Accountants to play an Important Role during the Brexit Process

According to a study conducted by the ACCA and AAT, almost half of the MPs are of the opinion that the brexit will have a positive effect on the profession of accountancy as a whole.

The study shows that 47% of the MPs think that the UK leaving the EU would have positive effects on the accountants and on their profession as the accountants can guide their clients with respect to the implications regarding exiting the EU. The 23% of the MPs think that the UK leaving the EU (brexit) does not constitutes to a good opportunity with respect to the accountants and their profession, while the remaining 25% of the MPs were simply unsure about the implications regarding brexit.

The same study also revealed that 55% of the MPs think that the tax legislation of EU should immediately be reviewed, instead of waiting till brexit takes place.

The joint study also deals with the problematic issue of EU passporting rights. These rights basically allow the UK based companies to offer financial services to all the other members of the EU. The joint Study showed that 40% of the MPs think that having an alternative solution with respect to the companies having these rights is essential, while 29% of the MPs did not agree on this and the remaining MPs were unsure about the whole issue.  

According to the head of the ACCA (UK), John Williams, It is a very important time for the UK economy and it is good to hear and see that the MPs are showing confidence in the accountants that they will be able to handle the challenges faced by the businesses as a result of the uncertainties surrounding the whole brexit situation. The civil service and the politicians will both require the insight from strategic view point and analytical skills of the accountants in developing new policies to negotiating new trade deals so that to help the business community in the aftermath of brexit.

According to the Chief executive of AAT, Mark Farrar, The whole situation regarding Brexit and its future impact on businesses still remains uncertain and unclear. Although, amidst all the uncertainty one thing is very clear and that is the role of the accountants in guiding and advising their clients with reference to the financial and tax implications of the UK’s withdrawal from the EU. Through this study we have found that a lot of politicians also think the same.