACSPs to keep records for a period of seven years and there will be offences in relation to record keeping. The draft legislation also sets out duties of persons to provide information to the registrar and/or ACSPs to notify the registrar of certain changes within set timescales, along with relevant offences for failing to provide such information. AAT recommends firms keep up-to-date with announcements on the changes to UK company law web page. Changes to our Fair Processing Notice From February 2025, if your firm (this includes sole practitioners) is supervised by AAT for AML purposes, we will share the following data with Companies House every two weeks: AAT membership number Registered Company Name (for limited companies and LLPs only) Company Number (for limited companies and LLPs only) Trading Name First Name Last Name Date of Birth Business address If you wish to register as an ACSP, we recommend you do so after two weeks of your AAT licence and AML supervision being granted. This will ensure your data has been sent to Companies House and can be verified as part of your application. If Companies House are not able to verify your AML supervision, your ACSP application will be immediately rejected. Our Fair processing notice: Licensed members will be updated on or around 04 February 2025. AAT’s AML helpline AAT’s AML helpline offers advice for AAT-supervised firms on all aspects of complying with the Money Laundering Regulations, such as advice on how to report suspected illegal activity. To discuss any questions you might have, call us on +44 (0)20 7367 1347 or email [email protected]
Alert: HMRC text scam Posted 01/20/2025 by AAT Comment & filed under Anti-money laundering, Anti-money laundering, Members. Several members have contacted us to say they’ve received a text message from HMRC asking for confirmation of their Agent Services Account. HMRC has confirmed that a text message, where the sender appears as ‘TaxGateway’ and asks the recipient to click on a link and confirm details of their agent services, is fraudulent. Warning signs We understand the message includes a link that looks very similar to what you would expect from a legitimate HMRC communication. However there are two significant red flags: the domain ‘gov’ is incorrectly replaced with ‘qov’ the domain appears to be from outside of the UK ‘.com.es’ What to do next If you receive this or a similar text message or email, please do not click on any links. Instead, report it to HMRC and delete the message immediately. Before you open links, you should always check the list of recent text messages sent from HMRC here to help you decide if a text you’ve received is a scam.
Apprenticeships: your top questions answered Posted 01/16/2025 by Christian Koch & filed under Apprentices, Apprenticeships. Interested in an apprenticeship? Want to know how they can boost a career and leave you debt-free? Here are the top questions asked at a recent AAT webinar. What are the advantages over university?What are the career prospects like?How can I progress my career as an apprentice?How much could I expect to be paid as an apprentice?I’m 38 – am I too old for an apprenticeship?What’s the recruitment process like?What qualities are apprenticeship bosses looking for?What does an average day look like for an apprentice?Can I do a part-time apprenticeship?What kind of support do apprentices receive?Can I apply for an apprenticeship with my employer?Do I need to have an accountancy qualification? What are the advantages over university? “Because your employer is effectively paying for your qualification, the chance to earn a disposable income and emerge from the apprenticeship without any university-level debts hanging over you is a real benefit,” says Clarke. “It’s also great for career progression too. Apprentices can progress onto chartered qualifications and achieve managerial positions long before their counterparts at university.” Some employers say that apprentices progress their careers more quickly than graduates because they are given responsibility and gain real-world experience much earlier on. What are the career prospects like? “The myth that apprenticeships are low-level and second-best to a degree is probably the biggest myth that there is,” says Catherine Walsh of accountancy practice Buzzacott. “Our AAT trainees are able to be qualified with a professional qualification ahead of their peers that go to university. By the end of their 60-month training contract, they will hold not only the AAT qualification but also, the ACA qualification and the Level 7 apprenticeship, which is the equivalent of achieving a master’s degree.” The verdict at accountancy firm RSM is equally emphatic: “You can start pretty much any occupation nowadays on an apprenticeship with no difference to your career prospects than somebody that’s been to university,” says Helen Bloodworth, Senior Manager – Professional Qualifications. How can I progress my career as an apprentice? “The majority of businesses are serious about investing in the future of apprentices, so they give them the opportunity to complete AAT qualifications [with the aim] of promoting them to a senior role within the business,” says Clarke. “We see our apprentices as our future finance leaders,” confirms Pam Hawkins, Finance & Accounting Apprentice Scheme Lead at the MOD’s Defence, Equipment & Support agency. She also notes that 75-80% of apprentices achieve promotion within the first year of their jobs. How much could I expect to be paid as an apprentice? Your pay will depend on your employer. As a minimum apprentices must receive the National Minimum Wage. An apprenticeship is a long-term commitment for companies. Because they want apprentices to be motivated to stay with them after completing their learning, many will offer higher pay. “Many businesses decide to pay their apprentices significantly more than the minimum wage because they want them to feel valued and potentially develop them as future leaders”, says Anthony Clarke, Business Development Manager at AAT. I’m 38 – am I too old for an apprenticeship? Whether you’re 22 or 62, you can still start an apprenticeship: there is no upper age limit. In fact, nearly half (46%) of those apprentices who started in the UK in 2018-19 were over the age of 25. “There’s absolutely no barrier from an age perspective,” says Steph Simcox, Deputy Chief Finance Officer at Worcestershire County Council, who points out “we have people from 18 to their 40s”, including a law graduate and former police officer. What’s the recruitment process like? Each company’s recruitment process is different. But if you apply for an apprenticeship at a larger firm, it could include the following: Basic tests – accountancy firm Mazars, for example, gives successful applicants an online aptitude assessment, which includes numerical and verbal reasoning tests. In the civil service, you may be asked to complete a situational judgement test (a multiple-choice paper which asks you to choose the most effective responses from a range of hypothetical scenarios).An interview – either online or in person. These tend to be easygoing. “For many applicants, the apprenticeship is their first foray into the world of work, so we’ll ask them about their experiences and ambitions,” says Simcox. “We want to see a spark and their passion for working in finance.”Assessment day – after an interview, you could be invited to an assessment day, where you can expect a face-to-face interview, group tasks, a presentation and more tests. Before Covid-19, these assessment days usually took place at a training facility, hotel or at the company’s offices. Nowadays this may take place virtually. Top tip? Be yourself. “We’d like to see you demonstrate your personality,” says Simcox. “You can’t act for eight hours a day, so don’t try to be somebody you’re not.” What qualities are apprenticeship bosses looking for? “Businesses aren’t just looking at academic qualifications, they’re looking at the person as a whole and how they fit in with that organisation,” says the AAT’s Anthony Clarke. Here are some qualities outlined by leading apprenticeship employers: Communication skillsNumerical abilityProblem-solvingCollaborationTime management skillsPassion, enthusiasm and curiosityVerbal/written skillsAn understanding of the company’s values, culture and business. Tip: “Before the interview, visit the company’s website to find out more about them. If you understand what they do and what’s involved with the apprenticeship, it’ll show assessors you care and are invested in the scheme” (<Freya Horrocks, finance strategy & development manager, Network Rail>). What does an average day look like for an apprentice? One thing’s sure: as an apprentice, you won’t be doing the same stuff, day-in, day-out. Many firms rotate their apprentices around different departments within the organisation, so they gain experience in areas such as audit, VAT and payroll. “This gives apprentices a holistic insight into how finance works, as well as the company,” says Network Rail’s Horrocks. Apprentices also spend 20% of their time (usually one day a week) in off-the-job training, which takes place at either a college, training provider or at the workplace. Can I do a part-time apprenticeship? If you need to spend time away from the workplace due to parenting or caring duties, you can still become an apprentice. Part-time apprenticeships will need to be agreed by your employer, but you will need to spend a minimum of 16 hours a week on the scheme. One popular option is to extend the length of the apprenticeship, from 12 months (minimum duration) to 24 months. The Covid-19 pandemic has also made many employers more amenable towards flexible working, says Clarke “For me, as long as the work gets done, it doesn’t matter when it gets done,” says Simcox. “One of our apprentices is a parent. Because of childcare, his working day isn’t always 9-5, so he sometimes works in the evenings instead.” What kind of support do apprentices receive? Again, this differs by company. At Network Rail, the support network for apprentices includes a line manager, apprenticeship scheme manager, talent coach and a mentor, who all help put together a personal development plan. New apprenticeships are also allocated a ‘buddy’, usually an apprentice who started the year before you. There’s also ‘coffee roulette’ where apprentices can chat with people in the organisation they’ve never met before. Apprentices at Mazars receive regular morning catch-ups to gauge how their workload is going, along with mental health support should they need it. How to build a great career with an AAT apprenticeship Have you considered an apprenticeship as a route to gaining your qualification and getting the skills needed to progress your career? Do you have unanswered questions about how they work, who they are for and what roles that can lead to? Look no further, hear from us, along with Network Rail and Whyfield Accounting Services, to find out the answer to these and many more questions. Watch now Can I apply for an apprenticeship with my employer? If you’re already in a job, you may want to develop your career prospects by applying for an apprenticeship with your current employer. If your company doesn’t have an apprenticeship scheme, you may need to speak with your manager about starting one, possibly developing a proposal or business case. “Before speaking with your boss, get your facts together first,” says Clarke. “Think about the questions your boss is likely to ask, such as ‘What qualification do you want to study?’, ‘How will this add value to the business?’ and ‘How will this make you better at your job?’ Luckily, most bosses realise your interest in apprenticeships demonstrates a commitment to the organisation and a desire to progress.” Your employer might also be interested in the Government funding that businesses receive for apprenticeships. It’s worth suggesting that he/she contacts the AAT, who can tell them about apprenticeships, how funding works, plus give advice on starting a scheme. Do I need to have an accountancy qualification? “The short answer is no,” says Clarke. “The point of apprenticeships is that you develop these skills and acquire these qualifications while on the job. Some firms may look at GCSEs and A-Levels, but in recent years many firms adopt a ‘CV-blind’ approach [where the recruiter is given no information about the candidate’s educational background]. It’s more about how you fit in with the company’s ethos and values, rather than a piece of paper with a list of qualifications on.” “We have a number of school-leavers join our apprenticeship scheme who have non-numerical A-Levels, as well as graduates who have never studied accountancy or finance before,” adds Jayne Lambert, professional development advisor, Mazars. “We can help them develop accounting skills; it’s more important somebody is a right fit for the role.” However, should you want to enter at higher levels, then “having an AAT qualification will absolutely be a bonus, but it’s not a given that accountancy qualifications will get you onto apprenticeships,” says Clarke. What’s the point of completing an apprenticeship when most on-the-job experience will be carried out over Zoom? With working from home likely to be in place for many companies until the autumn, some may question whether the work experience they acquire over Zoom and Teams will be valuable. However, Clarke points out there hasn’t been “any negative impact on exam results by those students who have done virtual apprenticeships.” Some apprentices have developed innovative solutions to the challenges of remote working. At Worcestershire County Council, Simcox has noticed apprentices regularly “work with their webcams switched on, chatting away to each other as if they were in an office.” Where are apprenticeship vacancies advertised? Some useful links for apprenticeship vacancies and advice: AAT Apprenticeships pageThe Government’s apprenticeships pageGetMyFirstJobNot Going to UniRateMyApprenticeship Individual company websites such as KPMG Apprentices, EY, PwC, Deloitte,Mazars, Network Rail and the Civil Service.
What will accountants be focusing on in 2025? Posted 01/15/2025 by Annie Makoff & filed under Members. Accountants and bookkeepers discuss their plans to progress in the next year. The Labour government plans to ‘mainline’ AI ‘into the veins’ of the UK this year, according to a ministerial announcement this week, and progress with their commitment to make Britain a clean energy superpower. Meanwhile, UK businesses are looking at their own business plans and growth strategies for the year ahead. January in particular is a notoriously busy month for accountants and bookkeepers, with fixed deadlines such as 31 January for online self assessment tax returns and any amendments to the 2022/23 tax year. It’s also the deadline for Capital Gains Tax (CGT) payments. But beyond fixed deadlines and set dates in the fiscal calendar, strategic planning forms one of January’s top priorities for many, from systematic evaluations and reviews to finalising short and long-term goals and objectives. These might include: Pricing structure or cashflow reviews. Conducting a financial performance review. Identifying KPIs. Setting SMART objectives. So what might 2025 look like accountants and bookkeepers in terms of business priorities and stategies? We asked a few to share their plans, aims and objectives for the year ahead. We’re focusing on growth, value-add services and networking Caroline Carter FMAAT, Director, Carter Clear Accounting Our priorities for the year revolve around growth, adding value for clients and creating new connections. From a financial perspective, we aim to improve our gross profit margin from 46% to 55%. To achieve this, we’re re-pricing our bookkeeping services and focusing on building our client base for value-added services such as tax planning and financial coaching.Another key area of focus is marketing and audience building. We’re revamping our website to better connect with our ideal clients and integrating it with our recently migrated CRM system. This will support our outreach marketing strategy, as we build and engage our contacts list to provide valuable content for followers and clients.We’re also enhancing client experience by increasing our use of client feedback surveys and refining how we market our added-value services.On a personal note, I plan to carve out time for a well-deserved holiday! Verdict: Plans revolve around growth, adding value for clients and creating new connections. I’m focusing on achieving professional accreditation Natalia Micu AATQB, Freelance Management Accountant, Novenary. During the previous year, I focused more on my personal side: diversifying and changing routines, cultivating skills, learning to optimise my time, mentoring and enlarging my portfolio of business clients. In effect, I ‘sharpened the saw’. For this year, my priority is to sit my last three exams, to finish the professional qualification in accounting and to take my licence as accountant. My main, long-term goal is to be the steward of my own business, to grow as a business entrepreneur. I have discovered the Nationwide Business Network thanks to Howard Sherbourne and I look forward to participating in the events, to find out what the market in finances needs and how I can synergise with the services I offer. On a personal level, I’ll be launching and promoting my first book, my autobiography, called MyFeelings. Verdict: My focus this is year is on achieving professional accreditation. We’re striving to become a £100m business Natasha Frangos, Managing Partner, HaysMac (formerly Hays Macintyre) HaysMac remains focused on maintaining independence, achieving profitable, sustainable growth, as we strive to become a £100m business by the end of our financial year 27/28. We will continue to build momentum on the major changes implemented last year, including a full rebrand and further development of our extensive services offering. HaysMac has grown by over 80% in the last five years, and we’re determined to maintain this accelerated success. We’ve heavily invested in our technology to better support our clients and expedite our ambitious growth strategy in 2025. Our growth strategy is further bolstered by investing in our people through internal partner and director promotions and lateral hires. In April 2024, we opened a satellite office in South Africa comprising 20 colleagues, and we’re excited to welcome our first graduate cohort this year. Headcount will double by the end of our FY 2026. Additionally, we continually review our portfolio to ensure clients remain aligned to our strategy. This has been a major contributing factor to our success in recent years. Verdict: We’re striving to become a £100m business by the end of our financial year 27/28 and have recently undergone a full rebrand.
“Feel so proud to be a professional member of AAT” – celebrating our community Posted 01/15/2025 by AAT Comment & filed under Community, Events, Members. We’re so pleased AAT Connect went down well with attendees. Here’s what some of you had to say about it. AAT Connect was so successful that we’ll do it again this year. We’re pleased you enjoyed it as much as we did. AAT CEO Sarah Beale said “Based on the terrific, enthusiastic support from those in attendance and from those who wish they’d had, we can confirm that AAT Connect will be back – likely bigger and better than even this incredibly strong start. The response has blown us away, quite frankly.” What attendees said “My heart is absolutely bursting with pride for the AAT community” – AAT Vice President Lucy Cohen FMAAT The event was “a celebration of the profound impact AAT members have on our communities” – Rachel Spence MAAT “All this for just £49 including drinks and a 3 course meal! My professional body knows how to look after its members. 😍” – Libby Walklett AATQB FMAAT “Such a buzz to be part of a wonderful, supportive community of people” – Kate Anderson AATQB
From AAT apprentice to director – there’s no limit to success Posted 01/10/2025 by Jessica Bown & filed under Apprenticeships, Inspiring stories, National Apprenticeship Week. Apprenticeships work for high-flying professionals who want to make rapid progress. They can be a great way to fast-track your career – without going to university or incurring debts. Just 14 years ago, accountancy firm director Laura Whyte MAAT, was starting out as an AAT Apprentice studying for her Foundation Certificate. Whyte, who was recently shortlisted for the AAT Licensed Member of the Year award 2018, believes choosing to become an AAT Apprentice rather than go to university set her on the path to success. “I knew I wanted a career in accounting,” said Whyte, 32. “So while doing my A Levels, I applied to do a university degree in Accounting & Finance. “However, when I was offered a position as an apprentice in a large local firm, I decided to take the job instead because I liked the fact I could work and learn at the same time. “It was definitely the right choice for me.” Moving up the ladder Whyte spent the next three years working her way up to the Professional Diploma, and gaining lots of useful on-the-job experience, “I did one day a week at college and the rest of the time in the office,” Whyte said. “It was a nice mix. I enjoyed being able to put what I was learning into practice in the office. “The people I was working with were also very helpful.” She was then able to take on a position as Accounts Assistant at a construction company. “Having three years of work experience under my belt definitely helped to give me lots of choice when I looked for a job,” she said. “I’m not sure there would have been so many opportunities available to me had I been straight out of university.” Just five years later, she had risen to become the company’s Finance Director. “Working there was great experience,” she said. “But I felt I had got as far as I could within the business. “There just wasn’t the opportunity to progress any further, so I decided to set up a business with a school friend who also worked in finance.” The hardest part for me is knowing when to push for growth by taking on more staff or investing in the business Starting your own business Whyte set up her company, Whyfield, in 2014. “I like a challenge,” Whyte said. “And I liked the idea of working for myself so it was on my own terms.” Since then, she and her partner have built up the business, driving growth of more than 50% in 2018 alone. They now have 12 members of staff and about 700 clients. “I thought running my own business would give me more flexibility to spend time with my daughter,” Whyte said. “But even though I can take an afternoon off if everything is done, that doesn’t happen very often!” That’s why she would warn anyone thinking of setting up a business to be aware there will be hard work ahead. “I’ve worked very long hours, often at the weekends, and denied myself holiday to get the company off the ground,” she said. “I’ve also had plenty of sleepless nights, particularly in the early days. “There is a lot of plate spinning involved, and you have to put the business first at least for the first few years.” For her, seeing young members of staff progress through their training is one of the most satisfying parts of the job. “The hardest part for me is knowing when to push for growth by taking on more staff or investing in the business,” Whyte added. “The best part is seeing staff come on. Our first employee, who we took on as an apprentice, is now a manager training two apprentices of her own. It is really great seeing progress like that.” Secrets of success Whyte would advise anyone considering a career in finance to take the same route as her, initially at least. “I’m a real ambassador for the AAT Apprenticeship,” Whyte said. “It is a great way of joining up learning and working, and it opens the door to so many opportunities in a range of sectors because all companies need accounts departments of some kind.” Her firm currently employs four AAT Apprentices, while every person on the team is studying for qualifications of some kind – including Whyte herself. “It’s always good to keep moving forward, which is why I am doing my CIMA qualifications now,” she said. “The first couple of years of running the business were too busy, but I have finally found time to start on those qualifications in the last two years, and now I only have a couple of exams left to do. “Encouraging everyone to keep studying is part of our ‘investment in the future’ ethos, which is central to our approach at Whyfield.”