“One of the biggest shifts has been an increase in conversations about company closures. We’ve probably spoken to more business owners about winding up their companies recently than we have in the whole of the last couple of years. In many cases, these closures aren’t due to business failure, but rather lifestyle choices: some owners are choosing to move abroad to take advantage of new opportunities, or reverting to salaried positions due to the uncertainty of operating their own SME in the current UK business climate.

“Several of these are high-earning professionals running successful businesses with turnovers of up to £250,000. But as individuals working alone or with minimal support, they are considering returning to PAYE roles. Who can blame them? With companies cutting back on contractors and outsourcing, these individuals are understandably worried about where their next contract will come from. By moving back into employment, they at least gain stability, access to strong pension contributions, and often benefits such as company cars – security that feels increasingly important in today’s tough times.”

But it’s not all doom and gloom, adds Rachael. “Many of our ‘gold’ clients – those who engage with us at a strategic level – are not only weathering the storm, but thriving. They are taking on board the advice we and others provide, making decisions with a clear financial strategy in mind, and positioning themselves for growth while others around them are pulling back. In fact, many of them are finding new opportunities precisely because their competitors are struggling.

“What this tells us is that strategic advice really does pay dividends. In uncertain times, it’s those with a clear plan, the right guidance and the courage to act who come out stronger.”

For further information on Chadwick Accountants contact: Rachael Chadwick-Harrison on 01789 773182 or [email protected]