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In Manchester, United Kingdom, the field of Accounting & Auditing is governed by various national laws and regulations. It involves several business practices such as keeping accurate financial records, preparing financial reports, and performing audits to ensure compliance with tax and financial reporting laws. Professional accountants and auditors operating in Manchester are mandated to abide by the standards and guidelines set by the Financial Reporting Council (FRC) and the Institute of Chartered Accountants in England and Wales (ICAEW).
There are several situations where you might need legal assistance in the field of Accounting & Auditing. This could include if you're facing a tax audit, if you need help understanding complex tax laws, if you're starting a new business and need to set up appropriate accounting systems or if there's a dispute over financial reporting. A lawyer specializing in Accounting & Auditing can provide guidance and representation in these contexts, offering informed advice and protecting your interests.
In Manchester, as in the rest of the UK, the Corporation Tax Act 2010 regulates corporate taxes and the Income Tax Act 2007 governs personal income taxes. Besides these, the Companies Act 2006 regulates how companies should maintain their financial records and disclose their accounts. The Financial Reporting Council (FRC) defines the UK Generally Accepted Accounting Practice (UK GAAP), guidelines that Manchester accountants and auditors need to follow.
Auditors in Manchester are obliged to examine financial records of businesses to ensure they comply with relevant laws and regulations, and to report any discrepancies or issues they discover.
A lawyer in this field can provide advice on complicated tax matters, represent individuals or companies facing tax or financial audits, and help businesses understand their obligations under accounting and auditing laws.
Legal firms in Manchester often have lawyers who specialize in Accounting & Auditing. It's advisable to research and reach out to a few firms to find the best match for your specific needs.
Usually, businesses fulfilling certain criteria like having an annual turnover of more than £6.5 million or assets worth over £3.26 million are obliged to get their accounts audited.
Non-compliance can lead to heavy fines, penalties, and in some cases, legal repercussions including imprisonment for serious offences.
The Institute of Chartered Accountants in England and Wales (ICAEW), the Chartered Institute of Management Accountants (CIMA), and the Financial Reporting Council (FRC) have detailed information and guidelines on accounting and auditing standards. Plus, GOV.UK provides valuable information on the relevant legislations.
If you need legal assistance in Accounting & Auditing, start by identifying your specific need or the issue you’re facing. The next step is to research and contact lawyers in Manchester who specialize in the Accounting & Auditing field. Schedule a meeting with them to discuss your situation and understand how they can help you navigate through your legal obligations and responsibilities.