Lincolnshire

Lincolnshire accountants to benefit from Brexit process, study suggests

Accountants across Lincolnshire and the rest of the UK will see increased demand for their services during the Brexit process, according to a new Association of Accounting Technicians (AAT) study.

The study shows that some 47% of MPs believe that Brexit will have a positive impact on the accountancy profession, because accountants can advise clients on the implications of exiting the European Union.

More than half of MPs believe that the EU tax legislation should be also reviewed immediately, rather than waiting until Brexit takes place.

Mark Bradshaw, Partner at Streets Chartered Accountants

Mark Bradshaw, Partner at Lincoln-based Streets Chartered Accountants, said: “As much of UK tax legislation currently mirrors EU tax legislation, then we can certainly expect that there will be modifications to come into effect once we leave the EU.

“It would not be unrealistic to expect that new legislation will be markedly different to that which exists now. Therefore the tax and accountancy professions will have to get to grips with such changes and also advise and assist their clients on the transition.

“In addition and especially for those clients who import or export, or invest overseas, we anticipate that there will be a need to advise and support clients on aspects of cross border working.

“On a more general note, given the period of uncertainty and change ahead, clients are likely to be seeking general business advice and commercial guidance.

“Without doubt the accountancy and tax profession does expect to have a busy time ahead.”

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

“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.”

What is less than clear are the effects Brexit may have on big business, with 42% of MPs believing Brexit will not negatively impact larger businesses compared to 43% who do.