Is your payroll office ready for RTI?

‘Real Time Information (RTI) is about to become one of the biggest things to hit payroll since the introduction of Pay As You Earn (PAYE).’ That’s according to John Black, RTI specialist at Midland HR, writing on the Fresh Business Thinking website. This fundamental change to how and when employees pay details are sent to HMRC affects all employers and businesses. Rather than an end-of-year P45 submission, employees’ pay details will be sent monthly. All businesses need to be signed up for the new scheme by October of this year. Many businesses have taken part in trials of these changes for the payroll department since April. Feedback so far has been generally positive. Payroll managers are encouraged both to get involved early in the scheme and to speak to their supplier of payroll software. For a clear, comprehensive guide for payroll managers and employees, read the full article at http://www.freshbusinessthinking.com/articles_print.php?CID=1&AID=10775

More help to be offered at tax office

To help individuals and businesses get through to the previously overstretched HMRC call centres, staff numbers are to be increased with 1000 more recruits. Large investments are due to be made at tax helpline call centres in order to meet its target of answering 90% of calls. A report in June of this year found that currently one quarter of calls go unanswered with many people hanging up after waiting an average of nearly 6 minutes. Quoted in an article on the  Accountancy Age  website, Liz Homer, Chief Executive of HMRC, described the current situation, “”The feedback we get is that the quality of the advice we give when people get through is good, but we haven't been answering enough calls." Response rates have increased recently and the Treasury aims to reach its targets with future investments. For more details on the new jobs at tax office call centres read the full article at http://www.accountancyage.com/aa/news/2198024/taxman-to-take-on-extra-1-000-contact-staff

Actuaries – book now for events and conferences

If you’re a professional actuary taking a break in August, make sure you keep a look out for all the events happening in September. For increased knowledge of your industry, networking or gaining extra CPD hours, there may well be an event on The Actuarial Profession's event calendar that can help. If you want to to get a European perspective, the ‘annual gathering of the UK’s general insurance actuarial community’ will be held in Brussels this year with themes including pricing, reinsurance and strategic modeling. Closer to home there are conferences and workshops in Leicester, Manchester and London. In particular for those unable to attend the annual pensions conference in Brighton, shorter events in both Manchester and London will look at the conference highlights with additional speakers. Other specialist events include ‘Actuaries and the Law’. For more on these events to develop your skills, knowledge and contacts, read the events page at http://www.actuaries.org.uk/events/calendar/2012-9/all   

Credit Management – are you ready to take the next step?

While school is nearly out for the summer, it may be time to plan for the next academic year. Have you considered further study in credit management to help your financial career? A Bristol based event from the Institute of Credit Management looks to advise anyone in the industry on the benefits of gaining their qualifications. Taking place at the University of West England, there will be presentations from the institute, the UWE business school and an accountancy firm. There will also be practising credit managers talking about their experiences of the benefits of ICM qualification. Whether thinking of studying while at work or adding credit management to your existing study plans, attending the event on 20^th Sept still leaves time to enrol. See if such a study program could ‘improve your effectiveness in the workplace and your career prospects.’ For more details visit the Institute of Credit management website at http://www.icm.org.uk/membership/my-membership/branches/146-bristol-and-west/714-forthcoming-events

Are you a VAT expert?

Is there a ‘national shortage’ of VAT specialists? According to a conference speaker at the Institute of Chartered Accountants of England and Wales, such a shortage of expertise is a problem particularly for smaller firms. In a feature  in Accountancy Age, one of the reasons is the fact that VAT experts usually qualify via the big 4 firms and rarely does the expertise ‘trickle down’.  A report form KPMG also backed up the need for companies to be more informed on this tax that is often under debate. As an accountant new to the profession what could this gap in knowledge mean for potential  career planning?  The article gives some good balanced advice. ‘So the advice to accountancy students is that VAT is an underserved area, and one that – given VAT's ubiquity – could hold a fruitful career if you can accept the narrow nature of the area.’ For more details read the full article at http://www.accountancyage.com/aa/analysis/2188146/vat-national-shortage-experts#ixzz1zV8j9N13

The many faces of the pension industry

Whether you’re just starting out or have been working for  a while in the pensions sector, it’s worth taking a moment to review the many areas where pensions managers can work. The ‘Inside Careers – specialist graduate advice’ website brings together career advice from many professional organisations including the pensions sector. Its comprehensive list of opportunities includes insurance companies, lawyers and government departments. The article, ‘The pensions profession – what are my options?’, looks at the current outlook for new and existing employees. It does take a positive view – ‘ the industry is complex and highly competitive, giving rise to increased career opportunities and a strong demand for good pensions staff.’ Key skills required include confidence in dealing with people, excellent number skills and knowing how to communicate technical data clearly. To learn more including salary levels from new starter to pensions director, read the whole article at http://www.insidecareers.co.uk/__802574D800564425.nsf/id/7nggjwcwis!opendocument

Is there an actuary in the house?

With changes to the structure in the NHS, you may find that your doctor may need to call on your actuarial services rather than you on them. In an article in the Actuary magazine, the effect of the new NHS structure on GPs is investigated with particular reference to risk management. GPS may need to suggest a choice of health service providers to patients if they can’t provide the service themselves. However, as the article explains, “they are unlikely to have had any training in procurement, predictive modelling or financial risk management.” A GP will be working in a Clinical Commissioning Group (CCG) who may need to deal with financial risk in two ways. Insurance risk will involve looking at the changing needs of a local population and service risk will involve any issues with referrals to other services. For more on how your NHS may need you, read the full article at  http://www.theactuary.com/features/2012/05/healthcare-nhs-in-critical-condition/