HomeInsightsAnnual turnover for UK accountancy hits record levels

Annual turnover for UK accountancy hits record levels

The UK’s accountancy profession recorded its largest-ever turnover in 2021, according to new figures from the Office of National Statistics (ONS).

The data – first reported in Accountancy Today – shows the sector grew by 15% compared with 2020 figures, although there was an 8.7% month-on-month decline in December 2021.

Julie Matheson, a partner at Kingsley Napley LLP, told Accountancy Today: “The UK’s accounting industry powered ahead in 2021, in line with the overall UK economy.

“These results no doubt chime with firm leaders’ on the ground experience that market conditions were resilient even during a time of increased restrictions due to Covid-19 and the Omicron variant.”

She added: “However firm leaders should not let these numbers distract them from the importance of supporting staff, attracting talent and increased regulatory oversight during the months ahead.

“We continue to live in uncertain times where clients will need expert support and the role and responsibility of auditors, tax and insolvency specialists are under ever closer scrutiny.”

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