In a recent report “The Future of Employment: How Susceptible are Jobs to Computerisation?” by C.Frey and M.Osborne (2013) Accountants were cited as being the second most likely profession to give rise to job losses in the next two decades as a result of automation with a 94% chance of some job losses (Actors even only had a 37% chance of job losses through automation!)
But the term Accountant is a broad church and can cover from book-keeping, to preparing financial statements, tax advice and some even use the term within investment management. There will no doubt be some losses, as some aspects of accountancy can be automated, but there will always be a place for people providing good quality advice and knowledge of business and legislation.
So, when my 12 year-old daughter asks “Does an accountant just do maths all day?” she couldn’t be further from the truth. Accountancy is largely problem solving but seldom in a linear fashion as solving one problem might give rise to another challenge. In this week I alone, I have been looking at the following:
- Planning staff and directors’ remuneration strategy for a business in advance of the fiscal year end. With changes to workplace pensions and tax savings through different remuneration methods as staff cost are a major part of most businesses reducing these costs whilst maintaining a happy engaged and incentivised workforce is invaluable.
- Valuing a business. This can be for a number of purposes and we can also advise business owners on how to increase the value of the business for external sale or how it might be valued using different methods when the value of the shares is taxable when they are provided to employees.
- Considering the most tax beneficial attribution of payments for a termination settlement.
- Considering whether it is more tax efficient to be provided with a company car, or for the company to pay a car allowance equivalent to the same cost for it, to enable you to lease your own vehicle.
- Calculating Research & Development Tax credits available on innovative work carried out by a business during the tax year. You get to understand about many businesses not just accountancy.
- Advising a Foreign Limited company on the tax implications of the disposal of a UK residential property to the director’s daughter who lives in UK.
- Assistance in the selection of software appropriate for Making Tax Digital for VAT. We also advise businesses on systems and apps they can use to automate some of their bookkeeping processes.
Most of the above work requires understanding people, their needs and understanding business as well as interpreting tax and accountancy rules, and just a dash of maths!
If you have problems whether or not they are similar to the above ones, why not contact me to see how my firm can be of assistance. We also run seminars and provide information to our clients and non-clients who have requested to be kept up to date with latest developments in accountancy and tax planning opportunities.
It won’t cost you for an initial assessment since Beatons Group offer up to a free initial 1 hour consultation?
Call: 01473 659777 for an appointment or E-mail: info@beatons.co.uk