UK Accounting industry turnover jumped to £36.6bn in 2021, up 15% on 2020 figures, to mark the largest turnover ever according to the Office of National Statistics.
It revealed 2021’s results are the largest on record for the sector, even with a 8.7% month on month decrease for December 2021.
For context, the accounting industry revenue was on pace with the overall UK services sector (including accounting) which grew by 14.8% last year to £2.3tn.
However, month on month all combined sectors saw a decrease in revenue of 1.3% in December most likely due to restrictions imposed by the government to handle the Omicron variant.
Julie Matheson, regulatory partner, Accounting Services at Kingsley Napley LLP, said: “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.”