ACCOUNTANT ANGUISH: North East business owners shocked to learn that accountants require no qualifications
Accountant anguish - North East business owners shocked to learn that accountants require no qualifications.
On Monday, non essential shops, hairdressers, gyms and outdoor dining will be welcoming back customers across the North East as we enter the next phase of lockdown easing. After a year of unprecedented hardship for industries across the region, there is some promising news. A survey from The Virgin Money Business Pulse found that the North East was the only region that saw economic improvement in the final quarter of 2020, thanks to the number of new businesses launching and stability in employment levels.
But there are some concerns around the amount of people still on furlough, with 1 in 6 businesses worried that they won't be able to retain all of their staff this year. To give businesses the best start possible in the new tax year, AAT the association of accounting technicians believe now is the time for the government to impose strict regulation on the accountant and tax advisory sector. Businesses have been leaning on their advisors more than ever as tough decisions have had to be made throughout the pandemic, but one third of those practicing are unregulated with many holding no qualifications whatsoever.
Last year, one case made national headlines after Newcastle firm North England Coachworks accused their accountant of defrauding them out of 1 million pounds. And with the economy now embarking on a road to recovery, Phil believes it's time for the government to step in and take action.
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