A survey of 262 accounting practices by professional services advisers Kato
Consultancy found that 72% of respondents felt threatened about their
independent status, highlighting concerns over the burden of government
legislation and regulation, plus increased risk through litigation.
‘I can see a third to a half of these businesses disappearing in the next
three years, they’ll merge with larger or niche firms that have got their act
together commercially,’ said Kato director Phil Shohet.
Smaller firms were concerned about the threat of competition from outside the
profession, and three quarters of respondents warned of barriers to the
retention of able staff, including a growth in recruitment competition from
Only 29% are looking to be more targeted in their approach to new clients and
investigate creating areas of specialisation within their own firms.
‘It’s terrifying, firms can’t get or keep staff and it has a domino effect on
succession. People train with these firms but leave to go to larger firms or
into industry. They can’t see a future in a smaller firm,’ said Shohet.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements