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The thing about London Accountants .pdf



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The thing about London Accountants
When we hear the term ‘accountant,' the first thing that pops into our mind is a boring
person with a white-collar job living the average monotonous life. Even after this
common generalization, the fact remains that accountants are the pulse of any
enterprise is it small, medium or a large scale business.

Why you ask?


Where is the money? Accounting is the way to go when a startup or a small
business wants to determine its financial position. The banks, lenders or
investors would want you to furnish information regarding the financial aspects of
your enterprise. If they are not up to the mark, that could be disastrous.



What does the future hold? Entrepreneurs need to provide banks or investors
with a financial forecast relating to the small business, start-up, etc. for the
coming years. This is where accountants come in to save the day by preparing
the required statements of monthly expenditures and pro forma financial
statements.



How much do you spend? A very crucial function of all the accountants is the
creation of a budget. Budgets basically detail the expenditures needed for
various aspects of the business. This helps to avoid wasting money on not-soimportant business items.



Mr. Know-it-all: After all, we do need that expert help when it comes to filing the
proper paperwork and the formalities to be undertaken when starting a new
enterprise from scratch or doing freelance work.

The London story can be divided into two parts: Before Brexit and After Brexit. Let us
focus on the current i.e. After Brexit situation. The hard Brexit option has lent clouds of
uncertainty over London, which was striving to be a major financial hub and has landed
many professions on its crutches. Similarly, it has affected the world of the London
Accountants and London Accountancy Firms as well.
 Accounting law
Britain had been following a large part of EU accounting standards . Accordingly
its impact on accountants after Brexit will come up for review. Given UK’s support
for international financial reporting standards (IFRS), it is hard to predict whether
Britain EU taxation legislation would depart from the IFRS gospel preached
across Europe.
 Tax law
It is for certain that the EU taxation laws would be reviewed thoroughly. The
direct and indirect taxation laws imposed by EU will cease to apply to the UK.

Britain would obtain the right to levy its own VAT and excise duty rates
irrespective of the rules laid down by the EU legislation.
 Employment law
Due to Brexit, there has been huge commotion caused by the fact that there are
many employees from other European countries working in Britain who would
have to now fulfill various legal formalities in order to be eligible to keep working
in Britain. Prior to Brexit, EU accountants wanting to work in different member
countries had to undergo training and learn accounting skills which were
congruent both in their home and new country’s accounting systems. This implied
that they did not have to take re-tests when changing bases. Now, many London
accountants may have to pass more examinations to practice in different
countries.
Also Read: Is Donald Trump A Bigger Threat To Global Economy Than Brexit?
The need for the accounting world to come together and bring about the required
changes has never been higher. The accountants should aim to achieve stability in the
day-to-day record of transactions. London, being focused as the main finance hub can
surely contribute to this. The various accounting firms in London can set a precedent
for others to follow.

How to bring about that steadiness?
 Management of financial data
The accountancy firms in London will have to ensure that financial records are
maintained in compliance with the accepted legal procedures and policies of the
country. The financial information for any organization should be kept in a system
which is crystal clear because it is a key component which would define the
future of the enterprise.
 Analyze And Advice
The main job of the London accountants would be to now study the trends and
appropriately advise the small, medium and large scale businesses to act
accordingly.
 Preparation of standard financial reports
After proper set, guidelines are formed the London accountants should also see
that the reports are formed keeping in mind such rules and instructions.
 Compliance
It should be ensured that all financial reporting deadlines are met both externally
and internally (internal quarterly reports, etc.)

Due to many changes in economic and political environment of Britain, London
accountants have a huge scope as their significance is going to be felt in the
years to come.
Various companies are going to be dependent on various accounting firms in
London for the preparation of their financial reports. So it would be safe to say
that London accountants are going to quite indispensable to them. The
accountants often serve as a transparent medium between the enterprise and
the society thus becoming an indispensable part of the economic environment of
the country.
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