ACCA’s Policy Team is working to develop recommendations and lobby for government policy to support members and the businesses they advise. The team maintains close relationships with a number of government departments and ministers to ensure that members have clear and relevant guidance.
Members have been sharing a range of helpful insight and experiences which we have reported back in response to government requests for business intelligence and our targeted lobbying and we continue to welcome a broad range of views and insight from members to shape lobbying at UKPolicy@accaglobal.com
SME Cashflow Survey
At the beginning of the Covid-19 lockdown period, ACCA UK launched a survey in collaboration with the Corporate Finance Network (CFN) to identify the urgency and prevalence of liquidity concerns for businesses. This month alone, ACCA member feedback has received coverage in the Daily Telegraph,Sunday Times and City AM among many others.
Recent data shows a jump in the number of clients liquidating or dissolving their business from 2.9% a month ago to 5.4% this month. 23% of practice clients feel they will be unable to reopen their business with social distancing guidelines in place compared to a month ago.
We urge members to share their views and client experiences here.
Ongoing engagement with HMRC
ACCA regularly attends a number of HMRC forums and this month we have taken part in meetings with the HMRC Representative Body Steering Group, Employment and Payroll Group, Agent Digital Design Advisory Group and CJRS Stakeholder Group. We were able to raise several critical areas of member feedback including simplification of agent applications for CJRS, Director Payroll Applications and CBILS take-up. HMRC has noted member concerns and ACCA will share relevant feedback or actions with members in due course.
Following on from the above joint survey with CFN that revealed just 27% of clients had written financial forecasts or business plans that had been reviewing in light of Covid-19, ACCA has joined a new campaign to #LeaveNoBusinessBehind.
The campaign aims to provide additional support to the accounting profession to contact clients directly to plan for recovery, in order to prevent business owners from ‘sleepwalking into insolvency’ over the next 12 months. Members can watch the campaign launch here. Greater government support and industrial strategy advocacy for business planning and professional advice is a central part of ACCA’s policy positioning.
Upcoming engagements and invitations for member collaboration:
ACCA will be preparing responses to the following consultations and welcomes member feedback and evidence to UKPolicy@accaglobal.com: