Finance services firms deal with a considerable amount of money in an economy. It holds an eclectic range of companies, including finance companies, banks, government-funded financial enterprises, insurance companies, and many more. The UK is becoming a top exporter of financial services in the world with a £44.4bn trade surplus, and according to the statistics of 2018, the financial services sector has contributed £132 billion to the United Kingdom’s economy that is 9.6% of the total GDP of the country. More specifically, London is going to beat New York City for the status of the world’s main financial hub due to its increasing contribution in the financial services sector, with 49% of the whole sector’s output.
The Bank of England, London Bullion Market, London Stock Exchange, Hong Kong and Shanghai Banking Corporation, Barclays, Lloyd’s of London, and Standard Chartered are some of the key financial institutes in the UK that are playing a vital role in the success of the sector.
The financial services businesses are working under a composite atmosphere due to gigantic challenges impersonated by monitoring compliance and commercial governance authorities. The sector is also facing problems like more rigorous government control, together with amplified pressure on their internal funds, which prejudices their aptitude to cope with these challenges. This sector is also vulnerable to face higher reputational risks that are the major reason behind the intense pressure on executives in the financial services institutes due to being personally responsible for business growth and compliance with the set rules and regulations.
Take Advantage of Expertise of ProAccountax
ProAccountax has a team of accounting and taxation experts who are specialists in dealing with the specific issues of the businesses in the financial services sector. They are fully aware of the major issues and concerns prevailing in the industry, and they have vast experience in dealing with such issues efficiently.
Our enthusiastic team of professional accountants and tax consultants support financial services firms in tax planning, financial reporting, budgeting, and management reporting, and meeting their regulatory necessities, so the administration can make emphasis on important operations to make the most of the value they provide to their customers. We have been working with clients in this sector for a period of about three decades, and presently we hold over 60 financial area clienteles ranging from trivial start-ups to a number of the well-established financial organizations in the UK.
Our well-organized portfolio comprises:
- Credit Unions
- Credit Card Companies
- Stock Brokerages
- Investment Funds
- Payment Services Companies
- Corporate Finance Houses
- Consumer-Finance Companies
- Accountancy companies
- Wealth managers
- Friendly societies
Our Key Services for the Financial Services Sector
Some of our key accountancy services for financial service clienteles are:
- Xero Support Services or Monthly and quarterly bookkeeping services
- Support with compound and fluctuating accounting matters
- Management accounts on any preferred interims
- Compact Financial Report Package Tailored to Your Business needs
- Vat return planning
- Help and advice with the application for claiming tax liberations
- VAT registration service and Payroll
- Trademark registration service
- Support with regulatory competence affecting the financial services sector
- Recommendation on staff incentive supervision and establishing incentive packages
ProAccountax team always welcomes the chance to be an effective part of your crew in succeeding in your business and occupational goals.