On this week's episode, the AccountingWEB team discusses the growing burden of anti-money laundering regulations, GoSimpleTax's acquisition of Coconut and are later joined by Will Farnell to discuss the philosophy of the human-led firm.

With regulators ratcheting up fines and accountants struggling to keep up, tightening AML regulations continue to cause headaches for practitioners. And, with the recent news that one "overwhelmed" practitioner has been slapped with a total financial sanction of close to £25,000 for AML breaches, Richard Hattersley and Tom Herbert discuss how this essential, yet burdensome measure is affecting the profession.

Also on the pod, Tom talks us through the winding story of GoSimpleTax's aquisition of accounting app Coconunt after the vendor was doomed to failure thanks to the delay of MTD ITSA earlier this year.

And finally, Will Farnell, the founder of Farnell Clarke and digital pioneer, beams into the pod studio to discuss the release of his new book 'The Human Firm' and looks to champion a different, more personal type of accounting.

For more information on the stories discussed in this episode visit: https://www.accountingweb.co.uk/content/no-accounting-for-taste-ep-138-aml-coconut-and-the-human-firm

Cinematic + Bright

No Accounting for Taste ep 138: AML, Coconut and the human firm

As accountants feel the pressure over increased scrutiny of their AML reporting, the Treasury has tabled a new consultation that is set to overhaul anti-money laundering supervision as we know it.

The Treasury have put forward four new ideas that could potentially reform the supervision of accountants and lawyers' compliance with money laundering regulations.

The options ranged from bolstering the current supervisors of supervisors OPBAS to the more extreme option of stripping the professional bodies and HMRC of its supervision responsibilities and creating a brand new supervisor - the one supervisor to rule them all.

On this week's podcast, David Winch explores the four potential reforms and offers advice to accountants anxious of upcoming changes. 

Also on the pod, the AWEB team discuss ICAS' recent review of MTD for ITSA and its call to scrap the controversial project's decision  on quarterly reporting, as well as taking a closer look at AI and asking: is this new technology a friend or foe when it comes to tax? 

Podcast speakers:
Richard Hattersley
Tom Herbert
David Winch

Producer/editor:
Will Cole

No Accounting for Taste ep 142: AML, AI and MTD

HMRC's HMRC’s accounts, consultations, as well as it's annual Charter report has finally been released. Now that the dust has settled, the newly released documentation has been thumbed through by the AccountingWEB team to give you the lowdown on the tax authority's reports.

To help us sift through the papers, we are joined by Glenn Collins, Head of Technical and Strategic Engagement at the ACCA, who offers some keen insights into HMRC's reports. 

Collins also had some interesting thoughts on R&D tax credits, in particular the massive levels of error and fraud plaguing the operation.

Also on this week's pod, tech editor Tom Herbert takes a deep dive into the murky world of Big Tech and accounting after American tax software companies were caught sharing sensitive data with tech giants Google and Meta.

Podcast speakers:
Richard Hattersley
Tom Herbert
Glenn Collins

Podcast producer:
Will Cole

Podcast notes:
Error and fraud hounds HMRC’s annual accounts
Agents slam HMRC's performance in Charter report
Is your tax information being shared with BigTech and others? Maybe!

No Accounting for Taste ep 144: HMRC, R&D and Big Tech

Dan Neidle joins the AccountingWEB team on the podcast this week to discuss his recent investigation into Property118, the Autumn Statement and tax complexity.

Dan is the founder of Tax Policy Associates, a not-for-profit company, that aims to improve tax and legal policy and public understanding of tax. Before his work with Tax Policy Associates, Dan spent almost 25 years as a tax lawyer. 

He joins the AccountingWEB airwaves to discuss his investigation into Property118, which he called at one point “the worst tax avoidance scheme ever”. 

And with the Autumn Statement around the corner, Dan gives his thoughts on some of the runners and riders rumoured for the big fiscal event. 

He also imagines if he was Chancellor for the day and reveals what he would announce if he was given the keys to Number 11. 


Discussion inevitably turns to tax complications and whether it is a case that the complications are inevitable (tax is complicated!) or that some of the complications are just unnecessary?

Hosted by Richard Hattersley and Tom Herbert, the No Accounting for Taste podcast takes on some of the big stories from across the accounting profession. You can read more about the stories discussed in this podcast on AccountingWEB.co.uk.

No Accounting for Taste ep152: Dan Neidle talks Property118, Autumn Statement and tax complexity

This year’s autumn statement couldn’t have been more different than last year’s. Back in November 2022, the Chancellor warned the UK of the “storm” of tax rises. 

But only 12 months later Jeremy Hunt was announcing cuts to employee and self employed national insurance and making the full expensing capital allowance scheme permanent in what he called “the biggest package of tax cuts to be implemented since the 1980s”. 

On No Accounting for Taste this week, in association with Mercia, we’re discussing the Autumn Statement. We’re looking at all the tax changes. All the news tucked away in the green book. 

The AccountingWEB team is joined in the pod studio by Glenn Collins, the head of technical and strategic engagement at ACCA, and Andrew Courts, the director of the accountancy firm Courts & Co, to get an accountant in practice’s point of view.

Hosted by Richard Hattersley and Tom Herbert, the No Accounting for Taste podcast takes on some of the big stories from across the accounting profession. You can read more about the stories discussed in this podcast on AccountingWEB.co.uk.

Find out more about how Mercia can support your training needs: https://www.mercia-group.com/

Autumn Statement special 2023

With entries to the 2024 Accounting Excellence being open, Karen Kennedy, director at Kennedy Accountancy and Andrew Griggs, senior partner at Kreston Reeves join Richard Hattersley and Matthew Ord to talk all things accounting excellence. 

Kennedy Accountancy won last year’s New Firm of the Year Award and Kreston Reeves picked up the award for both the Audit Team of the Year and the AccountingWEB Pride Award for ESG.

They discuss the three pillars of accounting excellence:

Client care 
Kennedy and Griggs speak about how big of a focus client care is, how important it is to their firm, how things have changed and the initiatives they have both undertaken. 

Processes
They continue to discuss how their firms are improving efficiency, staff development and the quality of services they provide. 

Growth
Lastly, both Kennedy and Griggs explore what growth looks like for them and how they successfully keep up and achieve balance when growing.

No Accounting for Taste ep162: The three pillars of accounting excellence

The AccountingWEB team dive right into Labour’s landslide victory last week, talking about Keir Starmer and the first female Chancellor, Rachel Reeves. They question whether Reeves will pause and take consultation from those involved in the industry. 

Tom Herbert discusses a popular topic, choosing the right software and apps. He explores the term ‘best’, why that’s not always the case for software and other factors that need to be considered.

Turning back to the election, Richard Hattersley shared that accountancy candidates were obliterated. Has the electorate fallen out of love with accountants and why?

Finally, Matthew Ord sheds light onto HMRC who was criticised for being unable to fix a problem of its own making after the department wrongly refunded voluntary class 2 national insurance contributions.

No Accounting for Taste ep167: Election talk, choosing software and HMRC errors

Gary Turner, the former UK CEO and co-founder of software giant Xero, has been appointed to the board of directors at Mazuma. The company’s co-founder and CEO Lucy Cohen joined us – alongside Gary – for a chat on how the appointment came to be, what accounting and tech firms can learn from each other, and whether there’s life left in the traditional partner-led model.

Alongside the Budget being confirmed for 30 October, Chancellor Rachel Reeves also announced a £22bn black hole in the public finances, as well as promising that tax rises are coming. Richard Hattersley looks at where the money might come from, and revisits VAT on private school fees and the abolition of non-doms.

Finally, Matthew Ord looks at the worrying report into local authority audits from The Chartered Institute of Internal Auditors. Concerns have been raised that a high proportion of functions might be unable to complete their internal audit plans for 2023/24, with the under-resourcing of such a critical area also causing some nervousness.

No Accounting for Taste ep169: Lucy Cohen and Gary Turner on Mazuma's growth plans

Special guest Thomas Adcock, a tax partner at Gravita joins this week's podcast to shed light on the recent protests from farmers. Last week, tractors drove through Westminster to protest the changes announced in the Budget. Adcock discusses the changes that have impacted the farming sector, what farmers can do and whether there is a better route for them. 

With the government deciding to create an AI-powered chatbot, Tom Herbert fills us in on the details, where it can be found, what it does and his general thoughts after trying it out. 

Finally, Richard Hattersley speaks about his chat with Alastair Barlow and Paul Layte, founders of flinder and Next Level Business. They have announced plans to merge and target the outsourced finance director sector. The team questions how firms have embraced virtual finance services, how technology will play an important role and where this craze will go.


No Accounting for Taste ep177: IHT and farmers, government chatbot, and virtual FDs

In a podcast rounding up 2024 in accounting tech, Tom Herbert, Billie Mcloughlin and Ryan Pearcy discuss the emergence of AI assistants in accounting tech, what the latest round of software consolidation means for accountants, and whether switching bonuses are potentially misaligned with the profession’s ethical standards. For links to all stories featured in the pod, visit https://www.accountingweb.co.uk/tech/tech-pulse/ai-assistants-acquisitions-and-switching-bonuses-2024-in-accounting-tech

AI assistants, acquisitions, and switching bonuses – 2024 in accounting tech

With Christmas and New Year fast approaching, the AccountingWEB team reunites for their final podcast of 2024, reflecting on the year’s biggest stories.

They kick off with the 20-year Post Office scandal, which gained renewed attention in 2024 after the ITV drama Mr Bates vs The Post Office. The team discusses ongoing lessons and why it’s important to keep this issue in focus.

Next, they tackle HMRC’s pattern of U-turns, including this year’s reversals on double cab pickups and helpline cuts, sharing what these shifts reveal about HMRC’s direction.

The conversation turns to major anti-money laundering (AML) failures, such as Metro Bank’s £16.7m fine and the accountant who faked being an auditor for 34 years. The team questions why AML continues to be an issue and whether things will change. 

General election highlights and two budgets – Jeremy Hunt’s Spring Budget and Rachel Reeves’s inaugural Autumn Budget – also feature, with their impact being examined. 

Finally, Richard Hattersley and Tom Herbert share bold predictions for 2025, exploring where the accounting profession might head in the coming year.


No Accounting for Taste ep178: End of year round up

Our tech editor, Tom Herbert kicks off the podcast with the shutdown and acquisition of online bookkeeping giant Bench. He details who Bench are, what happened when the company ceased operations, why we should care and the dangers of using technology without proper oversight. 

With January being a busy month for accountants and the 31 January self assessment deadline looming, Richard Hattersley talks about HMRC’s statistics that 5.4m taxpayers are still left to file their return. The team questions whether it is just human nature that a deadline is a deadline for a reason and they see how accountants are coping. 

Finally, Matthew Ord reports on the calls for change in audit. He looks at whether any progress has been made so far and the Financial Reporting Council’s (FRC) desire for audit to be more effective. 

No Accounting for Taste ep179: Bench’s collapse, self assessment deadline and audit reform

With the self assessment deadline next week, the worst has happened for some tax agents who have been locked out of their agent accounts. Tom Herbert examines the timing, the impact on practitioners’ livelihoods, and HMRC’s poor communication around the issue.

Continuing on with HMRC, Richard Hattersley reviews the criticism HMRC has come under, from exchequer secretary James Murray being grilled on customer service to a scathing public accounts committee report on poor service levels. The team considers what it will take for HMRC to change.

Matthew Ord shares insight from his conversation with Pete Fendall, one of the youngest CFOs in the alternative investment market, who reveals how he proved himself at such a young age. 

Lastly, Herbert discusses the software market for large firms. He spoke with John Toon, tech strategy lead at Beever and Struthers about how 2025 might bring an increase in spending.


No Accounting for Taste ep180: HMRC issues, CFO at 32 and software shopping

The beginning of February marks the end of the self assessment season so Richard Hattersley starts the podcast sharing how accountants on AccountingWEB coped on deadline day. The team speaks about the 1.1m who missed the deadline and what’s next for accountants now that another self assessment is over. 

Tom Herbert details the Companies House agent filing system, requiring firms filing for clients to register on a new system. He looks at the rollout timeline, its impact on accountants and whether it will have the desired effect. 

To wrap up the podcast, Matthew Ord explores the journey to the boardroom and how CFOs rise through the ranks. The team discusses the evolving role of CFOs, who now have to oversee all aspects of operation


No Accounting for Taste ep181: Self assessment, Companies House filing and the role of a CFO

Special guest Grace Hardy, founder of Hardy Accounting and upcoming speaker of the Festival of Accounting & Bookkeeping (FAB) joins the podcast to share her journey in starting and scaling her business. She speaks about finding her voice, overcoming challenges and using social media to grow her brand. 

As part of the next generation of accountants, Hardy offers perspective on whether the profession meets young people’s needs, what firms need to do differently and how apprenticeships shaped her career.

Richard Hattersley continues on the topic of apprenticeships amid National Apprenticeship Week and concerns over Level 7 funding. He discusses the benefits, the impact of potential funding cuts and what firms should do to prepare. 

Matthew Ord closes the podcast with some recent M&A activity with Blick Rothenberg having recently agreed to buy Greenback Alan. He explores the deal, why the firm is looking to expand and how to make sure that everyone in the business feels at ease. 


No Accounting for Taste ep182: Hardy Accounting, apprenticeships and M&A activity

Fresh from QuickBooks Get Connected, Tom Herbert kicks off the podcast with the start of event season. He recaps key announcements, Making Tax Digital (MTD) product updates and the upcoming Festival of Accounting and Bookkeeping (FAB) on 12-13 March, highlighting the importance of these events being the last proper window for vendors to push their MTD message. 

Continuing with MTD, Richard Hattersley covers HMRC’s plan to start writing to sole traders and landlords in April. The team debates whether this signals real progress or if it’s still too early to tell. Herbert also shares how event attendees are reacting to MTD and why HMRC’s presence at FAB makes it a must-attend.

This week’s special guest is Jess Brindle, co-founder of Jessica & Morton and an upcoming FAB speaker. Matthew Ord talks with Brindle about the changing role of finance leaders, their expanding responsibilities and the need to stay ahead of tech advancements. She also previews her FAB session, What’s The Forecast and the importance of preparing for upcoming changes. 

No Accounting for Taste ep183: Event season, MTD and finance leaders

In this short but sweet episode, recorded live on day two of the Festival of Accounting & Bookkeeping (FAB), the team take a look back at the key moments from day one and get ready for the discussions ahead.

With AI continuing to reshape the profession, Making Tax Digital developments and tax changes keeping accountants on their toes, there was plenty for the AccountingWEB team to unpack. 

Tune in to hear the latest insights straight from the show floor.

No Accounting for Taste ep184: The Festival of Accounting & Bookkeeping

Recording on location from the Festival of Accounting & Bookkeeping, accountants Della Hudson and Aaron Patrick join host Tom Herbert to discuss the software systems that should be on practitioners' shopping lists in Spring 2025. The trio discuss Making Tax Digital, artificial intelligence and practice management systems, and make a few predictions about what will (and won't) be hot news on the show floor in 2026. 

Spring software shopping season 2025: Live from FAB

Rachel Reeves kept her promise with no tax changes in yesterday’s Spring Statement. With expectations low, Richard Hattersley recaps the key takeaways, including the eight consultations and policy papers released and looks ahead to what the Autumn Budget might bring.

One of the policy papers released confirmed that sole traders and landlords with incomes of more than £20k would be pulled into the system by 2028. Tom Herbert explains what this means and why Reeves didn’t mention MTD in the Spring Statement. 

Matthew Ord shifts focus from the Spring Statement to HURST, an accounting and business advisory firm with big growth plans. He recalls his chat with managing partner Tim Potter on their strategy, recruitment challenges and tech investments.


No Accounting for Taste ep185: A 2025 Spring Statement special

Oracle NetSuite founder Evan Goldberg and senior vice president EMEA Nicky Tozer join AccountingWEB technology editor Tom Herbert to discuss new products launched at the show, how the developer is using artificial intelligence to connect businesses, and why technology could enable the first billion dollar company run by one person. For full show notes visit: https://www.accountingweb.co.uk/content/netsuite-founder-on-ai-progress-breaking-down-siloes-and-the-one-person-unicorn

NetSuite founder on AI progress, breaking down siloes and the one-person unicorn

With the new tax year starting on 6 April, Richard Hattersley runs through the key changes, from the rise in employer national insurance to HMRC’s focus on debt management. He also covers the MTD countdown, HMRC’s confidence in a 2026 rollout and whether it’s time to rethink the UK tax year. Tom Herbert shares the latest MTD software market updates.

Herbert also looks into the latest in artificial intelligence (AI), starting with ICAEW president Malcolm Bacchus’s call for a mindset shift in the profession. Herbert then highlights recent AI product launches from Jenesys, NetSuite and Vinyl.

Lastly, Matthew Ord looks at Wilson Partners’ acquisitive growth, with their latest deal doubling the team working in high-growth tech and life sciences. Tom Herbert explores why now is a smart time to target these sectors, while the team weighs in on the rising concerns around private equity’s growing role in accounting following their partnership with PE firm Fordhouse.


No Accounting for Taste ep186: New tax year, AI and acquisitive growth

With HMRC expanding the MTD pilot from 16 April, Richard Hattersley unpacks the updates, including long-awaited multi-agent access and questions around the value of quarterly updates. Tom Herbert adds insight into technical challenges and what this means for accountants.

Herbert then shifts gears to agentic AI, a more advanced form of artificial intelligence that carries out complex, multi-step tasks. Drawing from a conversation with tax advisor Alastair Wilson, he explores how this tech could reshape the profession, reduce overheads and impact entry-level roles.

To close, Matthew Ord looks at a string of audit sanctions against EY, including issues with audits of Thomas Cook and Stirling Water Seafield Finance. Hattersley rounds out the discussion with news of the FRC’s investigation into EY’s handling of the Post Office audit, as the team reflects on the growing need for reform.


No Accounting for Taste ep187: MTD, agentic AI and audit sanctions

Just ahead of the bank holiday, the government released a surprise Spring tax update. Richard Hattersley breaks down the key announcements, including the delay to the mandation of payrolling benefits and updates to the CEST tool. He also looks at proposed simplifications, such as helping businesses integrate gov.uk guidance with their AI products.

As cybersecurity threats become more sophisticated, Tom Herbert shares a conversation with the owner of a small family firm that recently fell victim to a breach. He explains why such firms are attractive targets and reflects on advice from Francis West of Security Everywhere on how firms can protect themselves and respond if a breach occurs.

Matthew Ord explores MHA’s decision to pursue an initial public offering (IPO), speaking with CEO Rakesh Shaunak about why he chose this route over private equity (PE). With few firms openly turning down PE investment, the team discusses MHA’s approach and whether more firms might follow with IPOs of their own.


No Accounting for Taste ep188: Spring tax update, cybersecurity and IPO’s

After attending six events this year, Tom Herbert wraps up the spring events season and shares what stood out. Suggesting there’s been a big push around software that sorts, stores and manages data, Herbert looks at why there’s an increased interest and whether firms actually want it or whether it’s a way for vendors to justify their GenAI investments.

Meanwhile, Richard Hattersley digs into HMRC’s latest move against one of the UK’s most well-known tax avoidance promoters, Paul Baxendale-Walker. With a Stop Notice now issued, Richard explains what it means and whether HMRC’s tougher stance is finally starting to bite.

And to round things off, Matthew Ord looks into the concerns about the ethical consequences of using AI. After chatting with Brad Channer, he explores the environmental cost of AI and whether the pressure to keep up with tech is worth the long-term impact.


No Accounting for Taste ep189: Events season, tax avoidance and AI ethics

In the first episode of The Progressive Firm Podcast, Laura Leslie of DSG and Scott Heath of DJH pull back the curtain on their growth journeys, looking at how such an idea is born and subsequently implemented.

The Progressive Firm Podcast - S1E1: Why Go for Growth?

With the cut to Level 7 apprenticeship funding now confirmed, Richard Hattersley explains what it means for firms and training across the profession. He shares reactions from professional bodies and considers the long-term impact of the decision.
Tom Herbert looks at the shift in focus from vendors and investors, from small business cloud accounting to the mid-market. He breaks down what “mid-market” means, why interest is growing and how the competition is shaping up. Herbert outlines three key categories and who fits where before the team asks: who has it the hardest?
Though it almost feels taboo to mention on this podcast, Matthew Ord introduces the brand new Progressive Firm Podcast, which is out now. Episode one focuses on growth and Ord recaps the first episode – what was discussed, who joined and how it went. He also gives a sneak peek at what’s coming in episode two, so keep an eye out.

No Accounting for Taste ep190: Apprenticeship cuts, mid-market software and a new podcast

When Steve Hare first qualified as an accountant, he never imagined presenting to 4,000 people as chief executive of the UK's largest technology firm, steering it into the age of AI. However, he believes his accounting background will prove pivotal in managing one of the most transformational technologies seen in a generation. Hare joined AccountingWEB technology editor Tom Herbert at the Sage Future user conference in Atlanta last week, where he spelt out his vision for how artificial intelligence will be implemented across Sage’s product lines, helping the vendor leapfrog competitors and position Sage at the forefront of AI accounting – but also outlined why he believes there will always be a need for accountants.

Sage CEO: AI is the future, but we’ll always need accountants

Tom Herbert returns from the Sage Future user conference in Atlanta and spills all. He shares Sage’s artificial intelligence insights, classified into waves, and explores what each means. While discussing tech adoption, he argues that it’s not all about the technology, explaining other ways to get the attention of customers. 

Richard Hattersley reflects on the government's spending review. While no tax changes were announced, he talks about the document confirming a £500m investment in HMRC’s digital services. Alongside this, another document was released: Tax Policy Making Principles. Hattersley explains the concept of this document, its principles and whether they’ll remain unbroken.

Matthew Ord closes the podcast with a look at private equity’s presence in audit. He recalls his chat with CEO Bruce Cartwright on why audit quality must stand apart from private equity’s influence. The team discusses the fine balance that the profession needs to get right seeing as both private equity and audit have come under scrutiny.


No Accounting for Taste ep191: Tech adoption isn’t all about the technology

On the latest episode of The Progressive Firm Podcast, Leanne Wilkins of MHA and Jorgia Hatton of JS discuss the importance of recruitment in a growing firm, why communication is key and bridging the skills gap.

The Progressive Firm Podcast - S1E2: Recruitment and the Skills Gap

AccountingWEB’s MTD Accountability Club is in full swing. In association with Sage, it follows accountants and bookkeepers preparing for the first mandation date. Richard Hattersley goes through the early results from our recent survey (which is still open), on how the profession is coping, exploring what the answers reveal about MTD readiness.
Tom Herbert shares the news that Xero has acquired the bill payments platform Melio for $2.5bn. Herbert explains who Melio are and what it signals about Xero’s global strategy, especially as UK users already have an end-to-end accounts payable workflow and recent price hikes are causing concerns.
Finally, Matthew Ord turns to audit reform as the government’s Modern Industrial Strategy confirms plans to update the corporate reporting framework. The team discusses what’s coming and shares their thoughts on key topics also on the agenda, including talent, AI, sustainability reporting, and money laundering regulations.


AccountingWEBUK

Popular tracks