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The Association of Chartered Certified Accountants (ACCA) has urged the UK and the European Union to establish more functional trading arrangements.
In a submission to the House of Commons Business and Trade Committee, the body called for a stable and predictable economic relationship.
The submission identifies four primary areas for improvement, including professional mobility and the recognition of skills.
The body also highlighted the need for regulatory co-operation to reduce non-tariff barriers that currently restrict cross-border commerce.
ACCA noted that small and medium-sized enterprises (SMEs) face significant challenges with customs administration and VAT complexity.
The organisation is advocating for a “think small first” approach to policy to help smaller firms manage increasing compliance burdens and disrupted supply chains.
The accountancy body also emphasised the importance of digital trade and data co-operation.
It stated that modern trade depends on digital interoperability, requiring comparable systems to ensure trusted data flows between the two jurisdictions.
Glenn Collins, head of technical and strategic engagement at ACCA, said: “While we’ve seen in the UK in the last few days political debate around Brexit continuing, in the context of an EU-reset we would encourage the Committee to lead dialogue on issues which we believe would have a material impact on trade.”
Jessica Bingham, Head of regional policy development EEMA and UK at ACCA, added: “A priority is helping SMEs trade with the EU. We know that our members struggle with increasing compliance burdens, including customs administration, VAT complexity, disrupted supply chains and increased reporting. ACCA continues to call for a ‘think small first’ approach.”
