Harper May | Knowledge Hub | UK Accounting Recruitment Agency

The UK’s startup ecosystem is facing a downturn, with a decline in small businesses and fewer new startups emerging each year. Increasing National Insurance and wage costs, alongside government policies, risk accelerating this trend, favouring larger firms within the SME landscape.

A study by Intuit QuickBooks and ACCA reveals that UK SMEs with accountants see an 11.5% average revenue increase, enhanced financial confidence, and time savings. Accountants reduce stress, improve decision-making, and bolster access to funding for small businesses.

Hiring a CFO is crucial for any organisation’s success. Start by defining your needs, crafting a compelling job description, and using a mix of search methods. Evaluate candidates for technical skills and cultural fit, conduct background checks, and onboard effectively.

Despite 25 years of self-assessment, accountants still face the annual rush, with many scrambling to meet the January tax deadline. Some firms, however, are setting earlier deadlines, leveraging technology, and maintaining manageable client loads to ease the burden, although upcoming digital tax changes may continue this cycle of recurring stress.

Outsourcing addresses the talent shortage by providing firms with skilled professionals but raises concerns about quality control, data security, and AML compliance. It has evolved from a temporary solution to a strategic business approach, although ethical and regulatory challenges persist.

Chancellor Rachel Reeves raised Employers' National Insurance, increased the National Living Wage, expanded the employment allowance, and reduced alcohol duties. Capital Gains Tax and Corporation Tax adjustments were also announced, aiming to boost long-term growth and economic stability.