Jack Withrington, Head of Public Affairs & Public Policy at AAT,talks to Clayton M. Coke of Podcast Radio Business about research that has revealed 42% of those who have employed an accountant or tax advisor have lost money because of their poor work. Meanwhile, although one in three accountants are unregulated, this group are responsible for two-thirds of complaints received by HMRC.

With high costs biting, 41% admit to choosing the more affordable option, while only 24% prioritise qualifications over price. The AAT(Association of Accounting Technicians) is urging us to make sure we all do our homework before handing over any information, as it reveals the top five mistakes from the financial year just ending:

Top five mistakes

• Using unregulated accountants
• Not knowing your deadlines
• Waiting to enlist help
• Not having your paperwork in order
• Not putting money aside to pay for your tax bill

To help businesses and individuals prepare for the new financial year, AAT also releasing its top five tips to help you avoid making a mistake –and even losing money - especially at a time when the cost-of-living crisis is putting finances under increasing pressure:

Top five tips to avoid making a mistake

• Write a business plan
• Get organised now
• Get your data sorted
• Sharpen your business skills
• Consider using a regulated accountant.

So how about the risks? Well, 39% of self-employed people and those with a side hustle (49%) have also lost money.

A quarter have overpaid on tax (25%) with 17% also missing a tax deadline. Worryingly, 51% have had to hire a qualified accountant to correct the mistakes of a previous unqualified accountant’s work.

With so many of us trusting our accountants, it’s crucial we get the right one. Almost half (46%) admit they trust their accountant or tax advisor more than their partner (46%) with their finances with 69% admitting their accountant know more about their finances than anyone else – even their partners, with 35% not wanting to share their bank information with their other half.

Sarah Atkins, Director, GS1 UKtalks to Clayton M. Coke of Podcast Radio Business about 50 years since the birth of the barcode.

Despite being used by millions daily,nobody really knows how they work, or who created them.

The thin and fat lines were dreamed up by Norman Joseph Woodland, who drew the prototype barcode in the sand on a Florida beach in 1948 after being inspired by his Boy Scout training where he learnt that Morse Code sent electronic information through dots and dashes. 

Heset out to create a two-dimensional linear morse code – pulling downward dots and dashes in the sand with his fingers, with thin lines from the dots, and thicker lines from the dashes. 

Fast-forward 25 years to 3rd April 1973, and this vision became reality when an industry-wide agreement was made to adopt the barcode.

This changed the course of global commerce forever.

A year later in 1974 in a supermarket in Ohio, a pack of Wrigley’s chewing gum became the first product in the world to be scanned with a barcode. 

Four years later in 1979 – in true British fashion – a box of Melrose Tea Bags became the first live product to be scanned in the UK at a Keymarkets supermarket in Spalding. This supermarket is now a Morrisons.

GS1 are the world’s only authorised provider of Global Trade Item Numbers (GTINs), the unique number that each barcode represents.

Anne Godfrey GS1 UK CEO said:“The invention of the Barcode is one of the great, untold stories in the history of our modern economy.Todaythe barcode is more widely used than Google. It has revolutionised our day-to-day in ways most do not realise – keeping our shelves stocked with products and ingredients from around the world, helping us find and buy products online, ensuring what we consume is genuine and safe, helping the NHS save time,money and lives – and much more.”

Yet, despite their wide use – and the average Brit interacting with them an average 20 times a day – GS1’s new research found surprisingly few knew the extent of their purpose or who the inventor was.

According to the study and despite his global legacy, just three per cent of Brits recognised Norman amongst a list of inventors and researchers of similar stature. BillGates topped the list (80 per cent) followed by Marie Curie (75 per cent) and James Dyson (69 per cent).

Meanwhile, just 10% knew barcodes are used in recycling schemes and just 6% were aware of their role in construction.

However, perhaps most surprisingly, only 13% knew the barcode’s role in healthcare, despite the fact they save the NHS millions of pounds and thousands of lives, every year.

Retail was the sector where most people recognised their use – but still a third did not know the potentially lifesaving role they can play in consumer transparency, especially those suffering allergies.

Martin Lee, Technical Lead of Security Research of Talos,talks to Clayton M. Coke of Podcast Radio Business about the impending “cyber storm” that is currently brewing, according to leading cybersecurity experts, with emerging technologies, the hybrid approach to company organisation, and the blurring of business boundaries posing new risks to organisations around the world, both large and small.

Indeed, 82% of businesses are expecting a cybersecurity incident to disrupt their operations in the next two years, while 60% experienced an incident within the last 12 months – costing 41% at least $500,000.

However, only 15% globally have a cybersecurity posture ‘mature’ enough to defend against these developing threats, according to the Cisco Cybersecurity Readiness Index: Resilience in a Hybrid World released on TUESDAY 21st MARCH 2023 which classifies organisationsinto four categories: Beginner, Formative, Progressive, and Mature.

While only 15% are Mature, more than half fall into the Beginner (8%) or Formative (47%) stages, meaning they are performing below average on cybersecurity readiness.

Closing this ‘readiness gap’ should become a global imperative and top priority for business leaders, according to Cisco, who is urging businesses to be proactive and act sooner, rather than later. To attain resilience, firms require telemetry across ecosystems, active monitoring and filtering, actionable intelligence and expertise,risk-based contextual analysis and trust assessment, an open platform across users/devices/networks/applications, and optimised efficacy to spring back faster. 

Michael Kienle, Global Vice President of Talent Acquisition, L’Oréal,talks to Clayton M. Coke of Podcast Radio Business to discuss the BOOST initiative and the importance of preparing young people for the world of work.

As the global economy edges towards recession, some large employers, notably in the technology sector, are announcing hiring freezes or job cuts.

Yet, the world’s biggest cosmetics company is ramping up employment of young people based on a strong sense of responsibility to the next generation.

L’Oréal For Youth provides work opportunities for people under 30, including jobs, paid internships, and apprenticeships at the group behind brands such as L’Oréal Paris, Maybelline, and Garnier.

The global programme offered 18,342 places last year and L’Oréal is on track to reach 25,000 enrolments in 2022. It has also upskilled 70,000 learners, career-coached 18,000 young people and mentored 13,000.

L’Oréal believes the role of the private sector in training today’s youth will become increasingly important – and their research shows 47% of Gen Z are waiting for companies to help them develop their skills, while just 39% feel prepared for the future.

The number one way in which students expect employers to support them is by providing courses and training.

To that end, L’Oréal is announcing a new programme to increase the employability of young people, especially those from under-represented backgrounds having difficulties accessing the labour market.

BOOST will offer 20,000 students each year access to a selection of online courses curated by L’Oréal experts on the skills of the future: digital sustainability, and people skills.

The students and new job entrants, from North Asia to South America, are selected on a discretionary and individual basis by worldwide L’Oréal recruiters who spot potential.

100,000 beneficiaries will also be offered guided projects aimed at building job-relevant skills in less than two hours with hands-on tutorials.

In doing so, BOOST will open the doors to vital education that bridges the gap between school and work, giving young people access to certifications from prestigious universities.

L’Oréal is also encouraging young people to join Masterclass Week 19-23 September 2022, when five L’Oréal leaders will share their knowledge, experiences, and insights during 1-hour, livevirtual sessions.

Dan Scanlon, Executive Vice President of Brookfield Properties & Raul Aparici, Head of Faculty at the School of Life,talk to Clayton M. Coke of Podcast Radio Business to discuss how we can increase productivity of the nation’s workforce in this challenging climate? discuss the new trends emerging within the relationship between the workforce and the places in which they work and how we can enhance workplace happiness.

With a challenging economic climate, underlined by growing inflation and a weakening pound, productivity of the nation’s workforce is now more important than ever before. Research shows that installation of art in offices can boost productivity by between 15% and 17% and if you go further and engage workers, the growth in efficiency can rise up to a third (32%).

A new study of over 3,000 office workers in the UK found that a staggering 63% of 18–29-year-olds prefer going to the office to work over working from home, with the number increasing to three-quarters (75%) of those who work in offices with a lot of art.

Aside from creativity, well-being and an understanding of employee mental health is seen as a crucial factor for workers in their relationship with work. Nearly 7 in 10 (69%) of people agreed that office wellness events help their wellbeing, with two-thirds(69%) of office employees stated that they would benefit from a wellbeing app to connect them to cultural events in the workplace. 

Research by Brookfield Properties in partnership with The School of Lifeas part of their comprehensive Art of the Workplace’ study, found that 77% of respondents affirmed that having interesting social, cultural or wellbeing events available contributes to their wellbeing.

The release of the report is launched ahead of WHO World Mental Health Day 10 October 2022 and coincides with a new partnership, that will see Brookfield Properties partner with The School of Life, the global organisation helping people lead more fulfilling lives,with a shared commitment to propel happier workplaces and workers.

Jaya Baloo, Chief Information Security Officer at Avast,talks to Clayton M. Coke of Podcast Radio Business to discuss the recent research, offer hints and tips for people looking to improve their online security and explain how some of their cybersecurity could be breached if not maintained correctly.

We live in a digital world. We can order groceries, buy a car, and find a new furry four-legged friend all at the tap of a touchscreen and openingof a browser. But the wild west of the internet, privacy, as evidenced by 64% of UK adults keeping their browsing history private, is paramount.

With 4.6 billion of us ‘digital citizens’ around the world, the internet is ripe for scammers and advertisers which can seduce us with frightening slickness and ease if we do not possess the know how of how to spot red flags and keep our online selves cybersecure.

In fact, a lofty 26% of us keep our browsing history private to hide our activity on dating sites – just in case we’re forced to explain the tinder match from hell to people.

As we post more and more about our lives on the internet, we’ve become more suspect about who sees it – have you ever snatched your phone when friend or family member’s hand reaches for it? Not sharing our devices has become commonplace for 69% of UK adults.

Keeping a tight grip on our online security is necessary, however. Over half of UK adults report being targeted by a phishing scam and 49% of us feel like we’re being tracked online –with 3 in 10 Brits feeling unsafe that companies can track us.

But closing the knowledge gap is necessary if Brits are to have more control over their online footprint. Amazingly, only 39% of us know how to delete their search history on all their devices. Over half (53%) of Brits don’t know there is free software which can keep their history hidden without them having to delete it and a staggering.

Emma Kisby, CEO of carbon footprint management experts Cogo,talks to Clayton M. Coke of Podcast Radio Business to discuss how Cogo helps people and businesses to measure the carbon emissions of their everyday spending as well as reduce, and offset their impact on the climate.

Emma Kisby & COGO seek to empower hundreds of millions of consumers and businesses worldwide to measure, reduce and compensate for their impact on people and the planet by helping them be more conscious of the impact their spending has.

Emma talks about the disconnect between consumers wanting to know about the impact of their spending, yet not knowing where to find this information as research published on 12th OCTOBER 2022 shows that while four in five mobile banking users want to know more about the environmental impact of their spending, only a fifth expect their bank to inform them - three in five would like to receive information from their bank such as advice based on their spending habits, or support in switching to EVs, minimising home energy use, and investing in green financial products.

Cogo helps people and businesses tomeasure the carbon emissions of their everyday spending as well as reduce, and offset their impact on the climate, displaying the information in their regular banking app. Cogo also offers ‘nudges’ to help people change their habits and reduce their overall carbon footprint, with them able to take recommended actions such as not buying fast fashion or eating less meat.

Ian McVey, SVP & General Manager EMEA, Visier, talks to Clayton M. Coke of Podcast Radio Business to discuss how job security & lower salary fears are keeping the workforce in their current roles.

Businesses across the UK can thank the recession for a retained workforce as new research from business analytics company Visier has revealed eight in

ten (81%) are planning on riding it out with their current employer, despite 46% willing to find (or open to) new roles if it wasn’t a factor.

Furthermore, almost three in ten (29%) would have considered changing roles earlier had they foreseen the recession. What’s keeping them is primarily job security (57%) and concerns about having to settle for lower salaries (43%) – while last hired, first fired is not a risk 67% are willing to take.

These circumstances have led to 45% feeling trapped in their job, with 30% admitting they are more likely to ‘quiet quit’ as a result. This will allow them more time to plan their next move (11%) or pursue personal projects (9%), while 7% know they are going to change jobs after the recession so “it’s not worth trying anymore”.

So,despite high job vacancies and little opposition to staff retention, businesses could face further hardship post-recession – or even a less motivated and productive workforce when they need it most – if they do not take steps to support their employees.

Salary increases will make workforces more content (71%) and motivated (71%) – similar to bonus schemes (43%)– while learning and development opportunities (29%) may help businesses grow and retain staff, while also providing useful skills to help employees personally face and deal with their finances during the recession.

Jonathan Watts-Lay, co-founder and director at WEALTH at work,talks to Clayton M. Coke of Podcast Radio Business to discuss how employers can help staff through the cost of living crisis and believes any employees struggling with their finances should speak to their boss to find out what help is on offer.

The REBA/WEALTH at work Employee Financial Wellbeing Survey 2022 is published on TUESDAY 18th OCTOBER 2022 – it says companies’ productivity and performance is at risk of dipping unless employers do more to support their employees’ financial wellbeing amid the deepening cost-of-living crisis which is highlighting to board level the importance of making sure workers feel secure and in control, despite their finances coming under increasing pressure while 59% of employers say poor financial literacy is a key financial wellbeing risk. 

Employers cite rising energy prices as the No 1 risk to the financial wellbeing of their staff (91%), with other cost-of-living concerns, such as rising consumer inflation (81%), rising rent costs (63%), wages not being high enough to cover the cost of living (50%), and high household debt levels (49%) also factors. In addition, given recent interest rate hikes, many will now also be concerned about mortgage costs as interest rates could head evenhigher, while 71% of those using credit as a safety net report a negative effect on their health, relationships, or ability to work.

Employers see enhancing the general good health of their staff (85%), creating equity and fairness (69%) and ensuring inclusivity across the entire workforce (68%) as the main reasons to offer financial wellbeing as a benefit.

They know they must focus more on inclusivity with support for low earners (32%), and families and dependents (38%) among the key areas to introduce in the next two years while 41% plan to offer sustainable wellbeing products and services in this time. As the crisis deepens, boards have become more aware of the importance of financial wellbeing – even more so than staying ahead of competitors and the fallout of Brexit -  with 70% of workplaces saying increasing financial capability is a priority.

Sarah Card, Head of Delivery and Risk at Marcus by Goldman Sachs,talks to Clayton M. Coke of Podcast Radio Business to discuss the tactics scammers use to entice people to part with their money, how to spot fraud, and the common mistakes that can lead you to being a target for fraudsters.

Fraudsters are using the cost-of-living crisis to target people with scams, with younger people most likely to fall victim to the pressure tactics often used by scammers. Indeed a fifth (22%) of people aged 18-34 saying have been a victim of financial fraud at least once, in comparison to only one in 10 people aged 55+ and 12% of those aged 35-54.

As the economic situation worsens for millions around the UK, three in 10 people have been targeted by fraud which exploits the rising cost-of-living while 42% of us are more worried about scams than pre-pandemic, and 60% agree it is harder to spot a scam than it was five years ago.

About 64% of us have regretted a decision we have made when under strain, with the top reasons including being put under time pressure to make a decision (43%), communicating with a very persuasive person (34%) and feeling too embarrassed to decline (29%).

Almost two thirds of UK adults (64%) have regretted a decision they havemade when under strain, with the top reasons including being put under time pressure to make a decision (43%), communicating with a very persuasive person (34%) and feeling too embarrassed to decline (29%).

Data from Marcus by Goldman Sachs reveals that one in five (21%) 18–34-year-olds struggle to think clearly when put under pressure during a cold call. They are also the most likely age group to give away personal information on the phone when put under pressure, however, over half (55%) of people in the age category believe they’re too technologically savvy to fall victim to a scam.