Accountancy firms excludes working class job applicants

Accountancy firms excludes working class job applicantsMany of us will have heard the news this week – it seems that some sectors are deliberately favouring upper class applicants for jobs within their companies.

Accountancy, sadly, is one of these sectors, according to results from the government’s social mobility watchdog , where top accountancy firms have found to be “systematically” excluding working class applicants from their workforce.

The Social Mobility and Child Poverty Commission has report shows that 70% of job offers from elite accountancy, financial services and law firms in last year went to graduates who had been educated at in private or selective schools.

Alan Milburn, commission chair, said;

“This research shows that young people with working-class backgrounds are being systematically locked out of top jobs.

“Elite firms seem to require applicants to pass a ‘poshness’ test to gain entry. Inevitably that ends up excluding youngsters who have the right sort of grades and abilities but whose parents do not have the right sort of bank balances.”

However, the report did note, that the accountancy profession did support more flexible routes to qualification, with the CIPFA being singled out as being one of the UK’s professional accountancy organisations that backs the Association of Accounting Technicians.

It is not too long ago that we wrote about the inequality in wages between gender and this is also something else that has to – and no doubt, will – change.

As the commission said, this report was a “wake up and smell the coffee moment”; let’s hope that employers take note and going forward, some form of action can be taken if it is found that candidates have been selected not on merit and hard work, but purely by background.

Have your say and join in the conversation on Twitter with us @OmnitasTax – we would love to hear your thoughts! Follow us on Facebook too and we will keep you posted with all of the latest accountancy and tax news, and of course, some great tips for small businesses.

Is public trust in British business still dangerously low?

Is public trust in British business still dangerously lowPolling and Research Company research YouGov has just released their findings following its recent survey regarding public attitude towards business.

The results do not make for happy reading.

Some six years on from the financial crisis, trust in corporate Britain remains at worryingly low levels. Asked how much they trusted various sectors and professions, the public revealed the extent to which trust between business and customers has been eroded.

Whilst 81% trust teachers and 89% trust nurses, only 49% trust managers of small firms. Entrepreneurs are trusted by just 30% of the public.

What are your own experiences and thoughts? Is trust affecting your business?
Is public trust in British business still dangerously low?

In this new economy, a positive trust rating is highly prized by both buyer and seller. Transactions are humanised and social media allows experiences – good or bad – to be shared locally and around the globe.

Addressing the lack of trust in business should be a priority for government, policy makers and, of course, for business owners themselves.

The price for not addressing this will be the emergence of a society that risks turning permanently against its wealth creators, and a society that goes down that road will very soon face a number of serious challenges.

A new economic system based upon trust, transparency and accessibility is one we at Omni strongly believe in.

We would love to hear your thoughts on the matter. If you are a business owner, how do you build trust with your clients? Is the interactive way in which we all research our purchases and decisions a good or bad thing?

Tweet us @OmnitasTax and let us know your thoughts, or join in the conversation on Facebook – we are here to help and offer impartial free of charge advice to UK businesses, however big or small they may be.

National Insurance £2000 up for grabs

NI TaxFind out how the new employment allowance EA could cut your NI bill by £2000

Yes, there’s usually no such thing as free lunch but in plain black and white, HMRC has published a guide on how and when you can claim it:

Who can claim £2000 new employment allowance EA

Most companies can claim the EA even where their only employee is a Director.

However, if your business is caught by IR35 (i.e it’s classed as a personal service company) you can’t claim the EA in respect of deemed PAYE income. Other excluded employers are government bodies, some businesses which supply services to the government and employers of domestic workers.

Claim one EA allowance only

You can’t double up on the EA by paying wages through two businesses that are controlled by the same person. Only one of the businesses will be able to claim the allowance.

How to claim new employment allowance EA National Insurance

After you have sent your RTI full payment submission for payrolls run since 5 April 2014 you can file an employer payment summary (EPS) specifically to claim the EA.

Most payroll software will show a yes/no indicator asking if you want to, i.e. are you entitled to, claim the allowance. You must select YES where your payroll software asks if EA applies, if you use an agency or outsource your payroll ensure they have done this for you.

Omni Chartered Accountants can help your business money

Unlike some other businesses, we are here to save you money – in the long run, our ethos is simple: if we help increase your profitability, we retain business and encourage referrals.

And that, as they say, is the way to do it!

Call us today to find out more on 01902 837408, request a free call back from this site or click here to make an online enquiry.