The first biannual 2017 Central Southern Regional accounting workshop for the Chartered Institute of Management Accountants (CIMA) was hosted* in Winchester with a special focus on two topics:
(i) How can management accountants best serve the needs of ever growing UK Small and Medium Enterprises (SMEs) – What movements are noted and what is the impact on the costs for accounting on this SME market and
(ii) What are the current trends in UK company taxation – Are we all aware of them.
Attendees pooled their extensive shared experiences of providing accounting services to SMEs to discuss how they could improve quality and price effectively. There was also a focus on the best sources of professional development training.
Alan McCann, head of Tax Dispute Resolution at DTE Business Advisers Ltd, provided a very interesting and wide ranging overview of tax issues facing SMEs. Areas covered included the types of costs that cannot be claimed for tax relief, together with those that are often forgotten about. With over 40 years of experience in the field (including a spell of employment with the Inland Revenue), Alan was able to quote many examples where HMRC challenges SMEs and how that has changed over time. Delegates were left with a useful checklist for reducing the risks of an HMRC Compliance Check.
The following 4 points summarize the major points, but we invite you to contact us if you feel any one of these are applicable to your circumstances and you could reduce your accounting costs by implementing any one of them:
1. the digital accounting age has arrived and is driving down costs
2. this can free up resources for higher value added services
3. HMRC is clamping down on travel & subsistence claims, conferences and training
4. Clever tax avoidance/mitigation schemes are increasingly at risk
With accounting demonstrating radical changes, ensure you are on the bandwagon?