ICAEW News

ICAEW News

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Originally dedicated to fighting the proposed merger of the ICAEW with CIMA and CIPFA, this site now provides news about the ICAEW

Monday, March 30, 2020

Coronavirus: the Chancellor's Statement - Michael Izza's Message to Members

Coronavirus: the Chancellor's statement - Michael Izza's message to members

20 March 2020: the Chancellor's announcement this evening of a far-reaching package of measures allows businesses in this country to stand by their employees at a time of national emergency.
Such direct action by Government to keep people in employment is a really good start. It should make a difference to how people feel and keep them working and spending. The real battle now is for public confidence: if we can sustain that, the economics will follow.

Much of the detail is still being worked up and we expect more information to follow (for example on the self-employed). As soon as we can, ICAEW will provide you with more in-depth comments to help you navigate the support now on offer. In the meantime, please keep us updated on the issues you are facing through this form on our website.

Thank you to those who have already been in touch with us to share your issues and concerns. These are providing us with valuable insights to share in my conversations with government departments, the Bank of England and others, as well as helping our teams to prioritise their activities. So far, we have seen some key themes emerging around: -
  • Tax
    Many of your comments relate to tax reliefs. On Thursday, our Head of Tax, Frank Haskew wrote to Rt Hon Jessie Norman MP urging HMRC to show flexibility and creativity over the coming weeks. We recommended leveraging employers’ NICs, perhaps through the use of employment grants, such as Coronavirus Retention Scheme, to keep people in work, a measure similar to what was announced by the Chancellor this evening. Administering the new loan scheme will be a huge ask for HMRC, so we are urging them to defer - with immediate effect - any other planned, but non-essential, changes to the tax system.  This will help ensure that chartered accountants can focus on supporting their clients through this period.
  • Business funding
    Prompt and easy access to funding, such as loans and grants, from as wide a range of reputable and regulated finance providers as possible is also a clear concern. David Petrie in our Corporate Finance Faculty has been working closely with the British Business Bank to try to get funds to where they’re needed (notwithstanding the limitations of the CBILS). Access and then understanding the funding is a real issue for businesses as I discussed with the Governor of the Bank of England today.
  • Paying wages
    The Government’s plans will help keep people in employment and on payroll. We recognise that there are gaps and more clarity is needed and will be making that point to Ministers.
Like many of you, I worked through 9/11 and the 2008 financial crisis, but this is unprecedented. I know members are doing everything they can to help their employees and clients, with many trying hard to stay afloat themselves. Once again, I want to reassure you of our commitment to helping our members during this crisis. Our Technical team is working tirelessly to unpick the detail, help policymakers with their decision making and supply the resources you urgently need at this time.

The situation and the information available continue to change rapidly, but we promise to keep you informed.  You can find our latest guidance on our website. Listening to feedback, we have now created a new page summarising the latest practical business advice to help you better support your clients.

Thank you for everything you are doing.

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Friday, March 20, 2020

ICAEW Exams Update - #COVID19

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Monday, February 03, 2020

Mad Mike Hoare (Ex Member of the ICAEW) Dies Aged 100


As per the ICAEW Archive
"Among chartered accountants past and present, few could be more infamous than former FCA Thomas Michael Hoare. A hero to many, a villain to others, Hoare was born in India in 1920. After serving as a British army captain in North Africa during WWII, he qualified as an ICAEW member in 1948.

Hoare came to international attention through his activities in postcolonial Africa in the 1960s. As perhaps the world’s most famous mercenary since Xenophon, he conducted operations in the rebellious Congolese province of Katanga.

A couple of years later, his group, now known as ‘5 Commando’, worked with Belgian paratroopers to rescue civilian hostages held by Simba rebels in Stanleyville. This operation saved hundreds of lives.


However, his actions, during what was seen by many as a proxy war between the Soviet Union and the West, led to opprobrium from behind the Iron Curtain. East German radio demonised him as ‘the mad bloodhound Mike Hoare’, usually now shortened to ‘Mad Mike’ by fans and detractors alike.
The silver screen paid its own tribute to Hoare with the film The Wild Geese, in which Richard Burton’s character was believed to have been modelled on Hoare himself. Hoare was employed as a technical advisor on the film.

Although many ICAEW members considered his activities unsavoury, the institute was unable to expel Hoare from membership. He had not broken any ICAEW rule and was also scrupulous about paying his membership subscription.

In 1981, his failed coup d’├ętat in the Seychelles changed all that. Hoare and his followers had landed in the country disguised as a charitable drinking club known as ‘The Ancient Order of Froth-Blowers’ with their weapons hidden beneath false bottoms in their luggage. After heavy fighting at Mahe airport, Hoare and his team refuelled and then boarded an Air India aircraft, directing the captain to fly them to South Africa. Hoare was later found guilty of hijacking and was sentenced to 10 years in prison. On the back of his criminal record, ICAEW excluded him from membership in August 1983.

Hoare still resides in South Africa and has published numerous books about his experiences. To our knowledge, he no longer practises as an accountant."

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Monday, December 16, 2019

#ICAEWROAR Top Online UK Influencers: Accountancy 2019

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Tuesday, December 10, 2019

ICAEW Instagram Competition for £100 Amazon Voucher

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Tuesday, October 08, 2019

The ICAEW Launches The Brexit Hub

The ICAEW has launched the Brexit Hub, to help members prepare for Brexit.

As per a letter sent from Michael Izza to all ICAEW members:
"These are very uncertain times for business. On Brexit, ICAEW has made it clear that Government must make the avoidance of a disorderly exit from the EU its top priority. However, as 31 October approaches, there is a strong possibility that the UK is heading towards a No-Deal Brexit and all that this might entail.

As a professional body, ICAEW wants to help its members prepare for all scenarios. Over the last year, we have brought together on our website a suite of resources which provide expert guidance around the issues that you and your business will face in different situations, including No-Deal. You can find these on the Brexit Hub.
It is now time to step-up the pace. We believe that chartered accountants, both in business and in practice, have a potentially vital role to play in the next month or so, and I am pleased that this view is shared by Government.

ICAEW has received a grant from the Department for Business, Energy and Industrial Strategy’s Brexit Business Readiness Fund and we are using this to improve the quality and reach of our practical support to members.

We have produced a Brexit checklist summarising the ten key issues that ICAEW members should consider in the lead up to 31 October. These leaflets are being mailed to members now and will also signpost you to further and more detailed resources on our Brexit Hub, including free-to-access webinars. "
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Wednesday, October 02, 2019

I Have Become a BFP


I have just become an ICAEW Business and Finance Professional.

As per the ICAEW the designation BFP is:
"An internationally recognised designation and professional status from ICAEW. 

The BFP letters help professionals demonstrate their knowledge, skills and experience in business and finance, as well as their commitment to ongoing development and to high ethical and technical standards."

Thursday, June 13, 2019

The Queen's Champion

Tuesday, June 11, 2019

Woman Alert! - Professor Spira Nails It