On the latest ICAEW Insights podcast, we explore the month’s key developments in accountancy. This episode discusses the findings of the government’s Cyber Security Breaches Survey, how hybrid working is affecting the taxation of greener forms of transport, and the release of public finance figures for April 2023. Philippa Lamb goes beyond the headlines with Ian Pay, Head of Data Analytics and Tech, ICAEW; Steve Wade, Partner in People Advisory Services, EY; and Martin Wheatcroft, ICAEW...

In this Insights In Focus episode, we discuss best practice in hiring, training and safeguarding talent under hybrid working.  It has been more than three years since the pandemic saw office workers decamp to living rooms, kitchens and bedrooms, upending decades of established working practices. Now, hybrid working is the norm and considered essential in recruiting and retaining staff. While the rapid pace of change may have slowed, organisations are still grappling with how talent and people...

On the latest ICAEW Insights podcast, we discuss the month’s key developments in accountancy. This episode examines VAT as the tax reaches its 50th birthday, announcements made by the government at Tax Administration and Maintenance Day on 27 April, and upcoming changes to ICAEW’s statement on engaging in public practice. Philippa Lamb is joined by the experts at ICAEW to learn more: Ed Saltmarsh, Technical Manager; Anita Monteith, Head of Tax Policy; and Christopher Greenhalgh, Manager,...

In this Insights In Focus episode, we discuss the obstacles and incentives to SME investment. In recent years, a string of crises and ongoing economic uncertainty has dampened investment across the board. Office for National Statistics figures show that business investment remains lower than pre-pandemic levels and fell 0.2% in Q4 2022. The March Budget attempted a shot in the arm by announcing three years’ capital expensing, but questions remain over whether SMEs can access the finance...

In this special Insights In Focus episode, we discuss how the UK’s changing demographics are having an impact on public finances and policymaking. The latest census revealed that almost a quarter of the UK’s population is now aged 60 or over. Meanwhile, recent research claims NHS spending will have to increase yearly by 3% to meet demand. There’s also a growing need to lay out plans for funding effective adult social care. Finding politically sensitive and financially viable solutions is made...

On the latest ICAEW Insights podcast, we examine how recent developments are affecting the accountancy profession.  This month, we discuss the responsible use of generative artificial intelligence tools such as ChatGPT; the impact of rising corporation tax and changing R&D credits; and how to get involved in the FRED 82 consultation on UK GAAP. Philippa Lamb is joined by the experts at ICAEW to learn more: Sally Baker, Head of Corporate Reporting Policy; Lindsey Wicks, Technical Editor;...

In this Insights In Focus episode, we discuss the effectiveness of local authority audit and assurance. Many local authorities are facing a difficult financial situation, with pressure to deliver services at a time of stretched resources. There are also questions regarding the timely delivery and usefulness of their audited accounts – and whether councillors require financial training to support decision making. Host Philippa Lamb discusses the issues with Meg Hillier MP, Chair of the Public...

On the latest ICAEW Insights podcast, we explore the contents of the 2023 Spring Budget and the likely impacts on UK businesses and the work of finance professionals alike.  Coming only five months after Chancellor Jeremy Hunt’s Autumn Statement, which hastily course-corrected from September 2022’s ‘fiscal event’, the Spring Budget was expected to be a quieter affair. Going beyond the headlines, host Iain Wright is joined again by Frances Haque, Chief Economist at Santander UK, and David...

In this ‘Insights In Focus’ episode, we discuss ways to attract and retain talent in the accounting profession. Last year saw the UK accountancy sector’s graduate intake fall for the first time since 2008. Meanwhile, job applications across the sector fell by more than a third, compared with 2021. While the numbers have coincided with significant economic challenges, questions remain about how accountancy is perceived as a profession – and, in particular, whether it is seen to offer a...

In this special ‘Insights In Focus’ episode, we discuss the ways in which HMRC is using digital technology to influence tax calculation and collection. The UK’s first electronic tax return was filed in 1997. Since then, technology has dramatically transformed the calculation of tax, the filing of forms and the way that HMRC and tax authorities abroad receive and use data. The pace and scale of change is only set to accelerate in the years ahead. So how does HMRC anticipate harnessing digital...

On the latest ICAEW Insights podcast, we consider the future of audit – and the impact of the government’s proposed reforms on professionals in the sector. It has now been five years since Carillion was liquidated, leaving behind debts of £7bn and the taxpayer a bill for £150m. The collapse of the construction services giant increased scrutiny on audit and corporate reporting, raising questions over whether present frameworks are fit for purpose. After commissioning several reviews, the...

In this special Insights In Focus episode, we discuss the thorny and often contentious topic of executive pay. The highly experienced panel doesn’t ignore the most common exec pay conversation – the eye-watering amounts sometimes paid to senior managers  – but the discussion doesn’t stop there either. We hear first about the growing use of ESG metrics in assessing executives’ performance and rewarding them accordingly, and whether this is a good idea. The panel then moves on to discuss the...

In this Insights In Focus episode, we discuss the pros and cons of crypto and its impact on the work of finance professionals. The collapse of crypto exchange and hedge fund FTX in December took $8bn of its customers’ money with it and raised fresh questions about the sector. Fans claim crypto will revolutionise how businesses and customers interact and, potentially, democratise the global flow of money. For detractors, the sector is little more than an unregulated casino, rife with...

On the latest ICAEW Insights podcast, we look ahead to what 2023 might hold for the UK economy and the work of finance professionals. While 2020 and 2021 were dominated by the need to mitigate the effects of the pandemic, 2022 posed new challenges. Economic and political pressures collided at home and abroad, resulting in significant uncertainty that is set to also define the year ahead.  Many of the economic trends that dominated 2022 – rising inflation, rising interest rates and stalling...

In this Insights In Focus episode, we review the major events of 2022 and their contribution to ongoing economic uncertainty. Despite inflation already beginning to rise, the year began with optimism, as tracked by the ICAEW Business Confidence Monitor. But events moved quickly and the effects of the invasion of Ukraine in February and successive political crises back home have challenged the resilience of businesses and individuals alike. With Rishi Sunak and Jeremy Hunt now installed in...

In this episode of the ICAEW Insights podcast, we look at the Economic Crime Bill currently passing through Parliament.   The Bill follows the Economic Crime Act, which became law in March. That legislation was fast tracked in response to the Russian invasion of Ukraine and included a raft of measures to sever economic ties with Russia. Now, this new Bill aims to bring about wider changes on how financial information is gathered and shared in the UK. Reforming Companies House is front and...

In this Insights In Focus episode, we explore the Bank of England’s recent policy switch from quantitative easing to quantitative tightening. The Bank of England has been supporting the UK economy by buying government bonds since 2009. The policy has been a stabilising force through successive economic shocks: the global financial crisis, the euro crisis, the Brexit vote and, most recently, the COVID-19 pandemic. Now, the Bank of England is on a mission to reduce inflation, raising interest...

We hear an update from the CFO about how advanced the company’s merger plans are and how this will secure their future in a competitive industry dominated by far larger global players. But the HR director has more worrying news about the numbers of staff that are quitting the company, especially the large amount of trainees leaving before they complete their training contracts. There are also concerns about stock pilfering and a largely blue-collar workforce who are struggling with the cost...

Our panel talk through the situation and provide their advice on how a board might manage a situation like this. The conversation has pointers not only for senior managers and board members who might face a similar situation but also for anyone who aspires to be in senior roles in the future.  Host Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW, discusses the dilemma with Sandy Pepper, Emeritus Professor of Management Practice at the London School of Economics and...

In this Insights In Focus special episode, we discuss the rollout of the International Standard on Quality Management (ISQM) and what firms need to do before ISQM 1 is implemented on 15 December 2022. The aim of ISQM is to raise audit quality and encourage practitioners to think about the risks that may affect their work. But the imminent arrival of ISQM 1 has the potential to be tricky and time-consuming for practices – perhaps even prohibitively so at a time of economic uncertainty and...

On the latest ICAEW Insights podcast, we discuss the impact of the energy crisis on how businesses are sourcing their energy as well as planning for the longer term. With government support for business energy bills only lasting six months, many firms are looking at securing their own energy supply. We learn what some of the options are – and whether the benefits of going ‘off grid’ outweigh the upfront costs. There are also fears that the scramble to regain control of energy supply and...

In this Insights In Focus episode, we explore why SMEs are tempting targets for cyber criminals, and what can be done to protect smaller firms against attacks. Databases full of sensitive client information are a huge draw for cyber criminals and there are signs that attackers know all about the yearly rhythm of an accountant’s work, waiting until busy seasons to strike. The cost of a successful attack can be huge. The immediate financial impact alone can be devastating, but the...

On the latest ICAEW Insights podcast, we explore how accountants can go about approaching some of the year’s most challenging professional issues. World events have moved quickly this year. Successive waves of sanctions against Russia and the return of M&A activity – as well as the subsequent spike in conflict-of-interest queries – have meant that accountants are increasingly needing to make sense of grey areas. With accountants typically used to being the ones with the answers, who...

In this Insights in Focus episode, we discuss the major challenges facing UK businesses, including energy costs, recruitment and retention of staff, and wage inflation.     Recent headlines haven’t made easy reading. A recession looms, inflation continues to rise, and sterling plunged following the ‘mini-Budget’ on 23 September.  Understandably, businesses are nervous. ICAEW’s Business Confidence Monitor for Q3 2022 found business sentiment turning negative for the first time since late...

On the latest ICAEW Insights podcast, we discuss the economic challenges facing new Prime Minister Liz Truss, and the policy commitments made during the summer’s campaign trail. The Prime Minister has a sizeable in-tray to tackle. Stalling growth and rising inflation have led to warnings of economic stagnation for the UK. The energy crisis and industrial action this coming winter complicate matters, too. It leaves little wiggle room for policymaking at Number 10, but the Prime Minister has...