BUFDG Digest 8 November

AHEAD IN THE CLOUD – A NEW GUIDE TO FINANCIAL SYSTEM IMPLEMENTATION

If your university is currently thinking about undergoing a systems implementation, of any kind, or is part-way through the process, then you’re following in the footsteps of countless others who have, through sweat (certainly), tears (probably), and blood (possibly!?) brought their own system vision into being.

All systems implementations are hard, expensive, and take a long time. They are harder, more expensive, and take even longer, if the organisation that is implementing them hasn’t learned from those who have gone before. Fortunately, over the last six months BUFDG and KPMG have asked difficult questions to Finance, IT, HR, and Transformation leads at over a dozen different organisations who have been through recent implementations, and distilled their candid thoughts into digestible lessons as part of a new guide.

Ahead in the Cloud: a guide to finance system implementation in HE takes account of today’s technology, market, and sector trends, to steer your thinking and planning through what can be a daunting process. We’re hugely grateful to all those member organisations who have contributed, and we hope it will prove a useful resource for transformation in the sector.

MANAGEMENT ACCOUNTANTS' WEEK 2023

Our 2023 MA week takes place online from 21-24 November. The week comprises a series of sessions across a range of topics which we’ve selected to be topical and valuable to you and your team members.  Sessions cover areas including finance and sustainability, communication styles, technology, AI, and RPA in MA, writing a business case, understanding TRAC, cash flow forecasting, presenting data, soft skills, and much, much more. Tickets cost £95 plus VAT, however, there is a 20% discount for additional tickets for staff at the same HEP. Your ticket will allow access to all sessions throughout the week, as well as all the recorded sessions and resources post-event.  You will not need to pre-select sessions - attend as much or as little of the week as you can. For more information and to book, visit the MA week event page. And for any queries on the event, please contact Gill.

TAXES

If you’ve received an invoice for the Economic Crime Levy or are in conversation with the FCA, then you might be interested in the updated advice we commissioned from SHMA that Andrea supplements in this discussion board post.

It’s not Christmas yet, but various professional bodies have published their ‘wish lists’ for the Chancellor’s Autumn Statement and we have summarised these below. Plus, your BUFDG tax team have also added in what they are wishing for on behalf of the sector.

CIOT - The Chartered Institute of Taxation (CIOT) concentrates on the tax treatment of cryptoassets, currently being subject to the same rules as tangible assets (e.g. shares) despite being a very different beast. The CIOT suggests amending legislation to include the tax treatment of cryptoassets as a ‘third form’ of property, allowing for uniform treatment.

IFS - The Institute for Fiscal Studies (IFS) Green Budget  sets out the current economic outlook (not great) and believes the Chancellor doesn’t have much manoeuvring capabilities without creating an interest rate hike. In terms of tax changes, it recommends fundamental changes to the Inheritance Tax system (UK’s most disliked tax), reform of the Apprenticeship Levy to reinvigorate declining apprenticeship numbers, and perhaps broadening exemptions for self-funded training.

ICAEW - The ICAEW labelled their response as the ‘resilience and renewal’ representation, with 8 priority policy recommendations, including net-zero aligned R&D, an overarching tax strategy, and the publication of a roadmap for tax-simplification

LITRG - The Low Incomes Tax Reform Group (LITRG) focus on HMRC’s lack of suitable policy around electronic and digital signatures, which may aid unscrupulous agents, particularly tax refund companies.

BUFDG - For employment taxes, Julia would like, among other things, an exemption for all students in receipt of stipends, and the broadening of the benefits that can be included in an Employee Assistance Programme. For VAT, Customs and CT, Andrea’s wish list includes the re-classification of PVA (postponed VAT accounting) use so that it can be used by a VAT registered entity in relation to business or non-business entities, and an announcement on the overhaul of import reliefs – including a more joined up approach between HMRC’s import VAT and import duty teams. We’ll soon know whether they’ve been naughty or nice!

BUFDG has received this response dated 25 October 2023, from HMRC in response to questions raised regarding when the Error Correction Notice limits of £50k apply to overpaid import VAT.

The October 2023 HE report from BDO covers a wide range of issues impacting the sector from funding, international outlooks, lack of degree apprenticeships, to the Lifelong Learning Entitlement (a loan by any other name), financial reporting matters and tax matters.

Andrea and Julia have been incredibly busy lining up an enviable array of tax events over the next few months. To view the full list, and to book yourself on any events, take a look at the bottom of the latest TaxHE. This is a standing item, and all those added since the last newsletter will be listed in bold. We will also be emailing all members who have specific an interest in tax, payroll and international a reminder of the upcoming events on a monthly basis. If you did not receive a reminder for November but would like to be added to the list, please let Julia know.

PROCUREMENT

On 26 October 2023 the Procurement Bill completed its passage through Parliament and received Royal Assent. Go live is planned for October 2024, as highlighted in the recent Cabinet Office update. Over the coming months we can expect to see the secondary legislation introduced which will underpin the Procurement Act, as well as the release of the various learning & development products which will help you get to grips with the new regime.

The cabinet office have sent BUFDG and HEPA an email to share with members. HEPA represents the sector on the Transforming Public Procurement Working Group; as we approach implementation, please do not hesitate to get in touch with Ash to share how the changes are being received, and any support that you or your stakeholders may require.  

We also recently saw the announcement of the updated public procurement thresholds which are to be applied from 1 January 2024. 

In related news, members may have noticed that the Transforming Public Procurement (TPP) webinars publicised in the recent TPP update have now “sold out”. If you didn’t manage to book yourself a spot, then please don’t worry.  HEPA has liaised the Cabinet Office, and they have confirmed that the webinar will be recorded and made available to all on their YouTube channel. The recording will be available after the event here.

Following on from the Buying Social Justice project conference last week, we are delighted to share with members the Buying Social Justice toolkit. The toolkit contains sections and subsections, with guidance throughout the procurement journey, including: Preparing to procure; Writing the specification; Selecting suppliers; Tendering and assessing; Contracting and monitoring. A big thank you to all HEPA members who took part in the research that resulted in the publication of the toolkit by the project team!

COUNTER-FRAUD

The National Cyber Security Centre (NCSC) has recently updated its guidance on supply chain security.  The guidance includes principles and examples covering areas such as assessing supply chain security and assessing management practice.

Criminals are increasing their efforts to impersonate bank colleagues and defraud clients. Barclays have shared some useful guidance on how you can spot an imposter and help keep your organisation safe. Be alert if you receive a phone call or text message about: concerns over suspected fraudulent transactions on your account; the need to upgrade or download a new payment channel, or; an issue with a legitimate outgoing or incoming payment. Barclays have also shared a useful checklist for internal controls. The handy single-page document can be downloaded here.

JOB OF THE FORTNIGHT

Our Job of the Fortnight is for an Income Manager at the University of Wales, Trinity Saint David. “Along with being a primary source of contact and knowledge within the income team, the primary responsibility of the role is in ensuring that the income team is fit for purpose and is working to support the University as it continues to grow and diversify”. The role also involves “working with large and varied data sets, ensuring that they are formed into a workable format for the University to use in supporting the recognition and cash collection of income”. The deadline for applications is 15 November.

As usual there are lots of other vacancies listed on the BUFDG jobs pages.