No doubt a range of opinions will exist among UK SMEs on the policies announced in last month’s Budget. Understandably, some recent changes - for example to National Insurance contributions - have made life more tricky for business owners, and an increasing tax burden might impact consumer spending long term.

Whatever one’s opinion on the broad thrust of the Budget, one thing which unites every business I speak to is relief that it’s behind us. After a period of speculation around which taxes might be rising, SME leaders can now face 2026 with a degree of certainty about the landscape they find themselves in.

So, how are businesses feeling as the new year approaches?

Accountants are on the front line of the UK’s SME economy. These are the firms, large and small, embedded within communities across the country, providing the daily advice SMEs need to thrive.

To take the pulse of the nation’s SMEs, we undertook a survey of our partner accounting firms, speaking to nearly 200 firms to gauge levels of optimism and to see what investments businesses are planning for the year ahead.

Most accountants still expect growth for their SME clients next year, but only if banks step up and provide meaningful support. With nearly half of accountants saying SMEs are not getting the business banking they need, however, 2026 may be less about government policy and more about the quality of day-to-day banking service.

Planning for the future

In spite of the fiscal challenges, accountants remain upbeat about the year ahead with 83% expecting their SME clients to achieve growth in 2026, and just 6% anticipate no growth at all, underscoring the resilience and ambition of established businesses.

This cautious optimism also extends to accountants’ views of their own businesses with 79% expecting growth in their own firms over the next 12 months.

Investment priorities

Business growth is more often than not reliant on investment in the infrastructure needed to support it, whether that’s growing teams, new IT and technology, or expanded facilities.

In potentially good news for the UK’s productivity gap, almost three-quarters (72%) of accountants say their clients are prioritising new machinery and equipment to boost productivity and modernise operations. Meanwhile, one in three SMEs are looking to invest in digital transformation and software, underlining the importance of technology in driving efficiency and competitiveness.

That accountants have their fingers so firmly on the pulse of their clients' investment ambitions speaks to how their role is evolving from being about simply filing returns, to being more of a strategic advisor.

In many ways, accountants are filling a business advice gap left by high-street lenders. While teams like my own at Allica are bringing relationships and advice back to business banking, many have stepped back from this. So, we see accountants working to make up for this lack of business banking support.

Mind the banking gap

When it comes to the topic of business banking, accountants are clear; they believe SME ambition is currently undermined by inadequate banking support. Nearly half (48%) of respondents say their clients receive some help from their bank, but not enough to meet their needs. A further 40% claim clients are not getting the support they need at all, while 3% feel banks are providing an adequate service.

The survey also highlights concerns around access to finance. Almost 60% of accountants say they are not confident their clients can secure the borrowing needed from their current bank. This lack of confidence represents a serious barrier to growth. Simultaneously, 69% of respondents highlight the need for working capital and cash flow support, reflecting the everyday pressures of rising costs and tighter margins.

These findings echo Allica Bank’s recent report, Rebooting SME Finance to Unlock Growth, which highlights how the major six high‑street banks have pulled back from SME lending in recent decades, creating a £65bn lending gap and leaving the UK with the lowest business investment rate in the G7.

All of this paints a stark picture of a sector where ambition is strong, but confidence in banking partners is worryingly low. But it doesn’t need to be this way. The last several decades have seen the financial services industry diversify significantly, with a wide range of challenger banks, including Allica, now plugging the business banking gap, complementing the accountants who are trying to do the same.

A full 60% of lending to established businesses now comes from challenger banks. The lesson here? SMEs looking to invest in innovation and growth in 2026 should work with their accountants to look beyond high street banking.

What accountants want from banks

When asked what would make them recommend a bank to their clients, accountants were firm - relationships matter most. More than three‑quarters of respondents said that having a dedicated relationship manager is the single most important factor, reflecting the need for personal service rather than faceless processes.

Accountants also highlighted the importance of competitive interest rates and access to high-quality digital tools, showing that SMEs expect both value and efficiency from their banking partners. The findings underline that the clear differentiator for banks is not simply speed or fees, but the ability to combine modern digital capabilities with relationship‑driven support.

The accountants surveyed are united in their view - growth for their clients in 2026 is achievable, but only if banks become true business partners. Recently announced measures from the Budget may tighten cash flow and increase tax pressures, but SMEs remain resilient and determined to invest and expand.

In order to turn that ambition into reality, banks need to deliver trust, responsiveness, and relationship-driven support that accountants consistently highlight as lacking. The institutions that rise to the challenge will not only help SMEs navigate uncertainty but will also play a critical part in driving the next phase of UK business growth.

About the author

Sophie Hossack is head of partnerships at Allica Bank