UK accounting industry turnover falls 18%

The UK accounting industry turnover fell to £3.37bn in April, down 18% from March 2022, according to Office of National Statistics data released, with the industry watchful that this could be the start of a “longer-term trend” in economic activity.

The UK services sector (including accounting) had a turnover of £213.3bn, a decrease of 13% from March 2022.

Commenting on the downturn, Julie Matheson, regulatory partner, accounting services at Kingsley Napley LLP said: “April figures generally show a dip coming after year-end financial reporting, although we will clearly be watching that this isn’t the start of a longer-term trend linked to an economic slowdown.

“Either way firm leaders need to be very aware of the wider economy in their forward planning as well as salary pressure and upcoming regulatory reform in order to remain resilient and competitive over the second half of the year.”