AAT Says
MICHAEL STEED
Introducing AAT’s new president
Tax expert Michael Steed has taken up the post of AAT president for 2024/25.
Michael Steed is a busy man. When he’s not designing and delivering tax courses or undertaking his various duties as president, you might catch him tinkering with his classic 1934 Austin 7 tourer. But you won't find him there for long – between his life at BPP and AAT, his music-making, and his involvement in the local community, Michael’s energy seems boundless. It’s this same dynamism he now brings to the AAT presidency.
His appointment in October comes after a career path that will resonate with many members. His journey from oil and gas exploration to becoming a Chartered Tax Adviser gives him first-hand understanding of the challenges career-changers face in the profession.
From career-changer to farming
“From the start, I knew I wanted to get into tax because that’s the engine room,” he explains. “It's an area of practice rich in problem-solving. As tax practitioners, more often than not, we’re trying to piece together the most logical, coherent story using the fragments of evidence available to us. And in every story, there’s a brief window into people's lives, into the journey a business might be on, or some early warning of danger up ahead.”
The move from oil and gas to accountancy was just the first step. Michael then made another significant change, leaving the corporate environment to owning and running a small farm in Kent with his wife, Fay. “I've experienced first hand what a learning curve it can be to join our profession,” he says. “I feel keenly the pressure AAT members are under to stay out in front – to stay relevant in their knowledge, their practices and their own business strategies.”
I feel keenly the pressure AAT members are under to stay out in front – to stay relevant in their knowledge, their practices and their own business strategies.
Michael Steed and Lucy Cohen
Understanding members’ daily challenges
Michael is particularly aware of the realities AAT members face. “We forget sometimes just how personal it can be for AAT licensed members and their clients – many of our members are running businesses from their living rooms, working with SME clients on a first-name basis to advise them through what can be perilous economic conditions. So often our members have their fingers on the pulse of the economic health of this nation. Their business nous is not to be trifled with, quite frankly.”
“When you're running your own business, and trying to engage in CPD, it very much focuses your mind on what is good value from a course or talk, and what’s low value. Running a practice means there’s always someplace else you could be putting your time.”
Complementary presidential pair
Working closely with Michael in the next 12 months will be his new vice president Lucy Cohen. Like Michael, Lucy will be a familiar face to many AAT members. Her pioneering work to launch an accountancy services firm at just 23 has seen the entrepreneur go from AAT apprentice to leading the UK’s largest female-owned accountancy practice.
The presidential pair have one more thing in common: they've both been recognised by their predecessors for outstanding contributions to AAT – long before they might have considered joining the rolls of presidential honour themselves. Michael was awarded the AAT Past Presidents' Award in 2004 for his services to the education and professional development of AAT members over a sustained period, and Lucy in 2021 for her work on destigmatising mental health in the accountancy profession.
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A shared focus on social mobility
While Michael and Lucy may represent the different paths possible within the profession – one as a career-changer-turned-expert and longstanding small practice owner, and the other as an apprentice-turned-entrepreneur breaking norms across the sector – they both share a strong commitment to AAT’s driving social mobility mission.
“I am completely aligned with AAT’s fundamental commitment to social mobility and our goal of opening careers in finance up to more people and more communities, especially to those who may have been underrepresented in our industry historically,” Michael adds. “I want to see the tremendous opportunity that AAT represents extended to all those willing to apply themselves in the study of our qualifications and committed to upholding our professional standards, regardless of their background or circumstance.”
Much work to be done
Looking to the year ahead, his measure of success reflects his collaborative approach: “If I had to pin down what success might look like, I want to be able to hand over the reins satisfied with my part in what will be, and can only be successful as, a collective effort. Fortunately, in Lucy Cohen I know there will be a safe pair of hands to which I'll be able to pass those reins when the time is right.”
More broadly, Michael says he sees an important role in supporting AAT’s transition to a new board and Members’ Advisory Council.
“I am mindful that there is an important role here to play in helping to deftly guide these reforms towards success, ensuring AAT’s transition from the old world to the new. In the meantime, there is much work to be done, and I am keen for us to get started. There’s real advantage for AAT in that Lucy and I have our respective reaches into different parts of AAT’s large and diverse professional community.”
MICHAEL STEED