August UK accounting turnover falls to £2.77bn, ONS reveals

The UK accounting industry turnover in August 2021 fell to £2.77bn, down 8.8% compared with £3.04bn in July 2021, according to Office of National Statistics data.

However, turnover for the full services industry in August 2021 was £188.1bn compared with £194.4bn in July 2021.

Julie Matheson, regulatory partner, accounting services at Kingsley Napley, said: “The Accounting sector has performed well after the recent period of instability. As revenues are down roughly in line with cyclical trends, this is unlikely to be a cause of significant concern.

“Leaders of firms are however likely to be evaluating the impact of various macro pressures on their businesses including Covid, Brexit, and impending regulatory changes.”