Accountants will be increasingly in demand during the Brexit process as companies look to reshape their business models in the post-EU environment, according to a joint study into the attitude of MPs commissioned by ACCA and AAT
The YouGov poll 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, compared to less than half (23%) who think it does not represent a good opportunity. A quarter (25%) were uncertain.
The research indicates that a clear majority of MPs (55%) believe that EU tax legislation should be reviewed immediately, rather than waiting until Brexit takes place, compared to 18% who feel the UK should wait.
However, MPs are split on the effects that Brexit may have on big business, with 42% saying the UK’s exit from the EU will not negatively impact larger businesses compared to 43% who believe it will.
Views on the importance of passporting rights for the financial services sector were equally mixed. While 40% of MPs agreed that alternative arrangements for the over 5,000 firms holding such rights are essential, almost a third (29%) disagreed and 25% were uncertain.
Mark Farrar, AAT chief executive, said: ‘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.’
John Williams, head of ACCA UK, said: ‘From renegotiating 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.’
