According to a new study commissioned by AAT and the ACCA, members of Parliament believe accountants will be increasingly in demand during the Brexit process.
The study has revealed that almost half of MPs (47%) believe that Brexit will have a positive impact on the accountancy profession, because accountants can advise clients on the implications of exiting the EU. In contrast, less than half this number (23%) think Brexit does not represent a good opportunity for accountancy.
The same study also indicates that a clear majority of MPs (55%) believe that EU tax legislation should be reviewed immediately, rather than waiting until Brexit takes place.
However, there is a less than clear picture about the effects that Brexit may have on big business, with 42% of MPs believing Brexit will not negatively impact larger businesses compared to 43% who do.
The joint research also tackles the thorny issue of EU passporting rights.
Passporting rights allow companies based in the UK to offer financial services to the rest of the EU (plus Norway, Iceland and Lichtenstein) while only having to follow one set of regulations. This can save companies significant costs ranging from establishing various headquarters to complying with the regulations of each different country that they provide financial services to.
The study findings suggest MPs are unclear about the importance of these passporting rights with 40% agreeing that alternative arrangements for the 5,000+ firms holding such rights are essential but almost a third (29%) disagreeing. A quarter of MPs (25%) neither agrees nor disagrees that passporting rights are important, indicating real uncertainty about the issue.
Key findings from the survey include:
-
47% of MPs think Brexit will have a positive impact on the accountancy profession, with 25% uncertain and 23% thinking it won’t.
-
55% believe EU tax legislation e.g. VAT and excise duties, should be reviewed now rather than waiting until Brexit has taken place compared to just 18% who disagree.
-
40% agree that alternative arrangements for the 5,000+ firms holding passporting rights, which give access to the EU single market in financial services, are essential. 29% do not think it is essential with a high number neither agreeing nor disagreeing (25%).
-
42% of MPs think Brexit will NOT negatively impact larger businesses compared to 43% who do.
Full press release
© ACCA - Association of Chartered Certified Accountants
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article