How 1Accounts uses AAT apprentices to shape their organisation

Posted by & filed under Apprenticeships, Employers.

Paul Donno, Director of 1Accounts explains why AAT apprentices are so valuable to his business.

The most recent AAT apprentice at 1Accounts wasn’t recruited from a traditional job advertisement or a local college. Instead, she found out about the vacancy at the family-run business in Haverhill, Suffolk, via Instagram and TikTok.

It’s a far cry from the traditional accountancy practice which is often dependent on manual processes and paperwork. 1Accounts was already fully digital before Covid and uses AI and modern practice management software to handle workflow.

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“We’re trying to bring facts and helpful knowledge to our clients and other users, but also we like to share that we’re a family business, and our main passion is to help businesses grow,” says Katie Donno, Client Care Manager. “We are not boring accountants – we like to have fun. We like to make people feel comfortable and social media is an extension of that. Jess had followed us on social media for a while and at 29 she is our first older apprentice who is coming back to work after having children.”

What motivates 1Accounts to hire apprentices?

Jess Dunn is the fifth AAT apprentice to join 1Accounts. Qualified accountant James Revell, MAAT, is testament to the success of the strategy which is focussed on bringing in new talent. Having joined as a school leaver six years ago, he now mentors new apprentices and runs his own team within the company, while working his way towards ACCA accreditation.

“Bringing James on board as a school leaver has been an absolute success,” Paul says. “When I was first starting out in the world of work I had the opportunity to train in accountancy via the old Youth Training Scheme (YTS), which was an apprenticeship scheme. That gave me a great start, and now I want to do the same for the school leavers that we taken on. We take youngsters from the local schools after A levels and give them all the structure and training they need to be experienced, well-rounded accountants. In return the apprenticeship scheme helps us as a small business because we are supported by government funding, and it provides excellent on the job training.”

1Accounts apprenticeship pipeline and how it implements its scheme

Paul first began to consider recruiting apprentices when the business started to expand. Being an owner-manager can be busy and time-intensive, and it can be all to easy to neglect planning your talent pipeline, but he was determined to ensure that this side of the business was given proper attention.

“This year we have grown from ten employees at the start of the year to 16 now, and when you get to the size that we are now you’ve got to start planning and thinking about the future,” he says. “It is a four to six year investment for us, and so the AAT scheme is excellent because at the end when they qualify our apprentices have the technical knowledge, they understand ethics, they have integrity and they are able to be involved in client-facing work.

“As a small business, there is an investment of your time taking on a school leaver. This way, we can train our people so that in two to three years’ time our apprentice will be doing client facing work.”

Ensuring apprentices are real-world ready

Adrian Tonge, FCCA, Accounts Manager, supervises and mentors the apprentices in their technical skills while Katie puts a programme in place to help them understand how to deal with clients. Apprentices have a full day each week to go to college or study online and they shadow experienced staff members when they are in the office.

What does progression look like?

“Apprentices are very much involved in the business from the beginning, and we encourage them to have their say at office meetings,” says Katie. They are allocated weekly jobs via our practice management software and given feedback on their work to help them develop their skills.

“When we take them on they are very young and raw,” says Paul. “As a small business we can give them a more rounded experience, give them responsibility early on and more earning potential.”

He says that the relaxed and modern culture of the firm means that it is important that apprentices understand how the business works, and how it is different from a more traditional accountancy practice.

“We want them to learn and understand our ways and the way that we work. The new apprentices have never experienced a traditional firm, but we don’t do timesheets, we play pool, we’ve got a football table, a drinks fridge and four dogs in the office.”

Recruiting for attitude, not just qualifications

One of the reasons that the apprenticeship scheme has been so successful is that Paul has made the decision to recruit young people for their energy, enthusiasm and positive attitude, and not just their qualifications.

“They need to have the right attitude at interview,” he says. “They need to be able to communicate and we are always impressed if an apprentice has done their homework and had a look at what we are doing on social media.”

School leavers have great digital skills, are willing to learn how to use software and keen to integrate technology into their workflow, he says.

How has 1Accounts benefited from hiring AAT apprentices?

The business is going from strength to strength, with Paul recently having been nominated for West Suffolk Business Leader Award and Katie been nominated for Employee of the Year. “We don’t have a hierarchy and I am not bothered about job titles,” says Paul. This informality and approachability has also made them popular with clients, who come from the construction industry, creatives and charities.

“Our apprentices all come from different backgrounds and they each provide something different,” says Paul. “We have just hired Jess and Harry is studying AAT Level 4 and they are so enthusiastic and positive, and that makes such an impact on the business. By the time they are qualified, they have real world work experience and great technical skills, without the debt they might have incurred if they had taken the university route.”

What do apprentices gain from the scheme?

Harry King, apprentice, joined 1Accounts straight from school and says that the structured AAT programme has been a significant advantage, helping him understand and apply accounting principles effectively.

“Balancing work and study was a challenge, but it taught me excellent time management,” he says. “Comparing the apprenticeship to university, I’ve learned that the choice depends on personal goals. I liked the apprenticeship because I could earn while studying, gaining practical experience along the way. It’s been a hands-on and fulfilling path for my career.”

James Revell, MAAT said he also found the structure of the AAT training and the projects very interesting. “Personally, I opted for the apprenticeship as it allowed me to continue to study while earning without student loans,” he says.

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How accountants are utilising AI in practice

Posted by & filed under Artificial intelligence, Members, Technology.

The Big 4 are investing in Artificial Intelligence, but is it worth it for smaller businesses?

The accounting sector is one of the largest adopters of Artificial Intelligence (AI) technologies. Indeed, the Institute of Analytics (IoA), the global not-for-profit professional body for analytics & data science believe that accountants are ‘ideally placed’ to plug the current AI skills gap.

Currently the Big 4 (Deloitte, PwC, Ernst & Young and KPMG) are leading the way with AI adoption by investing and trialling AI tools and software and utilising their capabilities and insights for business intelligence and data.

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Despite AI’s capabilities, UK-based businesses in generally are adopting it relatively slowly. According to the 2022 report AI Activity in UK Businesses by Capital Economics for the department for Digital, Culture, Media and Sports (DCMS) just 15% of businesses are currently utilising AI to a certain degree, while just 2% are piloting AI technologies. An additional 10% are planning to adopt it in the future.

With the move towards automation and the increased need for accurate, real-time data, AI technologies such as predictive analytics and AI auditing can provide ‘greater insights’ to businesses and clients, Dr Clare Walsh, Director of Education at the IoA said recently.

AI’s potential uses in accounting include:

  • Predictive analysis (PA).
  • AI-enabled document reviews.
  • AI-enabled natural language processing (NLP).
  • AI-assisted forecasting and strategic planning.
  • Audit automation.

So how are smaller practices using AI? We found out which AI technologies accountants are currently trialling, and how professional practices are benefitting.

We use ChatGPT Google extension for routine client enquiries

Caroline Carter FMAAT, Owner, Carter Clear Accounting

We utilise a ChatGPT extension for Google that incorporates the capabilities of GPT-3, GPT-4, Bard, and Claude. This system is integral in identifying and responding to standard questions. Our inboxes are connected to our practice management software so we can use the extension to draft a response.

The technology makes our processes more efficient, especially when dealing with routine enquiries. It allows us to quickly and accurately address common issues, freeing up valuable time for more complex client needs.

However, one challenge we’ve encountered is the initial setup cost, which can be prohibitive for small practice owners. We have five users and this costs £120 per month. Security is also a concern, we turn off the extension until we want to use it – it’s designed to track activity across all web browsing. Additionally, accessibility to specialist training remains an issue. We had to learn in-house by trial and error!

In the past, we’ve also tried practice management software with built-in AI but it didn’t have the same functionality.

Looking forward, the future of AI in accounting holds potential for further streamlining processes, but addressing accessibility challenges will be pivotal for broader adoption in the next 5-10 years.

Verdict: At the moment we use ChatGPT Google extension to deal with routine client enquiries, but there’s potential for us to do more in the future.

We’re reviewing ‘use cases’ for document and template generation

Rob McGillen, Chief Innovation Officer, CBIZ Financial Services, Kreston Global

We’ve begun reviewing ‘use cases’ in document generation following templates and general communications enhancements. These have been exploratory for the past several months and we are shifting into demonstrable and reusable prompts.

Generative AI requires a bit of upskilling or training to find the optimal ‘way of work’ for individual professionals. We are providing prompt engineering training and demonstrations to help spark adoption within accountancy practices. Continuous engagement and training opportunities along with peer-to-peer knowledge sharing are sparking more adoption and interest than any other methods of engagement.

AI-related issues and challenges can be diminished with effective prompt building and custom instructions, as well as private data sets which have ‘walled garden’ limitations applied to the potential result sets. And not all platforms are equally effective at similar tasks – so finding the right tool for the task is key. As things continuously evolve (and quickly) that requires focus and updates to our cadre of professionals.

As a practitioner, generative AI is making certain aspects of the work more efficient because you are not focusing on ‘drafting and writing’ so we can spend more time on the insights and application of professional expertise. Generative AI (and AI in general) used effectively helps reduce lower impact utilization, allowing professionals to focus on their ‘top of license’ professional insights.

Verdict: We’ve been reviewing and trialling ‘use cases’ for document and template generation over the past couple of months, and are finding AI lets staff spend more time on insights and analysis.

We’re using AI to extract information and build internal performance frameworks but these tools aren’t quite as intuitive as they could be

Dominic Ahearn, Director, Best Suited Chartered Accountants

We are in the early stages of seeing what AI can be used for. Our practice management system, Karbon, has launched some AI features in beta, including summarising the content of emails in a helpful format. We also use Dext for processing purchase invoices and they use AI for extracting information. In addition, we use Chat GPT to help build out our internal performance frameworks.

We’re seeing some marginal wins in terms of time-saving and organising information. However, the tools available do not always feel as intuitive as they might and still require a lot of human effort to apply AI in a useful way.

I’d love to see AI being developed further for pulling information from different systems and creating client dashboards as well as providing instant insights tailored to an individual and firm’s way of thinking. Facilitating human absorption of information is really where AI can help us deliver our best work and most value.

Verdict: We’re in the early stages of using AI to extract information and build internal performance frameworks, but a lot of the technology isn’t there yet.

AI has huge potential but should never be used for making judgements

Aaron Westgate ACA, Chartered Accountant and Accountancy Teacher

Many accountancy practices are hesitant to use AI given its risks, so scope is often limited to less risky activities or internal processes.

Some software incorporates the use of AI (e.g. identifying risky transactions) but this is based on defined criteria so is more attuned to automation rather than AI. There have also been significant increases in data analytics within firms which facilitate machine learning (ML), and have the potential to provide significant added value or identify issues that humans wouldn’t have time to find.

Previously, small teams were firefighting and resolving data issues but there’s now more focus on data veracity and data source validation. We should now focus on investing in the advancement of ML and intelligent machines, hence we are seeing launches (or relaunches) of multiple intelligent engines, such as the infamous ChatGPT, and these are being integrated into more everyday tasks.

AI’s potential is huge but it brings a number of risks and questions. For example:

  • How transparent will firms be with clients about their use of AI?
  • How will AI affect fees and pricing models?
  • Will junior staff have the same level of understanding if ‘the system’ is doing it for them?
  • Staff will have to learn how AI works, not just what it produces.
  • Legal liability of AI will be up for debate as well as how it impacts professional indemnity insurance.

There’s also the assumption that AI knows what it’s doing. In reality, it’s an iterative learning process. AI should be limited to factual statements and assessments based on defined criteria, not making judgements that should be made by the firm. For example, whether a control within a business is effective, a sample size is appropriate or if a tax scheme is considered appropriate (and within the legal framework).

Verdict: AI has huge potential, but it’s an iterative learning process and we need to limit its use to factual statements and assessments for now.

Interested in artificial intelligence?

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Making Tax Digital is at a turning point

Posted by & filed under Making Tax Digital, Members.

What HMRC needs to do in the wake of the Public Accounts Committee’s damning report.

Last week the Public Accounts Committee (PAC) issued an update report on the progress of HMRC’s flagship policy, Making Tax Digital. MTD was originally intended to deliver benefits both to HMRC and taxpayers by making the tax regime more efficient and delivering a simpler, faster system that will be easier for taxpayers to use.

It’s no overstatement to call the Committee’s report of HMRC’s progress so far damning.

It lays out at length the Committee’s disquiet over the development and deployment of the latest iteration of MTD, which focuses on Income Tax for Self Assessment (ITSA) and VAT.

Its concerns cover everything from timing and complexity to commitment and cost. “Seven years in,” the Committee writes, “With £640 million of taxpayer’s money spent, we are concerned that the final bill for the programme could end up much higher than HMRC’s latest forecast of £1.3 billion.”

And while it recognises that changes for MTD for ITSA are much more complex, the Committee pulls no punches in criticising HMRC’s failures, which include underestimating the scale of challenge in digitalising the system resulting in delays and spiralling costs. Now running eight years late for ITSA, with delivery pushed back to 2026 as announced in Dec 2022.

As stated in the report, HMRC delivered some success with the MTD for VAT, estimating that this generates approximately £400 million a year in additional tax revenue. And there’s no doubt that MTD for ITSA is a big job: as the committee points out, there are an estimated 11 million Self Assessment tax records that will need to be quality checked and moved to HMRC’s new system, 7.8 million more than for VAT. The scheme needed not only adequate resourcing, but a staunch commitment from those in charge at HMRC to follow through on promises.

But the evidence laid out in this latest report will test even HMRCs most ardent supporters.

A damning verdict

There is no requirement to read between the lines to discern the PAC’s serious misgivings.

The PAC laid out a number of pressing requests. It asks that HMRC:

  • urgently test that its existing plans are sufficiently detailed and rigorous to ensure the successful delivery of the remainder of the programme;
  • specify in detail how it will hold senior leaders accountable for delivering against the programme’s timetable and budget;
  • work with its programme stakeholders including customers, tax agents and software providers to resolve design issues;
  • and, by summer 2024, undertake and publish a robust assessment of how much difference to tax revenue is made by (i) more frequent submissions of Self Assessment data and (ii) by digital submissions.

There are other demands but even a cursory glance at these few demonstrate how far HMRC has fallen short on its initial assessments and commitments to MTD delivery.

From AAT’s viewpoint, the progress status of the MTD programme is disappointing, to say the least. We have staunchly supported MTD and its objectives. We believe that harnessing technology in an intelligent way is the best way of updating, streamlining and simplifying the tax system in this country.

Along with other accounting bodies, we have stood alongside HMRC in its push towards the widespread adoption of MTD. We have worked with other stakeholders to feed into the process at every step, and kept our members up to date on the latest developments, presenting a balanced view even when further delays and resultant confusion threatened to stymie the process.

With that said, we also expressed concern about the timescales for delivery from the outset, something we reinforced in the evidence we submitted to the PAC inquiry earlier in the year. The successive delays have dented business confidence in MTD – and that confidence is a fragile thing in short supply in the current climate.

This is compounded when taken in conjunction with the PAC’s view that the programme is in fact running counter to the principle of tax simplification and is instead creating unhelpful confusion and complexity. The Committee also highlighted concerns that the programme will impose additional burdens and costs on customers with taxpayers will be asked to spend more and do more to comply.

A certain future

So where next? First, there must be no further delays, and HMRC should set a definitive timeline for implementation. This is vital not only to save time and money, but also to avoid much of MTD technology solutions becoming obsolete by the time they are introduced.

We would also welcome independent oversight of HMRC’s approach in order to ensure that simplification is being delivered rather than simply digitalisation. Then, HMRC must invest in building greater awareness of MTD among small businesses. For context, last year, 85% of AAT Licensed Accountants believed the ITSA registration process was not well understood or only understood with the help of an accountant or other professional.

Finally, HMRC must properly resource its customer services – an issue that extends beyond just MTD to cover most of its current operations and responsibilities.

Delivering such a significant project was never going to be easy. Digitising a tax system to serve millions of users is a big job and is bound to be challenging. But wishful thinking, poor planning, muddled messaging and confused strategy are bound to make a tough job impossible. The recent HS2 debacle illustrates this with painful clarity.

There is still time to save MTD. There are a lot of stakeholders invested in its success, a lot of resources ready to be deployed, and a lot of determination to help deliver it. Eyes now fall on HMRC to deliver.

Action – swift, realistic and committed – is needed urgently.

Accountants give their verdict on the 2023 Autumn Statement

Posted by & filed under Members, News.

AAT members and accounting experts analyse Chancellor of the Exchequer Jeremy Hunt’s 2023 Autumn Statement.

National insurance cuts, permanent ‘full expensing’ tax breaks for business investments and National Living Wages increases which will also benefit 21-22 year olds are among the 110 measures announced on Wednesday in Chancellor Jeremy Hunt’s Autumn Statement, along with tougher crackdowns on late filing of tax returns and late tax payments.

Full-expensing tax breaks

One of the biggest headliners for businesses in the statement was the announcement to make full-expensing tax breaks permanent, which Mr Hunt described as ‘the biggest business tax cut in modern British history.’.

Originally intended to last until 2026, full-expensing tax breaks enable businesses who pay corporation tax to claim up to 100%  of the cost of plant and machinery-related investments. They were first announced in the 2023 Budget and allow qualifying businesses to deduct the total investment cost from their profits, therefore reducing the amount of corporation tax they pay (a 25p reduction in corporation tax for every £1 investment spent on plant and machinery.)

National Insurance (NI)

National Insurance cuts were also announced. Class 1 NI employee contributions will decrease from 12%  to 10%  from January on earnings between £12,571 and £50,271 while Class 4 NI will reduce to 8%  from 9 per cent. Class 2 NI will be scrapped altogether, benefitting self-employed individuals with profits over £12,750.

And the National Living Wage which has been increased to £11.44 per hour from April next year, will for the first time, now extend to workers of 21 and 22-years of age. Previously, the National Living Wage only covered those over 23.

Late tax payments

Legislation in the Autumn Finance Bill 2023 will ensure that anyone joining Making Tax Digital (MTD) from April 2024 will be liable to the new tax regime for late filing of tax returns and late tax payments.

Other measures included:

  • Support for late payments: businesses bidding for government contacts worth more than £5m will now have to prove they pay purchase invoices within 55 days on average.
  • Business rates discount for hospitality, leisure and retail.
  • An extra investment of £4.5bn between 2025 and 2030 in manufacturing.
  • £1m for businesses investing in green technologies.  

So how will some of these measures affect businesses and the accountants who serve them? We spoke to accountants to gauge their views and reactions to the Autumn Statement.

Reactions

Living wage increase adds to pressure on struggling businesses

Sharon Wray FMAAT, Director, Sharon Wray Accountancy Services

It’s about time the government have made tax cuts, as the personal allowance has stayed static for a third year running. Unfortunately for accountants and bookkeepers, the national insurance changes come into force on 6 January, right in the middle of the very busy self-assessment season.

The self-employed also benefit from the Autumn Statement: the scrapping of Class 2 NI and a 1% cut to Class 4 NI seems to be a positive move. But it’s left me wondering how the self-employed will be able to top up their state pension credits if it’s not through self-assessment. The government have however announced there will be a Class 2 reform next year.

As to the National Living Wage: as much as I applaud the increase from £10.42 to £11.44 an hour, my concerns are for those businesses already struggling who will then need to increase their revenue to survive.

Finally, the permanent extension of the full-expensing capital allowance scheme will only benefit bigger companies. For the vast majority, it does very little.

Verdict: The National Living Wage increase is welcomed but it will put pressure on struggling businesses, while the full-expensing scheme will only benefit larger companies.

Making full-expensing tax breaks permanent will provide investment incentives

Vipul Sheth, Chartered Accountant and MD, AdvanceTrack Outsourcing

The decision to make permanent the full-expensing tax breaks for businesses is welcome.

It offers a continued incentive for investment, allowing companies to deduct spending on crucial assets from profits and ultimately reducing their corporate tax burden – particularly valuable to profitable businesses. That’s in addition to a valuable window for strategic tax planning, enabling businesses to optimise their investments and enhance cash flow.

Businesses will be hoping it helps stimulate growth and job creation. However, I would have liked to see him go even further and increase the allowance for Entrepreneurs’ Relief, which successive Chancellors have reduced to just £1m. Implementing any policy that does not encourage entrepreneurship will make the country poorer.

Verdict: Making full-expensing tax breaks permanent will provide a continued incentive to invest but it would have been good to increase the allowance for Entrepreneurs Relief, too.

Autumn statement is just ‘smoke and mirrors’ for small businesses and the self-employed

Stephanie Hurst, Corporate Tax Consultancy and Personal Tax Compliance Director, Monahans

Whilst many of today’s measures will be welcomed by businesses, I’m not convinced that any of the 110 changes aimed at business growth have gone far enough.

There are clear wins: the reduction of employee National Insurance (NI), increases in the National Living Wage and extension of Business Rate Relief – but all have also been negated in effectiveness by other policies. It’s a case of smoke and mirrors; the Chancellor is ostensibly putting more money in people’s back pockets, but not enough to alleviate the financial strains felt by lower income households in the current financial climate.

Meanwhile, the business rate reduction extension to 2025 will be welcome to those in retail, hospitality and leisure who battled through COVID-19. But the increase in wages [via the National Minimum Wage] that businesses will need to pay may slightly dampen its impact.

The one policy that some might view as positive is the confirmation of the EIS sunset clause, which will be extended until 2035, providing more certainty for small businesses looking to raise investment under the Enterprise Investment Scheme.

Meanwhile, the permanence of full-expensing relief which provides substantial tax cuts for businesses investing in certain plant and machinery assets will benefit larger businesses.

Verdict: Most of the statement is just smoke and mirrors for small businesses and self-employed, but 10 10-year extension of EIS sunset clause is welcome.

NLW is a mixed picture for employers

Ian Goodwin, Partner, Employment Tax, Mazars

The National Living Wage (NLW) hike is overwhelmingly good news for employees. From April, those on the lowest pay will see more money in their pockets, and importantly, from a younger age. And there is the added benefit of increased pension savings.

For employers, the picture is more mixed. Against a challenging backdrop of increasing costs, from overheads to supply chains, higher pay packets could be the straw that breaks some businesses’ backs. Employers will need to navigate new NLW compliance, consider pay rises across their employee base and manage increased pension contributions. It will also be more expensive to recruit entry-level workers and for those that have salary sacrifice schemes in place, these will need to be managed carefully with employees, particularly where pay differentials are likely to decrease following today’s announcement.

There is a risk that due to these increased costs and compliance burden, we’ll see an uptick in redundancies as employers struggle with staffing costs. To help minimise this risk now is the time for employers to seek advice and get on the front foot with robust governance in place.

Verdict: The National Living Wage is a mixed picture for employers who will have to navigate NLW compliance, consider pay rises and manage increased pension contributions.

Full-expensing tax breaks will bolster UK business

Toby Ryland, Corporate Tax Partner, HW Fisher

Businesses across the UK will be celebrating today – finally a simple tax policy from the Chancellor!

Full-expensing is a straightforward and easy tax relief that will make the decision to invest in new equipment much easier. It covers a wide variety of business necessities, from IT infrastructure, office furniture, certain commercial vehicles, warehouse and construction equipment, and fixtures for non-residential properties.

It means that tax deductions will follow the financial cost of investing in real-time rather than spreading the cost over a longer period. It’s simple to administer: companies can claim the relief through their Corporation Tax return.

For example, if a business spends £100 on new tools and machinery, it will get a tax deduction for the full £100 immediately. Prior to the Full Expensing rules, the company would need to have claimed capital allowances on the £100, and while they would have still got the full tax relief, it would be over a much longer period of time, in this case, at a rate of 18% per year.

Verdict: The tax relief will help to bolster UK business and is a step in the right direction to put the UK back on the map as a go-to destination to do business in.

The top 10 Christmas party rules

Posted by & filed under Career.

Love it or loathe it, the annual Christmas party is a long-held tradition which is showing no signs of abating.

So what’s the best way to survive it and do you know the unspoken office Christmas party rules?

1. Remember the same rules apply

“The same rules apply at the office party as they do in the work environment,” says Claire Gray, co-founder of boutique recruitment firm Bain and Gray. “See the night as a relationship-building opportunity to get to know colleagues better, which in turn will serve you will in the work place.”

2. Network like a pro

Be warm, smiley and well-presented and make it all about them, says Gray. “Don’t talk about yourself. Let your colleagues talk about themselves instead and don’t give away information you will later regret,” she notes. Successful networkers are chameleons, says Gray. “Depending on who you are talking to you, read their mood and manners quickly using your intuition and emotional intelligence and adjust your conversation to suit.”

3. Don’t talk shop

David Southall, employment law consultant for the ELAS Group, says: “Now is not the time to press for that promotion you’ve been after or corner the HR team with all your complaints. If you have a genuine grievance with someone then you should deal with it in the proper manner, not after a bit of Dutch courage.”

4. Don’t gossip or give out TMI

Mixing office chitchat with booze is never a good idea, says Southall. “Don’t start telling everyone your issues. You could easily end up crying on the shoulder of the wrong person or declaring your undying love for your office crush,” he says. “This isn’t Love Actually and you will have to face them again the morning after.”

5. Have fun but not too much fun

“Over the years we have heard of some outrageous behaviour including employees being sick on the boss’s lap and stripping off on the dance floor,” says Southall. “Take the opportunity to mingle and talk to people in other departments who you don’t see on a daily basis but remember that the Christmas party is an extension of the workplace. Know your limits and, most importantly, know when to go home.”

6. Don’t flirt with your boss

Chris Meredith, CEO of LondonOffices.com says: “Remember to always keep it professional. Never say anything that could be misread as being flirtatious. The same goes for touching as well. The safest option is always the handshake rather than a cheek kiss or hug.”

7. Eat before you go go

Hitting the cocktail bar before you’ve eaten could be potentially disastrous so make sure you have something decent to eat beforehand, Meredith advises. “If you know the party is going to consist of a lot of cocktails but only a few measly canapes, then make sure you eat before you go. Have something starchy like pasta or pizza to soak up the alcohol.”

8. Thank the host

“If it was your boss who hosted the evening, the polite thing to do would be to send over a thank you gesture. Or if you know for a fine fact it was their assistant that did most of the work, it wouldn’t hurt to thank him/her either,” says Meredith.

9. Book your taxi or arrange for a lift home in advance

Make sure you arrange a lift or book your taxi home beforehand so you don’t get stranded, especially if you work outside of London. “Making prior arrangements can prevent you from taking a chance or even thinking about driving, even if you think you’re under the legal limit,” Southall says.

10. Don’t call in sick the next day

No matter how rough you’re feeling, don’t call in sick the next day. Remember your colleagues will probably be feeling just as hungover as you and pulling a sickie is really not acceptable. “If the day after the party is a workday and you really want to ‘enjoy’ yourself then why not book annual leave in advance to let you recover in comfort and possibly get some Christmas shopping in as well,” says Southall.

AAT summary of the 2023 Autumn Statement

Posted by & filed under Members, News.

Here’s an overview of the key measures that affect AAT members from the Chancellor’s statement.

Chancellor Jeremy Hunt delivered his Autumn Statement against a backdrop of better than expected inflation figures, increased ‘fiscal headroom’ – and increasing political pressure from Conservative MPs to counter Labour’s lead in the polls.

Today’s statement is arguably intended to signal a responsible path to a lower tax economy under the Conservatives. More of the same can be expected in the Spring Budget.

Key Announcements

In his speech, the Chancellor said the Autumn Statement sought to deliver a series of measures intended to stimulate growth in the economy, and reduce personal taxes. He said that the UK economy was “back on track” after a series of “difficult decisions” in the last twelve months, with reports suggesting that today’s statement is the first of a two-stage plan focusing on businesses and workers initially, followed by further personal tax cuts at the Spring Budget.

The statement included 110 new growth measures, the most relevant of which for AAT members are as follows:

Taxation

  • The main rate of employee National Insurance will be cut from 12% to 10% from January 2024
  • Self-employed people with profits above £12,570 will no longer be required to pay Class 2 National Insurance Contributions (NICs), but will continue to receive access to contributory benefits and entitlements. This will take effect from 6 April 2024
  • Those self-employed with profits between £6,725 and £12,570 will continue to get access to contributory benefits including the State Pension through a National Insurance credit, and those with profits under £6,725 and others who pay Class 2 NICs voluntarily to get access to contributory benefits will continue to be able to do so.
  • The main rate of Class 4 self-employed NICs will be cut from 9% to 8%. This will take effect from 6 April 2024.
  • The Government will freeze the Lower Earnings Limit (LEL) and the Small Profits Threshold (SPT) for NICs at 2023-24 levels in 2024-25
  • The Lifetime Allowance will be abolished from 6 April 2024.
  • The Government will legislate to allow HMRC to reduce the PAYE liability of a deemed employer to account for taxes paid by a worker and their intermediary on payments received where an error has been made in applying the off-payroll working rules. This follows a recent consultation on the subject.
  • Following the Government’s recent consultation, reforms will be introduced to the Construction Industry Scheme, which includes adding VAT as part of the Gross Payment Status (GPS) compliance test, and giving HMRC more powers to remove GPS immediately in cases of fraud, alongside other simplifications.
  • A further £163 million will be invested to improve HMRC’s ability to manage tax debts, and to expand its debt management capacity.
  • New measures will be introduced to tackle the promoters of tax avoidance schemes, including a new criminal offence for those who continue to promote avoidance schemes after receiving a notice requiring them to stop; and a new power enabling HMRC to bring disqualification action against directors of companies involved in promoting tax avoidance.
  • Employers, company directors, and the self-employed will be required to provide new or improved data to HMRC to enable better outcomes for citizens and businesses. These changes will take effect from the tax year 2025-26.
  • Individuals with income taxed only through Pay As You Earn will no longer be required to file a Self Assessment return from 2024-25.
  • The Government is extending the Growth Market Exemption, a relief from Stamp Duty (SD) and Stamp Duty Reserve Tax (SDRT), to include smaller, innovative growth markets. This will be implemented from 1 January 2024.

Small Business

  • Reforming R&D Tax Reliefs: The Government has said that it will merge the existing Research and Development Expenditure (RDEC) and SME schemes, with expenditure incurred in accounting periods beginning on or after 1 April 2024 to be claimed in the merged scheme. The notional tax rate applied to loss-makers in the merged scheme will be lowered from 25% as per the current RDEC scheme, to 19%.
  • In addition, the intensity threshold in the additional support for R&D intensive loss-making SMEs will be reduced from 40% to 30%. Ministers will also introduce a one year grace period, in order that companies that fall under the 30% qualifying R&D expenditure threshold can continue to receive relief for one year.
  • From 1 April 2024, R&D claimants will no longer be able to nominate a third-party payee for R&D tax credit payments, subject to limited exceptions, and no new assignments of R&D tax credits will be possible from 22 November 2023.
  • The Government will introduce a requirement that firms bidding for government contracts over £5 million from April 2024 will have to demonstrate they pay their own invoices within an average of 55 days, reducing to 45 days in April 2025, and to 30 days in subsequent years.
  • HMRC will rewrite guidance around the deductibility of training costs for sole traders and the self-employed, which will include clarifying the guidance to ensure that individuals can be confident that updating existing skills, maintaining pace with technological advances, or changes in industry practices are allowable costs when calculating the taxable profits of a business.
  • Following its review into the impact of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) on small businesses, the Government will maintain the current MTD threshold at £30,000 and introduce design changes to simplify and improve the system. These changes will take effect from April 2026.
  • The Government is also legislating to ensure taxpayers, who join MTD from 6 April 2024, are subject to the government’s new, fairer penalty regime for the late filing of tax returns and late payment of tax.
  • Full expensing will be made permanent, enabling investments made by companies in qualifying plant and machinery, after 1 April 2026, to continue to qualify for a 100% first-year allowance for main rate assets, and a 50% first-year allowance for special rate (including long life) assets.
  • For 2024-25, the business rates small business multiplier in England will be frozen for a fourth consecutive year at 49.9p, while the standard multiplier will be uprated by September CPI to 54.6p
  • Following its recent consultation, the Government is expanding and simplifying the income tax cash basis for the self-employed and partnerships. These changes will take effect from 6 April 2024.
  • The Government has published its Payment and Cash Flow Review Report and responses to the consultation on the Payment Practices and Performance Regulations 2017 and the statutory review of the Small Business Commissioner, outlining measures to combat late payments.
  • There will be additional support to SMEs to access global markets through UK Export Finance including reviewing the products available for SMEs and enhancing the SME-focused support that is offered.
  • The Government will commit to funding for Growth Hubs in 2024-25.
  • A new industry task force will be created to rapidly explore how best to support SMEs to adopt digital technology to improve their productivity.

Minimum wage

The National Living Wage has been increased to £11.44 per hour from April next year. It will now extend to workers of 21 and 22 years of age. Previously, the National Living Wage only covered those over 23.

Skills

  • The Government is committing a further £50 million for a 2-year pilot to explore ways to stimulate training in growth sectors and address barriers to entry in high-value apprenticeships.
  • Ministers have committed to the future delivery of the Help to Grow: Management programme beyond 2024-25.

New economic crime legislation at risk from AML supervisory reform proposals

Posted by & filed under Anti-money laundering, Members, Policy.

Good work of the Economic Crime and Corporate Transparency Act could be undermined by mooted reform of OPBAS.

The recent introduction of the Economic Crime and Corporate Transparency Act (ECCTA) was heralded as major milestone in the fight against financial crime in all its forms. Indeed, at AAT we have been a supportive voice in the development of the legislation and welcome the Act’s introduction. It’s a comprehensive and well-designed piece of legislation that we believe will benefit businesses, regulators, investors and consumers in a number of ways.

However, welcoming the Act we remain concerned that, despite the targeted provisions within it relating to AML, there are other potential changes afoot that could seriously undermine the positive impact that the Act is intended to have.

Specifically our concerns relate to the ongoing discussions taking place around reform of the AML supervisory landscape as articulated in the recently closed HM Treasury consultation.

This is something we feel strongly about: AAT recognises the role that the accountants play as gatekeepers to financial probity and is fully aligned with the ambition as captured in the consultation to strengthen the effectiveness of the anti-money laundering and counter-terrorism financing (AML/CTF) supervisory regime.

Within the consultation HM Treasury set out four proposed models for reform of the AML supervisory regime centred around three core criteria – the need to strengthen the effectiveness of AML regulation, to improve co-ordination among those involved in the supervisory regime, and the feasibility of delivery for each of the proposals. In our response to the consultation we made it clear that we were fully supportive of the intent as articulated by the criteria.

The consultation process, however, has not allowed for a full examination of possible reforms with many critical aspects insufficiently addressed and no impact assessment undertaken to support the proposals. And that in and of itself creates significant risk on top of the immediately identifiable risks pertaining to the proposals as well as running counter to much of the intended impact of the new ECCTA.

In summary, we believed that the proposals as detailed in the consultation were not supported with sufficient details to enable clarity to establish feasibility around delivery (particularly around the transitional phase). Similarly, the proposals didn’t give sufficient detail to help verify the likely impact that they would have in terms of the other two objectives of supervisory effectiveness and improved system co-ordination.

Moreover, rather than prevent it, these risks would potentially give rise to a proliferation of money laundering activity. It begs a serious question: why go to the extent of dispensing with OPBAS (it was only formed in 2018) without giving it a proper chance to deliver through bestowing greater powers on it? Such changes would be a more organic, proportionate and less disruptive approach than the other three options offered.

There are genuine risks, particularly with some of the proposals, that call into question the desire to improve the UK’s position with regard to money laundering and economic crime. And that should be a warning to everyone involved. However, it remains a concern that OPBAS’s work – and the potential changes – is still not widely understood by a significant proportion of those in parliament.

The introduction of ECCTA brings into focus how important it is to take a holistic approach to these matters: fail to align the AML supervisory regime with the broader ECCTA structures and the UK creates a situation where it has weakened its overall position.

As we said earlier this year, a strengthened OPBAS would add real value to the overall picture of the prevention of financial crime. The UK rightly enjoys an esteemed global reputation not only as a financial centre, but as a territory with a commitment to identifying and preventing crime and corruption at all levels of the economy.

However, any sense that it is weakening its AML supervisory structures sends out a very powerful message, as investors, regulators and others begin to think twice about British commitment to combatting the problem.

While OPBAS remains a work in progress it will continue to be ripe for reform. No statutory body can hope to effectively deliver on its remit without regular and sometimes disruptive or painful change. At AAT we are committed to playing our part in that.

But there’s no doubt that the proposed approaches to reforming AML supervision could remove a cornerstone in the UK’s crime prevention wall. By doing so it may be that, rather than strengthening its protections, the advent of the ECCTA leads to more cracks appearing.

How Scrutton Bland took control of the talent pipeline

Posted by & filed under Apprenticeships, Employer newsletter, Recruitment.

Growing accountancy practices must recruit while retaining the right people. Here’s how one specialist accounting firm is doing it.

Many firms face challenges in finding staff to fill qualified accountancy roles at middle and senior level. Scrutton Bland, an award-winning team of specialist local accountants serving the whole of East Anglia, made the strategic decision to grow their own talent instead, by expanding their apprenticeship scheme.

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“It’s certainly not unique to us but we have found it more and more difficult to recruit qualified accountants,” says James Tucker, Business Advisory & Cloud Accounting Partner in charge of training at Scrutton Bland. “The more senior they are, the more difficult they are to find. As our business is growing, we need to recruit new staff to meet demand from clients and provide the best service.

“We decided to prioritise bringing in the best quality school leavers to start their apprenticeship programme so that we can grow our own talent and solve the recruitment issue via a different route,” he explains.

Scrutton Bland: nurturing talent through apprenticeships

The firm has a team of accountants, auditors, business advisers, corporate finance advisers, tax advisers and insurance brokers with offices in Ipswich, Colchester, Bury St Edmunds, Cambridge and Diss. Among the sectors the team of 200 employees serves are agriculture, charities, technology, education, construction, leisure and hospitality, land and property, and transport and logistics. Scrutton Bland is a growing firm, having increased its headcount by 12% since March 2022 and adding a new specialism in e-commerce.

James says the practice has used apprenticeships for more than a decade but in the last few years has increased its annual intake of apprentices from seven to 10 across the business advisory, audit, tax and corporate services teams.

Inside the apprenticeship program

“It’s about the talent pipeline and ensuring that people understand and appreciate the culture of the organisation as well,” James says. “By using apprentices we can develop the soft skills and the people and client management skills that our new staff members will need when they run teams and work with clients. By the time they are fully qualified as accountants they are well-rounded and in a great position to further their career and progress onwards and upwards.” 

Among the former school leavers who have made a successful career with Scrutton Bland is Lucy Jennings, who joined the firm straight from school at 18, and who five years later is just one exam away from being Level 7 qualified.  

“She is already looking after a portfolio of clients and making her way up the career ladder,” says James. “She rises to the challenge and makes the most of every opportunity we give her.”

The selection process works, because almost all the trainees have stayed on to progress through the firm and learn on the job. As well as the apprenticeship scheme, Scrutton Bland also takes on career changers and parents who are looking to return to work.

Its approach to apprenticeships

The firm provides the same apprenticeship programme for all starters, although it does vary the AAT Level they study depending on whether they are a career changer, school leaver or they are a graduate with a relevant degree. Most start out at AAT Level 3 or Level 4.

Apprentices typically complete Level 3 or Level 4 in around 15 months. Currently, the firm has 21 people studying for AAT and they expect all of them to stay on and progress towards ACCA or ACA once they have completed AAT Level 4. 

The apprentices work in an office and attend college one day a week on courses taught by First Intuition. Being part of a larger group provides them with a cohort of friends and colleagues.  

“They get the chance to study in a group which can be great in terms of support, especially as some of the trainees are just 18 and are starting a job for the first time,” says James. “It builds relationships, not just within their direct department, but also throughout the firm. 

“As we have a high number of former students who are now qualified, there is also a really wide pool of people who can provide them with support in the office. In the future, we are also looking at putting in a more formal mentorship scheme so that we match our trainees up with the right people.” 

How Scrutton Bland benefits from apprenticeships

“Our apprenticeship programme is about finding the right people, encouraging them to think for themselves. It gives them the opportunity to do things differently,” says James. “Technology is playing a very big part in our industry and the manual processes that people used to do when I started training as an accountant don’t exist anymore. 

“Our accountants need to be tech-savvy in order to use the technology effectively, but more importantly they need to have good people skills. At our recruitment Open Days we dispel the myth that accountancy is all about numbers – it is actually about people.”  The mechanical task of putting together accounts and tax returns is becoming less important and the new cohort of accounts are learning to use data to help clients grow and develop their businesses.

“We are looking for people who want to interact with clients and build relationships. By building the people skills in our trainees and giving them the opportunity to develop in areas that they are interested in, it naturally builds our business as well.”

When it comes to school-leavers, they have the advantage of building relationships outside the business. Scrutton Bland runs a young professional networking group which includes lawyers, land agents and bankers, helping networking at all levels of the firm.

In conclusion

Scrutton Bland’s forward-thinking approach to apprentice recruitment means that they have secured their future talent pipeline. They are developing promising young people into managers and team leaders, creating home-grown talent that fits with the firm’s culture and drives forward growth and profitability.

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What job role could you fill with an apprenticeship?

Posted by & filed under Apprenticeships, Employer newsletter, Start an apprenticeship.

This article is taken from our 7 easy steps to start an accounting apprenticeship.

Before we start with step one from our guide, there are two things we want you to know upfront. It’s actually easy to set up and run an apprenticeship:

  • The net cost is negligible – if you’re a small company with a salary bill of less than £3 million, the government will cover up to 95% of the training costs. Above this level, your company will already be paying the apprenticeship levy to the government, so you can use your levy pot to cover your training needs.
  • The work is manageable – you’ll partner with other organisations who will bring expertise and experience, handle the administration and manage the education of your apprentice.

Free guide – 7 steps to start an apprenticeship

AAT’s free guide to launching an apprenticeship in seven easy steps will walk you through the process, from job description to funding.

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Recipe for success

A successful accounting apprenticeship will blend three key ingredients:

a suitable role in your finance team that you will fill or create through an apprenticeship

an appropriate qualification that the apprentice will earn

an apprenticeship programme that is designed to deliver the education and experience needed to acquire those qualifications.

Sometimes some simple advice and tweaking is helpful to balance these elements. This is where AAT can assist. AAT is a professional membership body specialising in accountancy qualifications to get started in the profession (as well as an approved End Point Assessment Organisation for the Accountancy Apprenticeship Standards at Levels 2–4).

Design your role

So the first question is, what kind of role are you hoping to fill with an accounting apprenticeship? Speak with colleagues to determine why and where your business needs an apprentice.

  • What skills gaps are you lacking in your team/ organisation?
  • Does your sector face any future disruption where your business might need new skills? Are you embarking on a digital transformation and need to inject some tech-literate talent?
  • Have you got an ageing workforce? Not only could apprentices be trained to replace these workers once they retire, but they could also bring in newer, younger clients.

Apprenticeships really fly when they’ve got a brilliant advocate for the scheme who’s a great mentor and spends time with them; ensure you’ve such a champion within your workplace.

David, Managing Director, First Intuition Chelmsford

Build in development

The role needs to allow reasonable room for the apprentice to develop.

“Look at the apprentice’s potential development,” advises David Malthouse, Managing Director at training provider First Intuition Chelmsford. “If you’re taking somebody on to become an accounts receivable clerk where all they’ll be doing is processing transactions, an apprenticeship will never work in that role.”
Apprentices don’t have to be school-leavers in their first job: they could be career changers or part of your existing workforce who want to progress their careers by acquiring new skills and qualifications.
“You might have a graduate working in marketing who wants to become an accountant or a middle-aged worker who wants more qualifications,” says Simon Deane, Director at training provider Accountancy Learning.


Identify a champion


Before implementing a scheme, identify a staff member who will manage and mentor the apprentice(s), such as a potential line manager.
As Malthouse notes, “Apprenticeships really fly when they’ve got a brilliant advocate for the scheme, who’s a great mentor.”

Key task: Prepare the job description for your apprenticeship role.

Will online-only VAT registrations really clear HMRC’s backlog?

Posted by & filed under Making Tax Digital, Members.

There are benefits to going digital, but it’s not clear how this will help reduce the backlog.

VAT registrations are now online-only by default in a move to improve efficiency, security and of course, attempt to clear HMRC’s backlog. HMRC has removed the downloadable form from its .GOV website, so those unable to register online will now need to phone HMRC’s VAT helpline to request the VAT1 paper form.

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Over 95% of HMRC customers now use the service, which is ‘quicker, easier and more secure,’ according to HMRC’s 112 agent update.

Yet the online-only default will not be as straightforward for everyone.

Although the majority of UK businesses can register online, there is a significant proportion of those unable to, either because they have little or no access to the internet (‘digitally excluded’) or because they do not have a Unique Taxpayer Reference (UTR).

HMRC themselves admitted there may be ‘specific types of registrations’ that would need to be done via a VAT1 form. These include:

  • A limited liability partnership (LLP) registering as a representative of a VAT group.
  • Registering individual business units of a corporate body under separate VAT numbers.
  • Registering an overseas partnership.
  • A local authority, parish or district council.
  • Applying for a registration exception.

HMRC now requires customers to justify why they are applying for a VAT1 form and are required to phone the helpline to speak to an advisor before a form is sent out – a step likely to result in long hold times and then a further wait for the form itself to be posted.

Given the majority of agents already use the online system for VAT registrations and are still experiencing delays in receiving VAT numbers, it’s unlikely that the latest change will improve backlog.

So what do accountants think, will pushing more people to register online for VAT make a difference?

Online-only VAT registration is welcome – it provides a more efficient, streamlined approach and will potentially clear the backlog quicker

Karen Feltham MAAT, Owner, Aligned Accounting

HMRC being online-only could allow for better tracking of registrations as paper forms easily get lost in the post, creating unnecessary delays and increased waiting times. It does offer a more streamlined and convenient approach in terms of compliance as well. 

So in theory, the backlog should be cleared quicker as the data can be easily passed to a team of people and equally tracked for progress. 

I’ve had a very positive experience so far with the online system. Tracking the forms has been considerably easier and being able to instantly register clients in real-time rather than posting a form and hoping it’ll arrive has invariably led to increased waiting time and frustration from the client. Chasing registrations has been difficult to track if the form hasn’t been logged as ‘received’.

There will still be a need for the paper method for some businesses, but I feel that online registration should be encouraged where possible, especially as VAT is MTD now anyway. It modernises the UK VAT system and allows for greater efficiency across the board – potentially!

Verdict: The move to online-only VAT registrations is welcome – it provides a more efficient, streamlined approach and will potentially clear the backlog quicker.

Additional support and resources are needed

Clare Bowen, Partner, Monahans

HMRC is facing huge backlogs and experiencing unprecedented levels of delays in many areas, particularly where enquiries are made by post. I had an awful situation where a female client ended up getting her Maternity Allowance after she’d returned to work due to serious HMRC delays.

The online-only VAT system is therefore most welcome as it will remove most human intervention and speed up processes by pushing through simple applications automatically. It will free up people to assist with the backlog and to deal with the more complex registrations.

It will be interesting to see how the online-only system copes with these types of registrations. For example, when a sole trader converts to a limited company and wants to switch over the VAT number which previously required a paper form.

We’ve used the online VAT registration system for some time now as paper forms had a habit of getting lost or separated from supporting documents.

Even so, the ability to check on an application made on paper or online has become much more difficult due to the lack of HMRC phone lines. The online-default system needs a method to review progress of an application. HMRC needs to put skilled resources into areas that are severely lacking or their backlog will get worse and will continue to provide a substandard service.

Verdict: The online system will help but additional support and resources are needed to tackle the backlog.

Delays continue to cause issues for clients regardless of online-only

Claire Bartlett, Director, Arden Bookkeeping

It makes sense for VAT registration to be online-only now, but I don’t think it will make a difference to the backlog as most people do it online anyway.

However, those who need to use a paper form now have to phone up to request it. That’s not ideal for those who are time-strapped, and it will only add to HMRC’s backlog.

What’s hugely frustrating however, are the big delays with VAT registrations. I registered a client in January this year and we’ve only just received a VAT number in October! It’s been very stressful – she’s had to put money aside and has had a year of VAT transactions with no VAT number.

HMRC has also removed telephone support so you can’t even phone with any queries. It’s very difficult to chase progress and forms still get lost even if they’ve been done online.

A way forward would be to improve the online chat function. It has its benefits – you can get on with other things while you’re waiting instead of being placed on hold on phonelines – but it’s very limited on how much support and help it provides.

Verdict: VAT registration should be online-only but there are still delays, causing huge issues for clients.

Online-only won’t clear the backlog

Chris Money MAAT ATT CA Business Services Manager, McLay, McAlister & McGibbon

Although the online system itself works fairly well, we’ve had a few registrations delayed by a number of months, including one where we registered in April and still haven’t received anything from HMRC.

One of the longer delays was due to the client being involved in a commercial property transaction which added a layer of complexity. More simple registrations are (generally) processed without too much delay.

However, I don’t believe the online system will solve the VAT registration backlog. Most agents are already using the online registration system, so the only time-saving effect would be from clients registering themselves directly. Even then, it would only save time if there are systems in place to automate processing and I don’t hold much confidence that this is the case.

We’re essentially viewing the online-only default as a change that doesn’t affect us operationally.

As for those who can’t register online, the process where you need to contact HMRC for forms can become a little convoluted. Especially as there are already unnecessary delays before you even factor in the call/wait time.

The lack of communication and the feeling that you’ve just been kicked down the road when awaiting a delayed response is frustrating.

A facility to answer some questions online to filter those who are online only and then download/complete the form before printing to post would be so much better.

Verdict: The online-only default won’t clear the backlog. It’s just a change that is unlikely to affect accountants operationally.

Keep up to date with VAT developments

Our masterclasses, webinars and e-learning courses can keep you informed about VAT schemes, calculations and updates.

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