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UK Government bans Russian businesses from using UK accountants

5th May 2022hatGeneral News

Liz Truss, the UK Foreign Secretary, announced on Wednesday 4 May that a ban on on services exports to Russia would come into force. The press release states “The new measures will mean Russia’s businesses can no longer benefit from the UK’s world class accountancy, management consultancy, and PR services, which account for 10% of Russian imports in these sectors.”

It is not yet clear what the practical implications of this will be. For example, it has not been confirmed whether a UK accountancy firm can continue to act for a UK subsidiary of a Russian parent company.

In addition to the ban on professional services, additional Sanctions were introduced.

The Government press release can be found here: https://bit.ly/39ETTie

An article from ICAEW discussing this further can be accessed here: https://bit.ly/3KLwKHC

If you haven’t seen our Sanctions and AML webinar yet, find out more here:Sanctions and AML flyer

Firms who use our Accounting Compliance services

Our clients range from the smallest firms who either do not do audits or have just one or two audit clients, through to members of the Accountancy Age 50+50.

The Simmons Gainsford Group have worked with the HAT Group for over 20 years. They have helped support us with regulatory compliance and training and also provide technical support and graduate recruitment services. They have proved to be a key strategic partner as we look to navigate the various regulatory changes that continue to impact our profession. The team at HAT possess a wide depth of expertise and are always available when needed. Based on our positive collaboration I would have no hesitation in recommending their services to another firm.

- Simmons Gainsford

As a small two-partner accountancy firm, we have found tremendous value in their personalised approach and unwavering support. HAT Group goes above and beyond to deliver a brilliant personal service tailored to our specific needs. Their expertise in handling ACCA compliance has been instrumental in ensuring our firm aligns seamlessly with regulatory requirements. We highly recommend HAT to fellow small firms seeking a dedicated partner committed to their success.

- Oxlade & Bond

As a small firm, we have come to rely on their in-depth assistance. HAT’s commitment to helping us maintain regulatory standards has been invaluable, serving as a reliable guide to the complexities of compliance. What sets HAT apart is their proactive approach. Their vigilance and expertise ensure our business align seamlessly with industry regulations. We have complete confidence in HAT Group's ability to support and safeguard us.

- DED Accountancy

We initially engaged HAT for assistance with compliance, and the value they brought to the table quickly became apparent. Their ability to simplify complicated issues and provide insightful technical solutions led us to expand our collaboration, encompassing a broader range of services. HAT have proven to be strategic partners committed to our success. Their proficiency in navigating complex matters has been instrumental in improving our operations and ensuring we meet regulatory standards. We are grateful for the expertise and support that HAT brings to our organisation, and we highly recommend them.

- FLB Accountants

We are delighted to provide a testimonial for HAT Group, a firm that has supported our practice for more than 20 years, including delivering excellent training and CPD courses. The Student Development courses provided by HAT support our students applying the technical concepts from their studies and developing the softer skills required throughout their early careers. The interactive nature of the training sessions ensures that the learning experience is dynamic and tailored to the needs of the participants. All of the training courses are designed with a clear understanding of the challenges and complexities faced by professionals in the field, making them a valuable resource for staying in touch with industry developments. The practical application of theoretical knowledge is emphasised, making the learning process more meaningful and applicable to real-world scenarios. We look forward to continuing our partnership with HAT Group for all our training needs.

- Lewis Golden

We are pleased to express our appreciation for the compliance and training services provided by HAT Group. Their commitment to excellence has proven invaluable to our team. The training sessions are thorough, well-structured, and delivered with a keen understanding of the intricate details of regulatory requirements. HAT are an invaluable partner in navigating the complex landscape of auditing and accounting matters. Their team are approachable and friendly, and we would have no hesitation in recommending HAT to other like-minded practices.

- DSG

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Firms who use our Accounting Compliance services