Today’s news in brief – 24/7/2024
Clive Owen, a regional accountancy firm with offices in Darlington, York, Durham, and Middlesbrough, has welcomed 15 new graduates. This recruitment drive increases the firm’s workforce by 16%, bringing the total to 148 employees. The new recruits will support various teams, including audit, accounts, tax, IT, and managed services. Each recruit will receive comprehensive training, blending technical knowledge with hands-on experience from senior colleagues. Managing director Gary Ellis highlighted the firm’s commitment to fostering talent, with many senior colleagues having started as trainees. HR director Caroline Bowerbank emphasised the firm’s supportive and inclusive work environment for new starters.
MHA, part of Baker Tilly International, has joined the UN Global Compact Network (UNGCN), reinforcing its commitment to social and environmental sustainability. The firm has integrated the UNGCN’s 10 Principles into its ESG framework and will report its progress annually. Mark Lumsdon Taylor, head of Sustainability and ESG, expressed enthusiasm for furthering MHA’s sustainability goals. The firm has already led a global panel on sustainability reporting, demonstrating active engagement in the network. This membership builds on MHA’s previous commitments, including joining the UN Race to Zero campaign, advancing their sustainability practices to new heights.
A study by Sage, supported by Demos and ACCA, indicates that AI adoption in UK accounting could add £2bn to GDP, increase exports by £238m, and create nearly 20,000 jobs. AI-enabled accounting practices expect to hire significantly more employees and see triple the revenue growth compared to non-users. Currently, the accounting sector contributes £33.3bn to GDP and employs 323,000 people. The report calls for supportive policies to enhance AI adoption, such as increased investment in AI skills and a conducive regulatory framework. Policymakers are urged to act to realise these economic benefits.
UK corporation tax bills reached a record £87.7bn last year, an 8% increase from £81.2 billion the previous year, and a 58% rise over five years. The main rate of corporation tax was increased from 19% to 25% in April 2023, aligning the UK with France and Italy, but above the European average of 21.5%. Anthony Davies of UHY Hacker Young noted that the higher tax rate reduces funds available for reinvestment and diminishes returns for shareholders. He called for a roadmap to reduce corporation tax to pre-COVID levels to foster economic growth and attract investors.
