Across three buzzing events in London, Manchester and the East Midlands, hundreds of FDs, CFOs and senior finance leaders gathered to tackle the biggest F-words in business right now.
From finance and forecasting to foresight and future-proofing, we tucked into insights galore from a host of exceptional speakers.
With “economic uncertainty” topping the list of concerns for 70% of attendees in an interactive poll, the sessions delivered practical insights and urgent updates to help finance leaders navigate what’s next.
ECONOMY OVERVIEW: TROUBLING TIMES IN THE UK & OVERSEAS
The inimitable Mark Berrisford-Smith returned to the CP stage to kick off proceedings. Mark advised HSBC and its clients on the global and UK economies for 33 years before becoming an independent economist.
Delivered in his usual entertaining, often hilarious style, Mark’s session painted a sobering picture of the UK economy, with key takeaways including:
- Bond Market Turbulence: UK 10-year bond yields surged to 4.7% in 2025, the highest among developed economies. This reflects investor concerns over fiscal sustainability and inflation. Rising yields mean higher borrowing costs for government, businesses and households. Yields may fall slightly by year-end, but the fiscal outlook remains a concern.
- Exploding Debt Costs: UK debt interest payments are forecast to exceed £120bn by 2028–29. The fiscal deficit is worsening, with Rachel Reeves facing a gap of over £80bn and limited options to close it without breaking tax promises. As media headlines suggest, the Autumn Budget is expected to be pivotal.
- Tariff Chaos: US tariffs have surged to levels not seen since the 1930s, with UK exports facing a 10% rate. The de minimis exemption has ended, and legal challenges are mounting. Trade deals with the US, EU and India offer some relief but limited short-term gains.
- Consumer Confidence Crisis: UK consumers are “squirreling away” their cash, not spending it. Services inflation remains sticky, and the housing market is stagnant. Labour cost shocks and job cuts are dampening purchasing power too.
- Global Resilience: Despite US volatility, global trade is adapting. BRICs economies are trading more with each other, and the UK posted a surprising 1.5% GDP growth in Q2 2025. Forecasts for full-year growth range from 1.2% to 1.7%.
WHAT THE F SHOULD YOU DO?
- Monitor bond market movements and borrowing costs.
- Prepare for potential tax changes post-Autumn Budget.
- Reassess supply chains and export strategies in light of tariff shifts.
- Factor in consumer sentiment when forecasting demand.
ACCOUNTING STANDARDS & TECHNICAL UPDATES
Next up, Cat Kelly, Head of Retail & Relationship Partner at CP delivered a deep dive into the evolving accounting landscape, with major changes on the horizon.
“No one nodded off,” Cat joked on LinkedIn, and with the breadth of changes coming and Cat’s industry-leading knowledge on show, it’s easy to see why:
- Company Size Thresholds: From April 2025, thresholds for micro, small and medium entities are increasing significantly. FDs near a tipping point should consider adjusting year-ends to avoid unintended reclassification.
- Directors’ Report Simplification: Several disclosure requirements will be removed for periods starting 6 April 2025, including R&D, future developments and employee engagement.
- Companies House Reform: By April 2027, software-only filing will be mandatory, abridged accounts will be scrapped, and all companies must file P&L and Directors’ Reports. Enhanced audit exemption statements and mandatory ID verification for directors are also being introduced.
- UK GAAP Updates: FRS 102 has been revised to align more closely with IFRS. Section 20 (Leases) now requires most leases to be recognised on the balance sheet, eliminating the distinction between operating and finance leases. Section 23 (Revenue) introduces a five-step model for revenue recognition, mirroring IFRS 15.
- Impact on Metrics: These changes may affect EBITDA, net debt, and performance-based remuneration. Early adoption is key to ease your transition.
WHAT THE F SHOULD YOU DO?
- Review company classification and consider year-end changes.
- Prepare for mandatory digital filing and enhanced disclosures.
- Update lease and revenue recognition policies in line with new GAAP.
- Assess impact on financial metrics and covenants.
ESG REPORTING MUST-KNOWS
Following Cat, Laura Bevan, Assurance Director at CP highlighted the rapid evolution of ESG reporting and the urgency for finance leaders to get ahead.
The ESG reporting acronyms and insights came thick and fast, and if you need any advice on the below, you know who to call:
- Global Standards: The UK is aligning with the ISSB’s IFRS S1 and S2 standards via the UK Sustainability Reporting Standards (UK SRS). These focus on governance, strategy, risk management, and climate disclosures.
- UK Climate Disclosures: NFSIS requires companies to disclose climate-related risks and opportunities. Applicability thresholds include 500+ employees and £500m+ revenue.
- SECR Requirements: Large companies must report energy use, carbon emissions, intensity ratios and efficiency actions. Low energy users (<40MWh) can opt out.
- UK SRS Exposure Draft: Consultation closed in September 2025. Voluntary adoption expected by year-end, with potential for mandatory reporting and assurance requirements.
- CSRD Impact: Non-EU companies with significant EU activity must report from 2029. Criteria include €450m+ EU turnover and large subsidiaries or branches. ESRS standards require detailed disclosures and third-party assurance.
WHAT THE F SHOULD YOU DO?
- Assess ESG readiness and reporting obligations.
- Align with UK SRS and ISSB frameworks.
- Prepare for SECR disclosures and potential assurance requirements.
- Monitor CSRD applicability for EU-linked operations.
VAT COMPLIANCE NUGGETS
Simon Shaw, CP’s National Head of VAT’s talk was a wake-up call on VAT compliance. With HMRC’s focus sharpening in a big way, Simon’s advice should be at the top of your to-do list, or it’s very likely that HMRC penalties will be coming your way.
The themes defining a rapidly changing landscape included:
- GfC8 & GfC13: These HMRC ‘Guidelines for Compliance’ are clearly going to be used by HMRC to define ‘reasonable care’ and are now central to their audits too. Non-compliance risks penalties up to 100%. GfC13 also emphasises resolving uncertainties before filing. Put simply, how certain are you that HMRC would agree with the VAT treatment you have adopted for your supplies? Not certain? Get advice.
- End-to-End Controls: HMRC expects documented controls across Order-to-Cash, Procure-to-Pay, Expenses, Reporting and Outsourcing. Clear audit trails and, ideally, automation are advised.
- ERP Configuration: Systems should automate VAT coding, verify supplier VAT status, and prevent duplicate claims.
- SAO Accountability: Senior Accounting Officers must personally certify VAT compliance. Weak controls can lead to penalties and reputational damage.
WHAT THE F SHOULD YOU DO?
- Review VAT processes against GfC8 and GfC13.
- Strengthen governance, automation and audit trails.
- Configure ERP systems for VAT accuracy.
- Ensure SAO responsibilities are clearly defined and documented.
EMPLOYMENT TAX CHANGES & HOW TO KEEP PACE
Patrick Crookes, Employment Tax Partner at CP tackled the Employment Tax challenges and opportunities facing businesses across all sectors.
Another area that could be in the firing line in the Autumn Budget, don’t let your gaze slip on changes old and new:
- NIC Changes: From April 2025, Employers’ NIC increased to 15%, and the secondary threshold dropped to £5,000. This significantly raises payroll costs.
- Salary Sacrifice: Pension and EV schemes offer savings. For example, a Tesla Model Y can save employees £3,727 and employers £1,254 annually. Pension salary sacrifice remains under scrutiny but is still effective.
- Payrolling BIKs: Mandatory from April 2027. Real-time tax and NIC reporting will require major payroll system changes.
- Overseas Workers: Remote work has increased cross-border tax risks. Issues include local PAYE, social security, labour laws and permanent establishment risks.
WHAT THE F SHOULD YOU DO?
- Reassess NIC costs and salary sacrifice schemes.
- Prepare for BIK payrolling changes – start trial runs in 2026.
- Review overseas working arrangements for tax and legal compliance.
- Monitor Budget 2025 for changes to salary sacrifice rules.
INTERNATIONAL TAX: TRANSFER PRICING, CUSTOMS & THE NEXUS BETWEEN THE TWO
Last but never least, CP’s Transfer Pricing guru, John Monds teamed up with Allan Bird, our Customs Senior Tax Manager, for a double act that raised eyebrows and had our guests’ notepads under the cosh.
“International trade got messy. Politics got involved. Now it’s your problem,” the pair shared. Customs and Transfer Pricing are much higher on the agenda for so many more businesses, and you need to keep up:
- Transfer Pricing (TP): HMRC’s GfC7 guidance increases scrutiny. UK SME exemptions may end soon. TP audits are ramping up. A new International Controlled Transactions Schedule (ICTS) is proposed.
- Customs Valuation: HMRC’s new handbook clarifies valuation methods, related-party transactions, and retrospective price adjustments. Margin-based TP methods may not comply with customs rules.
- Origin and Preference: HMRC is actively challenging origin and preference claims – and winning. Don’t assume compliance with trade agreements and origin rules.
- TP & Customs Nexus: Same transactions, different rules. Misalignment between the two risks overpaid duty, underpaid tax and audit exposure.
WHAT THE F SHOULD YOU DO?
- Map supply chains and review customs data.
- Align TP and customs policies to avoid inconsistencies.
- Review origin rules and documentation.
- Prepare for increased HMRC scrutiny and audits.
- Explore duty mitigation strategies via trade agreements and customs regimes.
THREE EVENTS. ENDLESS FOOD FOR THOUGHT
Our FDs & F-Words events picked up where our FD Seminars left off, delivering vital insights and a clear message: the finance function is facing more complexity, scrutiny and opportunity than ever before.
Whether it’s economic volatility, accounting standards updates, ESG reporting, VAT compliance or international tax, the time to act and build resilience in every corner of your operations is now.
If any of the above raised questions or concerns, Cooper Parry’s multi-skilled teams are here to help. Drop us a line today to find out how we can support your business with all these F-Words and more.
Thank you to our attendees for three memorable events. See you at the next one?
