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Member Update - November 2017
Finalists announced for IAB UK and International Business and Skills Awards

The finalists for the IAB awards have been announced. Congratulations to everyone who was nominated and to those who were shortlisted. A full list of the finalists can be found here: http://www.iabawards.org/nominees.

The winners will be announced during an awards reception at the House of Commons on Thursday 7th December. During the event the achievements of the winners of our top centre awards will also be celebrated.

To find out who the winners are please follow our social media channels and also check back on the IAB awards website after 7th December: http://www.iabawards.org

Annual membership renewal

Letters to invite you to renew your professional membership for 2018 have now been sent out and you should hopefully have received this either in the post or by email.

If you haven’t yet received the renewal notice please contact the membership team as soon as possible.

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Could you be an IAB Council member?

The IAB is still accepting applications and enquiries from members who are interested in joining the IAB Council. 

Under the application process, members will be invited to attend a meeting with the Appointments Committee, where they will be able to quiz current members of Council....

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Auto-enrolment: Key messages November 2017

Are your clients ready for the minimum workplace pension contribution levels increase in April 2018?  Early preparation is key.

Minimum workplace pension contributions are required to increase over time on set dates. These increases are planned in two phases – 6 April 2018 and then again on 6 April 2019. 

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Taxpayers banned from using credit cards to pay personal tax bills

From 13 January 2018, HMRC will no longer be accepting payment of tax bills by personal credit card. Currently, HMRC is only allowed to accept credit card payments on the basis that there is no loss of public money, but new legislation means that HMRC will no longer be able to accept them. This will affect payments of income tax, PAYE and VAT.

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New trading allowance ‘unfair on sole traders’

A discrepancy in the new £1,000 allowance for trading income puts existing sole traders at a disadvantage compared with the employed and those trading in partnership.

From 6 April 2017, a new £1,000 tax free allowance became available for individuals with trading income. 

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IAB’s CEO to help design the Accounting T qualification

IAB Chief Executive Malcolm Trotter is one of a number of industry experts who is helping design the new Accounting T level qualification.

The government recently announced that digital, construction and education and childcare will be the first three to be developed, with finance and accounting and legal T levels to be introduced in 2021.

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IAB’s recommendation reward scheme

As a member of the IAB you already recognise the benefits that membership can bring. Now we can add one more!

If you have a colleague or friend who works as a bookkeeper or an accountant, and you would like them to join you as part of a professional body for people who make businesses better, then there has never been a more rewarding time to do so. 

Recommending them for IAB membership will help them in maintaining the highest standards of bookkeeping. 

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Last chance to book for the Bristol seminar

Time is running out to book a place at the Bristol seminar.

The seminar will cover topics including changes to the Data Protection Laws in relation to GDPR, an update on the Anti-Money Laundering regs, and much more.

Please note the London seminar is sold out.

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Word from Sarah: Self-Worth equals Net Worth

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

Money is simply an idea; it is a means of exchange. Think about it for a moment, before money we bartered with each other as a means of exchange. When the concept of money first came about we use to have the “chuck wagons” or gold wagons, then, to make it more practical, coins were invented so we were able to carry money from one town to the next, then we converted the coins to paper in an attempt to make the coins lighter as the distances we travelled increased.

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IAB Privileges: Income protection

The possibility of being off work for a prolonged period due to an illness/accident is not something any of us want to contemplate but is often beyond our control and could affect any of us.

When you consider Statutory Sick Pay is just £89.35 per week*, whether you’re employed or self-employed, would this be enough to meet your financial commitments?*

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International - World Bank revises down growth for six Western Balkan states

The World Bank revised down 2017 economic growth forecast for the Western Balkan region to 2.6 percent from the previous projection of 3.2 percent and warned fiscal discipline will be key to stable growth in the future.

The bank said it expected the region which comprises Albania, Bosnia, Kosovo, Macedonia, Montenegro and Serbia to grow 3.3 percent in 2018 and 3.6 on the back of increase investment and consumption.

Read the full article on Reuters >
© 2007-2017 International Association of Bookkeepers

*DWP, April 2017.  For full Ts&Cs, visit www.pgmutual.co.uk

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