The TaxAssist Accountants franchise network saw a 6% increase in fee income up from £37.3m to £39.6m.

TaxAssist Accountants’ continual growth has seen the small business specialist remain at 22nd in the highly regarded industry league table.

Overall, the survey revealed the Top 50 firms collectively increased their fee income to £15.2bn, up on the £14.2bn generated in 2017, and the £13.1bn recorded in 2016, signalling positive growth for the accountancy industry, despite the uncertain climate.

Daren Moore FCCA, Group Commercial Director at TaxAssist Accountants, said: "Holding steady just outside the UK’s Top 20 firms, following a good increase in fee income, is testament to the hard work of our franchisees, successful business model, growing brand name and the adoption of new technology, which has seen client numbers rise to more than 68,000. However, we will not be resting on our laurels.

“The accounting industry is going through unprecedented changes at the moment – technology, software, automation, digitalisation and regulation are all impacting upon the way small practices work. We are also seeing client expectations slowly change as they start to see how they can use technology to help them understand more about their tax affairs and finances. The challenge our sector faces is to respond to this, using technology to help develop client services, improve efficiency and generate increased profitability and value.

“We know from our experience in the market that many small practices are struggling with this.

“However, our network is ideally positioned to take advantage of these changes – we see this very much as an opportunity, not a threat. We have invested heavily in our brand and in our technology suite and continue to develop services to help attract and support clients. This combined with our unique model of highly visible, client friendly practices across the country firmly positions us as the accountancy, tax and advisory provider of choice for small businesses and individuals in the UK.

“Myself, my fellow Directors and the Support Centre Staff are focused on helping our franchisees and their staff through these changing times and to make the most of the opportunities they create.”

Emma Smith, Managing Editor at Accountancy Age, said: “UK accountancy firms have faced a multitude of challenges in the past 12 months, with the rise of technology, new regulation, and the search for talent representing only a handful of issues that have sparked uncertainty and disruption in the sector.

“Yet the Accountancy Age Top 50+50 2018 has found that that the top UK accountancy firms have overcome these barriers to post record UK fee income in the last financial year, breaking the £15bn barrier.”