Accountancy Age

There are only a few days left to get your firms' entry in for this year's 50+50, in partnership with Source Advisors UK. As we look to celebrate the #top100 firms in the UK, which firms will come out on top this year? And with huge swathes of M&A in the market, which mid-market firms are going to make the greatest gains in the 2024 rankings. Entries can be submitted using the link below: https://lnkd.in/eDaW-ncN Or reach out to Accountancy Age's editor, Rachael Kennedy (rachael.kennedy@contentive.com) for a word doc version. https://lnkd.in/eGc66xHj #accountingexcellence #50plus50 #top100 #accountingfirms #accountinginsight #accountinginnovation #ukaccounting

Rt Hon Rachel Reeves' Autumn Budget is less than two weeks away. UK accounting firms have been consulting their crystal balls and are going to be keeping a close eye what the new chancellor has to say... Key areas under scrutiny: 👉 Capital Gains Tax: Potential rate increases and structural changes Inheritance Tax: Possible reforms to exemptions and relief qualifications 👉 Pension Tax Relief: Limits on contributions and lifetime allowances may be introduced 👉 Business Taxation: Corporation tax freeze likely, but sector-specific taxes could increase 👉 Employment Taxes: Possible rise in employer's National Insurance Contributions Accountants warn of a "plethora of small measures" to fill the budget gap, given Labour's pledge not to raise major taxes like income tax, VAT, and corporation tax. The Office for Budget Responsibility's forecasts will play a crucial role in shaping final budget decisions. #AutumnBudget2024 #UKTaxReform #AccountingInsights BDO RSM UK 📰 https://lnkd.in/eJpzCSwz

🔴 Breaking news! KPMG Australia has become the first organisation worldwide to achieve certification by BSI to the ISO/IEC 42001 standard, which aims to ensure the safe and responsible use of #AI. This international standard, published less than a year ago, provides a framework for establishing and improving an AI management system, focusing on risk assessments and controls for AI products and services. KPMG Australia's certification process involved a detailed audit of their AI approach, from governance to project management, demonstrating their commitment to ethical AI practices. The certification is seen as a significant step towards building trust in AI across society and empowering other global organizations to responsibly manage their technology, with BSI emphasising the importance of this standard in ensuring AI's safe integration across various sectors. 📰 https://lnkd.in/e3sJ3-2c

We are super excited to present the Linkedin version of our weekly newsletters! In this issue: • The IFS urges Labour to reform the capital gains tax system to boost investment and economic growth, not just raise rates. • Balancing corporate growth with sustainability means managing tough trade-offs between short-term profits and long-term resilience. • The metaverse is transforming finance, requiring accountants to master new skills for virtual transactions, smart contracts, and AI-driven insights. #Finance #TaxReform #Sustainability #Metaverse #CorporateGrowth #Accountants #FutureOfFinance #SmartContracts #EconomicGrowth Let us know what you think in the comments below!

The ICAEW has released its annual Anti-Money Laundering (AML) Supervision Report for 2023/2024, highlighting significant compliance issues among accounting firms: 🔻 19.3% of reviewed firms failed to meet AML standards, up from 15.6% last year 🔻 39 practices were sanctioned, with fines totalling £92,025 🔻 Key failings include lack of ongoing customer due diligence and ineffective verification procedures The report comes as ICAEW tightens its monitoring approach, focusing on the effectiveness of #AML procedures rather than just technical compliance. The regulator has increased educational efforts, including webinars and training videos, to address these issues. With the UK's recent introduction of a universal definition for 'professional enablers' in financial crime, the report underscores the growing importance of AML compliance in the accounting sector. Firms are urged to review their AML procedures, particularly in areas of customer due diligence and risk assessment, to ensure they meet regulatory standards. #AMLCompliance #Accounting #FinancialRegulation #AccountingInsights 📰 https://lnkd.in/e4JNnEXu

EY has delayed start dates for approximately 200 new graduates set to join its strategy arm, EY-Parthenon, in the US. The decision comes as the firm faces slower-than-expected revenue growth in its advisory business. Key points: 🔹 Graduates' start dates pushed to mid-2025 🔹 Stipends of $12,000 to $35,000 offered to affected recruits 🔹 Move reflects broader consulting industry challenges post-pandemic 🔹 Global M&A market at nine-year low in first three quarters of 2024 This marks the second consecutive year EY has deferred new hire start dates, signalling ongoing adjustments to market conditions in the professional services sector. Industry leaders remain optimistic about potential growth in 2025, particularly in private equity, as interest rate clarity improves. 📰 https://lnkd.in/ehDySn8j #EY #ConsultingIndustry #GraduateHiring #Accounting #BigFour

💼 Is the UK’s R&D tax credit regime still working? The R&D tax credit scheme was designed to support #UK innovation, but recent changes are making it harder for businesses to access relief. While HM Revenue & Customs’ stricter measures aim to combat #fraud, they’re also creating new barriers for genuine claimants, especially #SMEs. 📉 SME claims dropped 23% last year, and some companies are facing lengthy delays—putting UK #innovation at risk. 🔍 What needs to change? As Nigel Layton from Forvis Mazars suggests, the scheme should be realigned to better support legitimate claims and drive growth, rather than pushing businesses to look abroad. 👉 Read more: https://lnkd.in/end4A5MB #Innovation #TaxCredits #UKBusiness #RD #LifeSciences #Pharma

The Digital Tax Revolution is Here—Are You Ready? 💡 With the rollout of Making Tax Digital (#MTD) creating uncertainty, many businesses are hesitant to go #digital. But John Southwell from Dains Accountants explains why embracing #cloud accounting now is key. MTD is transforming #UK #tax, requiring businesses to keep digital records and submit quarterly updates. Cloud accounting offers real-time financial insights, streamlined processes, and scalable solutions. Read more on how accountants can guide businesses through this transition: https://lnkd.in/eifpV68P #MTD #CloudAccounting #DigitalTax #Accountancy #DigitalTransformation

🌐 #Accountants, ready for the Metaverse? As businesses dive into the #metaverse, accountants are facing a new challenge: bridging the gap between traditional finance and virtual economies. The metaverse, powered by blockchain, NFTs, and DeFi, isn't just a tech playground—it’s a new frontier for business, and finance leaders need to adapt. 📈💻 What does this mean for you? 🔹 #Blockchain Expertise: Go beyond understanding—learn how to audit decentralized ledgers. 🔹 Digital Asset Accounting: #NFTs and virtual goods are redefining value. Time to rethink IFRS standards. 🔹 Smart Contracts: #Automation is here, but the risks are real. Build your toolkit for auditing code. 🔹 Data Mastery: With #AI and analytics, transactional tasks are history. It’s about interpreting insights. 🔹 Virtual Soft Skills: Navigating virtual meetings and consultations demands a new kind of empathy and presence. Read the full article to see what’s next 👉 https://lnkd.in/eFSTEtJy #Metaverse #Accounting #FutureOfFinance #Blockchain #DigitalSkills #AccountantsInTech

🌍 “Investing in #sustainability today will inevitably impact short-term #profitability, but tomorrow’s leaders will reap the benefits of the resilient business you built,” argues Peter Spence Director at Association of International Certified Professional Accountants (AICPA & CIMA). In a world where 2030 and 2050 net-zero targets are looming, are today’s business leaders setting the stage for sustainable growth — or kicking the can down the road? 🤔 With shareholders demanding “economic and sustainable use of non-financial capital,” there’s a growing push for #executives to balance quarterly results with long-term #ESG goals. 💼 “It’s not about laying out a plan but meeting the delivery targets,” Spence cautions. The real challenge? Navigating the trade-offs between immediate financial pressures and long-term impact. So, what’s the right move? Explore this dilemma in our latest article. 📊 🔗 https://lnkd.in/eBEufFJc #Sustainability #CorporateGrowth #Leadership #ESG #Finance #BusinessResilience