GovGrant to rebrand as Source Advisors to create a unified global brand

GovGrant, the UK R&D tax credits and innovation specialists, have officially rebranded as Source Advisors as of 1st February 2024.

The change creates a unified brand following the acquisition of GovGrant by Source Advisors LLC, a specialised tax consulting firm based in Texas, and is set to give UK tax and accounting professionals access to advisors globally. 

Adopting a one Source Advisors brand brings together the global expertise of over 250 professionals with the same commitment to quality, integrity and being client first. It provides a platform for exponential growth at a time where clients need to know they can trust the advisor they are working with to help navigate through turbulent waters.  

The Source Advisors rebrand follows the strategic acquisition of GovGrant in March 2023, which expanded access to a global team to serve clients and accounting partners.  

The company’s new Source Advisors brand will be used on all of its communications from 1st February 2024.  

Commenting on this, Source Advisors managing director, Luke Hamm, said: “Being One Team, One Brand, One Source unites global expertise and provides the platform to create even more distance between us and our competitors.”  

“It gives us the depth and firepower to be able to consolidate, and become that specialist who leads the market as the most trusted advisor. As the UK market consolidates, accountancy firms and other advisors will be selective about the firms they join forces with. Our longstanding reputation, with the firepower of the Source Advisors brand will be reassuring to any business who is looking for integrity and expertise in this industry.” 

“There will be no changes in personnel other than the new faces we are recruiting to support our plans for growth. We continue to provide unique expertise, tailored solutions, and stellar client service.” 

IFAC’s ‘Professional accountants in business advisory’ group welcomes new members

Professional accountants in business (PAIB) play a vital role within various sectors such as commerce, industry, financial services, education, and the public and non-profit sectors. IFAC’s PAIB Advisory Group, established in 1977, is a global forum of finance and business leaders advising the global accountancy profession and its members on critical areas such as sustainability and digital transitions so that PAIBs are well prepared to meet the evolving needs of both business and the public sector in the future. 

The newest PAIB Advisory Group members are: 

  • Mike Driver, past president, CIPFA & independent non-executive director (United Kingdom) 

  • Ruth Gardiner Forbes, president and CEO, Fortis TCI Ltd (Turks and Caicos Islands) 

  • Lisa Kelley, managing director, Floating Interest Corporation (United States of America) 

With these additions, the PAIB Advisory Group has achieved gender parity. Sanjay Rughani remains chair and Sharon Ditchburn has been appointed deputy chair. 

Commenting on this, Rughani said: “Every member brings a distinctive and valuable viewpoint on the contributions of professional accountants in business and finance leadership. 

“We are privileged to welcome these new members who will share their diverse experiences and offer strategic insights on the profession, expanding its contribution to sustainable economic development worldwide and serve as global champions for the profession.” 

The continuing PAIB Advisory Group members are:   

  • Sanjay Rughani, chair, CEO, Standard Chartered Bank Uganda (Uganda) 

  • Sharon Ditchburn, deputy chair, & managing director/founder, Capital Advantage Consultants (Australia) 

  • Zia-Ul-Mustafa Awan, CFO and business administrator, Pakistan Expo Centres Private Limited (Pakistan) 

  • Anastasija Boljević, secretary general, Institute of Certified Accountants of Montenegro (Republic of Montenegro) 

  • Esther Bosch, director, risk & audit, Royal Schiphol Group (Netherlands)  

  • Ibrahim (Murat) Çağlar, chief financial officer, Sanovel (Türkiye) 

  • Eric Freudenreich, independent non-executive director (France) 

  • Lindawati Gani, professor in management accounting, Faculty of Economics and Business, Universitas Indonesia (Indonesia)  

  • Tim Herrod, vice president, global procurement, Albemarle Corporation (Canada) 

  • Margaret Muinde, financial controller, Kenya Roads Board (Kenya) 

  • Maria del Dado Alonso Sanchez, group CFO, Berlin Brands Group (Spain)  

  • Milton Segal, executive director, standards, South African Institute of Chartered Accountants (South Africa) 

  • Muhammad Samiullah Siddiqui, CFO, Oxford University Press Pakistan (Pakistan)  

  • Nancy Sau Ling Tse, JP, independent non-executive director [Hong Kong (Special Administrative Region of China)] 

  • Ichiro Waki, group CEO, JBA Group (Japan) 

  • Gloria Zvaravanhu, managing director, Old Mutual Insurance Company (Zimbabwe) 

Member expertise is drawn upon to deliver timely reports, articles, and case studies relevant to professional accountants in business across the globe.

IAF and IESBA announce strategic partnership

The International Accreditation Forum (IAF) and the International Ethics Standards Board for Accountants (IESBA) have announced a strategic partnership to advance the use of a common framework of high standards of ethical conduct to underpin trust in the assurance of sustainability information. 

After extensive engagement over the previous six months, the IAF and the IESBA have agreed to common objectives to support the growth of transparent, relevant, and trustworthy corporate sustainability disclosures. 

The cornerstone of the partnership is the IAF’s stipulation to national accreditation bodies around the world that the IESBA’s proposed International Ethics Standards for Sustainability Assurance (including International Independence Standards) (IESSA) are to be used when accrediting and authorising conformity assessment bodies to carry out assurance work on corporate sustainability disclosures. The IESBA recently launched the public consultation on the proposed IESSA and related standards, and is expected to finalise the standards by the end of the year. 

Among the key elements of the agreement, both the IAF and the IESBA: 

  • Recognise the importance of having a global baseline of high-quality ethics (including independence) standards consistently applied by, and enforced on, all providers of assurance services on corporate sustainability disclosures, whether audit firms, conformity assessment bodies or others. 

  • Agree on the importance of establishing connections between the two organisations and to promote consistent use of a global framework of high-quality ethics standards for sustainability assurance. 

  • Will collaborate to determine how to incorporate the IESSA as part of the accredited verification activities of ISO/IEC 17029-compliant programs as they apply to assurance of sustainability information. 

  • Will share strategic insights and perspectives on their respective work as it relates to assurance of corporate sustainability disclosures. 

  • Will explore collaboration with respect to training activities for accreditation bodies and conformity assessment bodies in relation to the proposed IESSA. 

Corporate sustainability disclosures provide stakeholders with vital insights into a company’s sustainability practices. Beyond compliance with evolving regulations and standards, sustainability disclosures offer companies a competitive advantage, attracting socially conscious investors, enhancing brand loyalty, and fostering resilience in the face of environmental and social risks. Assurance of these disclosures plays a crucial role in ensuring trust in reporting, particularly given the subjectivity, prospectivity and immaturity of the data underpinning the disclosures. 

Commenting on this, IAF chair, Emanuele Riva, said: “Trustworthy sustainability disclosures are vital in demonstrating a company’s commitment to sustainability practices. 

“Through this partnership, we strive to foster trust and confidence in sustainability reporting worldwide.” 

IESBA chair, Gabriela Figueiredo Dias, concluded: “A robust, global ethical framework, developed by the IESBA under public oversight and embraced by the IAF, will spur growth in the supply of sustainability assurance practitioners to meet the rapidly increasing market demand for high- quality sustainability information. I am proud of the IESBA and the IAF embarking on this exciting partnership together, which is undoubtedly in the public interest.” 

Deloitte UK to axe 100 jobs amid slowdown in deals

Deloitte has launched redundancy process that could affect up to 100 people as it looks to save costs in a tough market for major consulting firms, according to a report by the Financial Times

The cuts could affect 5% of the Big Four accounting firm’s UK financial advisory business, putting up to 100 jobs at risk, according to a person familiar with the situation. 

A spokesperson from Deloitte UK said in a statement: “We are considering restructuring parts of our advisory corporate finance business. This is in order to concentrate on larger, sector-focused M&A activity. As a consequence, we are proposing to close some parts of that business. 

“We will consult on this with people in these teams over the coming weeks. This will undoubtedly be an unsettling time for those affected and we will be doing everything we can to support them.” 

David Rowlands

Global Head of AI, KPMG International

ACCA has its net zero targets verified by the Science-Based Targets initiative

ACCA has become the first global professional accountancy body to have its net zero targets verified by the Science-Based Targets initiative. 

In an official statement, the ACCA noted that this “achievement highlights ACCA’s commitment to a sustainable future”, and is part of its larger focus on equipping and upskilling the accountancy profession across the world to drive the changes needed in businesses and organisations to achieve this.  

Commenting on this, ACCA chief executive, Helen Brand, said: “The SBTi applies independent testing to net-zero targets in line with climate science, and we’re delighted that it has recognised our approach and targets. It’s a great step forward on our journey to net zero.  

“The accountancy profession has a critical role to play in driving good business decisions and best practice that will create more sustainable businesses and a better, greener future for all.   

“We’re working hard to drive this transition through our 773,000 members and future members in 181 countries and our work to influence policymakers. And it’s important that we apply best practice in our own operations.” 

ACCA is targeting a 50% reduction in carbon emissions by 2030 and net zero by 2045, using science-based best practice.  

The Science Based Targets initiative (SBTi) drives ambitious climate action in the private sector by enabling organisations to set science-based emissions reduction targets. It brings together experts to provide organisations with independent assessment and validation of targets.

Filing taxes for your new business? Keep this in mind

3i Law partner, Klaralee Charlton, shares her top 3 tax season insights for new business owners. 

Tax Insight #1: “No Income” doesn’t mean “No Filing Obligation”  
Don’t assume because you have no income you’ll have no filing obligation. Some of these special circumstances include businesses filed as LLCs, C or S Corps, partnerships, etc. Always show your work and evaluate the benefits of filing, even when not required. 

Tax Insight #2: Plan Big Even if You’re Starting Small 
If your business plan prioritises growth, creating a solid foundation will save future aggravation and growing pains. Oftentimes, owners seek out legal and professional tax advice only after they’ve grown too big for their mediocre systems – weaving a costly and tangled web that is difficult to get out of. 

Tax Insight #3: Married Taxpayers Are Separate Business Owners 
The most common business relationship is a rental property titled in an LLC owned by both spouses. These entities are easy to register online and a downloadable Quitclaim Deed can usually accomplish the transfer. But what’s next? Any partnership owned by more than one owner, including married spouses, requires a separate partnership income tax return. This is the type of consideration that is often overlooked when taxpayers skip professional advice.