Matthew Crook

UK based tax & accounting firm Wolters Kluwer has today announced its industry survey findings of more than 100 UK based accountancy firms, which show how accountancy firms are changing as Brexit unfolds. Nearly 86 % of respondents identified technology to be a critical aspect for future-focused practices as these AI-supported and tech-based platform could decrease turnaround time and enhance their client’s experience.

Almost half of those who responded (45%) indicated that they are planning to offer more advisory services to support clients during this time of uncertainty, including cash flow forecasting or recession planning. With nearly 57% pointing out to customs, excise and VAT procedures followed by 15% identifying suppressed economic activity and a further 10% identifying a possible delay to Making Tax Digital for income tax as a top concern.

Matthew Crook, Managing Director Wolters Kluwer Tax & Accounting UK commented, “While there continue to be uncertainties, Brexit offers many opportunities for accountants. They are being asked to provide new services as a result of Brexit, and those who capitalize on the opportunity will be in an excellent position to help their clients to flourish.”

Overall Brexit business impact sentiment amongst industry respondents was divided, with 19% indicating that they believed Brexit presents opportunities, and 38% indicating they felt rather concerned as to future uncertainty. On a positive note, 57% of all those surveyed viewed Brexit as a possible opportunity to attract both new business and clients.

by Megha Bhattacharya
Market Analyst at IBS Intelligence