Category Archives: Accounts and Accountancy

Accountancy & Accounts, Accounts and Accountancy, Business, Business Advice

ACCA calls on chancellor to deal with double whammy of frozen thresholds and weak growth

  • Additional people and businesses are being pulled into higher tax bands, adding to an already overburdened HMRC service
  • Frozen thresholds can result in companies not being as productive and instead capping their profit under thresholds to avoid taxation
  • UK economy remains weak, and small businesses are concerned about continuing inflation hitting their bottom line

 

In an open letter to the chancellor, leading global accountancy body ACCA highlights key concerns flagged by their 98,000 UK members, and what they want to see addressed in the Spring Budget on the 6th March 2024.

 

This includes concerns over the UK’s economic strength and attractiveness for investment, the impact of inflation on small businesses, and the continued freezing or reduction of allowances and thresholds, including personal allowances, PAYE and VAT thresholds, savings allowance and the dividend allowance.

 

Frozen allowances and thresholds are likely to add to an already stretched HMRC service by bringing more people into the tax net and increasing the workload of HMRC. As previously reported in 2023 by ACCA, 93% of financial professionals demanded drastic change from HMRC services, with more than half reporting that poor service from HMRC was affecting their clients and businesses as a result.

 

Combining an overwhelmed HMRC service with the impact it has on small businesses, agents and taxpayers and the weak UK economic positioning on the global stage, ACCA’s letter to the chancellor focuses on a call for practical action that promotes sustainable, long-term growth for businesses and individuals.

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, said: “The government should be as concerned as we are about the unintended consequences of frozen thresholds and additional complexity – allowance freezes can catch out many taxpayers. Many taxpayers end up overpaying or underpaying tax.

 

“Increasingly, the impact of the freezing of allowances look like an artificial barrier to growth as well as harming the UK’s position as a competitive place to do business on the global stage.”

 

ACCA points out that the VAT threshold is a particular area of concern for small and medium-sized enterprises (SMEs), especially in already troubled sectors. With inflation running so high over the last couple of years, any frozen threshold will bring more individuals and business into higher tax brackets – often for the first time – meaning they will have to register and file tax returns, creating more work for HMRC at a time when its service levels are buckling.

 

The ‘artificial barrier’ is created as companies can avoid going up a tax threshold by capping their profit and productivity just under that – ultimately slowing UK economic growth as a result. Without proper government incentivisation to grow and prosper, businesses will continue to stagnate – something reflected in the recent recession figures that were released.

 

Collins added: “The government should review the impact of tax thresholds and complexity on business growth with a particular focus on key sectors. Raising thresholds to be in line with inflation would allow people to be taxed more fairly, rather than having to introduce broad-brush tax cuts which when you look at the bigger picture, are cancelled out by the frozen thresholds.”

 

Visit ACCA’s website for more information.

 

Accounts and Accountancy, Business & Property News, Finance and Banking, News

Revised code sets out important changes required to make sure UK companies’ corporate governance drives performance and accountability

ACCA commends FRC’s proposed changes as the accountancy body supports major overhaul of code in light of exponential change and disruption facing companies

High quality corporate governance drives performance and accountability. The changes proposed in the Financial Reporting Council’s (FRC) Corporate Governance Code Consultation, will support companies in facing today’s challenges and doing so in a way that is transparent to all of their stakeholders, according to ACCA (the Association of Chartered Certified Accountants), the leading global accountancy body.

Maggie McGhee, executive director for strategy and governance at ACCA, said: “ACCA commends the FRC for the changes set out in the draft revised Corporate Governance Code. These revisions should deliver more outcomes-based reporting. Corporate culture will be crucial if the proposed revisions are to drive change and add value. The roles, skills and composition of the board are crucial factors in influencing the behaviours and mindsets needed to meet the organisation’s objectives.”

In the light of the recent speculation that the UK government may be shelving plans for legislation in support of audit and corporate governance reform, key changes in this consultation are even more crucial to make boards more active in building resilience and reporting on how they do this.

 

Mike Suffield, director of policy and insights at ACCA, said: “We agree with the overarching purpose of these changes to encourage companies to provide more transparency over their systems of risk management and internal controls and how effective they are in practice. In the context of the increasing importance of non-financial reporting, it is essential that boards are tasked with ensuring the continuous monitoring of the organisation’s governance framework, and that the process for doing so is clearly defined and communicated.”

 

Corporate governance challenges were identified by ACCA members from the onset of the Covid-19 pandemic and these issues have been exacerbated by the need for extra resources to be invested and by the exponential change and disruption which organisations are facing.

 

Maggie McGhee said: “This is the right time for a full review and update of the Code. The FRC’s recommendations should help give stakeholders and shareholders more insight into whether what the companies say in their statements and annual reports is, in fact, what is happening in practice.”

 

ACCA is calling on the FRC to ensure companies disclose the methodology and results of assessments so shareholders and stakeholders can ensure that companies’ purpose, value, strategy and risk assessments are aligned.

 

Mike Suffield said: “The debilitating misalignment we found across all industries and regions in our recent risk culture study was largely due to blind spots and failures in governance. Boards must ensure continuous monitoring of the governance framework and that the process for doing so is clearly defined and communicated.”

 

ACCA supports the UK Government’s objectives to enhance the Code through:

  • Setting out a revised framework of prudent and effective controls to provide a stronger basis for reporting on and evidencing their effectiveness.
  • Improving the functioning of comply-or-explain, taking account of recently published FRC research and reports.
  • Making necessary revisions to reflect the responsibilities of the board and audit committee for sustainability and ESG reporting, and associated assurance in accordance with a company’s audit and assurance policy.
  • Updating the Code to ensure that it aligns with changes to legal and regulatory requirements as set out in the Government’s response to the White Paper, including strengthening reporting on malus and clawback arrangements.

Read ACCA’s submission here.

Accounts and Accountancy, Finance and Banking, News

MPs in favour of new measures to prevent late payments to SMEs

New research reveals MPs are in favour of new tougher measures that crack down on late payments to SMEs.

A survey conducted by YouGov on behalf of two of the UK’s largest accountancy bodies – the Association of Accounting Technicians (AAT) and the Association of Chartered Certified Accountants (ACCA) – showed that nearly two thirds (65%) of MPs think the Prompt Payment Code (PPC) should be made compulsory for organisations with over 250 employees. Currently the PPC is voluntary and therefore only requires those business that are signatories to it, to pay 95% of invoices from businesses with fewer than 50 employees within 30 days, amongst other measures.

There is also an appetite for more powers to be handed to the Small Business Commissioner (SBC) – with over half (54%) of MPs agreeing that the SBC should be able to impose financial penalties for persistent non-compliance with the PPC. Separate data from the Federation of Small Businesses revealed the majority of small businesses experienced a late payment in 2022 – leading to 40% of SMEs applying for credit to manage their cashflow. This comes at a time when the government is assessing the responses to its Statutory Review of the SBC’s effectiveness.

AAT and ACCA’s new survey also showed overwhelming support for the idea that HMRC should provide more proactive guidance to SMEs on the tax reliefs available to them, with 82% of MPs agreeing with this suggestion.

AAT Chief Executive Sarah Beale said:

“In this economic climate, small businesses need support more than ever – they simply cannot afford to operate while waiting to be paid, which is why robust measures are needed to ensure late payments are dealt with seriously.

“We want to see the Prompt Payment Code made mandatory for large businesses and for the Small Business Commissioner to have the power to fine persistent offenders.

“This is an issue that both AAT and ACCA consider to be important, so it is encouraging to see that there is cross-party support for the cause – but now we need to see that support turn into tangible action taken by the government to crack down on late payments, make organisations more accountable and, in doing so, help small businesses and the wider economy to thrive.”

ACCA UK Director Abdul Goffar (pictured above) said:

“The impact of late payments on small businesses cannot be underestimated. Many of our members working at, or with small businesses have experienced major financial issues in the past as a result of not being paid on time – with the implications causing serious threat to the future of many businesses.

“Managing cashflow has never been more important for firms, and poor payment practices, alongside crippling cost increases, is often a key factor in the cash crisis many smaller firms experience.

“Our members are constantly telling us first hand stories of how poor payment practices are holding back their businesses and their clients’ businesses.

“One Welsh member FD at a food manufacturing business reports having to work to clear thousands of unpaid invoices. Employing staff to chase and resolve late payments and invoice queries has a real impact on the business in terms of staff resource and cashflow.

“ACCA and AAT are determined to work with MPs, the government and business to improve the broken payment culture.”

 

Accountancy & Accounts, Accounts and Accountancy, Finance and Banking, News

Organisations urged to improve risk culture following unique global research

57% of survey respondents say risk culture has changed for the better since the pandemic

As corporate collapses make headlines this year the need for strong risk management is clear. This is why the Association of Chartered Certified Accountants (ACCA), The Association of Insurance and Risk Managers (Airmic), and the Professional Risk Managers’ International Association (PRMIA) have collaborated on a new study that gauges how risk and financial leaders are dealing with risk culture and to what extent they understand its effect on the organisation’s broader strategy.

The research is based on an online global survey complemented by a mix of interactive engagements with the three professional bodies’ respective members, gathering views from thousands of risk and financial professionals around the world. The findings are published in a new report, Risk Culture: Building Resilience and Seizing Opportunities.

This first of its kind study found that, while ‘box ticking’ is prevalent, there is growing interest in risk culture to cope with disconnected organisational cultures and hard-to-detect breadth of risks.

Key risk priorities for risk and finance professionals across all regions were ‘regulatory, compliance and risk’ followed by ‘technology, data, cybersecurity’ and ‘economic inflation and recession’.

Sector-specific results showed respondents in financial services were more likely to raise ‘technology, data and cybersecurity’ and ‘regulatory, compliance and legal’ as their two highest risk priorities, whereas those in the corporate sector ranked ‘logistics and supply chain’ issues as one of their top three risk concerns. Interestingly, despite a rise in corporate fraud cases, the corporate sector ranked ‘misconduct, fraud and reputational damage’ lower than any other sector.

Some of the overarching concerns coming out of the report are that risk conversations continue to happen in a vacuum at the top of organisations, and that engagement not only between boards and senior management – but also across functions and roles – needs significant improving.

“Recent corporate collapses remind us of how inadequate and siloed risk governance can be, regardless of what is said in their financial statements,” said Lloyd Powell, head of ACCA Cymru/Wales. “As our research shows, it is not only the regulators who are asking questions. In today’s highly interconnected, digital world, even a weak risk culture is better than none.

“In an increasingly high velocity, complex and connected world, tensions can be created between managing performance, innovation, controls, and assurance.”

Julia Graham, CEO of Airmic, a partner said: “This report addresses how risk culture can contribute towards managing these tensions as part of good governance and concludes that managing risk dynamically and building resilience collaboratively are changing risk culture for the better.”

“Recent events, such as FTX and Silicon Valley Bank, show us that risk culture, more than ever, needs to be front and centre for risk and accounting professionals,” said Justin McCarthy, CEO of PRMIA. “This report shows how we need to help our respective members work and learn together more.”

The report incorporates insights from over 2,000 risk and financial professionals around the world. The online survey took place in October 2022 and attracted 1,823 individual responses from risk and financial professionals globally, across a range of industries. The majority of these individuals have accountancy backgrounds (93% being ACCA members). Additional forums, roundtables and one-on-one interviews with more ACCA members contributed further qualitative data.

A supplementary document to the report – Risk Culture Conversations – digs into the two open-ended questions from the survey as well as these discussions and input from an online community pop-up platform, which took place in November 2022.

To complement the findings, the report also includes ten calls to action:

  1. Empower risk leaders to drive risk culture and influence behaviours.
  2. Resist the danger of tunnel vision when faced with a multitude of risks. 
  3. Understand the behaviours driving both good and bad outcomes. 
  4. Don’t mistake a ‘tick the box’ compliance approach as true, value-added risk management.
  5. Consider how you define the role of accountants in risk culture, particularly on reconciling ethics with profits.
  6. Define risk appetite clearly and communicate its purpose to help guide behaviour and inform better decision making.
  7. Eliminate the fear factor by creating a ‘hands up’ culture through visibility and leading by example.
  8. Measure and incentivise the risk culture you want by ensuring ‘everyone owns it’.
  9. Promote good governance through role clarity and knowing who is responsible and accountable for what.
  10. Coordinate multi-stakeholder engagement with regulators leading to more positive, pro-society outcomes.

ACCA will publish additional research on risk culture by industry throughout 2023.

Accountancy & Accounts, Accounts and Accountancy, Business Advice, Finance and Banking

7 Bookkeeping & Accounting Tips for Small Business in 2023

Small businesses also have bookkeeping and accounting requirements. How accurately you maintain your business’ finance records contribute to your brand value and keep you on the right side of the law.

While you can always hire bookkeeper services to take care of the numerical data and accurately track the profits and losses, there are some ways to do it on your own. This article shares seven bookkeeping and accounting tips that small businesses can use in 2023 to save money and time and correctly record books.

 

Record business and personal finances separately 

Small business owners often need to correct the mistake of mixing up their business and personal finances, which results in chaos. It is tempting to spend money when you are just getting started. We have seen people using a business credit card for personal expenses. These are terrible finance habits. In 2023, you must make it a habit to keep your personal and business finances separate. This will help you get a clear picture of expenses, save the bookkeeper’s hours, and minimise the risk of missing any claimable expenses.

 

Receipts vs. invoices

Small business owners often mistake invoices for receipts. There is a difference between the two, and you must know that. An invoice reminds customers that they have received your service or product and owe you money. Receipts, on the hard, are evidence that a transaction has taken place and the customer has made the payment.

If you mess up invoices and receipts, it will be a nightmare for accountants. It will create trouble balancing the books. This is why bookkeeper services advise keeping track of both.

 

Consider automating the workflow

Bookkeeping can be very time-consuming, and it can be a nightmare for small businesses. If you are not hiring bookkeeper services, then focus on automating the bookkeeping workflow in 2023. Today, cloud-based and AI-powered bookkeeping Software as Service applications are available that you can use to automate records.

 

Monitor the cash flow

Cash is significant for small businesses. To successfully manage a business, you must create a cash flow that keeps tabs on income and expenses. To keep an eye on your business’ payment cycles and seasonal costs, cash flow management is essential. When you monitor the cash flow, you can predict expenses and identify any early warning signs.

 

Keep track of important documents

Documents associated with payroll and inventory management are necessary for tax purposes. Bookkeeper services scan and save important business documents such as cancelled checks, bank statements, receipts, and bills. As a small business, you must make it a practice to create and save digital copies of important documents as password-protected files.

 

Hire a professional

You must hire a professional account or bookkeeper service if it’s too much for you. Professionals know what they are doing. Also, their skills and experience are unmatched, which is worth paying their fee. As a small business owner, you should hire bookkeeper services instead of struggling to balance the books. If you cannot manage it, you need to focus on growing the business and let the professionals take charge of bookkeeping requirements.

 

Keep in touch with the bookkeeper

Bookkeeping jargon can be difficult to understand. Instead of guesswork, you can rely on professional accounting services and bookkeeping services to fill you in on the latest financial industry technical jargon.

 

Conclusion 

In 2023, small businesses should focus on evolving their accounting and bookkeeping practices. Hiring professional bookkeeping services, automating workflow, and learning the best practices listed here will help.

 

Accounts and Accountancy

New Managing Director appointed at MSS Group

Facilities management company MSS Group has announced the appointment of Jonathan James as Managing Director, taking over the role from CEO Bill Mayne.

 

Having worked at MSS for over 12 years, Mr James brings a wealth of experience to the role, successfully leading operations in the MSS Environmental team. MSS Group founder Bill Mayne will continue to work within the Group, supporting the leadership team in taking the business forward.

 

As Managing Director, Mr James will oversee MSS Group’s strategic operations in highly regulated and frequently hazardous environments, providing industrial and commercial cleaning, waste management, asbestos removal, water treatment, and security services with a 600-strong workforce.

 

MSS Group Founder and CEO Bill Mayne said: “We have seen exceptional growth at MSS Group, especially in recent, record-breaking years. Jonathan has played a fundamental role in building MSS through the Environmental team, and I have every confidence that he will help steer the business to even greater heights from this new position.”

 

Commenting on his appointment, Mr James said: “I am delighted to take on this role, having been a part of its impressive journey to date. I look forward to working with the whole Group, as MSS continues its exceptional growth and development.”

 

Established in 2005 and now one of Wales’ top companies, Cardiff-based MSS Group serve large multinational businesses, tier one contractors and public sector bodies, building a reputation for high levels of responsiveness, a focus on proactive client management and delivering the best outcomes for clients.

 

MSS Group was acquired by RSK Group earlier this year, a leading integrated environmental, engineering, and technical services business offering bespoke end-to-end solutions to a variety of sectors.

 

Headquartered in the UK but with an established presence throughout Europe, Africa, the Middle East and Asia, RSK helps organisations around the world achieve their business aspirations in a sustainable and efficient manner. The deal has seen MSS’ national and international markets expand, following a record-breaking year of rising revenue and pre-tax profits.

Accounts and Accountancy

Making Tax Digital: key dates for digital accounting transition

The most thoroughgoing legislative reform of the UK’s tax system in a generation is already underway. Summed up in three deceptively humdrum words – ‘Making Tax Digital’ (or MTD) – it’s a reform that’s set to profoundly alter the way that self-employed individuals and businesses (large and small) compile and submit Corporation, Value-Added and Self Assessment Income Tax returns from now on. Its launch in the UK aims to effect a major transition away from error-prone, time-consuming (and often late) paper-based tax returns in favour of a wholly digitalised alternative – all of which is to say that the time to get ready for this reform is now.

Let’s take a look at what Making Tax Digital actually is, along with the already-unfolding timeline for this significant reform.

 

What is Making Tax Digital?

As noted above, Making Tax Digital is the embodiment of the UK HMRC’s goal of digitalising the British tax system. It will encompass Corporation Tax, VAT and Income Tax Self Assessment for both businesses and self-employed people. Businesses and individuals currently using spreadsheets will be required to use HMRC-recognised bridging software. For many, however, a more comprehensive (and affordable) solution can be found in the form of new cloud-based accounting software that automates bookkeeping and makes the compilation and submission of each of these taxes a breeze. The best providers offer this technology on a subscription basis, which is designed to be affordable even for the smallest businesses.

Once set up, it will completely digitise all financial bookkeeping data, including tax returns, keeping it all fully updated and visible in real time on any authorised connected device, regardless of the location. This sophisticated cloud-based software is fully compliant with HMRC requirements.

As HMRC explains on its website, the initiative is designed to substantially close the annual tax gap in the UK, which amounted to £8.5bn in 2018 and 2019 – despite taxpayers’ best intentions to submit accurate returns, many turn out to be inadvertently inaccurate.

HMRC states: “The improved accuracy that digital records provide, along with the help built into many software products and the fact that information is sent directly to HMRC from the digital records, avoiding transposition errors, will reduce the amount of tax lost to these avoidable errors.”

Errors do, however, also run in the opposite direction. For example, in 2021, UK corporations claimed back £11.5bn in overpaid Corporation Tax from the preceding year, a hike of 26% on 2020’s £9.1bn. As tax consultant David Hannah noted in response to these figures, the accuracy and streamlining delivered by digitising financial affairs is the solution to errors of both underpayment and overpayment.

As the initiative proceeds, accountants are urging micro and small business owners to move their finances online ahead of the full introduction of the scheme, which has been pushed back by HMRC to April 2024. This deferral has been arranged to grant small business owners and sole traders with annual incomes above £10,000 an additional year to make the transition to online accounting.

 

The key dates for the digital accounting transition

HMRC has phased the rollout of MTD, with several of its stages already implemented. Here is the timeline:

 

  • April 2019: HMRC introduces MTD for all VAT-registered companies with a taxable turnover of £85,000. All businesses meeting this description were required to begin keeping digital records and submit returns to HMRC via MTD-compatible software.

 

  • April 2021: Bridging software or ‘digital links’ becomes mandatory for VAT returns under the MTD rollout. Data transfers from this date onwards are required to be made between functionally compatible software (manual copying and pasting became impermissible).

 

  • April 2022: All VAT-registered companies, irrespective of turnover, are required to register for, and be fully compliant with, MTD for VAT.

 

In addition, MTD for Income Tax Self Assessment (ITSA) for self-employed individuals is piloted.

  • April 2024: MTD for ITSA becomes mandatory for all sole traders and landlords with an annual income exceeding £10,000. This will require MTD for ITSA-compatible software to maintain digital records. HMRC will also require quarterly updates of all company income and expenditure, plus an End of Period Statement (or EPOS) at the conclusion of the firm’s fourth quarter.

An annual ‘Final Declaration’ must also be submitted digitally by 31st January each year, detailing all other taxable income.

  • April 2025: All general partnerships earning in excess of £10,000 must join MTD for Income Tax by the 6th of this month.
  • April 2026: All businesses paying Corporation Tax are likely to be required to begin adhering to MTD rules in the tax year 2026, though this specific date remains unconfirmed at present.

As we noted in the opening paragraphs, from sole traders to corporations, the time to prepare for full compliance with Making Tax Digital is now.

Accounts and Accountancy, Appointments, News

Four Senior Appointments at Azets South Wales

Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has appointed a number of senior members to its South Wales tax and corporate finance teams, further strengthening its position as a top 10 firm.

Amy Buckley
Oliver John
Ben Griffin
Claire Marshall

The tax team has welcomed Amy Buckley as partner, Oliver John as director and Ben Griffin as associate director, whilst the corporate finance division has appointed Claire Marshall to the role of director, as Azets continues to grow.

Amy Buckley has over 20 years’ experience working in personal tax, 16 of which were spent in a ‘Big Four’ firm. As partner, Amy advises in areas such as inheritance tax, trusts & succession, compliance, profit extraction, property portfolios, capital gains tax and residence and domiciled issues.

Oliver John was previously at Mazars for just over five years where he provided tax and share valuation advice to a range of businesses with regards to share transactions. In his role as director at Azets, Oliver will continue to share tax advice with clients over the life of a business, from companies looking to raise capital to shareholders looking to exit.

Ben Griffin, also previously at Mazars, has been appointed associate director in the tax advisory team and is a qualified chartered accountant and chartered tax adviser. With extensive knowledge and experience in transactions, Ben provides support on post-transaction equity incentives for management and specialises in share-related matters, employee reward and fiscal valuation, as well as all aspects relating to the “employment-related securities” rules. Ben advises clients across all sectors (private and quoted, UK and international), and has particular focus on UK entrepreneurial businesses and UK inbound groups.

Claire Marshall has joined Azets as a director within the corporate finance team, specialising in supporting clients with mergers and acquisition advisory support, transaction due diligence and capital raising advisory work.  Claire trained as a chartered accountant with KPMG and more recently achieved an MBA from Warwick University. Prior to joining the firm, Claire has spent nearly 20 years in senior finance and advisory roles, including corporate finance roles within the care home development and social housing sectors.

David Owens, Regional CEO at Azets South Wales commented: “With two of our service lines continuing to grow, it’s an exciting time for us as we continue to develop our teams to match our business demand. All four senior appointments bring a wealth of experience in their sectors, and their professional knowledge is a huge asset to our team. I look forward to seeing both the tax and corporate finance teams continue to flourish.”

Azets is a top 10 accountancy firm and focuses on delivering a highly personalised service, though a local office network and proprietary digital workplace technology. Career opportunities are available at Azets, visit www.azets.co.uk to find out more.

Accounts and Accountancy, Appointments, News

Four Senior Appointments at Azets South Wales

Azets, the UK’s largest regional accountancy firm and business advisor to SMEs, has appointed a number of senior members to its South Wales tax and corporate finance teams, further strengthening its position as a top 10 firm.

Amy Buckley
Oliver John
Ben Griffin
Claire Marshall

The tax team has welcomed Amy Buckley as partner, Oliver John as director and Ben Griffin as associate director, whilst the corporate finance division has appointed Claire Marshall to the role of director, as Azets continues to grow.

Amy Buckley has over 20 years’ experience working in personal tax, 16 of which were spent in a ‘Big Four’ firm. As partner, Amy advises in areas such as inheritance tax, trusts & succession, compliance, profit extraction, property portfolios, capital gains tax and residence and domiciled issues.

Oliver John was previously at Mazars for just over five years where he provided tax and share valuation advice to a range of businesses with regards to share transactions. In his role as director at Azets, Oliver will continue to share tax advice with clients over the life of a business, from companies looking to raise capital to shareholders looking to exit.

Ben Griffin, also previously at Mazars, has been appointed associate director in the tax advisory team and is a qualified chartered accountant and chartered tax adviser. With extensive knowledge and experience in transactions, Ben provides support on post-transaction equity incentives for management and specialises in share-related matters, employee reward and fiscal valuation, as well as all aspects relating to the “employment-related securities” rules. Ben advises clients across all sectors (private and quoted, UK and international), and has particular focus on UK entrepreneurial businesses and UK inbound groups.

Claire Marshall has joined Azets as a director within the corporate finance team, specialising in supporting clients with mergers and acquisition advisory support, transaction due diligence and capital raising advisory work.  Claire trained as a chartered accountant with KPMG and more recently achieved an MBA from Warwick University. Prior to joining the firm, Claire has spent nearly 20 years in senior finance and advisory roles, including corporate finance roles within the care home development and social housing sectors.

David Owens, Regional CEO at Azets South Wales commented: “With two of our service lines continuing to grow, it’s an exciting time for us as we continue to develop our teams to match our business demand. All four senior appointments bring a wealth of experience in their sectors, and their professional knowledge is a huge asset to our team. I look forward to seeing both the tax and corporate finance teams continue to flourish.”

Azets is a top 10 accountancy firm and focuses on delivering a highly personalised service, though a local office network and proprietary digital workplace technology. Career opportunities are available at Azets, visit www.azets.co.uk to find out more.

Accounts and Accountancy, Finance and Banking, Midlands News, News

Star pupil Piers among youngest in country to pass finance exam

A rising star at a Shropshire financial services group has become one of the youngest people across the country to pass his first professional exams.

Twenty-year-old Piers Hindhaugh, of Q Financial Services, has successfully completed his R01 qualification – and is now half way to gaining a diploma in regulated financial planning.

Piers, from Pontesbury, joined the administrative department at Q’s Shrewsbury office just under a year ago and has set his sights on developing a long-term career with the expanding firm.

“It has taken me five months since I started my studies but I’m delighted to have passed the exam,” said Piers.

“I want to carry on so that I become a qualified mortgage adviser and can start building up a portfolio of my own clients with Q

“Since I joined Q, the whole team has been really supportive in allowing me to study for these exams and achieve my dream of qualifying. I couldn’t have come anywhere better to start learning my trade and I cannot thank all of them enough.”

Piers, who is a keen golfer, football fan and car enthusiast, was one of the youngest students across the country to successfully complete the R01 exam, and now hopes to earn the rest of the diploma in record time.

Stuart Mackintosh, Q’s director of operations, said he was delighted with Piers’ success.

“We pride ourselves on developing young talent wherever we see it and Piers is a perfect example of that. He has worked incredibly hard to achieve this success and is already showing a great understanding of the industry.

“He has a really positive can-do attitude and is always eager to learn, as well as being a perfect fit with the rest of the Q team. I look forward to his continued success in the future.”

Q, which has bases in Wellington and Shrewsbury, is one of the region’s fastest-growing financial services companies and has been shortlisted this year in the Shropshire Chamber business awards for outstanding customer service.

For more information about Q visit  https://www.qfinancialservices.co.uk/