After months of difficult challenges, there finally appears to be light at the end of the tunnel as the UK begins to rebuild and recover.

Things are already looking positive, with the IMF declaring the UK the fastest growing economy in Europe and the Bank of England indicating fast growth in the year ahead.

Businesses that have survived the pandemic have done an incredible job, often against the odds – diversifying, cost-cutting and working tirelessly to remain viable.

While many business owners are focused on their financial health at this time, there is growing hope for growth and profitability to increase.

However, firms are by no means out of the woods yet. The next few months will continue to see Government support whittled away, especially as the furlough scheme ends in September, while also facing the challenges of repaying loans and taxes deferred in the last year.

On top of this, they must prepare for further changes to digital taxation in the years to come and face a rise in Corporation Tax in 2023.

What’s more, rumours continue to circulate around Westminster of future increases in taxation, as the nation attempts to repay the £370+ billion spent on financial support during the pandemic.

Add to this the continuing challenges posed by Brexit and it is clear to see that many difficulties still lay ahead.

At this time, a company’s greatest weapon may be its accountant. Having a clear picture of your finances can be an extremely powerful tool but add to this the advice and strategy that an accountant can offer and it is clear to see the important role our profession has to play.

The very best within our industry can help businesses to look beyond the immediate issues and work with organisations to put plans in place that help build resilience, improve profitability and drive growth.

If you want to equip your business with the best advice, business intelligence and financial information, find out how we can help by contacting us today.