The outlook for business in 2019 is at best steady as you go with the likelihood that the UK economy may dip into recession. And according to many pundits on all sides of politics it’s all thanks to Brexit.
The political uncertainties continue and with them building frustration in the business community as we try and grapple with landscape we are being directed towards.
Challenges for 2019
Leaving aside the chaos in parliament, the challenges for the accountancy profession as we move into 2019 are becoming clearer.
Who would have guessed when Making Tax Digital (MTD) was first proposed that its first steps towards implementation would be at the same time as our formal divorce from the EU? Let’s hope that HMRC have sorted out any wrinkles in their computer systems before the first MTD filed VAT returns hit their servers after 1 April 2019.
An alternative point of view
Ironically, there is an alternative way to view these significant changes.
All change processes create challenges, and those faced with these challenges either sink or swim. Advisors, therefore, can sit by and blame politicians for the decline in their fee income or they could re-engineer the situation as an opportunity.
Addressing Brexit supply chain risks
If there are risks that present importers from, or exporters to the EU will be adversely affected by Brexit, then shouldn’t accountants be assisting those businesses to produce an impact assessment regarding the changes in their supply chains?
Improving business fitness and reviewing business plans
And if there is a possibility that trading conditions generally will be difficult as we work through the Brexit transition, then shouldn’t accountants be working with their business clients to increase their business fitness? There is also an argument for revisiting existing business plans and forecasts for 2019.
Will 2019 be a hit or a miss?
The outcome may depend more on our perception of risk and our reactions to those perceived risks, than any lack of action by parliament or the EU.
Landmark’s solution, hit the ground running
Bob Edwards has created an online tool, video and a range of documentation that you can use to support your clients. Take a look at our Brexit Resource Centre. It will save you time and enable you to cope with the current compliance challenges and start the process of supporting your clients through the Brexit transition.