Miah & Co ready as the era of change continues
The world of accountancy and tax consultancy is one that has seen significant shifts over the last forty years, with events ranging from Thatcher’s deregulation in the 1980s to the financial crisis of 2008 leading the industry to change direction quite suddenly.
Mohammad Miah, who founded Miah & Company in 1970 and works primarily with those most affected by quick changes in the SME market, has watched the sector adapt and develop, detailing his thoughts in his best practice article for The Parliamentary Review.
Miah’s aim when starting the business was ‘knowing how much my services could help small business communities’, and indeed this aim has remained the core of the business, with the company now operating across the country.
However, it is his view that recent years have led to more adjustments in the industry than any other in recent times, penning that ‘there have been a record number of changes in the last few years throughout the accountancy and financial services sector’.
He cites ‘real-time information for payroll reporting’, which revolutionised PAYE, and ‘auto-enrolment implementation following the Pensions Act 2008’ as fundamental changes in finance, especially when it came to the business practices of SMEs.
Another key difference has been the Making Tax Digital process. ‘According to HMRC,’ Miah writes, ‘our workload could initially increase by up to five times for the transition period’. Understandably, many accountants spent a lot of time preparing for the various MTD deadlines, with Miah stating ‘we have been working closely with clients to help them in understanding all of these new rules and regulations, but it has not been an easy process – not least because many of these changes are new to accountants’.
While MTD creates a lot of hassle in the short term, Miah does add that ‘if layers of legislation continue to be laid on top of the overwhelming amount of existing financial regulation, however, we will carry on operating in marketplace where advisers ignorant of the rules are rewarded for making things simpler’.
As the industry shifts and larger companies come under fire for their role in creating a toxic regulatory environment to competitive business, it may be the smaller, longstanding businesses like Miah & Co that gain the most traction over the next few years.