Accountants are facing a triple whammy of challenges, with artificial intelligence, staff shortages and the impending high cost of Making Tax Digital compliance from next April. There is also pressure to invest in more technology with a staggering 14% of UK firms claiming they do not plan to move to cloud based accounting despite pressures from clients and regulatory landscape.

The latest Future Ready Accountant report by Wolters Kluwer surveyed hundreds of accountancy firms in the UK to gauge current trends on key issues.