Technical and Insight
Preparing for Brexit

A look at government guidance, including on VAT MOSS.

A look at government guidance, including on VAT MOSS.


The guidance issued by the government to businesses and consumers - How to prepare if the UK leaves the EU with no deal – contains guidance on each of the following areas:


  • applying for EU-funded programmes
  • civil nuclear and nuclear research
  • farming
  • importing and exporting
  • labelling products and making them safe
  • money and tax
  • regulating medicines and medical equipment
  • state aid
  • studying in the UK or EU
  • workplace rights.

The guidance continues to be updated and is useful for those undertaking general business planning. For example:

  • if preparing planning and forecasting material for a farming business the commentary on the farming funding guarantee until the end of the parliament (expected in 2022) is useful to have in a single place of reference
  • a business that wishes to continue to use the VAT MOSS system will need to register for the VAT MOSS non-Union scheme. ‘This can only be done after the date the UK leaves the EU. The non-union MOSS scheme requires businesses to register by the 10th day of the month following a sale. You will need to register by 10 April 2019 if you make a sale from the 29 to 31 March 2019, and by 10 May 2019 if you make a sale in April 2019.’
VAT vs. Brexit

What happens to VAT if there is no deal?

What happens to VAT if there is no deal?


Last month, the Department for Exiting the European Union issued guidance on how to prepare for Brexit if there is no deal.


ACCA issued a statement highlighting the main impact on the VAT situation once UK is out of the European Union on 29 March 2019. The aim of the guidance is to ensure that it builds more certainty and confidence in the business world. Initially within this guidance, 25 notices are published with more to follow in the near future.  


Current VAT rules

  • VAT is charged on most goods and services sold within the UK and the EU
  • VAT is payable by businesses when they bring goods into the UK. There are different rules depending on whether the goods come from an EU or non-EU country
  • goods that are exported by UK businesses to non-EU countries and EU businesses are zero-rated, meaning that UK VAT is not charged at the point of sale
  • goods that are exported by UK businesses to EU consumers have either UK or EU VAT charged, subject to distance selling thresholds
  • for services the ‘place of supply’ rules determine the country in which you need to charge and account for VAT.


Proposed VAT rules after 29 March 2019 if there’s no deal

The government’s aim will be to keep VAT procedures as close as possible to what they are now. Main highlights include the VAT changes that businesses will need to prepare for when:

  • importing goods from the EU
  • exporting goods to the EU
  • supplying services to the EU
  • interacting with EU VAT IT systems such as the VAT Mini One Stop Shop (MOSS)
  • any other matters.


The main announcements include:


1 Import VAT on goods imported into the UK

In a no deal scenario the current rules for imports from non-EU countries will also apply to imports from the EU. The government will introduce postponed accounting for import VAT on goods brought into the UK. This means that UK VAT registered businesses importing goods to the UK will be able to account for import VAT on their VAT return, rather than paying import VAT on or soon after the time that the goods arrive at the UK border. This will apply both to imports from the EU and non-EU countries. A separate guidance ‘Trading with the EU if there’s no Brexit deal’ is added to provide further details.


All goods entering the UK as parcels sent by overseas businesses will be liable for VAT (unless they are already relieved from VAT under domestic rules, for example zero-rated children’s clothing).


Import VAT will be payable on vehicles imported into the UK. Nevertheless certain reliefs will also be available as with current imports of vehicles from non-EU countries.


2 UK businesses exporting goods to the EU

Consumers: Distance selling arrangements will no longer apply to UK businesses. UK businesses will be able to zero rate sales of goods to EU consumers.


Businesses: VAT registered UK businesses will continue to be able to zero-rate sales of goods to EU businesses. But they will not be required to complete EC sales lists. UK businesses exporting goods to EU businesses will need to retain evidence to prove that goods have left the UK, to support the zero-rating of the supply similar to non-EU countries' exports. As each country would have its own customs rules, UK businesses should check the relevant import VAT rules in the EU Member State concerned.


UK businesses selling their own goods in an EU Member State to customers in that country will continue to be required to register for VAT in the EU member states where sales are made in order to account for the VAT due in those countries.


3 UK businesses supplying services into the EU

The current main VAT ‘place of supply’ rules will remain the same for UK businesses.


Digital services: UK businesses supplying digital services to non-business customers in the EU, the existing B2C ‘place of supply’ rule will continue to operate. VAT on services will be due in the EU member state within which the customer is a resident.


Insurance and financial services: It is possible that input VAT deduction rules for financial services supplied to the EU may be changed. More information will be updated in the due course.


4 EU VAT IT systems

The UK will stop being part of EU-wide VAT IT systems such as the VAT Mini One Stop Shop (MOSS).


MOSS: Businesses that want to continue to use the MOSS system will need to register for MOSS non-union scheme in an EU member state. The non-union MOSS scheme requires businesses to register by the 10th day of the month following a sale. You will need to register by 10 April 2019 if you make a sale from the 29 to 31 March 2019 and by 10 May 2019 if you make a sale in April 2019.


EU Tour Operators’ Margin Scheme: The Tour Operators Margin Scheme is an EU VAT accounting scheme for businesses that buy and sell on certain travel services that take place in the EU. HMRC expects a minimum impact on this scheme in a no deal situation.


5 Other matters

EU VAT refund system: UK businesses will no longer have access to the EU VAT refund system. UK businesses will continue to be able to claim refunds of VAT from EU member states by using the existing processes for non-EU businesses. 


EU VAT registration number validation: UK businesses will be able to continue to use the EU VAT number validation service to check the validity of EU business VAT registration numbers. UK VAT registration numbers will no longer be part of this service. HMRC is developing a system so that UK VAT numbers can continue to be validated. 


As all the above changes may or may not materialise, we will keep members informed about the updates. In the meantime it is still worth considering these changes when talking to clients and analysing their possible impact.


Related links:

Full guidance for VAT can be found on


Collection of guidance on how to prepare for Brexit if there is no deal is on to prepare


Assessing the international and domestic risks of money laundering

ACCA to conduct AML risk assessment.

ACCA to conduct AML risk assessment.


The 2017 UK anti-money laundering regulations state that each supervisory authority must identify and assess the international and domestic risks of money laundering and terrorist financing to which those relevant persons for which it is the supervisory authority are subject. This will assist the supervisory authority to focus its efforts on the higher risk areas.


To meet this regulatory requirement, during the coming weeks ACCA will be asking all its supervised firms to complete a risk questionnaire to obtain the necessary information.


The risk assessment will help us identify the areas of your business that pose a greater risk of money laundering and will enable ACCA to determine the risk profile of your firm.


The questionnaire will be sent to the contact person for each ACCA supervised firm and it is very important that the information provided is complete and accurate to ensure a fair assessment. Firms that do not complete the questionnaire within the established timescales may be classified as high risk and subject to an accelerated AML supervisory visit.


Section 4 of the CCAB anti-money laundering guidance for the accountancy sector highlights that businesses are required to analyse the money laundering or terrorist financing (MLTF) risks they face and make proportionate responses to them. It also requires those who supervise to assess the risk analysis the business has undertaken.


It is important to remember that the guidance is built on a proportionate risk-based approach. As the guidance states, the ‘risk-based approach requires evidence-based decision-making to better target risks. No procedure will ever detect and prevent all MLTF, but a realistic analysis of actual risks enables a business to concentrate the greatest resources on the greatest threats.’


A sole practitioner undertaking accounts preparation work with locally based clients who they meet face to face will have a different risk profile and policy from a large firm undertaking international tax work, holding client monies within client accounts and not meeting clients face to face.


ACCA produces a range of policy and procedures documents that members can adapt.


Changes to the Exempt Regulated Activities (ERA) rules

Prepare now for changes effective 1 October 2018.

Prepare now for changes effective 1 October 2018.


ACCA practices in the UK can carry out a limited range of regulated activities, known as exempt regulated activities, if they are registered through ACCA to carry out such activities and meet the eligibility criteria as specified in ACCA’s Designated Professional Body Regulations 2001.


What are the changes?

In 2016 the EU updated the regulatory framework for the sale of insurance by introducing the Insurance Distribution Directive (2016/97/EU) (IDD). This repeals and replaces the regulations relating to insurance mediation. The UK government has now implemented the Directive and its provisions will apply to accountancy firms from 1 October 2018. The main changes brought in by IDD which will affect members can be briefly summarised as:

  1. Professional indemnity insurance (PII) levels have changed for firms carrying out IDD activities (formerly known as insurance mediation) such as fee protection. These new limits apply from 1 October 2018.
  2. Where insurance contracts such as PII are involved, members need to provide a standardised insurance product information document (IPID), on paper or on another durable medium. This would normally be produced by the manufacturer of the contract of general insurance. Members need to be aware of the amount of information that needs to be sent to their clients and should ensure that the fee protection companies are properly preparing and supplying this.


Guidance for members

Following the issuing of the Insurance Distribution Directive, ACCA has revised its Rulebook relating to the Designated Professional Body Regulations. This will affect all ACCA firms which carry out exempt regulated activities (ERA).


We have also updated our guide to ERA – particularly which activities can/cannot be undertaken – in a question and answer format which is based on ACCA’s interpretation of the legislation and guidance issued by the FCA. Our guide covers the following areas:

  • registering with ACCA for ERA
  • investment business
  • corporate finance
  • mortgages
  • long-term care insurance
  • insurance distribution activities (including fee protection)
  • general advice
  • communications with clients.
How technology is changing our landscape

The Secret Accountant on…the cloud, apps and AI.

The Secret Accountant on…the cloud, apps and AI.


After many years in practice, I now find myself being faced by a world of cloud accounting systems, artificial intelligence and apps. 


And I hear that many in practice are now making a rapid exit for the door in the face of MTD, downward fee pressure for compliance work, and the emerging consensus that said cloud accounting packages can now pretty much do for free what we have historically made good money doing.


What does the future hold? 

I confess to being highly impressed with the technology behind the supporting apps to Xero and equivalents, and with Xero etc. themselves – and the fact that with correct set up and client training, hardly any manual data entry is required. 


With all this automation, is there no more (or very little) bookkeeping income in future?


Once the cloud accounting bookkeeping is sorted out for the year, then the direct export link from that to the accounts production package will make redundant most of the effort previously required to input the data to prepare the accounts. And as we already have now, the information for the tax compliance falls directly out of the accounts production module.


It seems to me that once these systems are properly implemented, then this end-to-end seamless data processing will only require human intervention to shepherd the data through the system and check that the results at the end are correct, and make any adjustments needed. 


Interesting questions

We are not quite there yet, but I believe this is only a short way off being the norm for accounts production, and already is the norm for front edge firms. This raises some interesting questions:

  1. Surely this means the hourly billing model is broken and so what will be the basis of billing in future?
  2. If in future there is very little effort involved to deal with the compliance affairs of the client, do we have an ethical obligation to charge less than now?  If not, then what are we actually charging for?
  3. What if Xero and similar products add an app to output statutory accounts and file direct to Companies House, in much the way they do for VAT returns now?  What do we do then?


From experience these cloud packages do not have a high level of functionality and are not ideal for large and more complex clients where there is a need to export large data sets for detailed analysis.  But for the typical client, then it’s a real game changer. 


I do wonder what the future holds for those firms intent on clinging onto the ‘traditional’ old-world model and not prepared to address the above points. What would a client say if someone else agrees to produce their accounts within three weeks of the year end and for less than half the price they are currently paying?


I believe in a very few years, the accounting landscape will be unrecognisable from where we are now.


What can we do about this? 

Is this a threat to our livelihood or a major opportunity? Over past months the accounting mentors are telling us we must move the goalposts and replace lost revenue with ‘advisory’ work. But what actually is this ‘advisory’ work and how does it differ from what we already do? 


To be honest I thought I had been advising clients all my working life. The big difference now, though, is that we have instant on-going access to real time client financial information – and we can keep an over-watch on each client’s financial health, and alert them to any imminent cash flow or other issues. This certainly beats the client being in a flat panic on the phone, when the crisis has already hit, and they have walked straight into it with no prior warning. 


So we can certainly add genuine value there. Whether that ability, and the spin-offs arising from it, will be enough to fill the income gap, we will have to wait and see – but there are certainly interesting and challenging times ahead.   


The Secret Accountant practises in the heart of the UK

When in doubt – report it

Charity Commission urges all connected with charities to report any concerns.

Charity Commission urges all connected with charities to report any concerns.


‘When in doubt – report it’ is the advice in the Matters of Material Significance reportable to UK charity regulators guidance to trustees, auditors and independent examiners.


Earlier this year we highlighted the Charity Commission accounting monitoring review report, which found evidence of failure to meet statutory obligations that affect the charity sector. The report focused on the period from 1 May to 31 October 2017, the first six months since the updated list of reportable matters came into force, and the Charity Commission in England and Wales said the findings ‘pose significant concerns’.


It is clear that it is important for anyone involved in the charity sector – especially trustees, auditors, independent examiners, internal auditors and professional bodies – to take appropriate action.


For all audits or independent examinations for charities in England and Wales, Scotland and Northern Ireland which are conducted and/or reported after 1 May 2017 there is a statutory responsibility to report matters of material significance.


The guidance issued by the regulators includes checklists, but also warnings. The regulators are clear that the guidance applies to auditors and independent examiners of charity accounts, and that it is designed to highlight their legal responsibility to report significant matters in accordance with the applicable law. They cite the relevant laws as section 67 of the Charities Act (Northern Ireland) 2008, sections 156 and 159 of the Charities Act 2011, and section 46 of the Charities and Trustee Investment (Scotland) Act 2005.


Auditors and independent examiners have a statutory duty to report and must report any matters of material significance which they become aware of during their appointment. The guidance states that ‘these are matters which are of material significance to the Regulator in carrying out their functions. For example, the matter may be an issue which the charity regulator will consider for investigation or which could impact on the charitable status of the organisation.’


The advice contained in the guidance for internal auditors is that ‘It is currently not a legal requirement for those conducting internal audits to report matters of material significance, but the UK charity regulators consider such reporting to be helpful and best practice and, therefore, the internal auditor should familiarise themselves with the matters required to be reported to the charity regulator.’


The guidance also states that ‘Charity trustees should therefore be aware of the matters of material significance and the duty placed upon an auditor or independent examiner to report matters to the regulator.’


Read ACCA's factsheet on Matters of Material Significance now.  


ACCA Charity Conference 2018

Our Charity Finance Conference 2018 is an excellent way to keep on top of the latest developments across the sector – and gain valuable CPD.


You will hear about reporting, employment and VAT areas, as well as guidance on charitable incorporated organisations (which will supplement ACCA’s factsheet on ICOs).



Cash basis for property businesses

Is it right for you?

Since 6 April 2017, the default basis of preparing accounts for unincorporated property businesses is cash basis. But eligible business have a choice of cash basis or accruals basis.


The Finance Act 2017 inserted sections 271A- 271E in Income Tax (Trading and Other Income) Act 2005 (ITTOIA 2005) to cover these provisions in the legislation.


Cash basis is not available for:

  • incorporated property businesses that must continue to use GAAP to prepare accounts on an accrual basis
  • unincorporated property business whose annual rental income exceeds £150,000.


Who is eligible?

The cash basis applies by default to unincorporated property businesses which meet all the eligible criteria. Section 271A stipulates five conditions in which property business is not able to use cash basis. These conditions are:

  1. The property business is carried on by a corporate body, say a company, a limited liability partnership, a corporate firm, the trustees, or personal representatives
  2. The receipts for the property business are more than £150,000
  3. For a jointly owned property with a spouse or a civil partner, one has made an election to account for the income on an accruals basis
  4. A business premises renovation allowance is made in calculating the profits of the property business, and there is a balancing event that would give rise to a balancing adjustment
  5. The property business has opted out of the cash basis and made an election to use the accrual basis within one year of the filing date for that tax year ie by 31 January 2019 for 2017/18.


Key features of cash basis

  • Under cash basis, only rent received and expenditures paid are taken into account when preparing property accounts.
  • All expenditure, even capital expenditure, incurred wholly and exclusively for the purposes of the property business is allowed as a deduction from income except capital expenditure incurred on or in connection with:

    * lease premiums
    * the acquisition or disposal of a business, or part of a business
    * education or training
    * the provision, alteration or disposal of an asset for use in an ordinary residential property: that is, a dwelling-house that is not used as a furnished holiday letting. If a property is used as both an ordinary residential property and for another purpose, the amount can be apportioned.
    * non-depreciating assets
    * the provision, alteration or disposal of land
    * assets that are not acquired or created for use on a continuing basis in the property business
    * cars - no deduction is allowed under capital expenditure rules but capital allowances can be claimed
    * non-qualifying intangible assets and financial assets.
  • Mileage claim (at approved rates) is available similar to trade unless cost of the vehicle (eg vans) is claimed under capital expenditure rules (or capital allowances for cars). 
  • Finance cost:
    • The restriction applies where the total of the loans is greater than the total value of all properties (the market value of each property when first involved in rental business plus further unclaimed capital expenditure).The cost of the loan is restricted as follows:

      Cost of loan (multiplied by) Value of properties involved in business (divided by) Total amount of the loan used in the property business.
    • Then relief for loan and finance costs will be calculated in the same way and be subject to the same restrictions as accrual basis. This includes the restriction for higher rate taxpayers.
  • There is no requirement to account for the security deposit when it is received. But if any part of it is legally retained by the landlords for unpaid rent or repair costs etc., it will be included in the rental receipts.
  • Rent-a-room relief is available under cash basis. Rent received under rent-a-room scheme is included to check the exemption limit for cash basis.
  • The existing ‘replacement of domestic items relief’ will continue to be available for the replacement of these items when the expenditure is paid.
  • There is no chargeable gain on the disposal of an asset unless:
    • the asset is land
    • the asset has never been used in the property business
    • the capital receipt is not brought into account under cash basis.
  • The option to use cash basis or GAAP is available to each property business, subject to eligibility and elections.
  • If a property business ceases in a cash basis tax year, a receipt received after the date of cessation is chargeable to tax if it would have been brought into account in calculating the profits under cash basis had it been received immediately before cessation.
  • Transitional adjustments might be required when entering or leaving cash basis to avoid double counting. Examples for transitional adjustment are in PIM1096/ PIM1098
  • New section 127BA inserted in ITA 2007 to prevent losses from a property business using the cash basis from being set against general income where section 120 would have otherwise allowed this.


It is the tax year 2017/18 that will see these changes being effected along with mortgage interest restrictions. You need to take extra care while preparing property accounts for landlords so they can maximise the benefits available to taxpayers in the legislation.


Useful links

HMRC Property Income Manual guidance is on PIM1090


Property rental toolkit for agents

IFRS 15 – revenue recognition steps

The five revenue recognition steps of IFRS 15 – and how to apply them.

The five revenue recognition steps of IFRS 15 – and how to apply them.


IFRS 15 became mandatory for accounting periods beginning on or after 1 January 2018. As entities and groups using the international accounting framework leave the old regime behind, let’s look at the more prescriptive new standard.


Changes, which include replacing the concept of transfer of ‘risks and rewards’ with ‘control’ and the introduction of ‘performance obligations’ alongside extensive disclosures, are likely to put more pressure on accountants and auditors to closely evaluate client contracts and challenge directors judgements.


Here we summarise the following five steps of revenue recognition and illustrative practical application for the most common scenarios: 

  1. Identify the contract
  2. Identify separate performance obligations
  3. Determine the transaction price
  4. Allocate transaction price to performance obligations
  5. Recognise revenue when each performance obligation is satisfied.


1. Identify the contract

  • Contract can have a written and non-written form or be implied (contract may not be limited to goods or services explicitly mentioned in a contract, but also include those expected to be delivered due to business practices or statements made)
  • Should be approved by parties, and have a commercial basis
  • Should create enforceable rights and obligations between parties
  • Should have a consideration established taking into account ability and intention to pay.


New contracts may arise when terms of existing contracts are modified. Contract modifications:

  • Could result in retrospective or prospective adjustments to an existing contract, creation of a new contract alongside the old contract, or a termination of the original contract and creation of a new contract
  • New contract arises as a result of modifications if:
    • a new performance obligation is added to a contract. If a customer orders additional units at a later date, the additional order is considered distinct, even if the order is for identical goods.
    • the price at which the additional units are sold represents a standalone selling price at the time of modification. This is a price at which the product would be sold on the market, rather than a significantly different price, for example heavily discounted despite the product being the same and of the same quality (for example to entice more future business from that customer)
  • Continuation of an existing contract arises when:
    • no distinct goods or services are provided as part of the modification
    • performance obligation can be satisfied at modification date – for example a customer negotiates a discount in relation to units already delivered, for example due to unsatisfactory quality or service relating to the delivered units only.


2. Identify separate performance obligations

  • A performance obligation is a distinct promise to transfer specific goods or services, distinct from other goods or services
  • Performance obligation is distinct when its fulfilment:
    • provides specific benefits associated with it, in its own right or together with other fulfilled obligations
    • is separable from other obligations in the contract – goods or services offered are not integrated or dependent on other goods or services provided already under the contract; the obligation provides goods or services rather than only modifies goods or services already provided.


The following are examples of circumstances which do not give rise to a performance obligation:

  • Providing goods at scrap value
  • Activities relating to internal administrative contract set-up.


Identifying performance obligations may result in unbundling contracts into performance obligations, or combining contracts into a performance obligation, to recognise revenue correctly.


Unbundling a contract may apply when incentives are offered at the time of sale, such as free servicing or enhanced warranties. In this case servicing and warranties are performance obligations that are distinct and revenue relating to them needs to be recognised separately from the goods or services promised on the contract to which they relate.


Circumstances which could result in contracts being combined:

    • It is negotiated as a package with a single commercial objective
    • Consideration for one contract depends on the price or performance of the other contract.


3. Determine the transaction price

  • Transaction price is the most likely value the entity expects to be entitled to in exchange for the promised goods or services supplied under a contract
  • May include significant financing components and incentives and non-cash amounts offered, which affect how revenue is recognised (see below)

Variable amounts of consideration:

  • May arise as a result of discounts, rebates, refunds, credits, concessions, incentives, performance bonuses, penalties, and contingent payments
  • Variable consideration is only recognised when it is highly probable that there will not be a significant reversal in the cumulative amount of revenue recognised to date
  • No revenue is recognised if the vendor expects goods to be returned
    • Instead a provision matching the asset is recognised at the same time as the asset, with an adjustment to cost of sales
    • The restriction results in a later recognition of revenue and profit (once there is certainly the goods will not be returned) in comparison with current accounting
  • Variable consideration is measured by reference to two methods
    • Expected value for the contract portfolio (for a large number of contracts), or
    • Single most likely outcome amount (if there are only two potential outcomes)

Adjustments for the effects of the time value of money (a ‘financing component’)

  • If a financing component is significant, IFRS 15 requires an adjustment to be made for the effect of implicit financing
    • Cash received in advance from buyer – vendor to recognise finance cost and increase in deferred revenue
    • Cash received in arrears from buyer – vendor to recognise finance income and reduction in revenue
  • No adjustment for a financing component is needed if payment is settled within one year of goods or services transferred
  • The following do not give rise to a financing component (and hence no adjustment is needed):
    • Customer has discretion over the timing of the transfer of control of the goods or services
    • Consideration is variable and the amount or timing depends on factors outside of parties’ control
    • The difference between the consideration and cash selling price arises for other non-financing reasons (ie performance protection)


4. Allocate transaction price to performance obligations

  • Allocation is based on the standalone selling price of goods or services forming that performance obligation.

Allocation of transaction price may include allocation of discounts, which are applied:

  • on a proportionate basis to all performance obligations based on the stand-alone selling price of each performance obligation (observable or estimated), or
  • to specific performance obligations only, if
    • observable evidence exists evidencing that the discount relates to those specific obligations only; and
    • goods / services stipulated in the performance obligation are regularly sold as stand-alone and at a discount; and
    • discount is substantially the same as the discount usually given when goods / services are sold on a stand-alone basis.

Variable consideration is applied to a specific performance obligation if:

  • terms relating to varying the consideration relate to satisfying that specific performance obligation
  • amount of variable consideration allocated is what the entity expects to receive for satisfying the performance obligation.

Contract modifications may require reassessment how consideration is allocated to performance obligations.


5. Recognise revenue when each performance obligation is satisfied

  • The point of revenue recognition is the point when performance obligation is satisfied, per each distinctive obligation
  • May result in revenue recognition at a point in time or over time


Recognition over time applies when:

  • the customer simultaneously receives and consumes the asset / service as the vendor performs the service, or
  • the vendor’s performance creates or enhances an asset (for example, work in progress) that is controlled by the customer as the work progresses.

The vendor’s performance creates an asset, when:

  • the asset has no alternative use to the vendor:
    • the vendor is restricted from using the asset for any other purpose other than selling it to that specific customer, for example
    • the asset is manufactured to specific specifications or delivery time, meaning that from the point of commencement of asset creation, it is clear the asset is for a specific customer
    • the entity cannot practically or contractually sell the asset to a different customer as it would be practically and contractually prohibitive (for example would require a costly rework, selling at a reduced price, or if customer can prohibit redirection)
    • no such practical or contractual limitations would apply if the entity production is that of identical assets in bulk, and those assets are interchangeable
  • the vendor has an enforceable right to be paid for work completed to date.

the vendor does not have an enforceable right to pay when, for example:

    • terms of contract allow customer to cancel or modify the contract
    • the contract allows for circumstances where customer does not have to pay at all
    • the customer can pay an amount other than the value of the asset or service created to date (ie compensation only)
    • for a compensation to be treated as consideration and fulfil the condition of enforceable right to be paid, the compensation would have to approximate the selling price for the asset, or part of it equal to the proportion of work completed.

How to recognise revenue over time:

  • To the extent that each of the performance obligations has been satisfied. This can be established using two methods:
    • Output method - direct measurement of the value of goods or services transferred to date for example per surveys of completion to date, appraisals of results achieved, milestones reached, units produced/delivered; or
    • Input method - based on measures such as resources consumed, costs incurred (but see below re contract set up costs), number of hours per time sheets or machine hours, which are directly related to the vendor's performance
  • Contract set up activities and preparatory tasks necessary to fulfil a contract do not form part of revenue, and may meet capital recognition asset requirements (see below).


Capitalisation of costs associated with a sale contract (for example bidding costs, sales commission)


  • Only incremental costs of obtaining a contract (which would not have been incurred if the contract had not been obtained) to be considered, for example
    • direct sales commissions payable if contract is awarded - include
    • dosts of running a legal department proving an across-business legal support function - exclude
  • Capitalise – if expected to be recovered (contract will generate profits)
  • Amortise on a basis that is consistent with the transfer of the goods or services specified in the contract


See these illustrative practical application for the most common scenarios

The government acts on insolvency

Will ‘phoenix’ companies and corporate failures be a thing of the past?

Will ‘phoenix’ companies and corporate failures be a thing of the past?


Many companies in the UK have suffered due to ‘phoenix’ arrangements. This is the well-known process where a debtor goes into liquidation owing money to its supplier and then miraculously starts trading again under a new name. Effectively the same company and the same owners arise from the ashes like a phoenix and carry on in business having avoided paying old debts.


In the wake of high profile insolvencies such as Carillion, the government issued a consultation document on insolvency and corporate governance.  The consultation had 93 responses from a wide range of interested parties including professional advisers and unions.


The government’s response was published in August indicating some reforms to the insolvency process may be forthcoming. Particular areas of action that were highlighted:

  • strengthen transparency requirements around complex group structures – the responses put forward a number of suggestions and the government will pursue options to require groups to provide explanations of their corporate and subsidiary structures
  • enhance the role of shareholder stewardship – the consultation document highlighted concerns about shareholder stewardship (particularly from institutional shareholders) and whether, and how, it could be made stronger and more effective. The government agrees with many respondents that stewardship should be strengthened. Working with the investment community, the FRC and other interested parties the government will identify means to incorporate stewardship within the mandates given to asset managers by asset owners and establish safe channels through which institutional investors and others can escalate concerns about the management of a company by its directors, including the discharge of their duties under section 172 of the Companies Act 2006
  • strengthen the UK’s framework in relation to dividend payments – significant concerns were raised that companies could pay dividends even when in financial distress
  • bring forward proposals to improve board-room effectiveness – the government want to identify further ways of improving the quality and effectiveness of board evaluations possibly through increased training.


Whether these planned reforms will work in the future remains to be seen. There will be further consultations ‘if needed’ and the full reforms are due to be announced later in the autumn.

Directors’ remuneration and dividend disclosure requirements

A closer look at FRS 102 1A.

A closer look at FRS 102 1A.


ACCA’s Technical Advisory helpline has had many calls concerning the disclosure of directors’ salaries and dividends in small owner-managed companies that adopted FRS 102 section 1A.


There is currently very little guidance issued by FRC on exactly what the disclosure requirements are in respect of directors’ remuneration and dividends for a small company. The following may help you.


Statutory requirement to disclose the directors’ remuneration in a small company’s accounts

The requirement to disclose directors’ remuneration in the financial statements of a small company was repealed by Statutory Instrument 2015 No 980. 


Previously the requirement to disclose the information about directors’ remuneration was stated in Schedule 3 of SI 2008 No 408.


However, paragraph 20 of SI 2015 repealed that particular section and so small companies can take advantage of the exemption to disclose directors’ remuneration, for financial years beginning on or after 1 January 2016.


Accounting standards requirement to disclose directors’ remuneration in a small company’s accounts

Directors’ remuneration requires disclosure under section 1A of FRS 102 if it comprises a material transaction which has 'not been concluded under normal market conditions' (paragraph 1AC.35). 


For an owner-managed company, it is not uncommon to organise directors’ remuneration and dividends to benefit the business which is also in a tax-efficient manner. For example, a director who is also a shareholder is normally paid a salary up to the National Insurance Lower Earnings Limit threshold, with any additional remuneration being taken in the form of dividends. That sort of arrangement can be seen as being normal market conditions and hence no disclosure is needed.


However, professional judgement is required based on the specific circumstances to determine what constitutes ‘normal market conditions’. These may vary from company to company.


Disclosure of dividends paid by a small company

FRS 102 1A Appendix D only encourages small companies to disclose dividends declared and paid or payable during the period (paragraph 1AD 1 d). Because ‘encouraged’ disclosure is not a statutory requirement, technically, if a company does not include the ‘encouraged disclosure’ it is not in breach of a legal or statutory requirement.


However, consideration may be required as to whether financial statements give a ‘true and fair’ view without the relevant disclosures.


Disclosure of directors’ remuneration/dividends and ‘true and fair’ view

The ‘true and fair’ requirement has been fundamental to accounting in the UK for many years. It is a requirement of both UK and EU law.


Directors must consider whether, taken in the round, the financial statements that they approve are appropriate. Section 393 of the Companies Act 2006 requires that the directors of a company must not approve accounts unless they are satisfied that they give a true and fair view.


The concepts of usefulness and ‘true and fair’ are, in the context of financial statements, inseparable - for financial statements to be useful, they must present a true and fair view.

In conclusion, before a decision is made as to whether to disclose directors’ remuneration and dividends, consideration should be given to the readers of accounts (especially if there are external shareholders not involved in running the business) as non-disclosure may have an impact on usefulness and ‘true and fair’ presentation.


If directors’ remuneration is disclosed in a note, does the note need to be filed at Companies House?

Filing obligations of companies subject to the small companies’ regime are stated in Companies Act 2006. Section 444 states that ‘the directors of a company subject to the small companies’ regime must deliver to the registrar for each financial year a copy of the balance sheet drawn up as at the last day of that year'.


Since the related party transactions note is a balance sheet note it would have to be placed on the public record. So, if the directors of a small company conclude that a low salary and a high dividend combination does not constitute a transaction concluded “under normal market conditions’, the note  would need to be filed as a balance sheet note and included under the heading ‘related party disclosure’.


Whatever decision is reached, it is advisable to document the reasoning behind it.


Other directors’ transactions

Section 413 of Companies Act 2006 requires disclosure of the details of any advances or credits granted by a company to its directors. As this is a Companies Act requirement, the information must be disclosed regardless of whether the transactions take place ‘under normal market conditions’ or not.


The details required of an advance or a credit are:

(a) its amount
(b) an indication of the interest rate
(c) its main conditions
(d) any amounts repaid
(e) any amounts written off
(f) any amounts waived.


There must also be stated in the notes to the financial statements the totals of amounts stated under (a), (d), (e) and (f). The details required of a guarantee are:

(a) its main terms
(b) the amount of the maximum liability
(c) any amount paid and any liability incurred by the entity for the purpose of fulfilling the guarantee (including any loss incurred by reason of enforcement of the guarantee).


There must also be stated in the notes to the financial statements the totals of amounts stated under (b) and (c).


Dividend and changes in equity disclosure for small companies

FRS 102, paragraph 1A.9 encourages a small entity to present a statement of changes in equity or a statement of income and retained earnings (SOIRE). The statement presents an entity’s profit or loss and changes in retained earnings for a reporting period.


Information to be presented in the SOIRE are (FRS 102 paragraph 6.5):

  • retained earnings at the beginning of the reporting period;
  • dividends declared and paid or payable during the period;
  • restatements of retained earnings for corrections of prior period material errors;
  • restatements of retained earnings for changes in accounting policy; and
  • retained earnings at the end of the reporting period.


However, a small company can ‘fillet out’ the statement of changes in equity when it files its financial statements at Companies House. Accordingly even if the dividend is included in SOIRE, that information is not required to be filed at Companies House.


Further guidance from ACCA

The following technical factsheets provide guidance on a number of accounting areas with worked examples:


FRS 102 – reporting for medium-sized and large entities


FRS 102 – small company reporting 



How to improve your email security

New guidance from ACCA and Barclays to make your practice safer.

New guidance from ACCA and Barclays to make your practice safer.


Sniffing, eavesdropping, emanations and spoofing present data security issues.


To combat these email threats it is important to understand the risks and apply appropriate technical and governance controls with a suitable level of security to protect the data for the lifecycle of the communication.


There is no easy ‘one stop shop’ solution, so a combined holistic security approach should be undertaken, determined by the requirements of the data being transmitted.


ACCA has collaborated with Barclays to produce a new technical factsheet to help you improve email security. It focuses on issues including: 

  • sniffing (capturing data as it is transmitted over a network)
  • eavesdropping (unauthorised monitoring of other people’s communications)
  • password cracking
  • shoulder surfing (obtaining passwords etc through direct observation)
  • object reuse (the reallocation of a storage medium that contains residual data)
  • social engineering (psychological manipulation of people into performing actions or divulging confidential information)
  • emanations (monitoring signals not intended to communicate data)
  • spoofing (sender address and header information altered)
  • malware distribution
  • fraud
  • human error.


Technical factsheet: email security, produced in partnership with Barclays, looks at the risks and examines the pros and cons of various security methods. Do consider sharing this with your staff to help educate them about the risks around data security too.

Here to help – ACCA’s Benevolent Fund

Our fund is here to help those in need of support.

Our fund is here to help those in need of support.


It is very distressing to hear about members who through no fault of their own find themselves in a position where they need help. This can be due to many reasons such as ill-health and infirmity; stress and depression; accidents; relationship breakdowns and so on.


The trustees of the Chartered Certified Accountants Benevolent Fund (CCABF) are concerned that they are not reaching all members who are in need and believe there may be a lack of awareness of the fund not only by members but also by families who may, for example, struggle on following the death of a member unaware of the help the fund can give.


ACCA is a global body and the fund can potentially receive applications from over 100 countries worldwide. Consequently, when considering applications, the trustees (who are all unpaid volunteers) need an understanding of differing cultures and legal structures; they also need to be clear if and when an application falls outside the remit of the governing document.



The benevolent fund was founded in 1919 as an unincorporated charity. The aims and objectives have changed little from those the founding fathers laid down in 1919. However, due to changes in legislation, the trustees decided that a more up-to-date vehicle for the fund was needed and incorporated in 2016.


Current position

The trustees wish to promote the activities of the charity and raise awareness of its existence to ensure that all members are aware of the help that is available.


Although ACCA and its staff provide support the fund is completely independent of ACCA. It has its own branding to avoid any confusion with ACCA.


The trustees hope this reassures applicants when making a claim that any potentially delicate information will not be shared with ACCA; all applications are strictly confidential.


As a small charity, the trustees consider the various options available to enable them to meet the demands on the fund. Some cases require specialist help and because of this the trustees are researching the possibility of partnering with other charities with similar aims to see what can be done to help each other in dealing with applicants’ problems.


In addition, one of the current trustees sits on the board of the Association of Charitable Organisations (a body promoting and supporting charities in the UK), giving the trustees invaluable insight into the wider UK charity sector.


Recent experience has shown that requests from applicants have moved on from simple applications for direct support, such as grants and loans, to the need for counselling, either by simply having someone to talk to, or by helping to obtain professional advice and support.


Historically a significant portion of the applicants were from the more mature members of ACCA who through age or illness needed help. However, the demographic has changed and there are now applications from members of all ages.


Examples of the fund in action

  • An applicant suffered a traumatic injury as a result of a cycling accident which left him a paraplegic. The fund, together with another charity, funded a major adaptation of his home to suit his disability.
  • A member suffered a serious stroke leaving him paralysed. His family wanted him to continue to live at home and incurred considerable expense to enable them to adapt the property to his needs. Regrettably they were then unable complete the improvements due to lack of funds.The benevolent fund assisted by consolidating existing borrowings and providing additional finance to complete the works by way of a flexible secured low interest loan.In reviewing his situation it was realised that his wife was unaware of the practice continuity arrangements and as a result the fund is looking at ways of ensuring awareness of this important area amongst members in practice, working in conjunction with ACCA.
  • A divorced member with a seriously disabled child was helped with a secured flexible loan from the fund to enable her son to be educated at a specialist school.
  • A member who was a single parent was helped to obtain housing so they could return to work and get their son into a school where he excelled. The son is now at university.


Other points to note

Secured, low interest loans are often offered where an applicant has significant equity in their property.


Applications from students or graduates fall outside the remit of the fund as help is limited to members or former members and their dependants.


Certain jurisdictions in which the fund operates see charitable funding as anathema and the trustees will seek other means to offer practical help which fit with local custom and practice.


The trustees receive many applications requesting help to clear debt. Whilst the fund is unable to help in this respect they are willing to offer help, where suitable, for members to go through bankruptcy by helping members to source specialist help and paying the bankruptcy fees.


How you can help

The fund can only continue to support members, former members and their dependants with the help of current members. Members can help in many ways – by making donations; leaving legacies to the fund in their wills; volunteering as trustees; carrying out visits to applicants and generally actively promoting the fund when meeting other members.


With your support the fund can look forward to another successful 100 years of supporting members and their families in times of need.


For more information – including how to apply to the fund – visit these dedicated webpages

Taxpayer succeeds in FTT appeal

Disclosure of evidence at heart of successful appeal.

Disclosure of evidence at heart of successful appeal.


In Kyriakos Karoulla t/a Brockley's Rock v The Commissioners for HM Revenue and Customs: [2018] UKUT 0255 (TCC), the taxpayer’s appeal to admit new evidence succeeded. The decision concerned whether new evidence should be taken into account.


HMRC had found discrepancies in the sales records which were as a result of a failure to record all card purchases. HMRC concluded that takings had been suppressed and that card sales after 8pm were not recorded. The taxpayer accepted that some suppression of card purchases did occur.


The new evidence that the taxpayer sought to admit related to information held by HMRC, which had been requested by the taxpayer, showed that ‘the suppression of card purchases was inconsistent'.


It was highlighted that 'till rolls taken away by HMRC during their visits covered around a dozen days in the relevant period.


'However, [HMRC] Officer Bush based her conclusion in relation to card purchases on a consideration of the till rolls for only three days. It is not apparent from the evidence (and we were offered no explanation at the hearing) why Mrs Bush chose to consider only three days, and why she chose those particular days, as the basis for her conclusion that card purchase suppression was occurring in the same way for each day throughout the relevant period.


'The new evidence, which includes till rolls for days other than the three chosen in this respect by Officer Bush, showed that in fact the suppression of card purchases was inconsistent. It was not in fact the case that such payments were being omitted after 8pm each day.’


It was concluded that had the FTT already seen this evidence – which was in the possession of HMRC but not then disclosed – it may have had an important influence on its decision.

Your guide to this month's highlights:

News and tools for you

Find out about AML registration; award-winning ACCA members and firms; Xero's Pacesetters; ACCA at the party conferences and more...

AML registration – BOOMs and TCSPs

The Pacesetters - Xero publishes first book

Recognising award-winning ACCA firms and members

ACCA at the Labour and Conservative party conferences

Do you know anyone looking to obtain an ACCA practising certificate and audit qualification?

Legal services – consultation on ACCA’s Market Transparency Action Plan

Accounting Excellence Insights 2018

Policy Matters




AML registration – BOOMs and TCSPs

If you are an ACCA practising certificate holder who is a sole practitioner or a contact for ACCA supervised firms, you should have received a communication asking you to provide details of your firm’s BOOM and to confirm if your firm provides TCSP services. This is to support ACCA member firms complying with the UK anti-money laundering regulations.


If you have not seen the communication and you are an ACCA practising certificate holder operating your own practice – or the contact person for an ACCA supervised firm – please email the AML supervisory team as soon as possible at and they will be happy to assist you with the submission of the required details.



The Pacesetters – Xero publishes first book

The Pacesetters is the story of how the UK’s top accounting practices used cloud accounting software to become more efficient, find more time, help more clients, and make more money – and how you can do it too.


It offers insight from some of the UK’s progressive accounting firms, including those run by Will Farnell FCCA, Alex Falcon Huerta FCCA and Sharon Pocock FCCA. It also draws from Xero research which suggests online accounting firms run more efficiently and experience better growth. The book looks at how these firms got ready for MTD, transformed their businesses, found more time, and thrilled clients with online accounting – and how you can do it too.


It’s told in their own words, with in-depth case studies, interviews, best practice, and deep dives into Xero statistics to pair evidence with anecdote. Every story is paired with action items drawn from real experience, to help you take your own firm on its own cloud journey, find efficiencies and build success right from the start.


You can read a review of the book over on Accounting Web, and it’s available to purchase in paperback and Kindle formats on Amazon.



Recognising award-winning ACCA firms and members

It was a night of celebration for several ACCA members who saw their firms carry off several awards at the Accounting Excellence Awards last night (20 September), including:

  • Innovative Firm of the Year - won by The Accountancy Cloud, whose CEO is Wesley Rashid FCCA (pictured below, top)
  • Medium Practice of the Year - won by Green & Co, whose directors include Nick Park FCCA and Barrie Kenyon FCCA (pictured below, bottom)
  • Large Practice of the Year - won by Kreston Reeves.

We are looking forward to meeting many of our members and firms at the British Accountancy Awards next week. Good luck to everyone who is short-listed.





ACCA at the Labour and Conservative party conferences

ACCA is attending both the Labour Party and Conservative Party political conferences 2018. This allows us an opportunity to engage with and influence those who define the legislation and policies that impact so closely on our members and their clients across the UK.


Our representatives will meet with politicians and work with partners to host a series of roundtables and workshops which allow us to represent the interests of accountants. Using our research and thought leadership content provides a great opportunity to place ACCA at heart of several economic and social debates. Highlights will include:

  • (Labour): Bloomberg Labour Party Business Lunch – International finance and business discussion with Keir Starmer, Shadow Brexit Secretary, and Helen Brand, Chief Executive, ACCA
  • (Labour): New Statesman business reception with John McDonnell, Shadow Chancellor, and ACCA representatives
  • (Conservative): Prospect magazine – Higher education commission panel event with Damian Hinds MP, Secretary of State for Education, and Claire Bennison, Head of ACCA UK
  • (Conservative): Enterprise Forum and business reception – Rt Hon Philip Hammond MP, Chancellor of the Exchequer, and ACCA representatives.


Follow ACCA UK on Twitter or our new UK Showcase page on LinkedIn for regular updates from both conferences.



Do you know anyone looking to obtain an ACCA practising certificate and audit qualification?

If any of your staff or colleagues are planning to obtain an ACCA practising certificate and audit qualification, there are some important changes coming to ACCA’s exams which could affect them.


From September 2018 Strategic Professional replaces the previous Professional level exams. Anyone applying for an ACCA practising certificate and audit qualification must pass the UK or Irish variants of Strategic Business Reporting and Advanced Audit and Assurance. Applicants were previously required to have passed the UK or Irish variants of P2 Corporate Reporting and P7 Advanced Audit and Assurance. 


Further information is available on ACCA’s website



Legal services – consultation on ACCA’s Market Transparency Action Plan

As an approved regulator for probate activities, ACCA is required by the Legal Services Board to develop an action plan to implement the recommendations from the Competition and Markets Authority market study into legal services (published in December 2016) to deliver greater transparency in the legal services market.


The proposals set out in ACCA’s Market Transparency Action Plan implement these recommendations, in particular increasing the transparency of information about service features, quality and price. The Plan sets out the actions that we currently undertake and those that we are proposing to implement, both initially and over the longer term, to enable our regulated firms to deliver the market transparency requirements.


ACCA has launched a consultation on the Plan and we welcome your feedback. We would very much like to hear the views of those involved with the provision of legal services. We are also keen to hear from other practising firms and other interested parties. The consultation document, including the Plan and consultation questions, may be viewed on ACCA's Legal Services website.


The consultation will be open for 12 weeks and the closing date for comments to be submitted is 9 December 2018. Please email your response to


Any questions relating to the consultation process should also be sent to this email address.



Accounting Excellence Insights 2018

Each year the AccountingWEB team pulls data from hundreds of Accounting Excellence awards entries to put together a snapshot of the current state of the profession. Join a live, interactive session at 11:00 on Thursday 27 September for a look at some of the key trends and assess what they mean for the future direction of accountancy.


We will also highlight some of the obstacles and issues thrown up by these changes, and look at what our experts did and are doing to overcome them, and how they became cloud champions. Key trends emerging from the awards data include:

  • wholesale cloud adoption
  • uptick in data collection tools
  • apps: best practice
  • referrals and business advisory
  • CRM
  • forecasting and planning tools.


At the end of the session there will also be a Q&A, where you can submit questions for the panellists via a chat-box.



  • Tom Herbert – Editor, AccountingWEB
  • Grant Smith – Business Services Partner, Armstrong Watson
  • Sharon Pocock FCCA – MD and Chief Innovator, Kinder Pocock
  • Damon Anderson – Director of Partner, Xero



Policy Matters

Browse our bi-monthly newsletter to catch up on ACCA’s recent engagement with government and those involved in creating legislation and policies for business. Highlights include a members’ visit to Parliament, the latest on the Chequers deal and a meeting with the chief secretary to the Treasury.





Probate – add this valuable service to your portfolio

You and your firm can be authorised to undertake non-contentious probate work.

You and your firm can be authorised to undertake non-contentious probate work.


ACCA is pleased to be able to offer you and your practice the opportunity to become authorised to undertake non-contentious probate work.


Many of our practitioners have told us they would welcome the addition of this service and a number have already added it to their portfolio.


Online training and assessment

You will need to act quickly to take advantage of the next round of training and assessment, which is offered by Kaplan Altior and is available to ACCA members who hold a practising certificate. It will take place online to ensure it is easily accessible from your office or home on the following dates:

  • Training: 6 x 2-hour sessions (10am-12pm) 2 October, 4 October, 9 October, 11 October, 16 October, 18 October
  • Assessment: 1 November 2018


The comprehensive training will cover all the key aspects of probate, including:

  • validity of wills
  • intestacy
  • analysis of a will
  • inheritance tax
  • obtaining a grant
  • oaths
  • IHT forms
  • duties/powers of PRs
  • administration of the estate
  • completing the administration
  • estate accounts.


Register now for the course and assessment here.


Free support

Members can obtain free factsheets on request by emailing, including in the subject line 'probate factsheets'.


You can also listen to a recorded webinar, Understanding the probate process in the UK.


Probate application process, forms and guidance

ACCA's probate registration procedures include links to forms and FAQs.


Webinars for practitioners

Which of our five autumn webinars will you register for?

ACCA UK is running a series of free webinars for practitioners in the autumn of 2018. This series of five webinars will run from the end of October to early December featuring:


UK GAAP changes and pitfalls to avoid 31 October (12:30)

Speaker: Steve Collings FCCA, Audit & Technical Partner, Leavitt Walmsley Associates Ltd


Successful R&D claims and satisfied clients 7 November (12:30)

Speaker: Denise Roberts FCCA, Director, MHA Broomfield Alexander


Self-assessment tax return problem areas and their solutions 9 November (12:30)

Speaker: Tim Palmer CTA ATT, Senior partner, The Palmer Consultancy Partnership


Buy to let tax update 13 November (12:30)

Speaker: Paul Soper FCCA, tax lecturer and consultant


SME essential Budget including IR35 5 December (12:30)

Speaker: Paul Soper FCCA, tax lecturer and consultant


Register for any or all of these sessions using this link. Each webinar will count for one unit of verifiable CPD where it is relevant to the work that you do.


The spring 2018 practitioner webinar series is still available on demand. Featuring webinars on FRS 102 and recent changes, practical implications of incorporating a property portfolio, Charitable Incorporated Organisations (CIOs), IR35 and employment status, and reliefs and claims on personal taxes, you can register for the on demand version of these webinars using this link.

Be inspired to transform your practice!

Let Heather Townsend and Ashley Leeds of The Accountants Millionaires’ Club inspire you.

Let Heather Townsend and Ashley Leeds of The Accountants Millionaires’ Club (working in conjunction with ACCA) inspire you during a series of three free webinars.


The one million pound firm: Giving you back your time and income

Date: Thursday 27 September (09:30-10:30)

Book your free place here


The £3k+ client: What you need to do to win them every time

Date: Wednesday 17 October (09:30-10:30)

Book your free place here


Pricing value: 'Using science, psychology and systems to attract higher paying clients for your accountancy firm'

Date: Thursday 22 November (09:30-10:30)

Book your free place here



The one million pound firm: Giving you back your time and income

In this webinar, Heather and Ashley will be showing you the:

  • three-step process to becoming a one million pound firm and the one essential ingredient that you need to grow (hint: it’s not cash)
  • four elements that you need to create a rock solid firm foundation to grow your firm
  • two magic numbers you need to imprint into your brain to gauge  how healthy and scalable your practice actually is
  • one small change you need to make to get your staff engaged and hungry to help you grow your practice
  • vicious cycle that most small firms get into with systems and how to stop the rot; and
  • how to quickly increase your firm’s cash reserves in order to be able to pay yourself a decent income and fund the growth of your practice


The £3k+ client: What you need to do to win them every time

In this webinar, Heather and Ashley will show you:

  • the five ways your website is losing your firm business
  • how buyers’ behaviour has changed in the last ten years and what that means for your firm’s marketing activities
  • the one tiny change you can make which will eliminate price sensitive buyers in a stroke
  • a simple sales process which you  can rectify in your practice to radically improve your lead conversion rate AND win bigger and better clients
  • two killer questions which will get your prospects to buy premium priced services from you.


Pricing value: 'Using science, psychology and systems to attract higher paying clients for your accountancy firm'

Discover how to be confident in what you charge and win bigger and better clients. In this webinar, Heather and Ashley will be showing you:

  • what services you should be charging for (and how much money you are losing by not charging for them)
  • how to set your prices so that your clients are happy to pay for them and  you make a decent profit margin
  • the three fundamental but easily fixable mistakes most firms are making which are the root cause of why they struggle to sell their top package and advisory services to clients
  • why your marketing and sales technique is actually causing you to attract price sensitive clients and what you can do about it
  • how buyer behaviours have changed over the last 10 years which means you now need to talk about fees on your firm’s website or risk only attracting price-sensitive clients
  • simple tools and techniques you can use to be confident in your pricing with clients that will eliminate virtually all challenges you will get from prospective clients when you tell them your fee.


About the speakers


Heather Townsend: Founder and Author of The Accountants Millionaires’ Club

Heather is the award-winning and best-selling author of five books, including The Go-To Expert and The Accountants Millionaires’ Club. She regularly features in top 10 lists of influencers for the accountancy profession.


Ashley Leeds: Senior Account Manager at The Accountants Millionaires’ Club

Ashley has spent the last decade working for software vendors helping accountants grow an efficient and effective practice. Not only is he an expert on systems/technology for accountants, he’s also passionate about client service excellence and business development in general. Ashley works with club members, both on a group and 1:2:1 basis, to help them grow their practice. He has previously worked with Digita and Intuit.