Whatever your political point of view there is no denying that 2020 will likely be a challenging year for professional advisers. As we detach from the EU, supply chain issues and price adjustments to reflect changing terms of trade with Europe will impact UK business profits and net worth. There will be many businesses that pass through this change process with no noticeable effect on their finances, and others that will need to plan carefully to avoid loss of profit and unwelcome pressure on cash flow.
Advisers will need to adapt to this change. The need to maintain the usual compliance filing and reporting will continue, but there will be many businesses in need of support consultancy to maintain necessary levels of business fitness.
Multi-partner firms may have the necessary in-house specialist skills to meet these challenges, others may need to dust off their contact lists and link-up with outsourcing options to fill the skills gap.
Advisers will also need to reflect on their firms’ ability to meet the challenges of 2020 without losing fee income.
Clearly keeping, up-to-date, informed is a cost effective way to provide the advice required by clients; and there are numerous networking opportunities that offer practitioners the chance to link-up with fellow practitioners that have complimentary skill-sets. However, firms should perhaps undertake their own 2020 impact assessment. In this way they can identify any skills shortages before the advice is required and take active steps to fill the gaps.
At Informanagement, we will continue to keep our professional subscribers up-to-date and we welcome enquiries from firms who need to access updates for staff and clients on the changing fiscal map of the UK.
And finally, all the very best for 2020. Now that the government has a working majority perhaps we can look forward to moving from uncertainty to dealing with the consequences of our withdrawal from the EU.