Accountants ease uncertainty for small businesses
ACCA chief executive Helen Brand says political and economic uncertainty means small businesses are increasingly reliant on accountants. Recent research from the International Federation of Accountants indicates that small and medium sized accountancy practices remain small businesses’ most trusted advisers. And research by the FSB has found that half of small firms in the UK that have sought business support have approached their accountant. Ms Brand also lists some of the most frequent challenges facing small businesses. They include: late payments; uncertainty around regulations and laws; and the digitisation of tax. She says that Making Tax Digital has the potential to considerably improve business efficiency and productivity, but the government must clarify how implementation will take place, and provide support for those businesses facing hefty transitional costs.
Source: City AM (15/09)