In this episode, we discuss the government’s new Industrial Strategy and, in particular, its sector plan for professional and business services with Iain Wright, ICAEW Chief Policy and Communications Officer. Iain is Chair of the Professional and Business Services Council, which has worked closely with government in devising the final plans.

We also met speakers at ICAEW’s How to Fix VAT conference on 18 June 2025 to learn about the complexity of the UK’s VAT system and the obstacles to reforming the tax.

Those interested in sharing their views on the Industrial Strategy can contact Iain Wright by emailing [email protected].

Time codes

00:42 Inside the Industrial Strategy

22:46 Navigating VAT reform

Links

• ICAEW: Industrial strategy – four changes to boost professional services: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-strategy-four-changes-to-boost-professional-services 
• ICAEW: Industrial and Infrastructure Strategies – key measures at a glance: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/industrial-and-infrastructure-strategies-at-a-glance 
• ICAEW: Government reveals ambitions for key sectors: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/government-reveals-ambitions-for-key-sectors 
• ICAEW: UK government backs services in Trade Strategy: https://www.icaew.com/insights/viewpoints-on-the-news/2025/jun-2025/uk-government-backs-services-in-trade-strategy 
• ICAEW: VAT hub: https://www.icaew.com/technical/tax/vat 

Host

Philippa Lamb

Guests

• Iain Wright, Chief Policy and Communications Officer, ICAEW
• Max Schofield, Barrister, Devereux Chambers
• Rebecca Porter, CEO, The VAT Team
• John Whiting CBE, Former Tax Director, Office of Tax Simplification
• Yige Zu, Associate Professor, Durham University
• Dennis Lui, CEO, Tax Academy of Singapore
• Ed Saltmarsh, Technical Manager, VAT and Customs, ICAEW

Producer

Natalie Chisholm 

Episode first published: 8 July 2025

Podcast recorded: 1 July 2025

In this episode of Behind the Numbers, we discuss how businesses can best navigate geopolitical risk.

With the Trump administration’s push for tariffs, and wars taking place in Europe and the Middle East, doing business internationally is increasingly unpredictable. We explore the lessons learned from Russia’s recent history – beginning with the fall of the Soviet Union in 1991 all the way through to the invasion of Ukraine in 2022 – and the strategies that businesses can put in place to move quickly should similar risks materialise.

Host Philippa Lamb is joined by Peter van Veen, ICAEW Director of Corporate Governance and Stewardship, and Charles Hecker, author and risk analyst. 

Links 

• ICAEW: Corporate governance resources: https://www.icaew.com/technical/corporate-governance 
• ICAEW: Ukraine crisis central resource hub: https://www.icaew.com/insights/insights-specials/ukraine-crisis-central-resource-hub 

Host

Philippa Lamb

Guests

• Peter van Veen, Director, Corporate Governance and Stewardship, ICAEW
• Charles Hecker, author and risk analyst

Producer

Natalie Chisholm

Episode first published: 20 June 2025

Podcast recorded: 13 June 2025

In this episode, we discuss how SMEs can pursue growth in today’s environment of economic uncertainty, as well as explaining how auditors should be fulfilling their responsibilities to exercise professional judgement and scepticism.

Philippa Lamb is joined by start-up consultant Romesh Jeyaseelanayagam and Rhodri Whitlock, Director at HPL Associates.

Time codes

• 00:33 Supporting SME growth
• 08:37 Professional judgement in audit

Links

• ICAEW Scale-Up Live 2025: https://events.icaew.com/pd/31049/scale-up-live-2025
• ICAEW: The importance of people and culture when scaling up: https://www.icaew.com/insights/viewpoints-on-the-news/2025/apr-2025/the-importance-of-people-and-culture-when-scaling-up
• ICAEW Audit and Assurance: Professional judgement resources: https://www.icaew.com/technical/audit-and-assurance/professional-judgement
• ICAEW Audit and Assurance: Professional scepticism resources: https://www.icaew.com/technical/audit-and-assurance/professional-scepticism 

Host

Philippa Lamb

Guests

• Romesh Jeyaseelanayagam, Founder, The FD Consultant
• Rhodri Whitlock, Director, HPL Associates

Producer

Natalie Chisholm 

Episode first published: 13 June 2025

Podcast recorded: 5 June 2025

Accountancy Insights is celebrating its 100th episode.

To mark the occasion, we’ve brought together experts from across business, politics and technology to look at a fundamental problem that’s holding back economic growth: trust. Just how deep is the trust crisis in business and institutions that we hear so much about? And how can it possibly be rebuilt as economic volatility persists?

We set the scene by discussing President Trump’s recent trade negotiations. Next, as Marks & Spencer continues to grapple with its near-catastrophic cyber attack, we explore how businesses can best protect themselves against the escalating risk of cybercrime. And finally, we speak with ICAEW Chief Executive Alan Vallance and Baroness Margaret Ford, Chair of the newly launched Centre for Public Interest Audit, on remedying the impact of high-profile corporate failures on public confidence in business.

This episode is available in both audio and video formats. Join thousands who have already subscribed to Accountancy Insights so that you never miss an episode.

Time codes

• 01:19 Navigating trade and tariffs
• 20:47 Guarding against cybercrime
• 30:05 Strengthening public confidence
• 49:57 Final thoughts

Links 

• ICAEW Economy hub: https://www.icaew.com/technical/economy
• ICAEW Cyber Security hub: https://www.icaew.com/technical/technology/cyber-security 
• ICAEW Trust and Ethics hub: https://www.icaew.com/technical/trust-and-ethics
• The Centre for Public Interest Audit: https://www.cpia.org.uk 

Host

Philippa Lamb

Guests

• Alan Vallance, Chief Executive Officer, ICAEW
• Baroness Margaret Ford, Chair, The Centre for Public Interest Audit
• Iain Wright, Chief Policy and Communications Officer, ICAEW
• Frances Haque, Chief Economist, Santander UK
• David Williamson, Chief Political Commentator, Sunday Express
• Paul Munson, EU Compliance Lead, Rippling

Producer

Natalie Chisholm

Episode first published: 30 May 2025

Podcast recorded: 20 May 2025

In this episode, we discuss the government’s new measures to collect billions of pounds in unpaid taxes, as well as covering the key changes to ICAEW’s Code of Ethics, which come into effect on 1 July 2025.
 

Philippa Lamb is joined by Stephen Relf, Technical Manager, Tax; and Laura Hough, Director of Trust and Ethics.

This episode refers to penalty rates based on the Bank of England base rate, correct as of 1 May 2025. Make sure you check the current rates.

Time codes

00:28 Collecting unpaid taxes

06:04 Revisions to the Code of Ethics

Links

• HMRC: If you cannot pay your tax bill on time: https://www.gov.uk/difficulties-paying-hmrc
• ICAEW: Government takes further action to reduce tax debt: https://www.icaew.com/insights/tax-news/2025/mar-2025/government-takes-further-action-to-reduce-tax-debt
• ICAEW: HMRC increases interest rates for tax paid late: https://www.icaew.com/insights/tax-news/2025/mar-2025/hmrc-increases-interest-rates-for-tax-paid-late 
• ICAEW Code of Ethics: https://www.icaew.com/technical/trust-and-ethics/ethics/code-of-ethics
• ICAEW: Keep on top of developments in ethics: https://www.icaew.com/insights/viewpoints-on-the-news/2025/apr-2025/keep-on-top-of-developments-in-ethics 
• Accountancy Insights: Regulating tax advice, plus new professional behaviour wording: https://www.icaew.com/insights/podcast/accountancy-insights/regulating-tax-advice-plus-new-professional-behaviour-wording 

Host

Philippa Lamb

Guests

• Stephen Relf, Technical Manager, Tax, ICAEW
• Laura Hough, Director, Trust and Ethics, ICAEW

Producer

Natalie Chisholm 

Episode first published: 12 May 2025
Podcast recorded: 1 May 2025

In this episode of Behind the Numbers, we discuss how professionals should approach social media.

Social media can be a minefield, particularly when personal and professional lives are closely interwoven. Online debate has become increasingly polarised, including how people use professional networks such as LinkedIn. We cover some common pitfalls and explain how ethical principles should be informing the behaviour of chartered accountants online.

Host Philippa Lamb is joined by Lucy Penrose, Director of Ethics, Risk and Compliance at RSM UK; Junaidy Ab-Mutalib, Managing Partner at JM & Co Chartered Accountants in Kuala Lumpur; and Hannah Macdonald, Founder of Accountancy Hub.

Links 

• ICAEW Code of Ethics: https://www.icaew.com/technical/trust-and-ethics/ethics/code-of-ethics 
• ICAEW ethics helpsheets: Using social media: https://www.icaew.com/technical/tas-helpsheets/ethics/using-social-media 

Host

Philippa Lamb

Guests

• Lucy Penrose, Director, Ethics, Risk and Compliance, RSM UK
• Junaidy Ab-Mutalib, Managing Partner, JM & Co Chartered Accountants
• Hannah Macdonald, Founder, Accountancy Hub

Producer

Natalie Chisholm

Episode first published: 29 April 2025
Podcast recorded: 22 April 2025

In this episode, we discuss how the Trump administration’s tariffs will hamper the government’s growth plans, the progress made towards Making Tax Digital on its tenth birthday, and how changes to FRS 102 and 105 will affect the nation’s small businesses.

Philippa Lamb is joined in the studio by Iain Wright, Chief Policy and Communications Officer; Caroline Miskin, Senior Technical Manager, Digital Taxation; and Sally Baker, Head of Corporate Reporting Strategy.

Time codes

• 00:41 Trump administration tariffs
• 14:07 Making Tax Digital at 10
• 20:48 Changes to FRS 102 and 105

Links

• ICAEW Insights: https://www.icaew.com/insights
• ICAEW events: https://events.icaew.com 
• ICAEW: Making Tax Digital: https://www.icaew.com/technical/tax/making-tax-digital
• ICAEW: Periodic review of UK GAAP: https://www.icaew.com/technical/corporate-reporting/uk-gaap/periodic-review-of-uk-gaap 
• ICAEW Corporate Reporting Conference (9 June 2025): https://www.icaew.com/learning-and-development/events/corporate-reporting-conference

Host

Philippa Lamb

Guests

• Iain Wright, Chief Policy and Communications Officer, ICAEW
• Caroline Miskin, Senior Technical Manager, Digital Taxation, ICAEW
• Sally Baker, Head of Corporate Reporting Strategy, ICAEW

Producer

Natalie Chisholm 

Episode first published: 8 April 2025
Podcast recorded: 3 April 2025

In this episode of Behind the Numbers, we discuss the necessary ingredients to support economic growth.

It’s a clear priority for the government. An industrial strategy is due to be published in the coming months – with eight key sectors for the UK already identified – and reviews of taxation and regulation are also taking place. As the Spring Statement arrives on 26 March, our panel explores whether government policy is pulling all the right levers.

Host Philippa Lamb is joined by John Boulton, ICAEW Director of Policy; John Godfrey, Managing Director of Public Affairs and Research at TheCityUK; Anne Allibone, fractional CFO; and Peter Arnold, EY UK Chief Economist.

Links 

• ICAEW: Economy: https://www.icaew.com/technical/economy 

Host

Philippa Lamb

Guests

• John Boulton, Director, Policy, ICAEW
• John Godfrey, Managing Director, Public Affairs and Research, TheCityUK 
• Peter Arnold, Chief Economist, EY UK
• Anne Allibone, fractional CFO, Allibone Consulting

Producer

Natalie Chisholm

Episode first published: 25 March 2025
Podcast recorded: 21 March 2025

In this episode, we have a report by Mark Rowland from the ’20 Years of HMRC’ event held on 11 March at Chartered Accountants’ Hall, in which he speaks to James Murray, Exchequer Secretary to the Treasury, and Lord O’Donnell, former Permanent Secretary to the Treasury, among others, about the future of digitisation and HMRC.

Tax changes announced at the budget are coming into effect in April and one of the biggest concerns is the revisions to employers’ national insurance contributions and thresholds, as well as to NI employment allowances. Also changing is the way that double cab pick-ups are treated for tax purposes. 

Auditing of SMEs has come under FRC’s spotlight recently, and it has launched a market study to determine what is working and what it not under the current regulation, including the complexity and cost of auditing standards.

Philippa Lamb explores the latter two subjects with Stephen Relf, Technical Manager, Tax, ICAEW, and Catherine Hardinge, Partner, Technical, Price Bailey LLP.

Links 

• The future of a tax administration authority: https://www.icaew.com/insights/tax-news/2025/mar-2025/the-future-of-a-tax-administration-authority
• Ten tax changes taking effect from April 2025: https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2025/ten-tax-changes-taking-effect-from-april-2025 
• Don’t forget April tax changes for double cab pick-ups, says ICAEW: https://www.icaew.com/insights/tax-news/2025/feb-2025/dont-forget-april-tax-changes-for-double-cab-pick-ups-says-icaew
• Is the FRC doing enough to support small audits?: https://www.icaew.com/insights/viewpoints-on-the-news/2025/feb-2025/is-the-frc-doing-enough-to-support-small-audits

Host

Philippa Lamb

Guests

• Stephen Relf, Technical Manager, Tax, ICAEW
• Catherine Hardinge, Partner, Technical, Price Bailey LLP
• James Murray, Exchequer Secretary to the Treasury and chair of HMRC board
• Lord O’Donnell, former Permanent Secretary to the Treasury
• Heather Self, Consultant, Blick Rothenberg
• Paul Aplin, Vice-President, Chartered Institute of Taxation
• David Gauke, former Treasury minister
• Amanda Tickel, Head of Tax and Trade Policy, Deloitte

Producer

Natalie Chisholm  

Episode first published: 17 March 2025
Podcast recorded: 6 March 2025

In this episode of Behind the Numbers, we discuss the appropriateness of employee ownership trusts (EOTs) for accountancy practices.

The majority of mid-tier accountancy and audit firms are still structured as limited liability partnerships. But, with nearly half of firms citing succession planning as a critical talent challenge, and private equity investors taking more interest in the sector, some firms are now looking at other options.

Philippa Lamb explores the key issues with Graeme Nuttall OBE, author of 2012’s Nuttall Review into employee ownership and International Ambassador for the Employee Ownership Association; Simon Blake, Head of Strategic Corporate Finance at Price Bailey; and Peter Hollis, whose firm recently became an EOT.

Links 

• ICAEW: Employee ownership: https://www.icaew.com/technical/business/business-start-up-and-finance/employee-ownership 
• Insight: employee ownership trusts: https://www.icaew.com/technical/corporate-finance/corporate-finance-resources/corporate-financier/2025/articles/february/insight-employee-ownership-trusts 

Host

Philippa Lamb

Guests

• Graeme Nuttall OBE, International Ambassador, Employee Ownership Association
• Simon Blake, Head of Strategic Corporate Finance, Price Bailey
• Peter Hollis, Principal, Hollis & Co

Producer

Natalie Chisholm

Episode first published: 3 March 2025
Podcast recorded: 24 February 2025