2018 – a year to remember
19 December 2018
Amid the ongoing rumours and rumbles surrounding the UK’s position in a post-Brexit environment, AAT members and other employees in the accounting industry have had plenty to think about during 2018. Here’s some of the key events impacting on the accounting body and on the wider industry this year:
January
8 – A Panorama special exposes the tricks of millionaires who are able to declare themselves ‘bankrupt’ to protect their wealth.
11 – A survey shows that AAT Accountants are most concerned about how Brexit negotiations develop during 2018, followed by preparations for Making Tax Digital and the introduction of GDPR regulations.
15 – Construction giant Carillion collapses after banks refuse to provide further financial support.
March
13 – Chancellor Philip Hammond’s Spring Statement lasts just 26 minutes – highlights include a call for evidence on the VAT registration threshold and a consultation around VAT split payments.
28 – In a public letter to the Chair of the Public Accounts Committee, HMRC Chief Executive John Thompson suggests ‘a number of projects should stop…and a number should be stretched out over a longer time-scale’ – which leads to speculation that Making Tax Digital (MTD) will be delayed.
April
4 – Deadline for all large firms passes for new gender pay gap reporting, with almost eight in 10 companies paying men more than women.
6 – Start of the new tax year.
30 – HMRC confirms halting the roll-out of Simple Assessment and suspending real-time tax code changes. However, mandation of MTD for VAT remains on course for April 2019.
May
25 – GDPR becomes enforceable across the EU.
30 – AAT becomes the first accounting body to support a retentions deposit scheme for SMEs, meaning over 500,000 businesses and self-employed professionals are now represented as in support of the so-called ‘Aldous Bill’.
June
7-8 – Over 300 accounting professionals attend AAT’s 10th Annual Conference, held in Windsor, Berkshire. AAT’s Professional Member Awards take place at the event.
August
15 – CIPD and High Pay Centre publishes research indicating an 11% increase in FTSE100 chief executive pay
September
18 – AAT launches a new Knowledge Hub for the benefit of its members.
20 – A new report from the Institute of Fiscal Studies reveals that funding for students aged 16-18 will be just 10% higher in 2018-19 than it was 30 years ago.
October
2 – Prime Minister Theresa May announces the Government’s intention to levy an additional Stamp Duty charge on overseas residential investors.
16 – HMRC confirms that the testing phase for the first implementation of MTD has gone public.
25 – The Government announces the relaunch of its ‘Flag It Up’ anti-money laundering programme.
29 – The Budget is announced, delaying new rules determining IR35 in the private sector to April 2020 and announcing plans for a new digital tax aimed at technology giants. The boost in personal and higher rate allowances to meet pre-agreed targets a year ahead of schedule stole many of the headlines.
November
8 – As part of its bookkeeping week, AAT announces a sharp increase in its number of students studying bookkeeping qualifications.
December
2 – The tax burden on British households and businesses is revealed to stand at 34.6%, a fifty year high.
5 – BEIS Strategy Committee backs AAT calls for the Prompt Payment code to become compulsory for large firms, and for maximum payment terms to be reduced to 30 days.
12 – Prime Minister Theresa May survives a no confidence vote from Conservative MPs.
Everyone at AAT would like to wish all of our members and students a very Merry Christmas and a Happy New Year.
