Telford Accountants DE Ball give you the run down on accounting, tax and employment law post Brexit and what it could actually mean for you.
The new UK prime minister Theresa May has made it her primary mission to fulfill the wishes of the Britain leaving the European Union. Many people are starting to wonder what EU accounting and taxation laws will ultimately remain on the British statute?
She has made it clear she understands that a key force behind the ‘leave’ vote was a dislike of unrestricted EU immigration into Britain, should this be satisfied in the coming months the prospect of the UK remaining in the European Economic Area will be extremely unlikely.
Accounting law
As it stands, there is a comprehensive slew of EU accounting and company law legislation impacting on how accountants work that may come up for review. This could include such things like annual financial statements, consolidated financial statements, disclosure of company documents, forming public limited liability companies, maintaining and altering capital, disclosure requirements for foreign branches of companies, mergers between public limited liability companies and much much more.
Tax law
When it comes to post Brexit tax law two things have become obvious to financial experts, it is most certainly going to be under significant review but even if we remain in the EEA, taxation is most likely to be the area Brittan distinguishes itself from the EU. Standard EU VAT rates of 15% and 5% minimum will no longer be in force but time must be taken before we can draw any predictions on what this will do to highstreet prices.
Employment law
Another key impact of a Brexit could be on employment law and especially the ability of accountants to move jobs and practices within the EU’s 27 remaining member states, should Britain leave. At present, under the EU’s professional qualifications directive (2005/36/EC), EU accountants wanting to work in different member states have to undergo top-up training, to learn skills required specifically by their destination country.
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