The challenges affecting Maltese sole practitioners : an overview

Abstract

Purpose: The purpose of this study is to identify the challenges that sole practitioners are facing in today’s turbulent economic environment in Malta, and to assess whether these challenges have been ranked in a similar manner in foreign jurisdictions. Design: The objectives of this study were achieved through vast amounts of research on the topic and through questionnaires sent to sole practitioners in order to obtain an indepth view of the subject. Findings: Keeping up with the rapid pace of regulatory changes and increased complexities is by far the most challenging aspect of working as a sole practitioner, with fee pressures likely linked to the lower market prices charged for services ranking almost as high. The challenges were ranked similarly to those ranked in studies by foreign accountancy associations which collected data from sole practitioners all over the world. Value: The results of this study have emphasised the need to focus on developing educational material in terms of CPE sessions as well as establishing platforms for sole practitioners to use in an attempt to keep up with regulation changes and other challenges. A number of studies on an international scale have been conducted in recent years and are growing in popularity. This is the first time that such a study has been conducted in Malta, making the information provided a good benchmark to be compared with in future similar studies, where the impact of any measures taken, as well as any trends, will be visible.