Friday, March 11, 2022

Tax Investigation Insurance


 

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Monday, February 21, 2022

Richard Murphy FCA Calls Accountants Corrupt


 

Badly drafted laws will always be legitimate targets for human ingenuity, it is not a sign of corruption that people look for ways and means within the law to reduce their tax bills!

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Friday, February 11, 2022

The ICAEW's Nice Little Earner


The ICAEW has defended its decision not to donate £13.5m it received in fines from the Silentnight insolvency to the bankrupt firm’s pension fund following a barrage of criticism.

Political and media pressure to compensate the bed company’s pension holders with the award from the Financial Reporting Council (FRC) prompted the Institute to respond that it had not been gifted a “windfall” and that the costs of its investigations are rarely reclaimed.

KPMG was sanctioned in August 2021 over its conduct in the sale of Silentnight, which became insolvent, as the Silentnight Pension Scheme ended up in the Pension Protection Fund.

David Costley-Wood, former partner and head of KPMG Manchester Restructuring, was severely reprimanded and penalised £500,000 for his role in the sale and excluded from the ICAEW for 13 years.

The ICAEW board had voted to retain the proceeds of the fine, as it was legally entitled to, rather than reimburse Silentnight’s pension fund. In response, the All Party Parliamentary Group on Fair Business Banking criticised the decision, stating that Silentnight’s staff had been “ripped off by one of the body’s own members”.

Writing to APPG Banking co-chairman Kevin Hollinrake MP, ICAEW chief executive Michael Izza said that, although the board “had sympathy” with members of the Silentnight Pension Scheme who may have suffered losses, it would not be passing on the £13.5m as compensation.

While the ICAEW board considered the merits of the request, it said the Accountancy Scheme, which details how cases are dealt with by the FRC, “was never intended to operate as a compensation scheme for third parties who may have suffered losses as a result of actions of ICAEW members and member firms.” 

What will the ICAEW do with its windfall?

Will it reduce members' subscriptions?

Of course it won't! 

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, December 15, 2021

The Merger That Dare Not Speak Its Name!


 

AccountingWeb note the following about the merger/non merger talks between CIPFA and the ICAEW:

"ICAEW also noted that the outcome of the discussions will be subject to approval within the institutes and by key external stakeholders.

We won’t know the details of the talks until early 2022, when the two bodies will bring forward the formal proposals, but an ICAEW spokesperson told AccountingWEB that "At this stage we do not believe that the nature of the relationship with CIPFA under discussion would require an ICAEW membership vote." 

That to me sounds as though they hope that they won't need membership approval, even though they say it will need approval within the institutes!

Can someone enlighten me as to how the institutes can approve something, if they don't ask the members to vote?

It seems one change will be faster routes to membership:

"The Institute can't say whether the closer relationship would mean a fast-tracked entry into either membership except, "We envisage any closer working would bring benefits to both ICAEW and CIPFA members. However, at this stage, it is too early to say what implications it may have on our Pathways to Membership scheme."

While the word ‘merger’ wasn’t mentioned in the press release, Ken Frost, who was a vocal opponent of the merger last time around, believes “this is an attempt at a merger by the backdoor”. 

“The fact members will have to vote on this cooperation validates that view,” he told AccountingWEB. “Suffice to say the arguments against the merger, that I put forward on my site in 2004, are still valid.

However, an ICAEW spokesperson confirmed to AccountingWEB that "a merger is definitely not the starting point for our current discussions".

"We are exploring various options, which go beyond any past relationship with CIPFA, and any outcome to these discussions will be subject to approval within the Institutes, as appropriate and necessary under their respective governance requirements, and by key external stakeholders including the UK Government, the Privy Council and regulators."

To my view, based on what the ICAEW have said, this is a merger that dare not speak its name - lest the members be required to vote on it!

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, December 08, 2021

Merger By The Backdoor?


 

Don't you dare! 

Here is the text of the press release, it is clear that they are proposing a merger!

08 December 2021 PRESS RELEASE: 

CIPFA and ICAEW discuss potential for closer working

Professional chartered accountancy bodies, CIPFA and ICAEW, have announced that they are in talks to explore the potential of closer working.

The vision driving the discussions would see CIPFA and ICAEW combining their strengths and resources to better equip them to serve the public interest across all areas of economic activity, including the enterprise, public and third sectors.

In a joint statement, CIPFA Chief Executive Rob Whiteman and ICAEW Chief Executive Michael Izza said:

“We believe there is significant strategic benefit in our two bodies working more closely in the future and our discussions will examine ways of achieving that.”

CIPFA and ICAEW will now conduct further discussions with the aim of bringing forward proposals in 2022.

Any outcome to these discussions will be subject to approval within the Institutes, as appropriate and necessary under their respective governance requirements, and by key external stakeholders including the UK Government, the Privy Council and other regulators.

NOTES TO EDITOR:

About ICAEW

There are more than 1.8m chartered accountants and students around the world and 186,500 of them are members and students of ICAEW. They are talented, ethical and committed professionals, which is why all of the top 100 Global Brands employ chartered accountants.

ICAEW promotes inclusivity, diversity and fairness. We attract talented individuals into the profession and give them the skills and values they need to build resilient businesses, economies and societies, while ensuring our planet’s resources are managed sustainably.

Founded in 1880, we have a long history of serving the public interest and we continue to work with governments, regulators and business leaders around the world. And, as an improvement regulator, we supervise and monitor over 12,000 firms, holding them, and all ICAEW members and students, to the highest standards of professional competency and conduct.

ICAEW is proud to be part of Chartered Accountants Worldwide, a global network of 750,000 members across 190 countries, which promotes the expertise and skills of chartered accountants on a global basis.

We believe that chartered accountancy can be a force for positive change. By sharing our insight, expertise and understanding we can help to create strong economies and a sustainable future for all.

*Source: CAW, 2020 – Interbrand, Best Global Brands 2019

For more information please contact the CIPFA press office on +44 20 7543 5885 or email mark.davey@cipfa.org, or the ICAEW media office on 07918 767 822 or email media.office@icaew.com

About CIPFA

CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.

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A Solar Protect policy will enable your Accountant (your tax return agent) to:
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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Tuesday, November 23, 2021

ICAEW Paid Tory MP £14K - Money Well Spent?

 


Ben Everitt, the MP for Milton Keynes North, was paid nearly £14,000 for 60 hours of work for the Institute of Chartered Accountants in England and Wales (ICAEW), according to Financial News, which first reported the story.

He spoke in Parliament against extensions to the IR35 tax law that the ICAEW has been pushing to delay.

Everitt’s conflict of interests is the latest to come to light in a string of recent scandals involving MPs holding paid consultancy roles.

“As a professional body serving the public interest, ICAEW will routinely provide technical briefing material for parliamentarians and civil servants on major issues within its area of expertise,” an ICAEW spokesperson told City A.M.

“This Representation by our Tax Faculty on IR35 in June of last year was treated in this way and published on our website at the time, and remains freely available and accessible,” the spokesperson added.

City A.M. understands Everitt concluded his ICAEW contract in January this year. 

Has ICAEW members' money been well spent?

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Thursday, November 11, 2021

Deloitte - The Fox in Charge of The Hen House?


 

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, November 10, 2021

Happy International Accounting Day! - #InternationalAccountingDay


 

International Accounting Day is celebrated on the anniversary of the publication of a critical work in the 15th century by the Italian mathematician Luca di Borgo.

Fra Luca Bartolomeo de Pacioli (sometimes Paccioli or Paciolo; c. 1447 – 19 June 1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and an early contributor to the field now known as accounting

He is referred to as "The Father of Accounting and Bookkeeping" in Europe and he was the first person to publish a work on the double-entry system of book-keeping on the continent. He was also called Luca di Borgo after his birthplace, Borgo Sansepolcro, Tuscany

However, the history of accounting dates back several millennia. Records and documents originating from the Mesopotamian region traced back as far as 5,000 B.C. reveal the employment of accounting systems in the service of tracking the exchange of goods between temples. 

Further evidence of the prevalence of accounting would appear from discoveries in ancient Egypt and Babylonia, but the most comprehensive findings would first originate from materials belonging to the period of the Roman empire. Information notated across innumerable archives during this era show detailed quantifications kept across areas, spanning public revenues, private expenditures, the distribution of commodities, and more.

The field of accounting has undeniably developed significantly since its introduction in pre-modern times. It would experience especially robust advancements throughout the Middle Ages and the Renaissance period.

The discipline would go on to see a sharp rise in necessity and demand in the fields of business and finance starting in the mid-19th century. The Industrial Revolution would prove to increase the number and size of companies across the world to an unprecedented degree, and it became imperative for corporations to maintain strong accounting departments to have a part in all aspects of business’ operations. 

The combined membership of the five CCAB bodies – ICAEW, ACCA, ICAS, CIPFA and Chartered Accountants Ireland – amounts to some 275,000 professional accountants in the UK and the Republic of Ireland (415,000 worldwide).

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, November 03, 2021

ICAEW Cold Calling Members


 

Any other members been cold called by the ICAEW?

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  • Appeal to the First-tier Tribunal or Upper Tribunal
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Monday, October 25, 2021

Keep an Eye on The Exam Systems Page

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A Solar Protect policy will enable your Accountant (your tax return agent) to:
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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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