For their October publication, Insider asked accountancy leaders how they view challenges facing the industry, shifts in technology and recruitment. Here’s what we had to say:
Challenges facing firms: The introduction of Making Tax Digital (MTD) commencing with VAT next April, and the Welsh Government gaining income tax powers. Accountants will be required to look at where the client lives to determine how their income will be taxed.
Tackling those challenges: We have been encouraging our clients to utilise or upgrade their accounting systems for years, not only in preparation for MTD, but also to help them get timely, meaningful information from their records. We will receive more information about the Welsh Government tax powers in the November Budget. This information will enable us to ensure we have the correct procedures to make the transition seamless.
New techniques or technology: We identified the need to make accounting reports easier for business owners to understand. We employed a software engineer to design software that outputs meaningful graphical reports. We are working on an income tax app which will allow business owners to forward plan and monitor how future changes in taxation will affect their income tax liability.
New staff: Our brand awareness helps with recruitment. Potential employees see that there are many benefits to working for us including a 35 hour week with flexible working, free fruit and refreshments, free gym membership, confidential health assessments and a flexible benefits package.
Pick up the October edition to find out what the other contributors had to say.
Green & Co specialise in business growth and tax minimisation for businesses across Wales and the South West of England.
For proactive advice, contact Green & Co Accountants and Tax Advisors on 01633 871122, follow @Green_and_Co on Twitter or email firstname.lastname@example.org.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.