With the Brexit vote well and truly marked in the leave box despite a petition calling for a revote, the tremors from the earthquake that was the Brexit vote are already being felt.
There is a new Prime Minister in Theresa May, and the opposition is seemingly in disarray. But it isn’t just politics where the effects may rumble on.
In a previous article we looked at how the vote may affect some areas of Britain. However the world of accountancy may also feel the shockwaves.
Changes won’t be immediate though, as accountancyage.com points out that the more than 23,000 EU laws currently governing accountancy and taxation means that no snap change is expected to be made by the EU.
Once Britain does leave the union, which is expected to be by around 2019, it will be able to make changes to its own laws on the two disciplines, without any ramifications from the European courts.
It is difficult to see too many radical changes though. Yes there may be one or two minor changes, maybe even a few larger surprises, but wholesale, sweeping changes are highly, highly unlikely considering the support the UK has shown to international standards.
Unlike accountancy, taxation laws are more likely to see changes that will be noticed in everyday life.
In essence, by leaving the EU, the nation will regain sovereignty, meaning it will no longer be bound by EU laws regarding taxation, essentially giving the country free reign to completely redraft its tax system. This may include VAT, import and export duty and more.
It’s certainly a time where it seems the only thing certain is uncertainty, and where money is concerned, that can be a worrying prospect.
At KP Simpson, we understand this, and can offer friendly, impartial advice on a range of accountancy issues from our expert staff.
