Brexit to have ‘positive impact’ on accountancy profession

Brexit to have ‘positive impact’ on accountancy profession

Study commissioned by the AAT and ACCA reveals MPs' views on Brexit and the accountancy profession

The UK’s exit from the European Union will have a “positive impact” on the accountancy profession, according to nearly half of MPs in a study commissioned by the AAT and ACCA.

47% of MPs said that Brexit would be positive for accountants as they can advise clients on the implications of leaving the EU. Only 23% thought that Brexit did not “represent a good opportunity for accountancy”, while 25% were uncertain.

The study also found that 55% of MPs believed that EU tax legislation should be reviewed immediately, rather than waiting until Brexit has taken place. Only 18% of MPs disagreed.

John Williams, head of ACCA said: “It is good to see that MPs are confident that the accountants will rise to the challenge posed to business by the uncertainties of Brexit. Yet it is even more important that politicians recognise the value the accountancy profession can bring to the UK economy as it enters one of its most profoundly important periods since the Second World War.”

The study also probed the issue of passporting rights, which allow UK companies to provide financial services within the EEA. 40% of MPs agreed that securing alternative arrangements for companies holding passporting rights was “essential”, but 29% of MPs disagreed. 25% of MPs were uncertain about the issue.

Mark Farrar, chief executive of AAT said: “Many of the ramifications of Brexit remain unclear, especially around issues such as passporting rights, tax, compliance and the general impact on business.

“However, amongst all this uncertainty it is very clear that accountants have a valuable role to play in advising clients on the tax and financial implications of our EU withdrawal. We have recognised this and these results show that large numbers of politicians recognise this too.”

Williams added: “From re-negotiating trade deals to developing policies which can help businesses thrive in a globalised 21st century, the strategic insight and analytical rigour of accountants will be integral to providing politicians and the civil service with the information they need. MPs need to be fully aware that the world-class status of our financial services will be a vital resource in securing the best deal for UK plc.”

 

Have you started your entry for the British Accountancy Awards 2017?

The Awards, taking place at the London Hilton on Park Lane on 13 October will celebrate excellence in accounting and finance in both practice and industry. This year, we will welcome over 600 guests from practices and firms all over the country to highlight those that have demonstrated excellence in their profession. Categories include “Accounting Innovation Project of the Year” and “Tax Team of the Year”. To view all the categories and see how to enter, please visit BritishAccountancyAwards.co.uk. Entries close 7 July.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource