Harpreet Sohal has been a Trustee and Board Member of the CPAA since 2023. Harpreet is also an Accounts Manager at Sandwell Accountancy Services, based in the Black Country and working with clients across the West Midlands. Here, she shares her thoughts on what this year has meant to her and the profession – and what 2025 may bring.
Professional highlight
As we approach the close of 2024, it feels like the perfect moment to pause and reflect on the milestones and lessons learned over the past year, while also looking forward to the opportunities and challenges that lie ahead in 2025.
A professional highlight for me this year has been helping clients and my firm prepare for the implementation of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). The transition to digital tax reporting has been, and continues to be, a significant undertaking for the industry.
Helping clients navigate these changes is both challenging and rewarding - necessitating careful planning and communication. Being part of this journey has reinforced the importance of adaptability and the critical role accountants play in guiding businesses through change.
Optimism for the future
One of the reasons I’m feeling optimistic about the future of our profession is thanks to the way in which automation continues to revolutionise the way we work. Technology has transformed routine tasks, freeing up valuable time for higher-level strategic thinking and client engagement.
Automation is enabling us to reduce manual data entry, improve accuracy, and enhance security in ways that were unimaginable just a few years ago. As accountants, we now have more opportunities to position ourselves as trusted advisors, focusing on management accounting, strategy, and communication—all while delivering better outcomes for clients.
Challenges ahead
The road ahead is not without its challenges; I feel that the the biggest hurdle facing the profession in 2025 will be ensuring that both accounting firms and the general public are fully prepared for the upcoming MTD ITSA mandation in April 2026.
HMRC’s recent webinar, hosted by the CPAA with Lenny Barry, highlighted the scale of the work required to make MTD ITSA a success. While it’s encouraging to hear that HMRC is ahead of schedule, there is still much to do. The message is clear: MTD ITSA is coming, and now is the time to start getting ready.
For accountants, this means not only ensuring our systems and process are up to date, but also acting as educators and advocates for our clients. Many small businesses and sole traders remain unaware of the changes or unsure how to prepare. Bridging this knowledge gap will be crucial in the year ahead.
A final thought
As we move into 2025, I’m reminded of the resilience and adaptability of accountants. The past year has shown us that while change can be daunting, it also presents opportunities for growth and innovation. By embracing technology, fostering collaboration, and staying committed to professional development, we can navigate the challenges ahead and continue to deliver exceptional value to our clients.
Here’s to a successful and transformative year for the profession in 2025. The CPAA is here to support members is a variety of ways and create a collaborative community. Let’s embrace the opportunities, tackle the challenges, and continue to grow together.
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