Skills for getting a job

A CIMA hosted event run by Robert Walters and Kimberley Clark

Key points:

• CV should emphasis achievements not just responsibilities
• COGS analysis is experience that people often have but frequently omit from CVs
• CV should state that driving licence is held
• Consider adding totallyfinancial.com to watchlist
• Business Partner is latest financial buzzword. Incorporate this into CV
• "Create value and manage risk" is part of Kimberly-Clark's mission statement, but seems like a good phrase for adding into a CV
• Market for part quals and newly qualifieds is quite active.

Notes about Robert Walters:

• Worldwide coverage but office for Guildford office covers an enormous patch covering the whole of the south of England from Reading downwards
• Their main focus is blue-chip companies although they also cover SMEs when they can
• Ben Davies is their man covering interim work

Notes about Kimberly Clark

• Wherever possible they recruit from within
• Where this is not possible, they highly value referrals from employees
• When they have to recruit from outside, they prefer people with a big company background and specifically try and avoid people with SME background because of their concerns that people will have problems with cultural adaptation
• KC has a long recruitment process with many different levels. This includes telephone screening by an HR person as an initial check that the boxes are ticked (rate ambition etc). This is followed by a telephone interview by a line manager. Success at this stage leads to a first formal interview with normally two line managers. A second interview is usually with two further line managers.

1.5 hours CPD

Tax and Pension update

Attended a presentation hosted by Morgan McKinley and Spofforths.

Tax update in the light of last week's budget
Key points new to me:

1. Although the 'big company' tax rate will drop from 28% to 26% in Apr 11 and then gradually down to 23% by Apr 2014, the small company rate will reduce to 20% and stay there.
2. Written down allowances (WDAs) will be 20% for 11/12 (special rate pool 10%) but will fall to 18% from 2012/12 (special rate pool 8%).
3. Research and Development (R&D) threshold reduced to £10k (need to see more about definitions).

Pensions changes

presented by Philip Wise

1. Govt to introduce 'auto-enrolment' pensions.  This means that employers will be required to set up pension schemes and enrol all employees into them. The employer must make a contribution and the employee must make a contribution. There is a default scheme called NEST, or the employer may pick a private scheme.
2. The scheme is to start in July 2012 for voluntary adopters. As the current timing stands, large companies or those employing over 800 people are due to start October 2012 to October 2013. Companies employing fewer than 50 people will be staggered over the period July 2014 to February 2016. It was though considered likely that the dates may slip.
3. The contributions will be phased in also. Up until October 2016 employee contribution will be 1% and the employer contribution will be 1%. Between October 2016 and October 2017 the contributions will be 3% for employees and 2% for employers. After 2017 it will be 5% of employees and 3% for employers. The scheme will apply to all jobholder under the pension age, aged over 22, who earn more than £7,475 and this includes part-timers.
4. The employers is required to enrol all employees and re-enrol them every three years. Employees may opt out, in which case they would not have to pay their contribution and the employer would not have to pay his contribution.
5. The employer is specifically banned from discouraging membership of the scheme - for example offering extra salary for employees to opt out. The employer is also specifically banned from giving advice, for example, concerning whether to opt out.

1.5 hours CPD

P11d Dispensation

This link reminded me that a bit of planning now can save a whole lot of work later.  Having a dispensation now means less numbers need to go on the P11d forms at the end of this and subsequent tax years.  I've applied for mine.

Cloud computing: special report | Cloud | Features | PC Pro

Read this interesting special report about Cloud Computing by PC Pro. It has to be the way forward for accounting systems because of the increased robustness and geographical flexibility.

Cloud computing: special report | Cloud | Features | PC Pro

You Can't Multitask, So Stop Trying - BusinessWeek

A very interesting article which seems to confirm that time management is the answer - rather than trying to do everything at once.

You Can't Multitask, So Stop Trying - BusinessWeek

Revision of differences between IFRS and UK GAAP

Found this concise summary although it deals only with policy differences and seems to miss out leases.  Many of the changes are actually to do with disclosure.

For a really thorough analysis, look at this site which has a pdf of a detailed report comparing and contrasting UKGAAP to IFRS.  The executive summary is on pages 4 to 8 of 96.  The report was written in Nov 2010.

Tax treatment of training for sole traders

A concise article on a question that also came up in a meeting that I had with a client in the past couple of months.