Accountancy turnover slumps in July

07 Oct 2016

Revenues down by 2.5% in 2016

The turnover of UK accountancy and allied services companies fell by over 10% in July 2016 compared with July 2015. This means that over the first seven months of 2016, the revenues of UK accountancy firms was 2.5% lower than over the same period of 2015.

Despite surveys showing the services sector of the economy is performing relatively well post-Brexit, accountants have faced a difficult past couple of months. In addition to Brexit, the accountancy profession has had to cope with the shift of work to the cloud, which may have encouraged some smaller clients to handle their accounts in-house, and the change in rules meaning many smaller companies are now exempt from having to have their accounts audited.