Philip Edwards

𝗕𝗜𝗚 𝗖𝗛𝗔𝗡𝗚𝗘𝗦 are coming for FRS 102—are you ready? Accounting professionals, 2026 might seem distant, but the upcoming changes to FRS 102 is one you’ll want to prepare for now. Set to take effect from January 2026, these changes mark one of the most significant updates to UK GAAP in years, especially impacting lease accounting. 𝗪𝗵𝗮𝘁’𝘀 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴? Lease accounting overhaul: Similar to IFRS 16, lessees will need to bring most leases onto the balance sheet. This could impact key metrics and financial ratios. Revenue recognition: More clarity on recognising revenue from contracts, aligning with modern business practices. Intangibles and investment property: Expect shifts in valuation and disclosure requirements, affecting how companies report these assets. 𝗪𝗵𝘆 𝘁𝗵𝗶𝘀 𝗺𝗮𝘁𝘁𝗲𝗿𝘀: These updates aim to enhance transparency and comparability across financial statements. But they also mean more work for finance teams to reassess policies, update systems, and retrain staff. 𝗧𝗼𝗽 𝘁𝗶𝗽: 𝗦𝘁𝗮𝗿𝘁 𝗲𝗮𝗿𝗹𝘆! Evaluate your current leases and contracts now. Preparing detailed impact assessments will save time—and headaches—later. Engage with stakeholders across your organisation to ensure a smooth transition. ---------------------------------------- Is your team already planning for this? I'd love to hear how you're tackling the challenge! #FRS102 #ReportingStandards #AccountancyUpdates Leo Hewett Joe Monger Micâ Postans Stuart Vincent Richard Bailey Andrew Buscombe Lewis Bittle Louis Cordice

13

2 Comments

UK accounting industry revenue dipped 2.2% in June 2024, following three months of decline, attributed to seasonal fluctuations and broader economic pressures. While year-on-year figures show slight growth, inconsistent monthly performance raises concerns. Broader uncertainty, including election impacts and economic challenges, continues to weigh on the sector despite hopes for improvement following recent interest rate cuts. Long-term stability remains uncertain, prompting firms to carefully manage costs and risks. https://lnkd.in/eWdtn--E

7

Corporation Tax is a complex matter that could range from needing routine annual compliance to specialist advice. No matter the needs, we can tailor our service to fit your requirements, sector and business circumstances. #accountants #accounting #corporationtax #tax #smallbusinessuk

2

Finance and accounting professionals are more likely to leave their roles due to a lack of learning opportunities than the average UK worker. As we move towards 2025, such insights are invaluable for financial institutions aiming to attract the very best talent.    Tiger Finance’s latest Salary and Benefits Review reveals what finance professionals truly value, including trends in compensation, flexible working, and benefits beyond the paycheck.    Link to the full report is in the comments below. 

6

1 Comment

As the UK gears up for the general election, accounting and tax experts are calling on the incoming government to address critical gaps in tax policies and provide a clearer roadmap for the future. Hopefully we will have some answers soon 📅 #ReedAccountancy #GeneralElection

1

As a sector, accountancy has proven to be especially vulnerable. Our latest research report shows an almost 20% increase in the number of chartered accountants reporting symptoms of burnout.   Read insights from our CEO, Cristian Holmes, on the challenges many accountants are facing: https://lnkd.in/e5U26_En   If you’re feeling overwhelmed or simply in need of someone to talk to, we’re here to help: https://lnkd.in/erSYxmKy

8

Struggling to find new R&D tax relief clients? Our new screening template can help. #rdtaxrelief #accountantsuk #researchanddevelopment #tax #randdtaxcredits

3

💲 Accounting Salary Guide 💲 The following guide comprises of the rough outlined salaries a public practice accountant could expect to receive. The guide has been comprised with figures provided from candidates throughout 2024 across all levels. If you would like to enquire about your remuneration or alternatively your organizations pay structure then reach out to me at [email protected]

18

🚨🚨News Flash 🚨🚨 So excited to feature in Sage's new AI and accounting policy report Going for Growth with ACCA and Demos. It reveals the huge growth opportunity this technology presents for both bookkeepers and accountants and the wider UK economy. The report found: ✅ High levels of AI adoption in every UK practice could add £2bn to GDP and create an additional 19,000 jobs. ✅ AI adoption is on the rise. 26% of practices have implemented AI today, expected to increase to 52% in five years. ✅ Accountants and bookkeepers are technology optimists. 61% believe AI will create more opportunities than risks. ✅ Unless tackled, an AI skills deficit will restrict the adoption of AI. Only 16% feel well prepared to meet the AI skills demand. We look forward to staying part of the debate to ensure we can unleash the potential of AI across the accounting industry. 👉👉 Head to the Sage website to find out more Bee Motion | Cerana Official

82

1 Comment

#Accountancy News! Less than half of Warwickshire businesses fully prepared for Making Tax Digital, survey reveals Less than half of Warwickshire business leaders are fully prepared for Making Tax Digital, according to a survey. A poll of Coventry and Warwickshire Chamber of Commerce members by Prime Accountants Group has revealed that only 47 per cent are fully prepared for HMRC’s Making Tax Digital, while 49 per cent describe themselves as ‘somewhat prepared’ or ‘unprepared’. Click here to read more -> https://bit.ly/4dTbLBH -> Steve Harcourt -> #Accountants #Tax #MakingTaxDigital #Survey #UKNewsGroup #WestMidlands

3

Do Practice Accountants Need to be Qualified to Reach the Top? Yes…but, not always 🤔 Whilst holding the ACA/ACCA qualification undoubtedly sets a standard of expertise, exceptions exist where other qualities can override this. 💥 But, it is becoming rarer. Many clients will not consider a candidate for some of the top positions if they are not qualified. 👀 It's the first cut they make. But, while qualifications are often a prerequisite for success, it's crucial to recognize that they don't always guarantee excellence. 💥 Sometimes, a blend of commercial acumen, technical prowess, and exceptional client relationship skills can outweigh any formal qualification. 💥 While qualifications provide a solid foundation, they are just one piece of the puzzle. As professionals, we must embrace a holistic perspective that values both traditional credentials and the unique strengths individuals bring to the table.

3

1 Comment

HMB Accountants are nestled in the heart of Tees Valley, in Billingham. We pride ourselves on bringing you a comprehensive suite of accountancy and business development services. We're also inspired by our favourite sci-fi characters, films, tv shows and books so you'll see more than a nod towards these if you follow us here or visit our premises.  Here are the core values that drive us: 🖖 Integrity: Just as every spaceship relies on its structural integrity, we uphold honesty and transparency. No hidden clauses, no cryptic fees – just a clear, trustworthy service. 🌌 Innovation: Our mission is to boldly go where no accountant has gone before. From cutting-edge software to innovative life and business planning strategies, we’re here to future-proof your business. 🤝 Collaboration: Like a well-coordinated crew aboard a starship, we believe in the power of teamwork. Your goals are our mission, and together, we’ll navigate the complexities of meeting them. 👽 Inclusivity: In our galaxy, everyone is welcome. We strive to create an environment where all clients – regardless of the sector or size – can thrive. 🚀 Endurance: Our promise is to help your business "live long and prosper." We're here for the long haul, supporting your financial journey through every twist and turn. Whether you're a seasoned enterprise or a startup taking its first steps, we're here to make the universe of business a little less daunting.  Follow us for more. #Accounting #BusinessGrowth #Teamwork #LiveLongAndProsper

12

Off-payroll is “loss-making exercise for the Treasury” It does not make sense for one department (HMRC) to charge another for tax, which it then gives to the Treasury, to pay the bill. There is a reason the public sector has ended up putting vast numbers of people on-payroll (e.g. not outside IR35). It's a combination of a few factors, which I'll write about in due course (I'm sat on some FOI's). Clue: they've effected been strong-armed into doing so, irrespective of the position in law. Somewhere in the centre, something hasn't been excellent. OPW in the public sector has been a disaster, and just increased costs. We don't actually need OPW for the public sector - they could just run a rule which says every single hire is a deemed employee, and the result would be near-on the same. The stupidy of it all. Worthy of a Tax Policy Darwin award. #ir35 #offpayroll

131

19 Comments

😵 Staggering how many companies are formed annually. Great for accountants😄, but this puts pressure on resources in the industry and yet again pushes up the cost of the commodity which is accountant time...🤨 When will software come in and reset the industry? https://lnkd.in/gaM67Y3X #accounting #company #business #finance

2

Happy 1st of July! As we enter the second half of the year, it’s a perfect time to reflect on our journeys, celebrate achievements, and set new goals. Reflecting on My Journey: 🏆 Ultra Tax Ltd was awarded Tax Team of the Year 2024 by Business Awards UK. 🎉 Finalists for Best Newcomer Accountancy Firm. ⭐️ I was a finalist for Rising Star Accountant. ⚽️ Proud sponsors of Hartlepool United’s new Away Kit for the 2024/25 season. 📈 Achieved a 302% growth and a 100% client retention rate! Looking Ahead: Our past achievements inspire me to strive for more. Here’s what I’m focused on for the rest of 2024: Expanding Services: Introducing new financial solutions for our clients. Continuous Improvement: Enhancing our processes and staying ahead of industry trends. Strengthening Relationships: Building stronger partnerships and networks. Sustainable Practices: Implementing eco-friendly initiatives. Client Success: Helping clients achieve their financial goals with personalised advice. Inspiration from the Euros: Watching Jude Bellingham’s dramatic equaliser for England in the Euros reminded me of an important lesson in business: perseverance is key. Just like in football, where players push through tough moments to change the game, we must persist through business challenges. Whether it’s facing setbacks, closing a tough deal, or meeting monthly targets, our determination and resilience can make all the difference. Your Turn: What personal and professional goals are you setting for the rest of the year? How have your achievements so far inspired you to push further? What challenges are you looking to overcome? Let’s use this mid-year milestone to share and support each other. I’d love to hear about your goals, achievements, and any tips you have for staying motivated and successful. Drop a comment below and let’s inspire one another to make the second half of 2024 even more amazing! Here’s to a successful and fulfilling July and beyond! #HappyJuly #FutureGoals #BusinessGrowth #Achievement #CommunitySupport #UltraTaxLtd #HartlepoolUnited #Euro24 #BusinessInspiration #SalesMotivation #NeverGiveUp

7

1 Comment

The SystemsAccountants team are here at Accountex! If you are attending please visit our stand 414 and let’s chat all things accounting technology & finance transformation! Amber Frost Callum Gibson Andrew Breen Ben Rowley #financesystems #systemsaccountants #erp #epm #financetransformation #accountex

80

2 Comments