Accountingweb

In August 2021, Kirsty McGregor, founder of the Corporate Finance Network and informal “accountant in residence” at online finance platform Capitalise.com joined AccountingWEB editor in chief and accountant Keir Warwick from Bulley Davey to discuss the client need for finance and advice in the aftermath of the pandemic and the ins and outs of providing an effective capital advisory service. For more information on this topic, visit: https://capitalise.com/capital-advisory#

On the podcast this week we’re discussing the latest Making Tax Digital news, a big fine for KPMG, an embarrassing IR35 error for government departments and later in the show we explore growth - more specifically, why it’s OK now and again to close the door on accepting new clients. Beth Jackson, the co-founder of 2 Sisters Accounting and 2020 Accounting Excellence finalist, joins the AccountingWEB editorial team this week to discuss her decision to pull the shutters down on new clients.  Jackson paused the firm’s growth plans while her business partner took a couple months off on maternity leave. She realised that the only way the firm could continue to deliver a good level of service to its existing clients was to stop bringing on new ones.  Jackson is not alone in taking this measure; accountancy firms across the UK have grappled with the growth paradox since the lockdown restrictions kicked in and small businesses turned to accountants en masse for extra support. But firms have quickly realised that an

Host Richard Hattersley welcomes AccountingWEB's John Stokdyk and Maddy Christopher to No Accounting for Taste pod booth to cover the latest news and trends from the profession. On the show this week the team explores the virtual finance director (VFD) trend which is sweeping the profession and has become a core offering at Lime Advisory, the firm of this week's resident accountant Jamie William. He has seen the take up of these services increase over the past 18 months as clients have leaned on his firm for cashflow forecasts and Covid loan assistance. Jamie also reveals key ingredients of his firm’s VFD techstack and how he thinks the trend will evolve. The team also rounds up the big news from the past week. The big news was the abolition of basis periods in 2022. The news was met with exasperation on AccountingWEB. We discuss the effect this will have on accountants and the implementation of Making Tax Digital. This past week also saw Xero’s Gary Turner announce his departure from operational dutie

On this week’s show the AccountingWEB pod team finds out how veganism became the recipe for success for one accountant, in addition to reviewing the biggest stories of the week. Keith Lesser, the managing director of Lesser and Co, joins the AccountingWEB regulars Richard Hattersley and John Stokdyk to talk about his latest venture - Vegan Accountants. A vegan himself, Keith took his firm down the niche route after the IR35 reforms ate into his client base.  Keith explains why it’s important to see this niche as a mission, the biggest challenges for this client base and how he’s stitched the values of his niche into his firm’s infrastructure.  Keith also shares with the AccountingWEB team his thoughts and opinions on the big stories from the past week in the profession.  These stories include the pesky new turnover test which may trip up claimants of the fifth SEISS grant, more on the furlough scheme as it starts winding down, and whether the toll of the past 18months has forced him to reflect on the way

On this week’s show the AccountingWEB editorial team reviews the biggest stories from the world of accountancy, including a potential change to the tax year, and find out why firms should focus on culture.  Albert Goodman partner Sophie Parkhouse joins No Accounting for Taste regulars Richard Hattersley and John Stokdyk to chew over the latest news on this week’s show.  Sophie is the technical and training partner at the South West based firm and has a particular interest in people and culture. Albert Goodman recently featured in the Best Companies 2021 list across the South West, which recognised the firm’s efforts in personal growth, wellbeing and teamwork.  As firms gear up for their post-pandemic back to work plans, Sophie explains why culture matters and shares the ingredients of her firm’s employee engagement strategy.  Also on this week’s show, the team mulls over this week's big stories. Grabbing the headlines include a potential change to the tax year end and the effect this may have on the proce

On this episode of No Accounting for Taste we put the spotlight on Pride month and review the biggest stories this week in accountancy. To mark Pride month, we’re welcoming Ben Steele back to the podcast to discuss his experience as an LGBT accountant navigating the profession.  It hasn’t been easy for Steele. Before starting his own practice, Steele Financial, he was subjected to homophobic abuse and mistreatment. The impact of this prejudice even lingered when he first started his firm, and he worried whether clients would be put off by his sexuality.  Steele shares his story on this episode and discusses whether the profession has changed since he entered the profession.  He also joins host Richard Hattersley and AccountingWEB’s John Stokdyk and Maddy Christopher to review all the latest news from the world of accountancy. The big stories this week include news on mandatory professional indemnity insurance and concerns that it will increase premiums, the trial relaunch of HMRC’s agent dedicated helpli

This week on No Accounting for Taste we find out why you should look beyond education in your recruitment process and review the stories making the headlines this week on AccountingWEB. Sarah Wynne, the founder of Wynne & Co, visits the virtual pod booth this week to tell the AccountingWEB team about the qualities she looks for in new recruits.  A self proclaimed educational underachiever, Wynne argues that people who understand people make better accountants than those that have gone through the university route.  Wynne’s recruitment ethos echoes the findings from AccountingWEB’s recent talent survey which discovered that while firms recognise technical skills, interpersonal skills and attitude are more sought after.  In addition to putting the spotlight on recruitment, Sarah joins host Richard Hattersley and PracticeWeb’s Mike Crook to review all the latest news from the world of accountancy.  The big stories this week include HMRC coming under fire for its poor service and the latest chapter in the lo

The impact of coronavirus and Brexit has been disastrous for musicians and the arts sector. This week on the show we find out what the knock on effect will be for accountants specialising in this sector, especially with MTD on the horizon. The arts and culture industry has been profoundly affected by the Covid restrictions. Many musicians work a combination of self-employed and PAYE work and fell through the cracks of the Chancellor’s coronavirus support. In addition to this, the post-Brexit rules have also added further complications to those musicians travelling to the EU for work.  Accountants specialising in this sector have had to carry these stresses, as their clientbase face a future of uncertainty or leaving the industry for a more stable career.  Lousise Herrington knows the challenges that lay ahead for this sector all too well. Louise runs Performance Accountancy, a firm that specialises in the music and arts industry. On the podcast Louise summarises the impact Covid and Brexit has had over the

With the off payroll rules in the private sector in force for over a month, this week on No Accounting for Taste we’ll see what effect it’s having on contractors and freelancers. Over two decades since IR35 was first dreamed up, the new off payroll rules were rolled out in the private sector on 6 April. Now a month in, we’re joined on the podcast by Chris Maslin to find out what effect the measures have had on the market.  The fear in the months leading up to this was that ‘contracting is over’ and many AWEB readers reported at the time that their contractor client base had fallen like flies. But has this doomsday scenario happened?  Chris is the founder of the contractor specialist firm Maslins Chartered Accountants, so he knows first hand the general mood of contractors and has good insight on what the future might hold for these clients.  AccountingWEB editors Richard Hattersley and John Stokdyk also blast through the week’s top stories, which includes data breach at HMRC, snooping on your employees an

What does it mean to be an award-winning accountancy firm? AccountingWEB's editor in chief John Stokdyk quizzes two Accounting Excellence giants to uncover the secret of an award-winning entry. Entries are now open for the 2021 Accounting Excellence Awards. Firms across the country are crafting entries to impress the award judges.  To help firms submit an effective entry, John Stokdyk assembled a group of award-winners and judges to share what they think are the fundemental qualities of a practice that deserves to lift an Accounting Excellence gong.  The panellists include Chris Downing from Sage, whose Accounting Excellence history goes back to the origins of the awards, when he picked up the 2013 Technology Champion of the Year prize. Chris discusses his experience as an entrant with the multi-award winning team at Milstead Langdon and also from his perspective as a judge of the awards.  Also on the panel is Avery Martin's Glenn Martin. The AccountingWEB legend was pipped to the post in last year's Cov

Specialist crypto-accountant Joe David joins No Accounting for Taste this week to give the lowdown on the recent changes to the taxation regime for crypto assets and how he ended up starting up his own crypto-accountancy firm. Off the back of HMRC releasing a manual on cryptocurrency, David steps into the virtual pod booth with hosts Richard Hatterley and John Stokdyk to discuss the key changes and explains how big the market has become.  News of HMRC’s cryptocurrency manual demonstrates a spike of interest in the sector.  David can attest for this, after opening the UK’s first dedicated blockchain and cryptocurrency advisory business. David reveals how he launched his specialist firm and how he managed to successfully own his chosen niche.  As always, the AccountingWEB editors blast through the week’s most read articles,  including SEISS, CIS and the new CJRS calculations.

AccountingWEB legend Glenn Martin joins the No Accounting for Taste team to discuss the easing of lockdown restrictions and to chew over the big headlines from the past week, including IR35, Xero’s latest acquisition and VAT. This month sees the re-opening of significant parts of the indoor economy and outdoor settings on 12 April in England, as the country takes the next step in its exit from lockdown. AccountingWEB member Glenn Martin (AKA Glennzy) returns to the podcast to explain what he’s doing to support his clients in hospitality, non-essential retail and other affected sectors as they’re finally able to re-open their doors. Martin also describes how the pandemic has led to his clients innovation in his client base, with ecommerce adoption leading many to buffer the damage of the lockdown. He also reveals what effect the pandemic has had on his practice. Martin touches on how he’s found the right balance between growth and service. As always, AccountingWEB’s Richard Hattersley and John Stokdyk re

On No Accounting for Taste this week we talk SEISS grants, face-to-face meetings, a year of lockdown, and put the spotlight on social media. Accountant, coach and Amazon bestselling author Della Hudson joins the podcast to discuss the big headlines from the past week, and as a Twitter addict, she gives her thoughts on new platforms like Clubhouse.  Host Richard Hattersley is also joined by PracticeWeb’s MD Mike Crook. PracticeWeb has recently released a new guide on social media and shares some tips for accountants looking to engage prospective clients.  It is also one year since the first coronavirus lockdown. Della and Mike reflect on the last 12 months and consider how it has shaped accountants and the accounting profession. As always, we review the most read stories on AccountingWEB. This week’s biggest headlines include a SEISS deadline. This story created a lot of discussion on the site due to agents not being copied in on the HMRC email, and taxpayers may have missed it or confused the email for sp

Burton Sweet’s Nigel Harris joins the No Accounting for Taste team this week to reminisce about Budgets past and present. A week after Chancellor Rishi Sunak delivered his 3 March Budget, AccountingWEB editors Richard Hattersley and John Stokdyk unpick the key announcements and to interpret what the Budget will mean for accountants.  Nigel Harris, a partner at Burton Sweet and seasoned Budget commentator on AccountingWEB, is in the accountant's corner this week. Continuing a 20 year Budget tradition, Harris shares his thoughts on everything from corporation tax, the extension of furlough and much more.   There weren’t many big surprises at the Budget - mainly because most of the announcements had been leaked in advance. But amongst Sunak’s playing of his greatest hits, there were a few unexpected announcements such as the super-deduction on capital allowances.

On this special AccountingWEB podcast, we find out how firms are using automation to streamline their operations, and discover the issues accountants need to consider when automating their practices. The impact of coronavirus and Making Tax Digital has forced accountants to review their automation journey. In particular, the intense pressure of the last 12 months has highlighted the need for real-time reporting and streamlined processes.  This podcast discovers what automation means for accountants, how technology has changed client conversation and how firms have got buy-in from their whole team and clients.   Host Richard Hattersley is joined by Michelle Coates, a partner at DPC chartered accountants; Shetlands-based sole practitioner Martin Tregonning; Sage’s Chris Downing; and John Stokdyk, AccountingWEB’s editor-in-chief. Sage is on a mission to automate data entry and speed up admin for every accounting and bookkeeping practice in the UK. Start streamlining workflows and spend more time helping your

In a week where the prime minister unveiled his roadmap to exit lockdown, this week’s No Accounting for Taste looks ahead to next week’s Budget. Budget fever has struck this week’s No Accounting for taste! AccountingWEB’s Richard Hattersley and John Stokdyk are joined by PracticeWeb’s Ray Newman to review the latest Westminster rumours. So what can we expect at next week’s fiscal announcement? What additional support will Rishi Sunak provide these businesses as the economy "cautiously" re-opens? Will we see the furlough scheme extended again? What about business rates? We’ll discuss this and the latest Budget rumours swirling around Westminster. Before they consider the contenders for this year’s Budget, the team also races through the big stories hitting the accountancy world this week. So along with the runners and riders of the Budget, old favourites Making Tax Digital and IR35 are back in the news. 00:01:45 MTD: Monthly reports may be needed 00:09:14 Income tax rates and thresholds 2021/22 00:11:20

On this week’s episode we’re talking fantasy budgets, the 3m excluded self employed and February practice planning season - is it even possible in an unpredictable world? Peter Jarman, the managing partner of PJCO chartered certified accountants, steps away from his February planning season to join the AccountingWEB team on the podcast this week. Jarman reveals what his plans are for the next 12 months and how the pandemic has changed the way his firm operates. And we can’t talk about planning for the future without reflecting on the last 12 months and how PJCO coped with the Covid workload and self assessment season. But before that, the pod team chews over the three biggest stories on AccountingWEB, including ways to simplify VAT, the domestic reverse charge and news that Rishi Sunak has dismissed claims that 3m self-employed workers have been excluded from government support. For all your news from the world of accountancy, check out AccountingWEB.co.uk

On this episode of No Accounting for Taste, the AccountingWEB team chart the highs and lows of a week that saw HMRC bow to pressure and waive self assessment late filing penalties for one month. There was only one story that gripped accountants this week and that’s the self assessment. This week saw HMRC deliver a last minute reprieve for accountants overwhelmed with Covid support work, homeschooling and of course tax returns. After months of standing firm against relaxing the SA deadline, HMRC recognised “the immense pressure that many people are facing in these unprecedented times” and realised that “it has become increasingly clear that some people will not be able to file their return by 31 January”. HMRC’s 11th hour U-turn gives taxpayers “the breathing space they need to complete and file their returns, without worrying about receiving a penalty”, but has also left frustrated accountants to ask: why did they wait so long? Richard Hattersley and John Stokdyk are joined in accountants' corner thi

Now the chaos of 2020 has drawn to a close, the AccountingWEB team gathers for the first No Accounting for Taste of 2021 to try and predict what the year ahead has in store for the accounting profession. AccountingWEB’s Richard Hattersley and John Stokdyk put on their prognosticator hats as they welcome the CFN’s Kirsty McGregor to the virtual pod booth and attempt to foretell the highs and lows of 2021.  What will the Chancellor have in store for the March Budget? Will the profession revert back to the old ways of working? Will the end of 2021 look brighter than the end of 2020?  But before the team looks into their crystal balls, they race through the headlines of a week which saw confusion and alarm from HMRC’s nudge letters, while accountants continue to scramble to make the looming tax return deadline.  And the big news coming from the world of accountancy over the past seven days has to be news of a national lockdown and new grants worth up to £9,000.  Podcast timings 00:01:05 MTD for VAT: Are you

As we come to the end of the year, this week’s episode of the No Accounting for Taste podcast assembles a panel of accountants to reflect on the highs and lows of 2020. AccountingWEB editors Richard Hattersley and John Stokdyk are joined in accountants’ corner by Mazuma's Lucy Cohen and Accounting Excellence Covid Hero award winner Ria-Jaine Lincoln say goodbye to 2020. In this episode, expect plenty of virus related discussions on the furlough scheme, help for the self employed, Zoom calls, mental health struggles, Rishi Sunak and much more.  2019 ended without a Budget but the government made up for that fallow year by seemingly having a mini-Budget every week (and a proper Budget in March). These announcements often came without any warning and key guidance released at 11am on a Friday evening. Yes, 2020 will be a year no accountant will forget. Although the panel relive the struggles of the furlough scheme and the mental strain of the lockdown, they also celebrate the innovation and tenacity the acco