Accountancy Insights

The latest ICAEW Insights podcast shares the month’s top stories in accountancy.

This episode analyses the tax system from two different angles: progress made in digitalisation and towards gender equality. Plus, details of changes to ICAEW member CPD are explored ahead of their November live date.

Philippa Lamb learns more from ICAEW experts Caroline Miskin, Senior Technical Manager, Digital Taxation; Anita Monteith, former Head of Tax Policy; and Debbi Francis, Head of Member Service Centre.

Links

• ICAEW TAXline: https://www.icaew.com/technical/tax/tax-faculty/taxline
• TAXline feature - does tax policy reflect gender?: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/does-tax-policy-reflect-gender 
• TAXline feature - policymaking for a digitally advanced tax administration: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/policymaking-for-a-digitally-advanced-tax-administration 
• ICAEW CPD is changing: https://www.icaew.com/membership/cpd/cpd-is-changing

Host

Philippa Lamb

Guests

• Caroline Miskin, Senior Technical Manager, Digital Taxation, ICAEW
• Anita Monteith, former Head of Tax Policy, ICAEW
• Debbi Francis, Head of Member Service Centre, ICAEW

Producer

Natalie Chisholm 

Episode first published: 7 July 2023
Podcast recorded: 4 July 2023

In this Insights In Focus episode, we explore how the introduction of sustainability assurance, both voluntary and mandatory, is affecting firms of all sizes.

Back in April 2022, the UK became the first G20 nation to bring recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) into law. TCFD requirements only apply to the UK’s largest organisations, but many SMEs are facing pressure from stakeholders to follow suit. And as the sustainability of entire supply chains comes under greater scrutiny, that pressure is only set to intensify.

So, how are firms navigating sustainability assurance at a time of economic instability and tight margins? And what role will accountants play in the transition to wider forms of reporting and disclosure?

Host Philippa Lamb discusses the issues with Richard Spencer, ICAEW Director of Sustainability; Heather Buchanan, Cofounder of Bankers for Net Zero; and Vandana Saxena Poria, ICAEW adviser and member of the B20 Action Council for ESG in Business.

Links

• ICAEW Sustainability hub: https://www.icaew.com/technical/sustainability
• ICAEW Sustainability and Climate Change community: https://www.icaew.com/groups-and-networks/communities/sustainability-and-climate-change 

Host

Philippa Lamb

Guests

• Vandana Saxena Poria, ICAEW adviser and B20 Action Council for ESG in Business
• Heather Buchanan, Cofounder, Bankers for Net Zero
• Richard Spencer, Director of Sustainability, ICAEW

Producer

Natalie Chisholm

Episode first published: 30 June 2023
Podcast recorded: 27 June 2023

In this special Insights In Focus episode, we discuss the changes to tax architecture and design that may strengthen the UK’s national bargain as economic turbulence continues.

The national bargain – the broad agreement that taxation is a fair exchange for the provision of public services – has fluctuated over time. Most recently, polling by YouGov found the prevailing attitude among the British public is one of fiscal tightening. However, following unprecedented financial support during the pandemic and cost-of-living crisis, the tax burden is set to continue rising until 2027/28.

That leaves the government with a difficult conundrum: how can it meet people’s expectations around fiscal policy while paying down its debt at a time of slow economic growth?

To explore the best use of tax architecture and design, host Bronwen Maddox is joined by Bill Dodwell, Tax Director at the Office of Tax Simplification; Helen Miller, Deputy Director at the Institute for Fiscal Studies; and Martin Wheatcroft, ICAEW adviser and Fellow.

Links

• ICAEW Insights Special: The future of tax and public spending: https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending 
• ICAEW Tax Faculty: https://www.icaew.com/technical/tax/tax-faculty
• ICAEW: Can tax policy help the UK achieve net zero?: https://www.icaew.com/technical/tax/tax-faculty/taxline/archive/taxline/taxline-2022/march-2022/can-tax-policy-help-the-uk-achieve-net-zero
• ICAEW: Taxation of housing: https://www.icaew.com/technical/tax/tax-faculty/taxline/archive/taxline/taxline-2022/october-2022/taxation-of-housing
• ICAEW: Taxing top incomes: design issues and challenges beyond politics: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/taxing-top-incomes-design-issues-and-challenges-beyond-politics 

Host

Bronwen Maddox, CEO, Chatham House

Guests

• Bill Dodwell, Tax Director, Office of Tax Simplification
• Helen Miller, Deputy Director, Institute for Fiscal Studies
• Martin Wheatcroft, adviser and Fellow, ICAEW

Producer

Natalie Chisholm

Episode first published: 16 June 2023
Podcast recorded: 12 June 2023

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 adviser and Fellow.

Links

• ICAEW: Cyber security: How to keep your organisation safe and secure online: https://www.icaew.com/technical/technology/cyber-security/cyber-security-guidance/cyber-security-how-to-keep-your-organisation-safe-and-secure-online 
• ICAEW May cyber round-up: https://www.icaew.com/insights/viewpoints-on-the-news/2023/may-2023/ICAEW-May-cyber-roundup
• ICAEW: Incentivising green travel in a hybrid working world: https://www.icaew.com/technical/tax/tax-faculty/taxline/2023/articles/incentivising-green-travel-in-a-hybrid-working-world
• ICAEW TAXline hub: https://www.icaew.com/technical/tax/tax-faculty/taxline 
• ICAEW public sector resources: https://www.icaew.com/technical/public-sector 

Host

Philippa Lamb

Guests

• Ian Pay, Head of Data Analytics and Tech, ICAEW
• Steve Wade, Partner, People Advisory Services, EY
• Martin Wheatcroft, adviser and Fellow, ICAEW

Producer

Natalie Chisholm 

Episode first published: 9 June 2023
Podcast recorded: 2 June 2023

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 management practices must evolve to accommodate the new normal. How can staff be inducted, upskilled and safeguarded when physically dispersed?

To learn more, host Philippa Lamb is joined by those leading the way forward: Nick Bishop, partner at BKL; Kevan Hall, CEO at Global Integration; and Jo Ludlam, Senior Manager in change management at Deloitte.

Links

• ICAEW Attractiveness of the profession hub: https://www.icaew.com/about-icaew/who-we-are/attractiveness-of-the-profession 

Host

Philippa Lamb

Guests

• Nick Bishop, partner, BKL
• Kevan Hall, CEO, Global Integration
• Jo Ludlam, Senior Manager in change management, Deloitte

Producer

Natalie Chisholm

Episode first published: 25 May 2023
Podcast recorded: 18 May 2023

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, Quality Assurance Department. 

Links

• ICAEW event: VAT at 50 – where next?: https://events.icaew.com/pd/26356/vat-at-50-where-next
• ICAEW: Happy birthday, VAT: https://www.icaew.com/insights/tax-news/2023/mar-2023/happy-birthday-vat
• ICAEW: VAT as a digital tax: HMRC needs a roadmap: https://www.icaew.com/insights/viewpoints-on-the-news/2023/mar-2023/vat-as-a-digital-tax-hmrc-needs-a-roadmap 
• ICAEW: Tax administration and maintenance day: summary of announcements: https://www.icaew.com/insights/tax-news/2023/apr-2023/tax-administration-and-maintenance-day-summary-of-announcements
• ICAEW: Engaging in public practice: https://www.icaew.com/technical/practice-resources/setting-up-a-practice/engaging-in-public-practice 
• ICAEW statement on engaging in public practice: https://www.icaew.com/regulation/icaew-statement-on-engaging-in-public-practice-effective-1-jan-2017

Host

Philippa Lamb 

Guests

• Ed Saltmarsh, Technical Manager
• Christopher Greenhalgh, Manager, Quality Assurance Department
• Anita Monteith, Head of Tax Policy

 Producer

Natalie Chisholm 

Episode first published: 5 May 2023
Podcast recorded: 2 May 2023 

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 they need to make their investment plans a reality.

Host Philippa Lamb is joined by Simon Gray, ICAEW Head of Business, and executives from three tech-intensive SMEs: Adam Lauffer, Deputy CEO of Doddle; Tanuvi Ethunandan, CEO of Data Duopoly; and Ciaran Burke, COO of Swoop.

Links

• ICAEW Small and Micro Business Community: https://www.icaew.com/groups-and-networks/communities/small-and-micro-business-community
• ICAEW Insights Special: Cost of doing business: https://www.icaew.com/technical/economy/cost-of-doing-business 
• ICAEW: Business start-up and finance: https://www.icaew.com/technical/business/business-start-up-and-finance

Host

Philippa Lamb

Guests

• Simon Gray, Head of Business, ICAEW
• Adam Lauffer, Deputy CEO, Doddle
• Tanuvi Ethunandan, founder and CEO, Data Duopoly
• Ciaran Burke, co-founder and COO, Swoop

Producer

Natalie Chisholm

Episode first published: 28 April 2023
Podcast recorded: 21 April 2023

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 all the more challenging by the impact of successive crises on public finances and the UK economy. How can the government meet this growing demand for services when it is committed to restricting spending?

To discuss the options available to policymakers, host Bronwen Maddox is joined by David Miles, Professor of Financial Economics at Imperial College and member of the Budget Responsibility Committee at the Office for Budget Responsibility; Carl Emmerson, Deputy Director of the Institute for Fiscal Studies; and Martin Wheatcroft, ICAEW adviser and fellow.

Links

• ICAEW Tax Faculty https://www.icaew.com/technical/tax/tax-faculty 
• ICAEW Insights Special: The future of tax and public spending https://www.icaew.com/insights/insights-specials/the-future-of-tax-and-public-spending 

 Host

Bronwen Maddox, CEO, Chatham House

Guests

• David Miles, Professor of Financial Economics at Imperial College; member of the Budget Responsibility Committee at the Office for Budget Responsibility
•  Carl Emmerson, Deputy Director, Institute for Fiscal Studies
• Martin Wheatcroft, adviser and fellow, ICAEW

Producer

Natalie Chisholm

Episode first published: 24 April 2023
Podcast recorded: 24 March 2023

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; and John Pearce, Director of Digital and Publishing. 

Links

·      ChatGPT and accountancy: know its limits | ICAEW

·      Corporation tax rate to increase to 25% from 1 April 2023 | ICAEW

·      What is happening in the world of R&D tax relief? | ICAEW

·      ICAEW responds to proposed merger of R&D schemes | ICAEW

·      Budget for growth: ICAEW's Tax Faculty assesses key measures | ICAEW

·      Key measures in Spring Finance Bill 2023 | ICAEW

·      TAXline | ICAEW

·       Periodic review of UK GAAP | ICAEW

·       By All Accounts | ICAEW

·       FRED 82 hub | Financial Reporting Council

Host

Philippa Lamb

Guests

• Sally Baker, Head of Corporate Reporting Policy, ICAEW
• Lindsey Wicks, Technical Editor, ICAEW
• John Pearce, Director, Digital and Publishing, ICAEW 

Producer

Natalie Chisholm 

Episode first published: 6 April 2023
Podcast recorded: 3 April 2023

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 Accounts Committee; James Jamieson, Chair of the Local Government Association; and Alison Ring, Director of Public Sector and Taxation at ICAEW.

Links

• ICAEW public sector hub: https://www.icaew.com/technical/public-sector
• ICAEW Public Sector Community: https://www.icaew.com/groups-and-networks/communities/public-sector
• ICAEW vision for local audit: https://www.icaew.com/technical/public-sector/public-sector-audit-and-assurance/uk-public-sector-audit/icaew-vision-for-local-audit
• Levelling Up, Housing and Communities Committee: Financial Reporting and Audit in Local Authorities inquiry: https://committees.parliament.uk/work/7348/financial-reporting-and-audit-in-local-authorities/ 

Host

• Philippa Lamb

Guests

• Meg Hillier MP, Chair, Public Accounts Committee 
• James Jamieson, Chair, Local Government Association
• Alison Ring, Director, Public Sector and Taxation, ICAEW

Producer

• Natalie Chisholm
  
  

Episode first published: 3 April 2023
Podcast recorded: 24 March 2023