While many analysts have, understandably, focused on the negative impact of Brexit on the economy, there is some positive news for accountants for when Britain leaves the EU.
According to a new YouGov poll of 650 Members of Parliament (MPs), the demand for accountants will skyrocket.
The study, jointly commissioned by ACCA and AAT, found that almost half of MPs (47%) believed that Brexit will have a positive impact on the accountancy profession, because businesses will turn to their accountant to understand the tax and financial implications on their business.
In contrast, 23% think Brexit does not represent a good opportunity while 25% were uncertain.
Mark Farrar, chief executive, AAT, said:
“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.”
EU Tax legislation
The study also indicated that a majority (55%) of MPs believed that EU tax legislation should be reviewed immediately, rather than waiting until Brexit takes place.
Impact on big businesses
However, when it comes to the impact Brexit will have on big businesses, the MPs reached a stalemate, with 42% believing Brexit won’t have a negative impact, compared to 43% who feel it would.
John Williams, Head of ACCA UK, 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. 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.”
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