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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Deloitte - The Fox in Charge of The Hen House?

 

Guess who’s been put in charge of preparing the “knowledge management system in preparation for the public inquiry” into Test & Trace failings? Deloitte, the very consultants who got hundreds of millions in contracts to, er, run Test & Trace. Full story in the new Eye, out now.

— Private Eye Magazine (@PrivateEyeNews) November 10, 2021

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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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ICAEW Cold Calling Members

 

ICAEW accountants note .....

The ICAEW are using contact information to make outbound (what I would call) sales calls from someone who wants to check your data and set up a telephone chat with a Business Development Manager!

This is what my membership fee is being used for! pic.twitter.com/WOjQFSzPM4

— CheapAccounting.co.uk & TaxBootCamp.co.uk (@cheapaccounting) November 3, 2021

Any other members been cold called by the ICAEW?

Tax Investigation Insurance

Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.

You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountants (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your Accountant (your tax return agent) to:

• Deal with any correspondence from HMRC
• Attend any meeting with HMRC
• Appeal to the First-tier Tribunal or Upper Tribunal
• Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.