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Member Update - August 2019
Latest IAB seminars announced

The IAB has arranged two further seminars covering a range of topics including: payroll, best practice guidance to comply with the Money Laundering Regulations and much more!

The events will take place in London on Wednesday 30 October and Bristol on Thursday 7 November and are an excellent way to gain updates for your own business and your clients or the business you are employed by.

Find out more >
BOOM Declaration deadline

Members in Practice were recently sent an e-mail requiring the declaration of any BOOMs (Beneficial Owner, Officer or Managers – full definition available at www.iab.org.uk/boom-declaration) within their practice.

Under The Money Laundering Regulations 2017 (MLR2017) the IAB are required to approve any person holding a position as a BOOM in a firm that it supervises.  

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UKFIU SARs in Action Magazine

The UK Financial Intelligence Unit (UKFIU) has produced a new magazine featuring content on the Suspicious Activity Reports (SARs) regime.  Each publication will focus on a specific issue relevant to the exploitation of financial intelligence to assist in preventing and detecting crime.  The SARs regime is for reporting knowledge or suspicions of money laundering/terrorist financing.

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Webinar: The guide to going virtual for bookkeepers

What does working virtually mean, and how do you navigate the world of applications to ensure you are adding value and not taking away time from your bookkeeping business? Learn how to transition over to a digital-first mindset during this 30-minute, complimentary webinar from SmartVault.

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Have you or your clients fallen for a GDPR myth?

In a recent mini survey carried out amongst our members, 40% of respondents were confident that their businesses were GDPR compliant with the remaining 60% saying they had taken some steps but knew they were not finished.  These results suggest that our members are well aware of their data protection obligations but are you 100% confident you know exactly what compliance involves?  

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Xero Certification for IAB members

The Xero Advisor Certification Equivalency Course enables you to gain a solid understanding of all things cloud accounting and Xero.

With Xero Certification you can show you’re ready to support over 300,000 subscribers across the UK and also build on your general skills and knowledge, and continuing professional development.  It is also great for employability because demand for the skills learnt on the course has never been greater at bookkeeping and accounting practices across the UK.

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Do you have a technical query you need help with?

There are several free helplines available to professional members covering the following areas: VAT and tax, legal and employment law and health and safety advice. If you need assistance with technical questions relating to other areas then we have a panel of experienced members who we can pass on your queries to. There is also a service called Your Local Bookkeeper which provides further support to members.  

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Share your feedback about the IAB

We are currently doing a survey of IAB professional members and we’d love to have your feedback in relation to areas including: your reasons for choosing to join the IAB as a professional member and the benefits you receive from being a member. 

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How to get great results from your bookkeeping business: Price

Just for a moment, I want you to imagine what you want to earn out of your business – personally.

What should your income be for the work that you do, to enable you to have the life you want to live? Is it £40,000, £50,000, £60,000?

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Update from HMRC: MTD VAT service progress

On 7 August HMRC reached a significant milestone in the rollout of Making Tax Digital (MTD), with the first quarterly filing deadline for VAT.

HMRC have been encouraged by the numbers who have signed up and submitted their VAT returns through MTD. 

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Five million pension savers could put their retirement savings at risk to scammers

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces again this summer to warn the public about fraudsters targeting people’s retirement savings. This warning comes as new research suggests that 42% of pension savers, which would equate over 5 million people across the UK, could be at risk of falling for at least one of six common tactics used by pension scammers.

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The Word from Sarah: What softwares to use?

In her regular feature, Sarah Palmer tackles the issues that matter.

As we are all aware, in recent years the bookkeeping landscape has significantly changed, predominately due to software development. I have observed a change in my practice; five years ago I had fewer clients but they were significantly larger, today I have many more clients and the average monthly spend per client has dropped. 

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IAB Privileges: Affordable Car Hire – 12% Discount

Affordable Car Hire work with 500 car rental partners in over 30,000 worldwide locations to give members huge flexibility and choice. IAB members receive a 12% discount on top of any special offers*.

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