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How regulatory and legislative changes can be transformed into opportunities?
When it comes to political and legislative changes UK accountants certainly have their hands full. The likes of Brexit the General Data Protection Regulations (GDPR) and Making Tax Digital (MTD) will all have serious implications for practices across the country. Accountants are not alone – there is barely an industry in the UK that will escape compliance with the latest wave of red tape.
Take GDPR which comes into effect from 25 May. Non-compliance could be the difference between success and failure and fines will be as high as €20m or 4% of annual turnover. Penalties for MTD non-compliance have yet to be announced but delays are likely to keep this process on the backburner for many firms. Digital recording-keeping and management is quickly becoming a necessity – not only legally but to remain relevant to client bases. So surely it is a safe...
