Accountants will be busier, but not always in the way they would like
On the 23 June 2016, the people of Britain voted to leave the EU. Immediately, the value of sterling plummeted, then the UK’s credit rating was downgraded by two different agencies. The FTSE fell, then rallied, but things remain in a state of flux. Nobody really knows what will happen to the economy.
At times like these, individuals and businesses are likely to turn to accountants for advice, and to help them prepare for the changes ahead. Accountants are likely to find their workload increasing, as clients get in touch for help and support. Linda Carr recommends that businesses should contact her accountants in Peterborough for post-Brexit support and advice.
New Regulatory Framework
The regulatory framework may well change as Britain leaves the EU, and the business community will expect accountants to be proactive in keeping up with changes in legislation. Clients are likely to want to have tight control on operating expenditure, and will need all the professional help they can get.
Changes In Tax Structure
So far, there have been no changes in the tax structure, but there is a good chance that some will occur. Accountants need to keep abreast of new developments, in order to provide useful and up-to-date advice.
Increased Demand For Exports
It is possible that the weak pound might benefit some exporters, with increased demand for their products. Accountants will have their work cut out providing advice to their clients on how to take advantage of this situation, while developing strategies to cope with a potential recovery in the value of sterling.
But It’s Not All Good News
However, in the uncertain post-Brexit business climate, it is likely that there will be a slowdown in new investments and projects. This will mean a reduction in the demand for higher-value transactional services. Depending on the nature of the accountancy practice, some firms might find themselves busier, but with a smaller proportion of high value work.
Whatever happens, we have now entered a period of rapid change and accountants will need to be alert and well-informed to make the most of the situation.