A new year, and a new chapter for AAT – Sarah Beale, CEO Posted 01/11/2022 by AAT Comment & filed under Members, Students. 2022 marks the start of an exciting new era for AAT, its members and students. As AAT develops its proposition, CEO Sarah Beale is challenging the organisation to be open to new ideas and approaches. If you’d like to contribute a suggestion, just click the button below: Make a suggestion Note: Due to technical problems subtitles will be added shortly to this video.
HMRC eases the pressure over Self Assessment filing deadline Posted 01/07/2022 by David Nunn & filed under Members, News. HMRC has softened the impact of the Self Assessment (SA) deadline, as businesses struggle with mounting absences due to sickness. 31 January will remain the SA filing date, but HMRC will waive penalties for late filing and late payment for one month. HMRC chief executive Jim Harra explained the decision: “The waivers will operate in the same way as last year. We are not moving the filing or payment deadline and other self-assessment obligations are unchanged. Interest will be charged as usual from 1 February on outstanding amounts.” Harra said the waiver of penalties would give extra time to both SA taxpayers and their agents in the light of likely absences in January due to Covid-19. “We think it is reasonable to conclude that significant numbers of taxpayers will have a valid, Covid-related reasonable excuse for filing or paying late, so it is more sensible not to charge the penalties for a short period rather than rely on the usual appeal route,” he said. HMRC took the decision after representations from accounting bodies, including AAT. Adam Harper, AAT Director of Professional Standards and Policy, commented: “AAT welcomes today’s announcement that the Government has introduced waivers for the late filing and late payment penalties. This will give valuable breathing room to many taxpayers and help them to avoid potentially damaging fines at a critical time – not only for them as individuals, but for the UK economy as a whole. It will also help to reduce the impact of unnecessary stress due to Covid-related absences on agents, including AAT members. “However, as our Accountable campaign highlights, many people may still consider using an unregulated tax agent in order to meet the deadline, putting themselves at risk of receiving poor advice which could lead to significant mistakes and unnecessary costs. “We encourage people to ensure that they receive paid-for tax advice from a member of a relevant professional body, such as AAT, to ensure they get up-to-date advice. Our free consumer guide, ‘What you should know before appointing an accountant’, can also help them to find a skilled, professional accountant to meet their needs and protect their financial interests.” Alongside the waiver of fines, HMRC has produced additional resources to help taxpayers with foreign income ahead of the SA deadline. These include: Youtube video – ‘Do I need to declare foreign income to HMRC’.Webinar recording available at https://attendee.gotowebinar.com/register/2436753482240516620
Members in business share their optimism and ambition for 2022 Posted 01/07/2022 by Mark Rowland & filed under Members in business. 2022 is a time to step out of the comfort zone and develop ourselves, our teams and our services, say AAT members in business. Last year did not bring the smooth sailing that many of us accountants and finance teams expected; the recovery from Covid-19 was very stop-start, with several unexpected twists. In our final Members in Business article of the year, our panel talk about their hopes, fears and predictions for 2022. In the short term, another variant of the virus threatens to restrict businesses. But businesses are now better prepared and supported by vaccines and boosters that offer help and protection not available a year ago. 2022 will be a more optimistic year – we’re hopeful for growth and recovery Farha Jamadar FMAAT, finance manager, Todd Doors My priorities for next year, from an organisational perspective, is to ensure we achieve our targets and budgets and reset our year back to pre-Covid. We want to try to achieve the growth that was stunted in 2020 and 2021. With supply chains undisrupted and no more secondary effects of Covid, I’d like to develop my team more to ensure we can automate specific areas, work on business partnerships and ensure the team has a wide set of skills that enable each member’s growth. I’m hoping to have a less turbulent year in 2022. I think 2021 was the year we thought we would spring back to normality, but the secondary effects of Covid were not considered, and that has an effect on the business and normality. In light of this, I think we’ll approach 2022 both optimistically and pessimistically I think as people are more and more vaccinated, the risks of lockdowns reduce. We take more precautions, but the risk of infection is up, which affects staff and resources. With new variants, the question keeps occurring: will it end or will this be a new way of life? Overall, we’re focused on growth and recovery. We enter 2022 leaner and with strategies that have been adapted to the new obstacles that have developed over the past two years. the things we have learned over that time arm us to overcome any more possible obstacles in 2022. The future brings an elevated level of risk for planning Andy Murray MAAT AATQB, finance lead, Manna Pro UK The first half of 2022 is likely to present challenges – global freight and supplier costs continue to undermine traditional forecasting methods, leading to higher-risk decision making and a cautious approach to growth. Our sector has experienced unprecedented demand, which has presented continuous scope for growth. The pace of acquisition leaves little time for planning and often requires additional output from existing resources. Balancing opportunities for growth with the ever-increasing demands of the changing operating picture continues to stretch individuals professionally. I believe the future brings an enhanced level of risk for decision making, strategy and business planning. We need to invest in the core infrastructure of both key professional posts and accounting software to ensure due diligence is not compromised. There is an opportunity to add to the basket of skills in order to deliver the challenge ahead. Agile working practices is one example of a way the sector can remain attractive. From a personal perspective, I want to build greater resilience by strengthening my mental agility. Developing skills and techniques will enable me to grow with my employer in an increasingly pressured environment. Crafting a study plan which offers a work-life balance while allowing me the space to continue my professional studies. I hope that twinning this with increasing my mental agility will help me complete CIMA. Professionally I propose to implement a full SOP manual for the Finance function. Documenting all procedures and controls and also forming part of the employee induction process within the team. Recognising the changing demographic, with more people retiring from the Finance sector the importance of succession planning and ‘growing your own’ has become an immediate priority. While Covid has been destructive in many ways, it’s also created so many new opportunities, and people will seize their moments. It will be a time to innovate and think outside the box Clare Elliott FMAAT, CFO, ILUX 2020 was a unique year for many of us, and while at the time, we thought 2021 might be a return to normal, that further taught us that sometimes we have to find a new way for the long term. Plans for 2021 that didn’t materialise due to external factors beyond our control should now be pursued with a vengeance. Objectives might have to be achieved differently, but there is no reason to think all of our hopes and dreams cannot happen. Now is the time to really think outside the box, and step right outside of your comfort zone. There is no need to keep believing we have barriers in our way. While the world feels quite different in so many ways, in reality we are already settling in to our new normality. While Covid is still the main topic of conversation, it’s not stopping the majority going out and trying to create a fun life. After all, humans are naturally social, and so it would be almost impossible to not see a return to normal at some point. Businesses are optimistic and are adapting resourcefully to additional challenges, such as importing post-Brexit and dealing with low unemployment. Personally, I see 2022 as another fairly slow year, in terms of a “return to normal”. Holidays might happen, but not as many people will indulge. Events might still be restricted, and we’ll all get used to our regular vaccinations. Whilst there might continue to be some obvious reminders, as facemasks continue to be worn, the virus will become our “new normal” and we’ll all create a new way of living a normal life around a new disease.
6 reasons to attend the accelerAATe Student Conference: 26–28 January Posted 01/05/2022 by Hannah Dolan & filed under Students. Join us for the first-ever online AAT Student Conference exclusively for AAT students. The conference is free to attend and over three days we’ll be giving you study tips, assessment tips and career support to help you build a successful career in accounting. 1. Get assessment-ready Ensure you’re fully prepared to tackle your assessments with confidence. In this action-packed session, we’ll cover sample papers, the differences between physical assessments and remotely invigilated assessments, exam techniques, what not to do in an exam plus tips to help you cope with stress and anxiety. 2. Discover where your qualification can take you Hear from past AAT students on where their qualification took them, including Sarah Beale, our new Chief Executive. Sarah will discuss how her qualification helped her to progress in her career. You’ll also have the opportunity to ask questions to our panel who all have very different careers, but all have one thing in common – they’ve all studied AAT. This session is sponsored by The Skills Network. 3. Study support tips Are you making the most of the AAT support resources available to you? In this session, Andrew Taras, who completed AAT Levels 1–4 via distance learning will discuss his top tips to help you on your way to a rewarding career in accountancy. During this session we’ll cover resources available in the Learning Portal, planning your study time effectively, how to plan your study time and much more. accelerAATe with our new online student conference Join us on the 26-28 January 2022 for the first ever AAT Student Conference where we’ll provide you with all the drive and motivation you need to tackle your studies and assessments with confidence. Register your interest 4. Updates on your qualification In September 2022, we’ll be launching our new suite of AAT qualifications – Qualifications 2022 (Q2022). This session will highlight how Q2022 may affect you and will cover the differences between AQ2016 and Q2022, qualification structures and what your next steps might look like. 5. Discover how you can stand out from the pack Our industry experts will provide you with an in-depth look at what the recruitment process looks like. During this session some of the things you’ll learn includes the types of accountancy roles available at different levels, CV writing skills, interview techniques and those all important skills employers are looking for. 6. Be career ready What skills do you need to build and maintain a successful career? The final webinar of the week will focus on the skills you need to be focusing on outside of your studies. In this session we’ll be discussing excel skills, communication skills, report writing and the importance of networking. accelerAATe with our new online student conference Join us on the 26-28 January 2022 for the first ever AAT Student Conference where we’ll provide you with all the drive and motivation you need to tackle your studies and assessments with confidence. Register your interest Whether you’re looking for study tips, need advice from past AAT students or are preparing for your future career, there are plenty of sessions to help you strengthen your skills and boost your knowledge. We hope to see you, between 26–28 January, where we’ll be giving you all you need to build a successful career in accounting.
Make personal accounting your Top Choice Posted 01/04/2022 by Top Choice Accountants & filed under Technology. This content is brought to you by Top Choice Accountants. Accounting has become an integral part of all types of businesses. As the saying goes, “behind every good businessman, is a great accountant.” Still, most large accounting firms are built in such a way that they are more attractive to large businesses and the personal touch required by sole traders and partnerships is lacking. Top Choice Accountants (TCA) is bringing in highly committed and motivated people for small to medium size businesses to provide the services specially designed for them, with the personalised touch they require. Bridging the Gap: Best Practices for Growth Robert Carpenter, Chief Executive, started TCA in 2015. Clearing his CIMA – Chartered Institute of Management Accountants in 1980, and becoming an associate member in May 1981. While working with large firms, he observed that sole traders and partnerships were not looked after well. “I strive for TCA to be the best practice in delivering value for money services to this group,” he says, describing the company as “professional accountancy at its highest level, with an emphasis on communication, accuracy and timelines”. In the UK alone, there are more than 5.9 million self-employed workers, who work in a wide spectrum of businesses, trades, and professions. They constitute the target market for TCA. TCA provides business plans complete with a cash flow forecast covering the coming year and also helps in raising finance from two established lenders. For many clients, management accounts are by far the most important document as this enables information to be audited for future decisions. TCA produces these for clients on a monthly or quarterly basis. Furthermore, it presents these accounts in a clear and timely fashion and takes the time to interpret the figures with the client, so strategic decisions can be made on the performance and accurate information. TCA’s standards are kept at such a high level that they even give a free initial no-obligation meeting at the client’s premises. In the highly competitive sector of taxation and accountancy, several competitors continue to set examples of what can be achieved, which has helped TCA to raise the bar. “Many still used outdated methods such as insisting on a shop presence,” Robert explains. “In practice, we have found the home office concept works equally well.” TCA’s expertise in filling accounting and tax returns for sole traders and partnerships to ensure they pay the right tax is its biggest strength and USP. Story of Success: Franchising the Idea Initially based in Devon, TCA has expanded to Doncaster. As a leader, Robert believes that there should be a consistency of a culture that motivates individuals and partnerships to continue to grow by ensuring good management systems with strong terms of business. This has prompted it to franchise. “We sold our first franchise in August 2021, and there is a five-year plan in place to sell 34 more in England, Scotland & Wales,” he says. TCA provides franchisees with a lower-risk route into self-employment and, with Robert’s vast knowledge and experiences, any potential franchisee would gain immensely from considerable training, mentoring & team support. Applicants to become a franchisee must be at least part-qualified accountants with a plan to finish their examination and they should be well-organised with a positive attitude to cope up with the vigour of running their own business. TCA initially provides three days of training with Robert and TCA’s team of experts, followed by on-going daily support, timely bulletins on the latest legislation and relevant government, HMRC, National Insurance and press releases, along with advice on how to obtain an average of at least 12 leads per week. Making a Difference: Testimonials & Feedback “Our first franchisee is more than happy with her purchase,” says Robert. “Bibi already has 10 clients in four weeks. We have many very satisfied clients.” With a positive response, TCA has been given Certificate of Excellenceby Bark.com, where they hold five-star ratings based on over 30 client testimonials. As Anne Howe, Central Stores Stogumber shares: “When Rob came on board from Top Choice Accountants, he took time to familiarise himself with our business setup. By asking relevant questions and discussing a business plan, we had a positive workable financial plan for the next year we could work with. We not only gained an accountant but with his business experience and support team, we gained a valuable voice in our management team. Rob has always been available to us to ask questions and update us on appropriate support especially during the pandemic.” This kind of praise and acknowledgment comes by ensuring a professional, comprehensive, and friendly service for every client. TCA can be contacted in Devon @07598 878201 & Doncaster @01302 810220 or through email: [email protected] & [email protected] A Franchise currently costs £11.5k. There are no additional costs such as Management charges or contributions to National Advertising. The home/office model continues to produce the required results. https://www.topchoiceaccountants.co.uk/ This content is brought to you by Top Choice Accountants.
SMEs could face a cancel culture over credit Posted 12/21/2021 by Steve Hemsley & filed under Members, Sustainable Business. SMEs may struggle to get credit if they don’t start embracing Environmental, Social and Governance (ESG) goals. It is in everyone’s interests to incentivise SMEs to aim for net zero, and a stronger focus on sustainable lending in 2022 could nudge them in the right direction. Large businesses are already busily working on ESG goals. But SMEs seeking credit are expected to come under increasing pressure to demonstrate that they, too, are setting ESG targets. Law firm Addleshaw Goddard (AG) has researched business leaders and financiers across the UK, France, Germany and Netherlands, and discovered that finance could be more difficult to obtain within three years if businesses do not develop a sustainable strategy. Preparing for Self-Assessment with QuickBooks Attend this free webinar and find out the benefits of using digital software and identify MTD and ITSA solutions once effective in April 2024. Register now Decarbonisation on the horizon Legal Director Natalie Hewitt said SMEs need to embrace decarbonisation sooner rather than later because lenders are poised to tighten their funding criteria. “SMEs do not currently have to show they are decarbonising to get finance, but banks will take this into account when looking at their loan book,” she said. Indeed, banks and asset managers have realised they can make their biggest contribution to climate change through their loan books and investment portfolios. We are already seeing pension funds repositioning their investment portfolios in more sustainable ventures. AAT’s pension provider Scottish Widows, for example, has set out its stall to act as a responsible steward of the assets and aims to halve the carbon footprint of its portfolio by 2030. It is using its influence to marshal businesses to develop a long term plan – and when they don’t, it has a system of escalation to achieve change or cause it to pull funds. Sustainability Disclosure Requirements At the back end of 2021, the UK government announced the Sustainability Disclosure Requirements (SDR) to ensure investors have the information they need to make informed decisions about where to put their money. Businesses must start disclosing their environmental impact and demonstrate how their activities are aligned with net zero ambitions. Hewitt added that lenders will soon expect SMEs to identify where their business has a negative impact from an ESG perspective, and how that impact can be improved. “This clearly takes particular skills, bandwidth and time,” she said. “Lenders will then want to agree metrics that are suitably stretching. These may require independent verification at the outset with the business’s strategy needing to stand up to independent scrutiny.” The feeling is that lenders will demand that the targets SMEs set themselves are relevant and ambitious. Business as usual? “The whole purpose is that targets are not reflective of business as usual. They must lead to material ESG improvements that can be measured,” said Hewitt. The finance sector, via the supply of capital, certainly has an important role to play in the transition to a green economy. Jess Mager, product and growth manager at VC Innovation, a fintech start-up and organiser of the FTT Lending 3.0 event in London in March, said SMEs must adapt to what is happening. “Lenders may soon link borrowing outcomes or even the cost of capital to demonstrable ESG goals and criteria,” she said. “There is a feeling that adding some pressure to hit certain targets in order to receive a green loan provides a financial incentive for SMEs.” She added there will be other incentives too. “SMEs will have to meet the changing needs and expectations of customers and suppliers who want evidence companies are decarbonising. This is also a chance for an SME to reduce its energy costs and improve efficiency.” Preparing for Self-Assessment with QuickBooks Attend this free webinar and find out the benefits of using digital software and identify MTD and ITSA solutions once effective in April 2024. Register now SMEs are not ready Leading accountancy and business services company Azets supports thousands of SMEs and recently polled 235 SME business leaders on the subject of ESG. It discovered that 23% had not reviewed their business model in the past year and just 10% said climate change and ESG is most likely to have an effect on their business model in future. This was behind staffing (34%) and the economic recovery (27%). Yet head of growth at Azets, Donald Boyd, said ESG is already having an impact on funding decisions. “SMEs need to wake up to the fact that setting ESG goals is not just the right thing to do but is now fundamental to business,” he said. “People are talking about it, but not actually doing something about it. SMEs may see it as a cost but in future, it will be as important as meeting health and safety or employment law.” He agreed that it won’t be long before SMEs have to demonstrate their ESG credentials as a condition to receiving a lending offer. “Lenders will come under pressure not only because of regulation but because their shareholders want to see green credentials when it comes to investments,” he said. “It may be that regulation is ramped up if things do not happen quickly enough. SMEs should start drafting an ESG strategy now.” According to think tank NewClimate Institute, the financial sector has a central role to play in bringing about systemic change and helping the economy reach net zero targets. Supporting and nudging SMEs is part of this responsibility, said the Institute’s climate finance specialist Aki Kachi. He said that while SMEs are still exempt from a lot of ESG regulation, they are affected now because financial companies are having to disclose their investment and lending activity. He felt there is a business opportunity for accountants to support SMEs who are terrified by the debate and fear the extra reporting they will have to do. Many perceive the additional forms they will have to fill in to get a loan as daunting. “But they will need to act because awareness of the impact of climate change is growing. The UK’s hosting of COP26 in November highlighted this,” said Kachi. “You basically have a large number of banks and financial institutions, asset owners and asset managers coming together to say that considering climate risk, when it comes to considering finance decisions, is now mainstream. We are not quite there yet, but this thinking will be implemented soon.” AAT advice on sustainability AAT’s Head of Responsible Business Adam Williamson (pictured) believes members should be advising their SME clients on the potential impact of more lending decisions being based on sustainability strategies and targets. Clients should be made aware of the emerging trend regarding obtaining investment and future credit. The launch of the Sustainability Disclosure Requirements (SDR) designed to help lenders, investors and consumers make clear decisions and avoid companies greenwashing, is likely to accelerate the change in approach among lenders. “We could see SMEs being asked for their decarbonisation targets or to show they have a sustainability plan if they want to engage with government contracts, for example,” said Williamson. He added that lenders will make more considered decisions on where money is invested and there will be a growth in products such as green bonds. “Reporting will become crucial, with SMEs having to show valid up-to-date and verifiable information so people can make informed choices. Lenders and pension funds in particular are looking long-term in this area.” The AAT is doing its bit by moving to new offices in Canary Wharf in early 2022 to reduce its carbon footprint and reach net zero by 2030. The organisation achieved carbon neutrality in 2021. The AAT is also working closely with the commercial organisation Net Zero Now to help accountants on their decarbonisation journey. Williamson said there are some easy wins for accountants looking to decarbonise, including finding ways to reduce energy use and adjusting travel policies.
What should you expect from 2022? Posted 12/21/2021 by Annie Makoff & filed under Members. There are some well-known challenges awaiting this New Year – and a few that are less obvious. Repayment of Bounce Back Loans and VAT deferments are just some of the issues to contend with. But businesses have become more fleet of foot and know how to adapt in rapidly changing situations. So, what will 2022 look like for UK businesses? And what should they be doing do to future-proof their strategies and operations? We spoke to several accountants to find out. Preparing for Self-Assessment with QuickBooks Attend this free webinar and find out the benefits of using digital software and identify MTD and ITSA solutions once effective in April 2024. Register now Cash flow forecasting and business planning will be critical for survival in 2022 Bobby Lane, CEO, Factotum Cash flow forecasting and business planning is going to be absolutely critical next year. Businesses have benefited from generous government loans and now they have to start thinking about repaying these from a cash flow perspective, so forecasting is essential. MTD for all VAT-registered businesses too is going to be impactful. Businesses must ensure they’re fully prepared and ready to migrate to digital platforms with the right processes in place. My hope overall is that we start to see some stability in 2022. Businesses were only just starting to come out of survival mode post Summer, but the last few weeks have set this back. We’ve also been dealing with multiple issues all at once: Brexit, the pandemic, supply chain issues, increasing raw material prices and so on. It’s likely we’re going to see continued uncertainty in the supply chain as well as staffing. Businesses need to start breaking down all these challenges into bitesize chunks and deal with them as they arise. Next steps: It’s all about planning. Businesses, including accountancy practices, need to take the time to think about what they want for themselves and clients and have a plan in place. A rudderless boat floating on the sea isn’t going to help anyone: challenges will come thick and fast so planning and preparation is going to be key. Verdict: Businesses must focus on cash flow forecasting and business planning to prepare for the year ahead and potential challenges. Businesses must place stronger focus on environmental and social issues Andy Rich, Managing Partner, HW Fisher As we head into 2022, businesses are starting to look forward. However, this is against a backdrop of global supply issues, inflationary pressures, high energy prices and labour and trade shortages. Companies will need to invest in more storage facilities in the medium term as the just-in-time model of delivery looks to be coming to an end. Inflation will likely be transitory but is thought likely to exceed 4% next year so companies will need to increase their prices whilst predicting elasticity and reaction of consumers. From an environmental and humanitarian perspective, we have a huge opportunity (and responsibility) to apply our experience to the fight against climate change. Accountants can help ensure directors face up to their responsibilities by reviewing accounting disclosures around environmental issues and how well clients are looking after their people. Next steps: Focus on environmental issues and allyship. There is sometimes a fear of getting it wrong, with many people- worrying about saying the wrong thing. But as a firm, we believe allyship is about being kind and compassionate and of course, listening. Verdict: Businesses need to play a bigger role in environmental and social issues in 2022. Preparing for Self-Assessment with QuickBooks Attend this free webinar and find out the benefits of using digital software and identify MTD and ITSA solutions once effective in April 2024. Register now Plan now for next year’s tax strategy to maximise tax savings Joanne Thorne, Technical Compliance Manager, SJD Accountancy There are a lot of changes to look out for in 2022 including: Increase in National Insurance contributions and Dividend tax, which increase by 1.25% from 6th April 2022.Making Tax Digital (MTD) for smaller businesses, including self-employed (sole traders) and landlords who are VAT registered.HMRC are also updating their penalty rates for late return or payments of VAT from April 2022. Covid has brought about many changes we would not have expected whilst accelerating some that were already in the pipeline. In addition, the true impact of Brexit is only now being felt, in terms of supply chain and staff shortage issues, and the IR35 reform came at the worst time for the majority of workers and their clients. Businesses also need to review any covid-created debts and assess new strategies for continuing in a world that can literally be turned upside down following a ten-minute address from the prime minister. It is no longer enough to just assess our own internal risk if we are to successfully ride the wave of change, contingency planning is essential. Next steps: Start next year’s tax planning strategy for clients now: There’s still time to maximise tax savings for the 21/22 tax year, and so booking a call ASAP with clients means you can potentially squeeze in any further savings before 5th April 2022, as well as discuss their requirements for next year. This ensures accountant and client are singing from the same hymn sheet from day one of the new tax year. Verdict: Plan for next year’s tax strategy now to maximise tax savings.
Tips to survive your assessment Posted 12/10/2021 by The content team & filed under Professional Diploma. We know how hard it is to actually commit to booking your assessment. Fear, insecurity and comparison can all eat away at you, giving you endless reasons not to follow through on your goals. So we’ve talked to the experts – tutors Jerome Li (JL) and Gill Myers (GM) give us their top tips for preparing for and getting through your assessment. When should you begin revising? JL: “Especially for larger and more complex units of study, rather than scheduling your revision nearer your assessment, carry out the revision process at the end of each topic of study. By doing so, the final revision period will be less formalised and shorter in duration.” GM: “Everyone’s different, but I would try and revise as you go. Make notes and ensure you have understood one topic before you go onto the next, that way you are in the habit of studying and revision is just a natural continuation.” What is the best way to revise? JL: “The best way to revise is to go through your notes and your tutor notes, self-made revision cards (or for example, Osborne’s Wise Guide handy booklets) and to practise as many paper and online mock tests that you can. You can also team up with a study buddy for peer revision and as a way to test each other.” GM: “Step by steps are my favourite. Break tasks, including calculations, down into bite-size chunks describing for yourself what you need to do.” What should you do the week of your assessment? JL: “The best form of revision would be to practise some online mock tests to gauge your assessment readiness and to familiarise yourself with the assessment format. If all’s good, your confidence will grow, but if you need extra work, you’ll still have time to plug any gaps in knowledge or understanding. Seek out any help or support from your tutor or peers, if need be. Also, remember to maintain a healthy diet, have adequate sleep and rest to maintain a good physical and mental balance.” GM: “Little and often is best, using a variety of resources and methods to focus on the things you can’t do, rather than the things you can do. Do not just repeat the sample assessment.” How you can stay calm on the day of your assessment? JL: “By trusting in your ability to perform, knowing that you have put in the hard graft. A calm and clear mind will aid memory recollection and logical thinking.” GM: “Being well prepared is the best way to help yourself stay calm. Make sure you know where you are going, how you are going to get there, what the assessment room will look like etc. If you’ve not been before, do a dummy run and give yourself plenty of time on the day.” How to manage your time during their assessment? JL: “Nearly all the current assessments have a generous and fair time allowance to complete. However, students would be wise to do a time allocation based on the marks per task. For example, a task carrying 10 marks in a two-hour exam with total marks of 100 will be allocated 12 minutes. Examiners often feedback that students fail to complete assessments due to poor time management. They also comment that the easier marks in a task are earned in the first third to half of the task. Therefore, there is an overriding need to at least attempt all the assessment tasks to maximise the resulting outcome.” What should you expect in the assessment? JL: “Students should expect no surprises in the assessment if they have adequately prepared themselves. They will have had a good idea of the likely format and criteria content being tested for the unit when they did the AAT online practice assessments. Examiners can use various ways or alternative phraseology to test a principle and a well-prepared student should not be caught out. Those students who do get caught out have likely been rote learning and not developed a full understanding of the subject matter.” GM: ” Do not expect it to be the same as the practice! Make sure you know what the unit covers and what will be assessed in each task as the content is set but the presentation of questions will vary.” What to do the night before your assessment? JL: “My advice is to ensure that they have a relaxing evening, doing whatever will take their mind off their impending exam. There is a tendency for students to be revising late into the evening before and sometimes, in the morning of the exam. I would not advise it!” GM: “Do a short revision session so you’re confident, make final practical preparations like making sure you have your own calculator and you know where you are going. Eat sensibly and get a good night’s sleep.” What to do if you’re losing confidence mid-assessment? JL: “They could ask the exam invigilator to pause their exam while they have a five-minute break. In most instances, this will not be seen as an unreasonable request. Taking the break can help to short-circuit the negative feelings that were building up to the point of panic. A bit of fresh air will clear their mind and help them to refocus on the task at hand. They will then need to remind themselves that they are in control of the situation and trust in their ability to see it through the assessment.” GM: ” Breathe! Sit back, close your eyes and breathe. Visualise yourself somewhere else for a minute or see your revision notes in your mind’s eye. Think about what is assessed in the task you are stuck on and then re-read the question looking for what you know should be there. The chances are you know it but it’s being asked in a different way, so the presentation has thrown you.” What are the most common mistakes that students make in their assessments? JL: “The main culprits are not reading the task requirements properly, skimming over the information provided in the task and not reading the full sections of a task before jumping into answering the first task section. Often, task sections would be linked and it’s a good idea to read all the sections required to gain an overall overview first. My mantra to my students is ‘Read the question properly and slowly, and again, and again if needs be’. Other mistakes can be careless errors while using calculators or spending too much time on a challenging task, to the detriment of missing out on some perhaps more easily attainable marks. GM: “Not reading the question properly so answering what they think is there rather than what is actually being asked.” If there was one thing you could tell your students about assessments, what would it be? JL: “Only take your assessment once you feel really ready and confident within yourself to do so. Assessment readiness is the last hurdle that students have to negotiate to achieve their learning goal. Once ready, the assessment process itself just becomes a motion.” GM: “Know and understand the theory as well as how to do calculations. That way you’ll be able to work out what to do regardless of how the questions are asked.” Access the learning portal resources here (login required)
Writing tips to help you through your studies Posted 12/10/2021 by The content team & filed under Professional Diploma. Accountancy isn’t just about punching in numbers; you’ve got to explain complicated concepts, such as accruals, or why profit isn’t the same as cash. As with all technical subjects, this can be intimidating to the non accountants whom you deal with on a daily basis. Especially when dealing with time-poor individuals, you need to be able to get to the point quickly and clearly when it comes to your writing. These are the nine points to follow to master good writing. Some are our own, but the last five come from George Orwell, the author of Nineteen Eighty-Four and Animal Farm. George Orwell’s writing rules may date back to 1946, but they still ring true today, no matter what you’re writing. 1. Practice, practice, practice You may or may not be intimidated when it comes to report-writing but, no matter what your writing ability, the truth is that, as with any skill, you’ll get better the more you do it. Make time to write, and review your work to see how you might be able to improve it. 2. Make a draft Use Word (or whichever software you have) to write a draft before putting together your final report. This allows you to constantly edit and rewrite. It really helps with spelling and grammar too. 3. Speak as you write Read your words in your head and imagine saying them out loud. 4. Mention the obvious Assume your reader doesn’t know anything. Write clearly so that anybody can understand you. 5. Avoid clichés Never use a metaphor, simile or other figure of speech that you are used to seeing in print. They clutter up your writing, and are overused to the point of being boring. 6. Keep it snappy Never use a long word where a short one will do. If it is possible to cut a word out, always do so. 7. Keep it ‘active’ Never use the passive voice where you can use the active – so ‘he beat’ (active) rather than ‘he was beaten’ (passive). This will make your writing clearer. 8. Ditch the jargon Never use a foreign phrase, a scientific word or jargon if you can think of an everyday English equivalent. 9. Break the rules Orwell said: “Break any of these rules sooner than say anything outright barbarous.” What he meant is that no rules are hard and fast in writing. Ignore the rules if doing so makes what you’re writing easier for the reader to understand. Access the writing skills e-learning module here (login required)
How George changed his career with AAT in eleven months Posted 12/09/2021 by Training Link & filed under Career. This content is brought to you by Training Link. George passed all three AAT levels in eleven months. Now he’s working for a successful accounting practice in London. But only a year earlier he had no experience in Accounting and wasn’t even living in the UK. George Tampakas was studying automation engineering in his home city of Athens but he realised that his heart just wasn’t in it. He took a job as an estate agent but after five years the difficult property market and fragile Greek economy meant he needed to find something else. For the next seven years he indulged his passion for music by working as a DJ. But he wanted to shake things up. He wanted a new life and the promise of a better career. “I decided that I wanted a new challenge; I wanted to move to a place where I could work hard, reach my potential and progress without limits.” So in September 2019, he packed his bags and flew to London for a fresh start. No accounting experience? No problem When he arrived in London, George initially planned to study Economics and he started researching University courses. But then he stumbled upon AAT and started thinking about a career in Accounting. And when he saw how he could improve his career prospects by adding these employer-recognised qualifications to his CV he quickly made up his mind. “My passion for numbers, my interest in understanding how a company works, the economic control of an organisation, budgeting, revenue, expenses, investments and all the relevant aspects of accounting made me want to think no more and start studying immediately.” Buzzing with energy, George couldn’t wait to get stuck into his studies: “my motivation and determination were so high that I wanted to learn more and more and progress.” By October, George was working full time as a Lettings Agent and studying in his spare time with a goal of being fully qualified within a year. “Eleven months later, in September 2020, I have managed to finish level 2, level 3, and level 4, while at the same time I have already progressed to the ACCA preparing for my first exam!” So, how did he gain all three qualifications in less than a year? He studied online with Training Link, and he was clear about the reasons why:“I am a person who wants to feel independent, and this means that I don’t want to have time schedules and be bound to a set program. I want to study at my own pace and the more I study, the faster I will progress… Furthermore, without having to attend classes I have a more flexible program and this enabled me to study and work at the same time.” Study AAT online and dictate the pace of your progression It’s an incredible achievement to study levels 2, 3, and 4 in a year; this can only be accomplished by a huge amount of hard work. But speed is not the goal in itself. The goal is to gain your qualifications and kickstart your career – that may take a year, two years, or longer. And this gets to the heart of the advantage of studying online: control. When you study AAT online with Training Link, you are in control. You dictate the pace of progression. You fit your studies in with your life. This flexibility is what has made George’s rapid progress possible, but it’s also made it possible for many other students to take their time as they balance work, family, and social lives. It’s completely flexible. And as shown by the thousands of students over 25 years, there is no compromise on educational quality. Each course pack includes Training Link’s own printed study books and everything you could possibly need to get you through your studies including videos, mock exams, and additional resources. All of them are accessible in an online learning platform. And of course, each student enjoys full access to Training Link’s award-winning tutor support by phone and email. Course material crafted by an in-house team of tutors and writers Everything you receive has been carefully constructed by experienced writers and tutors. And that means an obsessive eye for detail. Training Link’s tutors are constantly speaking with students, to learn how they progress through the course material to make revisions to improve it even further. This is why Training Link have a 4.9/5 rating on Trustpilot and why the pass rates for the most recently available twelve-month period are: · 93.5% pass rate for AAT Level 2 Accounting · 92% for AAT Level 3 Accounting And the pass rate for Level 4 is 15.8% higher than the national average (77.8% vs 62% for the national average). So how did George feel when he’d finished his studies? “I am more than happy to have exceeded my initial goal, having achieved a distinction in 6 exams and having passed all bar one exam with a mark above 80% (78% in level 3 synoptic).” One last word from George… “Can you imagine that? One year ago, I was a disc jockey in Greece without any studies. And eleven months later, without even English being my native language, I work as an accountant in London having almost finished the AAT and having moved forward to the ACCA! I would like to take this opportunity to thank Training Link and my tutors Michele and Jennifer who played a big part on my successful AAT journey!” Learn more about studying an AAT course online with Training Link Further reading: Get your guide to studying AAT with Training LinkTry Training Link’s free trialVideos now included with Training Link’s AAT coursesWhy students choose Training Link (Youtube) This content is brought to you by Training Link.