It seems this year is all about the beginning of change for the world, but especially for chartered accountants. It has been changing for some time now with changes in reporting, rising audit thresholds and a rise in competition. However, it seems to have reached a pivotal point this year.
The first major factor that has changed everything in the UK for chartered accountants is the Brexit vote. This has the potential to influence house prices, interest rates and even pensions.
Then there are the changes that will occur from the MTD project, outlined in one of our previous posts. That is set to influence how small businesses approach their tax affairs.
And most recently is the new US president, Donald Trump. Who plans to reduce the corporate tax rate in the US to 17% by 2020. This is actually good news for the UK, as it will allow UK-based companies the potential to expand into the US market.
The Autumn Statement has also been released this week by Phillip Hammond. This has been the first indication of the new government’s economic and fiscal policy. Many predicted that pensions will be the likely “target” in the statement and it seems they were somewhat right.