The Entities in United Kingdom are required to maintain proper accounting records for each financial year in accordance with the accounting and disclosure requirements of company law and with the Financial Reporting Standards (FRSs) published by the Financial Reporting Council (FRC) or international Financial Reporting Standards published by the International Accounting Standards Board (IASB), as adopted by the European Union.
YourGlobalPro professionals can assist you with the entire bookkeeping and accounting services for your United Kingdom Business Set up as per your business needs including implementation of financial accounting software, accounting records preparation and time to time preparation of budgets, forecasts.
In United Kingdom, companies/LLPs must have an audit even if it is a public company, a subsidiary company, an authorised insurance company, involved in banking or issuing e-money, Markets in Financial Instruments Directive (MiFID) investment firm, an Undertakings for Collective Investment in Transferable Securities (UCITS) management company, a corporate body and it shares have been traded on a regulated market in a European state. The Auditor can normally be appointed / removed at any time.
Based on the size of the business – the companies are required to prepare and file financial statements with the Authority. YourGlobalPro professionals can provide you auditing services as required by your business.
The Bank of England is the central bank in United Kingdom regulating the Banks in the Country.
The major banks in United Kingdom are Barclays, Bank Leumi, Bank of China, Halifax, HSBC, Lloyds TSB, Natwest, Nationwide. All banks are stable, reliable and offer the same level of services. The documentation requirement differs from Bank to Bank and need to be complied for the Bank account opening. The accounts can be opened and maintained in multi-currency and is available for all major currencies with the Banks.