Accounting and auditing solutions in the UK to expand your business
Our experts are here to support you on your journey to establish your business in the UK.
Why you need us
Our team of experienced accounting and auditing professionals provides audit and assurance services aimed at ensuring that organizations are aware of their legislative responsibilities. The accounting and auditing UK services also ensure that operations at your firm are efficient.
What we do
Whenever customers come to us for accounting services UK, the first thing we do is stress the fact that we are more than number crunchers. Ours is to provide you with a detailed appraisal of your business finances. We are able to achieve this fete by providing you with a comprehensive understanding of how bookkeeping works and why every business needs it. By conducting an in-depth review of your business operations, we can make a few recommendations on how to make it profitable.
Our team
At FormationWise, we invest in our professionals to ensure they have the requisite skills and experience to deliver professional audits on time and within your budget. We have a very low employee turnover, so you’ll always work with a team you’re familiar with. This is a team that understands your business and its needs. A team that will offer you an opportunity to gain valuable insights into your business operations, identify areas that may prove problematic, and boost internal processes to make you more profitable.
Our experience
We frequently offer expert accounting and auditing services to small businesses across the UK. Our clients operate in various business sectors, which has helped us to gain a deeper understanding of how different business environments work.
Place your order
- 1
Select the offshore accounting package for your desired jurisdiction
Simply choose the offshore accounting and auditing package for your desired jurisdiction by filling out our form, by call or by placing an order on our website
- 2
Make payment
After finalizing the right package, make the payment for your chosen services and send us your financial details
- 3
Send your documents
Forward us all the necessary financial documents through an email with the documents attached or by phone
- 4
Start the process
Once we receive the payment and the required documents, our team will start working on the accounting or auditing service that you have ordered in your chosen jurisdiction
- 5
Get it done
Depending on whether it’s a one-time task or an ongoing financial project, our offshore accounting partners will get the job done in your new jurisdiction
Our Accounting and Auditing in UK Services Include
The following is a list of services that our personal tax accountant UK professionals can handle:
Maintenance of Accounting Records, Financial Reporting, and Consolidation
All businesses, from start-ups to international conglomerates, must ensure that their accounts are in order if they are to remain profitable. Up-to-date accounts ensure that a company gets to take advantage of emerging opportunities, allowing it to remain competitive. As such, every business will need to consolidate its data and close its accounts at the end of every reporting period. With our reliable record-keeping and financial analysis, our internal audit services guarantee that you'll remain on track to achieving these goals.
Arranging Audits/ Performing Internal Audits
Most beginner investors are afraid to seek professional help because of the presumed high accountant cost UK. Luckily for you, the compilation of accounts and relevant documentation for annual audits is another of our core services. Our team will arrange your business' financial audit services depending on its requirements. We are among the best internal auditors in the country, which means that our services are aimed at helping your company highlight its strengths and weaknesses while reviewing its processes. By the end of it, you'll gain peace of mind by knowing that your company is running efficiently.
Bookkeeping
Most first-time investors, business owners, and small firm owners have a hard time maintaining their accounting reports and ensuring their investments remain up to date. We at FormationWise are a renowned firm that provides professional and innovative bookkeeping services. When you come to us for a tax audit, we automatically begin acting as your branch office, leaving us with the job of handling all your bookkeeping needs. Please note that our team will always use your preferred accounting tool. These services will free you from the hassles that come with bookkeeping as we will prepare all statements, accounting reports, and balance sheets in accordance with UK standards. During our daily operations, we will ensure that your people file receipts and bills correctly.
Multi-Currency Operation
Apart from performing an external audit, we can help you implement a multi-currency payment solution. We understand that most businesses prefer buying goods and services using their home currencies. For this reason, we offer a processing solution that supports multi-currency payments across the globe. All you have to do is to forward us the client's payment details, and we will ensure that the corresponding amount gets deposited into their accounts.
Personal Accountant
Working with a competent personal tax accountant UK provides a sense of security and reassurance. It allows you to relax knowing that all your business tax claims are legit and in order. Our accounting and auditing in UK tax professionals are well-versed with offshore tax obligations, taxes, financial constraints, and operations. The accountant will ensure that your finances and accounts remain well-summarized, categorized, and organized. We can help you with compliance audits, tax planning, budget planning, tax advice, accounting records, and more. When you become our client, you are assured that our bookkeeping and accountancy services will make your financial side hassle-free.
Tax Planning, Filing, and Returns
An offshore business with global corporate holdings or international corporate interests must apply innovative and laborious tax planning and filing. It's the only way for them to remain successful in their operations. Our UK-based audit and assurance services allow entrepreneurs operating in Europe, Asia, and other locations to dodge tax issues before they become a nuisance. You'll work with our international tax lawyers to create a strategy that will handle all elements related to your taxes. The strategy will take care of everything from tax planning to filing your tax returns and more.
VAT Registration
Every jurisdiction comes with its own requirements pertaining to VAT registration and payments. As our company audit professionals will tell you, every business will at some point need to register for VAT, more so when it plans on surpassing the VAT threshold in place. Our experience with these processes has taught us that there are many benefits to registering for VAT, even when your business is below the threshold put in place. For example, completing registration means you can begin taking advantage of the tax exemptions in place. Before receiving your VAT registration certificate, our team will take care of the application and process all the paperwork. As your representative, we will finish this entire process, leaving you with nothing to worry about.
Financial Planning
Our accounting and auditing in UK team can provide you with financial planning services that are a detailed examination of your current financial situation. These services aim to provide you with a custom plan to help you achieve your desired objectives. During this process, we will take you through a variety of topics, including but not limited to insurance, investment, inheritance, taxes, retirement, and savings. We will sit down with you and create a plan for your future, focusing on how you would like to manage your wealth.
Payroll Services
Our accounting services UK involve using sophisticated and reliable payroll services that make it easy for entrepreneurs to manage their businesses and personnel better. We have a team of offshore payroll processing professionals that will calculate all your payroll payments. The team will compile everything for you, including employment insurance, basic pay, taxes, healthcare, and other salary-related benefits in the UK. We handle the payroll process from start to finish, ensuring that the process is quick, simple, and cost-efficient.
Annual Financial Statements
Preparing an annual report or annual financial statement can assist you in getting a better view of the business's financial position, including its financial outcomes, assets, and liabilities. Our bookkeeping UK can assist you in calculating your annual financial statement. While at it, the team will look at how your company has utilized its resources within the past 12 months. From the report, you'll get a snapshot of how you have performed in the past year, including an overview of your existing assets and liabilities.
Debt Monitoring and Analysis
No single person knows when a client's balance may turn into a bad debt, not even the online accountants for small business UK. However, given a chance, our auditors can identify a bad debt in advance, enabling your business to thrive in a competitive environment. We can help you get started immediately if you need professional assistance to begin managing your debt. You can consult with our in-house analysts, who will take the time to understand your position and offer suggestions that are in line with your professional expertise.
Why Choose FormationWise?
At FormationWise, we take pride in our ability to provide premium offshore accounting and auditing in UK services. We do this via a broad network of qualified and certified accountants and auditors located in-country and across the globe.
Below is a look at the top reasons why your firm should hire eCommerce accountants UK.
Complete Range of Services
From internal audits to offshore bookkeeping and financial reporting, payroll services, tax planning, and more, our team provides services that allow you to run your company efficiently. Ours is to ensure that your operations are hassle-free no matter the jurisdiction.
Transparent Pricing
When working with us, you never have to worry about undisclosed accountant cost UK. Honesty and integrity are our top priority. We ensure that our clients never have to worry about incurring hidden fees and costs when using our accounting and auditing in UK services.
Highly Experienced
If you’re looking for a personal tax accountant UK professional, you can rest assured that our in-house team has years of experience assisting businesses with offshore bookkeeping needs. We will take care of your compliance audits, offshore accounting needs, and more.
Cost-Effective
Our internal audit team provides the best offshore taxation and accounting services in the UK and other jurisdictions at some of the most competitive rates imaginable. What’s more, our services are competitively priced, but we never compromise on the quality of our services.
Fully Confidential
Whenever you choose us to handle your tax audit, you can rest certain that your personal information, data, and records will remain confidential. Only our team will go through them, safeguarding them from third parties and other unauthorized personnel.
Efficient and Reliable
The FormationWise external audit team will effectively manage your business’s financial information to assist it in growing its revenues. Our services will allow your company to expand to new jurisdictions and consistently boost its bottom line.
Advantages of UK Accounting Services
Many entrepreneurs, start-up business owners, and mid-size companies struggle to hire the best compliance audit professionals to compile their account transactions. It’s why it’s best to outsource your accounting and tax matters to professionals such as the FormationWise team.
The following are the top reasons why you should let us handle your accounting needs:
Increase Profitability
Outsourcing your audit and assurance needs to FormationWise can save your organization big bucks in the long term, as it means that you'll only spend on what you need. Outsourcing means you'll only pay for the actual task, enabling you to improve your profit margins. Moreover, it makes financial sense to engage an external team when faced with issues that your accounting team can't handle. Handled correctly, you'll get to comply with your company audit requirements and still keep the costs down.
Reduce Errors
Mismanaging financial data, complex math, data entry, and company bank statements can lead to untold errors. Even talented accountants and auditors can lose track of accounting data or make technical errors. Outsourcing accounting and auditing in UK enable you to reduce your overall financial mistakes by working with the best bookkeepers and accountants in the industry. FormationWise only hires the best of the best.
Saves you time
As the business expands into new jurisdictions, you and your management team will find yourselves putting more effort into handling company finances and less time into scaling. Outsourcing accounting will ensure you devote more time to running the business. All your attention and energy will be devoted to crafting winning business strategies.
The best advisor on your team
A well-experienced accountant will provide the best advice on how to make accounting more efficient. Having helped many firms with their accounting needs, your financial advisor will offer the best advice whether it is about taxation, accounting software or payroll processing for your company.
Mandatory Reports Required on A Regular Basis
The Companies Act 2006 calls for company directors to ensure that all annual accounts provide an accurate and fair view of the state of affairs. This is the same section that provides a comprehensive overview of the financial regulation that applies to different companies.
Examples of mandatory reports that are required include the following:
Annual Accounts
The Companies Act recognizes two types of accounting reporting frameworks – UK GAAP and IFRS. Here, IFRS refers to international standards and interpretations endorsed by the European Union. Companies listed in the UK and AIM companies are required to follow the European Union-adopted IFRS when preparing their consolidated accounts. They can, however, choose between UK GAAP and EU-adopted IFRSs.
Strategic Reports
All organizations except micro-entities and small businesses must prepare a strategic report per s414A of CA 2006. Click here to learn more about The Strategic Report and its preparation process.
Director's Report
According to s415 of the CA 2006, all company directors, excluding those running micro-entities, have a duty to file a director's report.
Filing Requirements
All businesses must file a copy of their reports and accounts with the Registrar of Companies. However, several exemptions are available for dormant subsidiaries and unlimited companies. Several filing options are present for companies that can be classified as micro-entities or as small businesses. Sections 441-443 of CA 2006 have set out the regulatory requirements for filing company accounts. It also includes details related to the filing deadlines.
Important Accounting Deadlines in the United Kingdom
Online accountants for small business UK can help you to identify all the critical accounting dates and deadlines for the upcoming financial year. Below is a brief look at some of the deadlines you should keep in mind:
When Does the 2022-2023 Tax Year Begin?
For 2022-2023, the tax year will run from 6th April 2022 to 5th April 2023. Please note that every tax has a series of crucial deadlines that are crucial for trustees, investors, and businesses to follow. HMRC can apply penalties for late payments and submissions.
Deadlines for Submitting VAT Returns for the 2022-2023 Financial Year
Typically, the deadline for submitting the VAT returns for any financial year is one month and seven days after the VAT period. The deadline holds regardless of whether you file your VAT returns monthly or every quarter.
Corporation Tax Deadlines for 2022-2023
Please note that all corporation tax payments are due nine months and one day after the end of the year. Therefore, the deadline will adjust depending on when your financial year ends. All UK limited companies must pay corporation tax.
FAQ
The body of Financial Reporting Standards has set out all the Generally Accepted Accounting Practices (GAAPs) in the country. The Financial Reporting Council publishes all these standards.
Whenever appropriate, these standards are applied together with the Statements of Recommended Practice. Generally known as SORPs, these statements are specific to specialised business sectors and industries.
Currently, there are six financial reporting standards in the UK, which include the following:
I. FRS 100 – It sets out the financial reporting regime for Ireland and the UK
II. FRS 101 –It details the exemptions available to parent companies that apply IFRS
III. FRS 102—It’s the primary accounting standard for companies in the UK
IV. FRS 103 – It consolidates the guidance and financial reporting requirements for insurance policies
V. FRS 104 – It’s based on IAS 34 and provides guidance on how to prepare interim financial reports
VI. FRS 105 –It’s the accounting standard set for companies that qualify for the micro-entities classification.
Your business will need to conduct an internal and external audit if its articles of association say that it must do so or if its shareholders request one. According to GOV.UK, a company can qualify for an audit exemption if it has at least two of the following:
• An average of 50 or fewer employees
• Its assets are not worth more than £5.1 million
• Its annual turnover is less than or equal to £10.2 million
Please note that these exemptions apply for financial years beginning after 1st January 2016.
If shareholders request an audit, you’ll have no option but to get the business accounts audited, especially if the shareholders asking for it are those who own at least 10% of all the shares. Note that this can either be an individual shareholder or a group.
Yes. The UK has entered into double taxation agreements with several jurisdictions. Your eCommerce accountants UK will work with you to ensure you don’t pay double tax on one income.
These tax agreements are also called double tax conventions or double tax treaties. Where this agreement exists, it will typically state which country can collect tax on the different types of income.
The services offered by a personal tax accountant UK act as a lifeline for close to 61% of all UK-based businesses. So, does your business or start-up need to hire one for it to operate in the country?
No. Although there is no legal requirement for a limited company to use a professional accountant’s services, doing so comes with many benefits. For example, they will help you to prepare your company tax returns and complete your annual accounts.
These professionals can also handle the tax registration for any company you want to start.
The International Standard on Auditing is inclusive of the auditor’s objectives, related application, auditing requirements, and other explanatory material. These standards apply to audits for financial statements for all financial years after 17th June 2019.
Please note that there’s a difference between the 2009 and 2016 auditing standards.
Debt monitoring is necessary to establish controls before and after a sale to guarantee the timely recovery of income owed to the company. The process helps in reducing the risks that come with non-settlement.
Typically, the risk of non-settlement will increase as the debts become overdue. To maintain best practices after extending credit and billing a client, your small business will need to perform the following on an ongoing basis:
• Maintain continued, scheduled, and fitting contact with the customers in question to chase payment and build relationships effectively.
• Ensure you review overdue and current debts on a monthly basis
Tracking your debts and finances will significantly impact how you prioritize your business and its budget. Implementing a debt tracking system ensures you’ll receive timely payments and that your financial figures will not become distorted.
In the long term, it guarantees that your creditors will get paid on time and will prevent you from overspending or falling into a debt trap. The same applies to debtors and other people who owe your business money.
All businesses operating in the UK or with branches in the country are expected to file a copy of their annual reports and accounts with the Registrar of Companies. However, certain exemptions apply to unlimited companies and dormant subsidiaries.
Consult with your accountants to learn about the various filing options open to companies categorized as micro-entities. While at it, make sure to also learn of the deadlines you need to observe to avoid being penalised by the authorities.
Yes. Using multiple currencies allows you to operate in more than one jurisdiction and guarantees that your clients and partners will get paid on time and in full. Its benefits include ensuring that clients don’t get charged additional fees for currency conversion.
Operating a multi-currency business account will eliminate the need for your small business to hold individual accounts in different jurisdictions. FormationWise can help you set up such an account and transfer payments to your clients.
A bookkeeper or a personal accountant is the person who will help you in keeping the books. Often, this person is in charge of the money that’s coming in and out of your business.
Their responsibilities will usually include paying bills, monitoring the account balances, keeping a record of all your business transactions, and providing financial reports throughout the year. They can also handle payroll and any other business taxes that may arise.
Please note that personal accounts cannot provide audit representation or sign tax returns. The cost of hiring an accountant will depend on the services offered, the jurisdiction, and their experience.
FormationWise has over a decade of experience helping business owners and entrepreneurs in the UK find comprehensive solutions for all their business needs. Our professionals are highly experienced, cost-efficient, and reliable.
Additionally, we can provide you with a wide range of services, including but not limited to VAT registration, financial planning, tax planning, bookkeeping, and more. Our services are affordably priced, and we will work with you to ensure you meet your legal obligations.