Technical and Insight
FRS 102: a great early change
Welcome changes ahead in FRED 67.

Welcome changes ahead in FRED 67.

Well done FRC. Last month we highlighted that the triennial review has taken place and the FRC in FRED 67 Draft amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland is proposing a few welcome changes to FRS 102.

The changes proposed were aimed at areas that caused businesses and their advisers problems and included measuring directors’ loans at present value. This proposed amendment is effective now and can be used for accounts filed from now on.

The FRC has said that it recognises that issue of directors' loans it addresses in FRED 67 should be able to be applied now and that by allowing early adoption before the consultation on FRED 67 and finalisation of the changes it will save many businesses the problems of applying the present value rule for one year and reversing it in the next year. It has stated that businesses with periods beginning on or after 1 January 2016 – so 31 December 2016 year ends – can adopt the treatment as set out in FRED 67 and have allowed small entities, if they wish, to be exempted from paragraph 11.13 which contained the present value treatment.

This is the amendment:

‘The FRC is amending FRS 102 to insert the following (inserted text is underlined):

1.15A   A small entity, as an exception to paragraph 11.13, may measure a basic financial liability that is a loan from a director who is a natural person and a shareholder in the small entity (or a close member of the family of that person) initially at transaction price.  Subsequently, for the same financial liability, a small entity is also exempt from the final sentence of paragraph 11.14(a).

This amendment is effective immediately with retrospective application available; it shall not be applied directly, or by analogy, to any other transaction, event or condition.’

The consultation closes on 30 June and can be viewed here, while you can also view the press announcement.

You are welcome to send your comments to ACCA at 

More information and your chance to ask questions
Register now for our free webinar on 21 June with FRC’s Director of UK Accounting Standards Jenny Carter, who will look at these changes in more detail.


Directors’ loans – HMRC’s view
HMRC has updated its agents’ tool kit relating to directors' loans. 

HMRC has updated its agents’ tool kit relating to directors' loans. 

This is aimed at helping and supporting tax agents and advisers by providing guidance on the errors which commonly occur. The guidance refers mainly to the effect on the individual’s tax return. However, it may also be helpful to anyone who is completing a company tax return.

Although it is not compulsory for ACCA members to follow this kit, it is very important that they are aware of its contents as it effectively gives HMRC’s ‘view’ on the risk areas. In other words it clearly shows the areas that HMRC is concerned about.

The update was released on 9 May 2017 so now is a good opportunity to review this important area in conjunction with HMRC’s publication.

The tool kit takes the form of a checklist which the agent is encouraged to fill in when they are dealing with a tax return for a relevant client. The relatively straightforward questions have a YES, NO or N/A answer which doesn’t provide too much of a problem. However, don’t switch off just because these seem to be obvious. The areas that are of most interest are contained in their guidance on risk areas. These make it clear that agents should be thinking about some general areas (guidance is set out before the checklist) and some specific areas (set out after the checklist).

We have summarised the major risk areas:

Wholly and exclusively
A company may not deduct expenditure in computing its taxable profits unless it is incurred wholly and exclusively for the purposes of the trade. As companies are separate legal entities that stand apart from their directors and shareholders they do not incur personal expenses. However, many companies, particularly 'close' companies, pay for personal expenses of the directors. It is important to note that where payments, either made to or incurred on behalf of a director, do not form part of their remuneration package, these amounts may not be an allowable company expense. In such circumstances it may be appropriate for these items to be set against the director's loan account. Establishing whether a payment forms part of a director's remuneration package can be complex.

The kit then directs the user to the enquiry manual which gives their opinion on the above. If you follow this link you will see that the language in the manual is suddenly more robust. For instance the enquiry manual starts off with the strong statement:

In close companies, there is a strong possibility that the business will be used to pay private expenses of the owners.So it’s clear that agents need to make sure that their clients are aware of the differences between private v business expenses and how these are declared.

Personal expenditure
The second risk area follows on from the above so this is clearly the focus. There are two points made:

  1. It is important that any personal expenditure incurred by the director and paid by the company is allocated correctly. Where the expenditure forms part of the remuneration package it will be an allowable expense of the company and the appropriate employment taxes should be paid.
    Note that this emphasises the approach recently taken by HMRC to encourage employers to payroll benefits and personal expenditure.
  2. A review of particular accounts headings may identify directors' personal expenditure that has not yet been allocated appropriately. Transactions should normally be recorded as they occur and a detailed transaction history maintained, so that it is possible to identify the director's loan account balance on any given date.
    If transactions are not posted at the time they occur, for example if they are only posted at the year end, an overdrawn balance during the year may be overlooked.

Many small companies will only have their records ‘officially’ written up once a year as part of the annual accounts preparation. So HMRC is pointing out that the balance of the DLA should be known on any given date rather than once a year as part of a separate exercise.

It also highlights the risk that credits to the DLA need to be calculated properly as clearly these could be used to reduce any overdrawn balance:

If transactions are not posted at the time they occur, for example if they are only posted at the year end, an overdrawn balance during the year may be overlooked.

With the additional requirement of making tax digital coming our way soon, it is important that clients are aware of their record keeping responsibilities. Remember that the statutory accounting records that need to be kept are:Companies Act 2006 s.386 Duty to keep accounting records

  1. Every company must keep adequate accounting records.
  2. Adequate accounting records means records that are sufficient—
    (a) to show and explain the company's transactions,
    (b) to disclose with reasonable accuracy, at any time, the financial position of the company at that time, and
    (c) to enable the directors to ensure that any accounts required to be prepared comply with the requirements of this Act (and, where applicable, of Article 4 of the IAS Regulation).
  3. Accounting records must, in particular, contain—
    (a) entries from day to day of all sums of money received and expended by the company and the matters in respect of which the receipt and expenditure takes place, and
    (b) a record of the assets and liabilities of the company.
  4. If the company's business involves dealing in goods, the accounting records must contain—
    (a) statements of stock held by the company at the end of each financial year of the company
    (b) all statements of stocktakings from which any statement of stock as is mentioned in paragraph (a) has been or is to be prepared, and
    (c) except in the case of goods sold by way of ordinary retail trade, statements of all goods sold and purchased, showing the goods and the buyers and sellers in sufficient detail to enable all these to be identified.

Loan accounts
Commonly, but not exclusively, loans or advances are made to directors of close companies through their loan accounts. Where a director (who is also a participator) has a loan account that is overdrawn this should be reviewed to consider whether the company is liable to pay S455 tax.

The above sounds obvious but HMRC is emphasising the point that overdrawn loan accounts may be treated the same as direct loans. Again the record keeping may have a bearing on this.

Further guidance is available on participators and close companies. This is worth reviewing. Remember: 

  • S455 tax does not apply to directors who are not also participators and
  • only applies if the company is a close company at the time the loan or advance is made.

Normally each director has a separate loan account; indeed each director may have more than one account. Where there are separate accounts for individual loans/indebtedness each account should be considered separately for S455 purposes even where the loans are to the same person. If accounts are aggregated inappropriately this can result in an underpayment of S455 tax. The position, however, is different if the facts show that there is genuinely a joint account. It would, though, be unusual to find two directors operating a genuine joint account unless they are spouses, civil partners or otherwise closely related individuals.

The clear risk being that one director’s DLA balance is offset against another to reduce/avoid S455. Agents should ensure that records are kept of all individual balances and that (where necessary) the directors should confirm these in writing to evidence agreement on contentious entries/issues.

HMRC would like to hear about your experience of using the toolkits to help develop and prioritise future changes and improvements. HMRC is also interested in your views of any recent interactions you may have had with the department.

Send HMRC your feedback

IHT changes on the horizon
Inheritance tax threshold increased to £1m by 2020-21.

Inheritance tax threshold increased to £1m by 2020-21.

From 6 April 2017, a new inheritance tax Residence Nil Rate Band (RNRB) is available (in addition to an individual's own nil rate band (NRB) of £325,000), conditional on the family home being passed down to direct descendants (eg children, stepchildren, grandchildren and/or their spouses). 

Clearly, the threshold changes, decedents and ‘main residence’ requirements need to be considered as part of any IHT planning with clients.

Maximum amount
It is phased in for deaths on or after 6 April 2017, at the maximum following amounts:


Maximum residence nil rate band









For later years, the maximum additional threshold will increase in line with the consumer price index.

The headline £1m inheritance tax threshold is reached by a married couple or civil partners by combining their nil rate bands and their residential nil rate band (2X NRB of £325,000 plus 2x RNRB of £175,000).

The existing nil rate band will remain at £325,000 from 2018 to 2019 until the end of 2020 to 2021.

Tapering the residence nil rate band
There is a tapered withdrawal of the additional nil rate band for estates with a net value of more than £2m. The withdrawal rate is £1 for every £2 over this threshold.

While the relief is calculated by reference to the value of the residential property transferred on death, it is applied across all of the chargeable estate.

The value of the estate is the total of all the assets in the estate less any debts or liabilities. When you work out the value of the estate for taper purposes, you do not deduct exemptions such as spouse exemption, or reliefs such as agricultural or business property relief. However, you ignore assets that are specifically excluded from IHT (excluded property).

Qualifying property
Only one residential property will qualify. It will be up to the personal representatives to nominate which residential property should qualify if there is more than one in the estate.

The residential property must have been occupied by the individual as a residence at some time, but does not need to have been their main residence. It is possible to choose which property obtains the relief via an election. A property which was never a residence of the deceased, such as buy-to-lets, cannot be nominated.

The additional nil rate band is also available when a person downsizes or ceases to own a home on or after 8 July 2015 and assets of an equivalent value, up to the value of the additional nil rate band, are passed on death to direct descendants.

In those circumstances the RNRB will still be available, provided that:

a)    The property disposed of was owned by the individual and it would have qualified for the RNRB had the individual retained it
b)    The replacement property and/or assets form part of the estate and pass to descendants.

Unused additional threshold
For deaths prior to 6 April 2017, the surviving spouse will be able to claim the deceased person’s RNRB (as it would have been impossible for them to use it). So 100% of the additional threshold will be available for transfer unless the value of their estate exceeded £2m and the additional threshold is tapered away.

It is the unused percentage of the additional threshold that is transferred, not the unused amount. This is transferred in a similar way to the existing basic Inheritance Tax threshold. This ensures that if the maximum amount of additional threshold increases over time, the survivor’s estate will benefit from that increase.

It does not matter when the first of the couple died, even if the death occurred before the additional threshold was available.

Residence nil rate band and gifts
The additional threshold only applies to the estate of a person who has died. It does not apply to gifts or other transfers made during a person’s lifetime. This includes gifts that become taxable because they have been made within seven years of a donor’s death.

Where someone gives away their home and continues to benefit from it, for example, by living in the property, HMRC treats that home as being included in the estate (gift with reservation). So the additional threshold may be available for that home if it is given away to a direct descendant.

Residence nil rate band and trusts
The residence nil rate band may be lost if the property is placed into a discretionary will trust for the benefit of the children or grandchildren.

However, if the trust gives a child or grandchild an absolute interest or interest in possession in the property, the RNRB can still be claimed. The important point to note is that the trustees must use their discretionary powers within two years of the date of death to make the best use of the RNRB.

Other trusts such as Bereaved Minor Trusts, 18 - 25 Trusts and Disabled Persons' Trusts will also retain the additional nil rate band.

IHT planning
Those whose estates exceed £2m could consider making lifetime gifts, if appropriate, to bring their estates below the threshold. However, it will be necessary to consider the capital gains tax implications.

If a surviving spouse is the beneficiary of a life interest trust it may wish to check that the children will benefit on her/his death so as to qualify for the allowance.

For further guidance including case studies please see HMRC guidance

Stamp duty when purchasing residential properties
A 60 seconds refresher on a key aspect of stamp duty.

A 60 seconds refresher on a key aspect of stamp duty.

It is just over a year since the additional rates of stamp duty were introduced. From 1 April 2016 an additional 3% Stamp Duty Land Tax (SDLT) applied when a person or couple purchases a residential property and more than one property is then owned by that person or couple.

SDLT is charged on the portion of the cost of a property that falls into various bands.

Band                          Rates applied to one property    Additional property rates
£0 - £125k                             0%                                                      3%
£125k - £250k                       2%                                                      5%
£250k - £925k                       5%                                                      8%
£925k - £1.5m                       10%                                                    13%
£1.5m plus                            12%                                                    15%

Transactions under £40,000 do not require a tax return to be filed with HMRC and are not subject to the higher rates.


  1. The higher rates will not apply if at the end of the day of the transaction an individual owns only one residential property. That property may be used for any residential purpose.
  2. If a person owns more than one property at the end of the day of a transaction, the higher rates will not apply if they have replaced a main residence. Individuals will not be able to elect which of their residences is their main residence, as they can for capital gains tax purposes.

When can the additional 3% SDLT be reclaimed?
If a residential property is purchased to replace a main residence, but that previous main residence has not been sold at the end of the day of the transaction, then the additional 3% SDLT will be payable on the purchase. However, this will be refunded if the previous main residence is sold within 18 months of the transaction.

How to decide which property is the main residence
HMRC will take into account a number of factors when considering whether a given property is an individual’s main residence. These include: 

  • where the individual and their family spend their time
  • if the individual has children, where they go to school
  • at which residence the individual is registered to vote
  • where the individual works
  • the location and degree of furnishing and location of moveable possessions
  • the correspondence and registration addresses given to various organisations.

The government proposes a two stage test to determine whether a purchase of a residential property is a replacement of a main residence or not.

Stage 1
Whether, at the time of the transaction, a property sold in the last 18 months was the only or main residence of the individual. When considering the first stage of the test, the property being sold must have been the only or main residence of the purchaser at some point in the 18 months before the purchase of the new property. In the majority of cases, an individual owns only one residence throughout a period, and it is this residence that will be their only or main residence.

Stage 2
This second stage of the test is prospective and based on whether the purchaser intends to use the newly purchased property as their only or main residence. Where an individual has made plans at the date of purchase to move into the new property as their only residence, it will be obvious that the intention test is met.

Where evidence clearly shows that either another property will continue to be their main residence or that the property is purchased for some other purpose (such as use of a buy-to-let mortgage or other evidence of an intention to market the property for rent) the transaction will not be a replacement of a main residence.

Married couples and civil partners
For the purpose of determining the rate of SDLT to be applied married couples and civil partners will be treated as one unit. Therefore married couples and civil partners who own one property at the end of the day of a transaction will not pay the higher rates of SDLT. However, if either of them owns more than one residential property or if they each own one residential property then the higher rate of SDLT may be payable when purchasing another property.

Married couples and civil partners are treated as living together, and therefore as one unit, unless they are separated: 

  • under a court order; or
  • by a formal deed of separation executed under seal.

In each case the marriage or civil partnership must have broken down. Where a married couple or civil partners sometimes live apart, but the relationship has not broken down, then they will be treated as one unit. Which property is the couple’s main residence will be determined by the facts.

These higher rates were introduced by the Finance Act 2016 sections 127 to 133.

Further guidance
HM Treasury has issued further guidance on this subject.




Cost of UK insurance could be hit by government ruling
The cost of some insurance in England and Wales could increase, following changes to the discount rate.

The cost of some insurance in England and Wales could increase, following recently announced changes to the discount rate.

The discount rate applies to lump-sum compensation payments awarded to personal injury or fatal accident claimants for future losses. The compensation is reduced by the value of the discount rate, which is the assumed rate of return on investing the lump sum. The higher the rate, the lower the initial lump sum needs to be, and vice versa.

The decision to reduce the discount rate is likely to increase costs for insurers, who might then pass on some of these costs to UK policyholders.

Employers’ liability, motor insurance (personal and commercial) and healthcare are most likely to be affected, because these include a high proportion of long-term injury claims.

What happened?
The discount rate had been set at 2.5% since 2001. However, on 27 February Lord Chancellor Elizabeth Truss announced that the discount rate would be reduced to -0.75%. The new rate came into effect on 20 March 2017. This significant reduction could increase costs for insurers and companies with higher self-insured retentions in two ways: 

  1. reserves for past claims that have not yet been paid might have to rise
  2. the cost of future claims will also rise.

The Association of British Insurers (ABI) called the reduction in discount rates a ‘crazy decision’. The personal injury lawyers’ trade group, however, said it was 'long overdue’. The Ministry of Justice said it had no choice under the current law.

Impact on insurance
It is unclear exactly how much the cost of some insurance might be affected by this change, or when. And any change in the cost of insurance may not be solely the result of this discount rate reduction. However, various estimates have been made on the likely impact, including: 

  • The Association of British Insurers (ABI) estimated that up to 36m individual and business motor insurance policies could be affected.
  • The ABI also estimated the total cost to insurers in increased liabilities could be as much as £7bn – equivalent to twice the cost of the 2007 floods.
  • PwC has predicted that the cost of an average comprehensive motor insurance policy will rise by up to £75, with higher increases for younger drivers and older drivers.
  • Admiral estimated the change in discount rate could cost them as much as £175m, while Direct Line said it would reduce profits by up to £230m. (Both motor insurers saw their shares drop sharply following the announcement.)
  • Where negligence claims are made against the NHS, the bill could rise by £1bn, said the Treasury. However, the NHS Litigation Authority will be compensated for any extra cost, said the government.

The Chancellor of the Exchequer, Philip Hammond, will meet with insurance industry representatives to assess the impact of the rate change. There will be a consultation before Easter to consider options for reform.

Lockton will provide a full analysis of this issue and its likely impact once its full significance becomes clear. We will also update you on material developments as they occur. If you would like further advice in the meantime, please contact your Lockton representative.

Lockton Companies LLP is ACCA’s recommended broker for Professional Indemnity Insurance. For information, please contact Lockton on 0117 906 5057.

 Authorised and regulated by the Financial Conduct Authority. A Lloyd’s broker.

Minimum wage – employers of all sizes are getting it wrong
Smaller employers sometimes struggle with the calculation of the national minimum wage (NMW).

Smaller employers sometimes struggle with the calculation of the national minimum wage (NMW).

Areas like differing rates, age issues, apprenticeship rules and the national living wage all add to the complexities of complying with payroll administration.

However, recent reports show that ‘household name’ employers can also get it wrong. The latest big name to announce problems with NMW was the John Lewis Partnership.  In its recently published annual report the chairman’s statement revealed that:

Since announcing our unaudited profit before tax on 9 March 2017, a further exceptional charge of £36m has been recorded for the year ended 28 January 2017. We have identified that some of our pay practices, though designed to help Partners, have technically not complied with the National Minimum Wage (NMW) Regulations.

The £36m exceptional charge principally relates to payments that are required to be made to recipient Partners and former Partners for the previous six years.

We are now required to make good those amounts.

The full report is available here. 

The John Lewis Partnership famously treats its current and former workers as partners and operates a pay practice which levels out income to ensure staff receive the same monthly salary, regardless of how many hours they work each month. So this policy, designed to help workers, fell foul of the NMW laws because of timing issues.

Other large companies that have recently hit the NMW headlines in 2017:

In March 2017, Tesco contacted many employees to inform them of underpayments made which were discovered during a review of the wages system. The error was reported to be around £10m in total and was blamed on a technical error relating to staff contributing part of their salary to pensions, childcare and cycle to work schemes.

Argos has been fined after an HMRC investigation revealed that underpayments had been made of around £2.4m. These related to time spent by the workers in briefings and security searches before or after their normal shifts.

Debenhams were also named and shamed by HMRC after an investigation found that due to technical errors underpayments were made to nearly 12,000 of its workers.

Tip of the iceberg
Unfortunately these high profile companies only represent a fraction of the employers who get the calculations wrong.

In February 2017 the government published a ‘name and shame’ list of more than 350 employers who had not paid the national minimum or living wage.

The Department for Business, Energy and Industrial Strategy named 359 businesses which underpaid 15,513 workers a total of £994,685, with employers in the hairdressing, hospitality and retail sectors the most prolific offenders.

As well as recovering arrears for some of the UK’s lowest paid workers, HMRC issued penalties worth around £800,000.

The full list includes a mix of large/small companies and shows that size is not a barrier to falling foul of the NMW regulations.

Model accounts for charities
The Charity Commission has updated its accounts pack for charitable companies with income under £500,000.

The Charity Commission has updated its accounts pack for charitable companies with income under £500,000.

CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102 for charitable companies provides templates, suggested notes and explanation, and highlights that they have been updated for Update bulletin 1, which applies for accounting periods beginning after 1 January 2016.


Gift aid: small donations
On 6 April 2017, some of the rules for the Gift Aid Small Donations Scheme (GASDS) were changed.

On 6 April 2017, some of the rules for the Gift Aid Small Donations Scheme (GASDS) were changed.

These changes can be summarised as follows:

  • The maximum amount of GASDS top up you can claim is 10 times the total amount of Gift Aid donations claimed on by the charity or CASC in that tax year. For example, to claim a top-up payment on £100 of small donations you need to successfully claim Gift Aid on at least £10 of eligible donations in the same tax year.
  • Donations will be eligible as long as the managers of the charity or CASC have taken reasonable steps to apply the £20 limit.
  • For both charities and CASCs, the maximum donations limit is £8,000 per tax year. This limit applies to eligible small donations collected anywhere in the UK. Charities can choose whether to claim top-up payments on one of either:




Practice note 16 under review
The FRC has questioned the need for PN16.

The FRC has questioned the need for PN16.

It proposes to withdraw Practice Note 16 Bank Reports for Audit Purposes in the United Kingdom, and provide additional requirements to ISA (UK) 330 – The Auditor’s Responses to Assessed Risks and ISA (UK) 505 – External Confirmations.

It proposes that the changes would apply to the audit of financial periods beginning on or after 15 December 2017. The following two clauses would be inserted into the ISAs:

  • pro-forma templates to obtain bank confirmations in the United Kingdom which have been agreed with the British Bankers’ Association on behalf of the industry
  • in the UK, depending on the auditor’s risk assessment, the auditor considers whether confirmation is needed in relation to additional information such as trade finance transactions and balances or information about guarantees and other third party securities, in addition to the confirmation of balances and other banking arrangements usually provided in such a request.




Client notification letters
Deadline approaching to contact clients.

Deadline approaching to contact clients.

If you have not yet sent client notification letters to relevant clients, these should be sent by 31 August.

The International Tax Compliance (Client Notification) Regulations 2016 (SI 2016/899) amend the previous 2015 regulations and require certain financial institutions and professional advisers to contact their UK tax resident clients who have overseas income and assets. HMRC has said in its guidance that financial institutions and advisers falling under the obligations should: 

  • notify them [clients] about information HMRC will receive under automatic exchange of financial information agreements with more than 100 jurisdictions
  • remind them [clients] of their tax obligations
  • highlight how they [clients] can make a disclosure
  • warn them [clients] about the increasing penalties and possible criminal prosecution if they fail to declare offshore assets.

The obligation is placed on financial institutions and also individuals and companies who provide advice or services to individuals relating to offshore accounts, income or assets. They are referred to within the legislation and guidance as a Specified Financial Institution and a Specified Relevant Person.

Tax advisers are clearly referenced within the guidance material. The ‘specified’ firms and individuals are required to identify those clients falling within the legislation and send notifications in the form prescribed by the regulations to them on or before 31 August 2017.


Reaching out to government, regulators and influencers
Browse Policy Matters - our summary of recent engagement with government, regulators and influencers.
Policy Matters is our newsletter which summarises recent engagement with government, regulators and other decision-makers who influence the areas that matter to practitioners and SMEs.

In this issue read about:

  • Making tax digital
  • ACCA's general election manifesto
  • International trade and investment
  • Govenment's industrial strategy consultation
  • Productivity and economic growth

View Policy Matters now
Shaping your ACCA - you speak, we listen
Results of major member consultation exercise to be revealed.

ACCA is running a series of sector-specific focus groups across the UK for members working in public practice, the corporate sector, financial services and internal audit.

Nearly 200 members will be attending 24 meetings in 12 different locations providing insight into their working lives and what their ACCA membership means to them.

In a webinar on 11 July, John Williams, Head of ACCA UK and Kevin Reed, former editor of Accountancy Age, will provide an overview of the findings of those meetings. A further webinar in October will examine what ACCA can do in response to this valuable member feedback to better support all members.

Register for both of these webinars now

Late payment roadshows
ACCA is hosting seven roadshows across the UK which will provide insights into the effect of late payments on businesses.

Is late payment an issue for you? ACCA is hosting seven roadshows across the UK which will provide insights into the effect of late payments on businesses, together with practical advice on how to deal with late payments and how to speed up collection. 

The main speaker at each roadshow – Ashley Smith FCCA, FD of CADA Design Group – will also participate in a local running race in each location; you are welcome to join him, or just cheer him along the route! Full details below.

Locations and how to book
Click on the location below to secure your place online now. Each event begins at 18:00 and closes at 20:30, is free to attend and provides two CPD units.

Glasgow – Friday 28 July
Fort William Marathon

Southampton – Friday 8 September
New Forest Marathon, Half, 10k or 5k

Hull – Friday 29 September
Mablethorpe Marathon

Swansea – Monday 13 November
Endurance Life Gower, Ultra, Marathon, Half & 10k

Limited places are available on a first come, first served basis; follow the links above to secure your place now!

Member Engagement Conference
Two day event brings together members and ACCA's senior staff and decision-makers.
ACCA's annual Member Engagement Conference took place on 19-20 May at the Forest of Arden (near Birmingham). The event brings together representatives from all of ACCA's regional and business sector members' network panels, together with Council members, ACCA's chief executive Helen Brand, her executive team and key ACCA staff.

A packed programme included a strategic update, sessions on member advocacy and ACCA's new qualification, the popular 'Question Time' session - which sees ACCA's president, chief execuitve and other key staff field questions from the floor - and an interview with Charlotte Edwards MBE, one of England's greatest ever sportswomen. 

The Practitioners' Network was represented by Russell Geary and Jane Heard (pictured).
Autumn Update for Practitioners
Book now for sessions on accounting, auditing and tax.

Autumn Update for Practitioners: Accounting and Auditing Conference

4 November, London

Autumn Update for Practitioners: Taxation Conference

9 December, London

CPD units: 7 CPD units per conference 

1 conference                 £155
2 conferences               £143 per conference/delegate
3 or more conferences   £129 per conference/delegate

Discounts apply to any number of delegates from one firm. To qualify the bookings must be made together. Please note the prices quoted are per person, per conference. For flexibility, delegates booking two or more conferences can mix and match from the Saturday CPD Conferences and the Autumn Update Conferences.

Saturday CPD Conferences
Limited places available for these popular CPD courses across the UK.


These conferences are the ideal way to keep your professional knowledge up-to-date and get your CPD without disrupting your working week. The conferences consist of four sessions which makes it a cost-effective way of staying informed about the latest technical issues. 

These events are always in demand from practitioners; click on the conference title to find the location closest to you and book your next conference(s) now.

Saturday CPD Conference Two

  • 3 June - Glasgow
  • 17 June - Birmingham
  • 24 June - Sheffield
  • 1 July - London

Saturday CPD Conference Three

  • 30 September - Glasgow
  • 14 October - Bristol
  • 21 October - Birmingham
  • 28 October - Swansea
  • 4 November - Manchester
  • 25 November - Sheffield
  • 2 December - London.
Webinar: Changes to FRS 102
The FRC’s Director of UK Accounting Standards Jenny Carter joins us for a webinar examining changes to FRS 102.

Webinar: Changes to FRS 102
Date: 21 June
Time: 12:30-13:30

Register your free place now

The FRC has published FRED 67 draft amendments to FRS 102. The amendments included the following main changes:

  • the removal of undue cost or effort exemptions which are replaced, when relevant, by accounting policy options (in particular proposing an accounting policy choice for entities that rent investment property to another group entity)
  • the introduction of a description of a basic financial instrument
  • for small entities, allowing loans from a director who is a natural person and a shareholder in the small entity to be initially measured at transaction price rather than present value
  • reduced requirements to separately recognise intangible assets acquired in a business combination separately from goodwill (although entities may choose to separately recognise additional intangible assets acquired in a business combination if this provides useful information)
  • amendments to the definition of financial institutions to remove references to ‘generate wealth’ and ‘manage risk’

Speakers will include the FRC’s Director of UK Accounting Standards Jenny Carter and ACCA's Richard Martin (Subject matter expert - corporate reporting).

British Accountancy Awards 2017
Will your firm be recognised as one of the best in the country?
Entries are now open for the British Accountancy Awards 2017!

Widely-recognised as celebrating the best of the accountancy sector in the UK, ACCA members and their firms have a strong track record of success at the awards in recent years. Last year Norwich-based Farnell Clarke - lead by partner Will Farnell FCCA - took home three awards, namely Most Innovative Practice, Independent Firm of the Year and Independent Firm of the Year East England.

Defining innovation
In selecting Farnell Clarke as the most innovative practice, the judges commented: 'Really interesting entry and great to see some of the innovation taking place. The transfer of Kashflow to Xero is impressive and the change of culture to attract younger, more tech savvy staff shows innovation.' 

Benefits of winning
We asked Farnell Clarke what winning the Most Innovative Practice meant to them: 'It’s great to be able to tell our customers, colleagues and partners that they’re working with – officially – the Best Independent Firm in the East of England and the Most Innovative Practice in the UK. But more than just the prestige, winning the awards has given us a renewed sense of purpose and confidence. Attracting talented, professional and ambitious staff is always a challenge, especially in a relatively small and rural county such as Norfolk. But being able to tempt people with our award-winning status is definitely a plus."

The deadline for entries is Friday 7 July. A strong entry takes time to create. Why not put the awards on the agenda for your next practice meeting and start the process towards being recognised as one of the best accounting practices in the UK. Download an entry pack and full details of how to enter on the dedicated website. The 2017 categories include:


  • Rising Star of the Year
  • Partner of the Year

  • International Firm of the Year
  • National Firm of the Year
  • Mid-Tier Firm of the Year
  • New Practice of the Year


  • Independent Firm of the Year (Scotland & North, England)
  • Independent Firm of the Year (Wales & Midlands, England)
  • Independent Firm of the Year (South, England)
  • Independent Firm of the Year (East, England)
  • Independent Firm of the Year (Greater London, England)


  • Accounting Innovation Project of the Year
  • Graduate and Non-Graduate Programme of the Year
  • Best Client Project of the Year
  • Outstanding Community Engagement and Contribution


  • Tax Team of the Year
  • Audit Team of the Year


  • Excellence in Accounting/Finance Technology
  • Practice Software Product of the Year.
Queen’s Awards for Enterprise – enter your or your client’s business
Invest now for five years of recognition and other benefits.

Invest now for five years of recognition and other benefits. 

Nominations for The Queen’s Awards for Enterprise 2018 are now open! Entries are encouraged from businesses of all sizes, especially SMEs. The Queen’s Awards for Enterprise awards are valid for five years with materials being available to use during the period. The awards are for outstanding achievement by UK businesses in the categories of:

  • innovation
  • international trade
  • sustainable development
  • promoting opportunity through social mobility.

Many previous winners also report increased sales. The government states that ‘according to research by the University of Strathclyde, 73% of International Trade winners between 2012 and 2015 directly attributed increased international sales to winning a Queen's Award for Enterprise'.

The basic requirements:
To apply for the Queen’s Award for Enterprise your organisation – which can be business or non-profit – must: 

  • be based in the UK (including the Channel Islands and the Isle of Man)
  • file its Company Tax Returns with HM Revenue and Customs (HMRC)
  • be a self-contained enterprise that markets its own products or services and is under its own management
  • have at least two full-time UK employees or part-time equivalents
  • demonstrate strong corporate social responsibility.

For more information – or to apply before entries close on 1 September 2017 – visit the dedicated website

Employment law factsheets
Suite of employment law factsheets and suggested templates updated.

The suite of employment law factsheets and suggested templates has been updated.

These free factsheets provide more in-depth information on current employment law matters while the guides are designed to assist members who are providing information within the businesses they work in or members who provide information to clients.

The employment factsheets cover the following

  • The probationary employee
  • Working time
  • Age discrimination
  • Dealing with sickness
  • Managing performance
  • Disciplinary, dismissal and grievance procedures
  • Unlawful discrimination
  • Redundancy
  • Settlement offers
  • Family-friendly rights

These factsheets and guides are available on our website