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Ten questions about Brexit that young accountants want answered
Both Accountancy Age and ICAS between them have compiled numerous questions and issues to be considered, here are those that most affect current students and future leaders within the industry. […]
Both Accountancy Age and ICAS between them have compiled numerous questions and issues to be considered, here are those that most affect current students and future leaders within the industry.
Economy and trade
- What measures will the UK Government take to minimise the impact of Brexit on the UK economy, British jobs and the efforts to restore the public finances, both in the short term and long term?
- How can the UK continue to attract foreign direct investment, given the prevailing uncertainties around our financial situation?
Companies and their employees
- What arrangements will be put in place to support companies in financial difficulties as a direct result of Brexit, and how will their workers be supported?
- How will the UK Government change its policies on immigration and what will that mean for UK businesses and their access to skilled workers, and for international organisations based in the UK with multinational teams?
Taxation
- Will the UK now be more inclined to “go its own way” over direct taxation and ignore European and international convention and initiatives outside the EU? If so, what changes can be expected?
- How will the UK governmentchange its approach to VAT and VAT rates, given its new-found freedom from EU restrictions?
- 7. Before the poll, Chancellor George Osborne suggested an emergency budget should Brexit prove most popular – when will this take place, which taxes will increase, and if significant sums are required does this mean the end of the triple lock on income tax, VAT and national insurance?
Policy
- Many areas of policy, such as: anti-money laundering; data protection; competition; financial services; harmonisation of product standards; consumer rights; pensions – are likely to be significantly changed following the break from the EU – when will industry receive further information about these and what will we be required to do?
- In areas of accountancy we expect there to be new policies – what will these be and when will they appear? Will the UK depart from International Financial Reporting Standards (IFRS)and re-establish UK Generally Accepted Accounting Practice (UK GAAP)? Will the EU Audit Directive and regulations continue to be implemented as planned, or will some aspects be reversed?
- What support will young accountants and students receive if they are essentially required to re-learn years worth of study relevant to all new policies and procedures, in order to get to the same level?
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