23rd November 2017
There are bookkeepers and then there are bookkeepers and the ICB is the industry membership body that brings together those with formal qualifications and certification in bookkeeping. They then hold an annual summit, enabling the members to come together, learn, share best practice and enjoy industry updates.
I always find this summit very beneficial as it is one of my main sources of update on regulatory matters such as tax, pensions and accounting rules.
Brexit obviously played a major part in this year’s discussion but with so much still unknown, many agreed that the 2018 summit was likely to provide much clearer guidance as the details of trade deals and the implications of leaving will be at a more advanced stage.
For me the main seminar of interest was presented by the pensions regulator, providing delegates with an update on auto enrolment and some insight as to the future plans for the scheme once all existing organisations have been through their staging date. In particular, the pensions regulator suggested that some of the information in the market place was incorrect and that this was leading to confusion for employers and employees alike. We were therefore told that our clients could expect updated guidance in the coming months to ensure clarity of messaging and so ‘ers and ‘ees would understand more around contribution levels, opts outs and transfers.
As an international accounting specialist, the seminars presented by Avalara around VAT and where HMRC may well take things with MTD for VAT – looking at the other countries in the world currently seen as market leaders in the reporting in this field and exporting were also hugely valuable – again with a nod towards Brexit and trying to ensure that exporting and VAT reporting from the UK would be as a simple as possible to enable UK business to continue to compete internationally after March 2019.