FreeAgent launches RBS & NatWest licences for accountants
Cloud accounting group FreeAgent has launched a set of licences for accountants with clients who bank with the Royal Bank of Scotland and NatWest.
The company, whose software is designed for accountants working with small businesses and contractors, will enable practices to add their new clients to FreeAgent for free, provided that they have either an RBS or NatWest business account.
The new licences stem from FreeAgent’s recent acquisition by the RBS Group, which already offers FreeAgent software free to all of its small business customers.
Ed Molyneux, CEO and co-founder of FreeAgent , said: “We’re delighted to be able to now give accountancy practices throughout the country the chance to enjoy the benefits of our RBS and NatWest relationship.
“With more than a million business owners currently banking with these high street banks - approximately a quarter of the UK’s small business sector - this is a significant opportunity for accountants looking to expand and grow their practices.
"But it’s also great news for small business owners looking for additional accounting help and support over the coming years as Making Tax Digital starts to take effect.
“Furthermore, as FreeAgent was recently added to HMRC’s list of software providers that are ready for the introduction of MTD for VAT, it also means that accountants and small business owners banking with RBS and NatWest now have access to a free, MTD-ready solution.
"We envisage that this will prove very popular during the run up to next April, when the first phase of digital tax comes into effect.”
Accountants who are not currently FreeAgent partners can visit www.freeagent.com/accountants or contact FreeAgent directly to get set up with a Practice Dashboard, from which they can start adding their RBS and NatWest clients.
Guide to virtual teams and remote working ... in numbers
Here's a nice little visual and blog from our friends at Sage...
In 2017, more than 4.3 million people worked remotely in the UK. The latest data from the Office for National Statistics (ONS) shows that three quarters of these people were experienced professionals who work in the highest skilled areas of the economy.
Research carried out by the TUC, has found that in the last decade the number of workers who say they usually work from home has increased by a fifth. This growing trend is partially in response to companies trying to recruit top talent by offering a better work-life balance.
On a global scale, the World Economic Forum’s most recent forecast of employment trends called flexible working, such as virtual teams, “one of the biggest drivers of transformation”.
Tech companies such as Zapier, Basecamp, Github and Microsoft are pioneering different approaches to virtual teams. Employers such as the Civil Service, Vodafone, Transport for London and Unilever are regularly praised by workers for their flexible work culture. While charities such as Unicef have tapped into the potential offered by spreading teams across time zones.
Remote working is not just for multinationals. Small businesses can also embrace the virtual team, with productivity and access to the best talent being the biggest benefits. Research shows that employees working remotely are highly productive, motivated and committed to their employers.
Much like the rise of home delivery from supermarkets has disrupted how we purchase food, remote working has the ability to change the way we approach the traditional office structure. The massive benefit from this is a huge reduction in commuting and the impact this could have on pollution.
“The benefits are immense: a better lifestyle, with positive benefits for recruitment and retention; a reduced carbon footprint; enhanced accommodation of diversity; better mental and physical health; improved productivity; more effective use of property.” – Bruce Mann, former Cabinet Office finance director, Civil Service
TaxCalc takes on new product director
TaxCalc has hired a new product director to spearhead a major expansion initiative.
Pauline Smith will lead the group's Making Tax Digital strategy, augmenting its product suite and developing solutions to bolster its practice management offering.
A veteran of 17 years in product development at IRIS, Pauline her last two years at there leading the technical product team.
“I’ve worn many hats in my previous job, so can bring a wide variety of disciplines, skills and perspectives into my new role. TaxCalc has been the one to watch for several years now.
Commercial flair
"As a company I’ve always admired their commercial flair and commitment to getting it right for their customers. In our business it’s very rare that you see a company that relentlessly pursues excellence while maintaining price points that are within the reach of accountancy practices, large and small.
I’m incredibly excited to join the team and look forward to doing great things here.”
With 8,000 practice customers and rising, TaxCalc has seen good growth over recent years. September saw the launch of its practice-focused GDPR Centre and eSign Centre, with its MTD-ready VAT Filer product due for release in mid-October.
Stellar talent
CEO Tracy Ebdon-Poole says: “Pauline is a stellar talent that any company in our sector would love to have.
"We’ve eyed one another across the fence for some time now and I speak for the whole company in saying how absolutely delighted we are that Pauline has joined the TaxCalc family.
"This is a big role and Pauline has wasted no time in bringing a fresh pair of eyes to our ambitious plans. 2019 is going to be one hell of a year with Making Tax Digital and we are determined to deliver the very best solutions to make the transition an easy and profitable one for our customers.
"With Pauline at the helm of our MTD strategy, we’ve already started implementing change and envisioning new product development. You’ll be hearing a lot more about our plans in due course.”
MTD VAT pilot takes a huge stride
It's happening! Half a million UK businesses can now sign up to the HMRC's making tax digital for VAT pilot.
Another 100,000 will be able to join by the end of the month.
That's ahead of next April when about a million businesses registered for VAT with a taxable turnover above £85,000 will need to keep their VAT records digitally and file their returns using MTD-compatible software.
This significant step for the whole MTD programme was announced online yesterday.
Join the pilot as soon as you can
HMRC advises: "Eligible businesses and agents shouldn’t leave preparations to the last minute and are encouraged to join the pilot as soon as they can."
More and more businesses use digital tools every day to help them operate – tax shouldn’t be different. This is a major step towards bringing VAT into the 21st century.
Theresa Middleton (pictured), director for Making Tax Digital for Business, adds: "Millions of people are already banking, paying bills and interacting with their suppliers and customers online. Using digital tools to help businesses manage their business income and expenses and get their tax right builds on this momentum and will also help them get more control over their finances."
Background information
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world and Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:
- more effective
- more efficient
- easier for taxpayers to get their tax right
HMRC has updated its guidance and produced a series of videos to help people make the leap into digital, including how to create an agent services account. Loads of info HERE.
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Accountancy toasts winners of customer awards
Leading figures from the accountancy industry toasted the IRIS Customer Awards at a glittering ceremony in London.
The awards were launched as the accountancy software provider enters its 40th year. They celebrated best practice across several areas as accountancy firms evolve beyond compliance services to capitalise on new service opportunities in the digital economy.
Sion Lewis, CEO of IRIS Accountancy Solutions also presented a Special Recognition Award to M J Kane & Co Accountants in honour of the outstanding achievements. These stemmed from practice development to the firms work providing training for Bombardier employees.
Free information
M J Kane & Co was also congratulated on its extensive graduate programme and ‘Information Nights’, which give free information to local businesses in a variety of areas such as pensions, payroll and VAT.
Sion Lewis says, “The quality of the entries demonstrated some pioneering approaches practices are taking to improve client excellence, add depth and volume to practice advisory and create innovative marketing campaigns. Technology is underpinning much of the outstanding service provision, evidenced by their effectiveness and productivity. All our winners have shown that they are among the best in the accountancy industry.”
Michael J Kane FCCA, from MJ Kane and Co, flew in from Antrim, Northern Ireland, for the ceremony and received a shock when the previously unannounced trophy of CEO Special Recognition was revealed. He says, “We had been nominated for one award, but didn’t know anything about this. We’re almost speechless, unbelievably happy. To be recognised for something you enjoy doing is such a bonus. I will probably fly home to Belfast without a plane I feel so happy.”
Data engineering competence
Alastair Barlow FCCA, founding partner of flinder in London, says, “I’m so happy we won best use of tech, it means so much to us. We started this firm 20 months ago, really focusing on technology, real time data and building our data engineering competence, so this is the one we wanted to win. I’m absolutely delighted for the team.”
Simon Cowie, MD of Aberdeen-based Infinity Partnership, celebrated four award victories for his team, including Graduate/Trainee of the Year, Accountant of the Year, Bureau/Outsource Service of the Year and IRIS Firm of the Year Medium.
He says, “It’s been an amazing night and what an accolade for the team. We’ve diversified significantly since the down turn hit Aberdeen three years ago and doing this has led to our continuing growth. Team work is key. We adopted IRIS 18 months ago and it has allowed us to do the growth, that’s for sure.”
The full list of IRIS Customer Awards Winners:
- IRIS Small Firm of the Year - Your Tax Shop Ltd
- IRIS Medium Firm of the Year - Infinity Partnership
- IRIS Large Firm of the Year - MHA Monahans
- Bureau/Outsource Service of the Year - Infinity Partnership
- Client Excellence Firm of the Year - Your Tax Shop Ltd
- Marketing Innovation Firm of the Year - Dunkley’s Chartered Accountants
- Fastest Growing Firm of the Year - Bailey Group Chartered Accountants
- Accountant of the Year - Greg Houston, Infinity Partnership
- Partner of the Year - Ian Phillips, Duncan & Toplis
- Practice Manager of the Year - Sue Jackson, Harrison Beale & Owen
- Advisory Firm of the Year - Wilson Partners Limited
- Best Use of Technology Firm of the Year - flinder
- Graduate/Trainee of the Year - Gail McShane, Infinity Partnership
- IRIS CEO Special Recognition Award - M J Kane & Co Accountants
For further information visit: www.iris.co.uk/iriscustomerawards
IRIS aims to simplify the route to MTD
Software group IRIS has delivered an autumn statement of intent that aims to equip every accounting practice with the tools to thrive in the digital future.
The company, which is celebrating 40 years in business, has even thrown down the gauntlet to EY, PwC, KPMG and Deloitte by offering an artificial intelligence audit solution that could threaten the Big Four's market dominance.
But first, back to the future. Back because one of the big making-tax-digital add-ons unveiled at IRIS World this week visits "Planet Spreadsheet".
IRIS VAT Filer bridges the spreadsheet gap
IRIS says: "With just 25 weeks until the MTD deadline of 1 April 2019, accountancy businesses are beginning to complete quarterly filing submissions in the MTD programme but for many, progress has been precarious.
"To help ease the journey we have focused on MTD improvements including the IRIS MTD solution for Income Tax and VAT filing.
The bridging software, IRIS VAT Filer, enables accountancy businesses to use IRIS for MTD VAT filings, allowing for the import of VAT values from either a CSV file or clipboard. They can then be filed with HMRC via its new MTD APIs. VAT Filer is included in IRIS as part of the subscription.
Sion Lewis, CEO of IRIS, says: “We are approaching the dawn of a new digital era for accountants, and we are starting to see progress as we head towards the April 2019 deadline. Our mission over the next few months is to help smooth the transition to digital records as much as possible, while of course, remaining compliant.”
Sion Lewis continues, “The MTD journey is at the forefront of everyone’s minds, but we also look to increase productivity for accountancy professionals as they evolve beyond compliance services to capitalise on growth opportunities in the new digital era."
IRIS has also improved the user experience in Time and Fees; with IRIS Connector now allowing the export of invoices with VAT and Nominal Codes breakdown into a CSV format ready for use in the preferred accounting product.
Artificial intelligence
IRIS's partnership with Canadian AI analytics group MindBridge is all about "democratising audit" and trying to loosen the stranglehold that the Big Four has on the market. It also enables superior data set analysis and will hopefully give smaller companies the accuracy and enhanced credibility to compete with the bigger outfits.
Sion Lewis says: “The MindBridge partnership will accelerate AI adoption in audit among the top 100 firms, but ... why not use it as a platform for advisory services?”
Project Darwin
It sounds slightly sinister but I thinks it's meant to convey evolution rather than survival of the fittest. For IRIS product chief Nick Gregory it's a new era in accounting where an accountant's practice data is centralised in the cloud and can be accessed and updated or amended whenever and wherever.
Project Darwin ties together IRIS OpenSpace (used by 425,000 accountants and clients to work together online), Analytics and IRIS connect through APIs.
IRIS payments
A major headache for accountants is tracking down payments with 70 per cent saying it's one of the biggest burdens in the profession. The software group has launched IRIS Payments, which aims to cut down on this time-consuming pursuit. It's a facility that again links in to IRIS OpenSpace.
Sion explains: “The launch of IRIS Payments complements our vision to simplify the lives of accountants, making them more effective and more productive. Integrating a payment solution into the accountant’s client portal is a natural fit, as it is being used as part of the ongoing relationship.
"This is an opportunity for accountancy professionals to streamline their client experience and create additional efficiencies in the digital process.”
Let's hear it for FreeAgent
Cloud accounting software group FreeAgent has launched a podcast channel, FreeAgent FM.
With guests from the accounting and small business worlds, FreeAgent FM offers fortnightly instalments of
debate, discussion and insight on topics such as practice growth, Making Tax Digital and the future of the
accountancy industry.
The first episode of the podcast is available to download now. It features FreeAgent’s founder and CEO, Ed
Molyneux, discussing the early years of the business and the challenge of developing FreeAgent into the product
voted Small Business Accounting Software of the year at the 2018 Accounting Excellence Awards.
You can subscribe to FreeAgent FM to receive automatic reminders of new episodes.
MTD: Is it all a bit too little a bit too late?
A no-holds-barred MTD brainstorm by industry thought-leaders rounded off an excellent IRIS World conference in London.
Steve Cox, the leading UK software group’s chief evangelist, led the discussion.
On the panel were: HMRC VAT policy lead Kamran Quadri; Anita Monteith, ICAEW tax manager; Lee Hawksworth HMRC's head of software developer collaboration; Companies House digital lead Ross Maude; and digital expert Will Farnell of Farnell-Clark.
Digital evolution
Will, who runs a cloud practice in Norwich, takes a positive approach to the digital evolution and is confident that his clients are MTD ready.
But he believes communication is vital. "We had a lightbulb moment when we realised that we hadn't talked to our clients.
"We had to reassure them that they were 'MTD ready' and that we were watching their backs."
Need for pragmatism
With the MTD VAT deadline of April 1 2019, looming large there is a clear need for realism and practicality. To that end there is much talk of spreadsheet "bridging software" and a "soft landing" to ease the new regime's mandation.
Politics is getting in the way. It's trying to make things happen too quickly. It's too fast for what business dictates
But, providing the alarming statistic of the day, Anita said: "About 40 per cent of VAT registered businesses don't know anything about it at all! And 89 per cent of businesses are doing VAT in the old-fashioned way."
HMRC's Lee Hawksworth said: "We have been improving and testing. April 1 2019 is not a cliff edge - it's the first point in a bigger transformation.
Good advice and education
"There are some big steps that need to be taken. Good advice and good education are essential." Lee recognises the importance of pragmatism. On spreadsheets, he said: "I wouldn't say that they have had their day just yet."
Ultimately there is still much scepticism in the industry over the way MTD is being mandated/implemented.
Anita said: "Politics is getting in the way. It's trying to make things happen too quickly. It's too fast for what business dictates."
And she said that the HMRC communications strategy was falling well short of what was required.
Even the HMRC's own man Lee admitted: "I personally get a bit nervous when governments start mandating technology solutions."
Quite. The powers that be are much better being left to deal with things like, er, Brexit...
IRIS draws up blueprint for success at Twickenham
IRIS will unveil its blueprint for accountancy businesses to thrive in the digital economy at its annual conference, IRIS World. The UK’s largest accountancy software provider will explain how it is setting the future standard for tomorrow’s practices while continuing to serve the firms of today.
IRIS will announce several making tax digital (MTD) developments to ensure accountancy professionals are ready ahead of the MTD deadline of 1 April 2019, as well as further products and services to make accountants lives simpler, more effective and more productive.
Sion Lewis, CEO of IRIS Accountancy Solutions explains, “As the industry transforms, services are advancing beyond compliance services to business advice. Our blueprint sets out the journey for accountancy firms to digitally manage and optimise every step of their client journey, from first touch to filing of final accounts. This wealth of client data also enables practices to develop new services as well as streamline business processes.
Future standard of the industry
“We are looking forward to revealing the future standard of the industry which will liberate the desktop IRIS compliance suite data and extend the scope of the software to serve the needs of practices as they thrive in the digital economy.”
Sion Lewis will commence the day’s proceedings, setting out the IRIS strategy and highlighting new products. Chief product and marketing officer, Nick Gregory, and Steve Cox, chief evangelist will detail the product strategy in context of industry progression. Lee Hawksworth, HMRC's head of software developer collaboration, will explore what lies beyond MTD for the government.
IRIS will also host an industry panel with the leading figureheads of HMRC, Companies House, ACCA, ICAEW and ICAS debating the impact of the digital economy, technology and legislation on the accountancy market, the problems that await and how the profession will have to evolve.
ICAEW tax conference: from a non-accountant's viewpoint!
I never thought I'd hear myself saying: "I've just been to a chartered accountants' conference about tax and really enjoyed it."
But that's exactly what happened to me last Friday when I popped up to the City of London for an ICAEW event entitled Deconstructing Tax.
Now, I'm not saying I understood everything that was said, nor am I going to drop everything and retrain as a CA. (For a start I'm 56 and, even if I were a bit younger I don't think my brain would be up to the challenge!)
Number crunching contemporaries
But I learned a lot and, hopefully, my face will look slightly less baffled next time I'm chatting accountancy with my number-crunching contemporaries.
First up at the grand HQ of the Institute of Chartered Accountants England and Wales was renowned tax expert and lecturer Rebecca Benneyworth.
She took to the stage gingerly, wearing a leg-supporting boot following an accident. But Rebecca still delivered her session with amazing energy and poise, keeping her audience interested in key tax issues of the finance bills of 2018-19 for a full hour.
Even with a few amusing asides on Teslas (of which she is a proud leasee) and family matters, that's no mean feat.
On the side of freedom
John Cassidy, partner at Crowe Clark Whitehill LLP, focused on HMRC inquiries - their myths, developments and cases.
With a fairly low-key style John is incredibly detailed and well informed - and firmly on the side of freedom of the individual.
On the Data Protection Act, he says: "The idea is to protect data, not make you give it up." This refers to some of the fast-and-loose practices adopted by HMRC inspectors in trying to extract information.
John is excellent at getting to the point...
"The power to inspect does not allow a search for assets or documents. Inspect means to look at what you can see but not look for something you can't."
And as a rule of thumb: "Inspect is by eye, search is by hand."
Technical and challenging
"Topical issues for owner managed business sales" does not sound that enticing. But Peter Rayney makes a technical and challenging area accessible with an injection of energy, dry humour and imagination.
For instance, his examples of companies being bought, sold or hived down for the purposes of Substantial Shareholding Exemption take on the guise of Seventies music heroes. So Baez Ltd is owned by Joan and Bob (presumably Dylan).
Or The Motown Group plc sets up a trading subsidiary called (Stevie) Wonder Ltd. In the degrouping portion of the talk we are even introduced to Coldplay Ltd.
Great stuff but, for now anyway, please address your SSE questions to Peter.
Cybersecurity issues
Donna Dimmack of Lloyds Banking Group led the conference into lunch with a light, user-friendly but relevant presentation on the all too serious issue of cyber-crime.
Judging by the lively QA session at the end, I get the impression we should all be doing more to improve our online security and vigilance.
Off-rollpayroll working
After a little time to network after lunch, it was back to business when the focus turned to the hot topic of off-roll payroll working.
Sharon Cooke of accountants' training group Swat took on IR35 - Reflecting on the public sector changes.
IR35 is set to rumble on and on ... in fact the ICAEW is running a webinar on this very subject on October 24.
ICAEW on tax and MTD
The day concluded with some practical points from the ICAEW's Tax Faculty team.
Frank Haskew, Anita Monteith, Sue Moore and Carol Miskin provided valuable insights on the profession's thinking on subjects such as Brexit, agent services accounts and amending corporation tax returns.
On Philip Hammond's Budget, set for October 29 the ICAEW has one simple message: "Don't do anything!"
I couldn't have put it better myself.
And capping off an educational day, who better that ICAEW president Paul Aplin on the perils and pleasures of MTD!