A Brexit Boom for Accountants?

February 22, 2017 by in category Blog tagged as , , , , , , , , , with 0 and 18

AAT and ACCA survey of MPs sees a Brexit boost for accountancy practices

Brexit flags. Image by Sergey Novikov (via Shutterstock).

Flying the flag for accountancy: Brexit could be good for our profession according to a survey. Image by Sergey Novikov (via Shutterstock).

Could Brexit be a boost for our accountancy profession? According to an AAT and ACCA survey of MPs, 47% of them said ‘yes’ to that possibility. After the triggering of Article 50, Britain’s post-EU trade deals could keep a few accountancy firms in work. In the same survey, 23% of MPs thought Brexit wouldn’t boost accountancy, with 25% of those polled feeling uncertain.

Furthermore, 55% of them believed that European Union tax legislation should be reviewed immediately. For the no, 18% disagreed.

Passporting Rights

In addition, the AAT’s and ACCA’s Brexit survey looked at passporting rights. Passporting rights refer to the use of banking products throughout EU and EEA member states outside the bank’s country of origin. 40% of MPs agreed with securing alternative arrangements for companies holding passporting rights. 29% of MPs disagreed whereas 25% of them were uncertain.

The head of the ACCA, John Williams 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 Chief Executive of the AAT, Mark Farrar said: “Many of the ramifications of Brexit remain unclear, especially around issues such as passporting rights, tax, compliance and the general impact on business.”

So to use the well worn proverb, we are living in interesting times. For the next decade, this could be an understatement.

Peach Wilkinson Accountants, 22 February 2017.

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