Why accountants are needed more than ever in an age of uncertainty

The Chancellor’s Spring Statement reaffirmed what we already knew – that we are entering an age of economic uncertainty, both at home and around the world.

While Rachel Reeves promised to “deliver economic stability” and “put working people first,” many businesses have been left in the dark about how they will cope with this age of uncertainty without further support.

With rising employment costs and interest rates, no easing of existing burdens, and no incentives to spur investment, innovation or growth, the pressure on businesses is only going to increase.

In this age of economic uncertainty, accountants are needed more than ever.

Financial planning with management accounts

Regular management accounting empowers you to stay in control of your finances.

Clear, up-to-date reports help you monitor performance, manage cash flow, and plan for the future. 

Cash flow forecasting gives you a clearer picture of your financial future.

Expert accountants can provide forecasts to help you anticipate challenges, seize opportunities, and make smarter decisions about your business’s direction.

Data-driven results, actionable insights

Chartered accountants add value to your business beyond annual account preparation.

By interpreting and analysing your financial data, accountants can offer actionable insights to improve your business’s financial performance.

These expert advisory services will become increasingly essential for businesses that want to stay afloat and thrive amidst rising costs and market uncertainty.

Adapting to MTD for ITSA

The confirmation of the phased rollout of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) was a quiet announcement from the Spring Statement, but an important one, nevertheless.

From April 2026, the scheme will apply to sole traders and landlords earning over £50,000 and for those earning over £30,000 in 2027.  Now, this is expanding to those with income above £20,000 by 2028.

This gradual lowering of the threshold means around 900,000 sole traders will be brought into the MTD regime by 2028.

Those who are yet to react to MTD for ITSA due to the small scale of their business operation will now need to act quickly to avoid being caught outside of the scheme in the years to come.

These changes could also result in greater administrative burdens and compliance costs for small businesses.

Additionally, taxpayers within the MTD scheme will now face higher penalties for late payment.

These charges could be painful for anyone dealing with cashflow issues or who simply forgets to sort their tax on time.

With all these increasing pressures on the horizon, the support of an expert accounting firm is crucial for ensuring businesses can transition smoothly to MTD and avoid costly errors.

At Butterworth Barlow, we remain up to date with the latest developments in cloud accounting software and are expertly positioned to advise you on the best technological solutions for your business.

Chartered expertise

Chartered Accountants spend several years obtaining the qualifications and practical experience they need to deliver professional experience.

Such expertise can be expensive to hire in-house.

An established firm gives you access to the specialist knowledge your business needs without the costly investment of employing and training someone in-house – crucial for business owners seeking cost-effective solutions in an age of uncertainty.

In an age of uncertainty, Butterworth Barlow brings security

In an age of economic uncertainty, we’re here to bring security to your business.

At Butterworth Barlow, we offer a comprehensive outsourced accounting service tailored to your specific business needs, goals, and challenges.

With accurate accounts and expert insights into your business’s financial health, you’ll be equipped to keep your business afloat in choppy waters.

As your trusted business partners, we’ll do everything we can to ensure your business doesn’t just survive, but thrives.

If you’re concerned about your business finances, contact Butterworth Barlow today to find out more about our outsourced accounting solution.