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Financial Services

Our financial services accountants act for a number of financial traders and brokers, with operations in the UK and connections overseas, including France, Spain, Israel and the US.

Sector experience

Our team has many years of experience in dealing with businesses which operate in the financial services sector, and the complex issues they deal with daily. We deal with traders, brokers, derivative specialists, currency dealers, IFAs, insurance brokers and hedge fund managers in a range of organisational structures and markets.

Tax planning and structures

Income from financial operations can be volatile and sizeable. As a result, your businesses structure is fundamental in maximising your returns and incentivising your team.

We have extensive experience in advising clients both in a position of ownership of a financial services business, or individual traders or brokers.

Many structures are available. The best one will depend on each party’s requirements and circumstances. Some structures offer a simple short-term tax saving, others a longer-term investment base, which could even form part of your retirement planning. Our tax consultancy team has a wealth of experience in this area.

Depending on your business, we can also support you in taking advantage of available tax relief schemes including the Enterprise Investment Scheme, Seed Enterprise Investment Scheme (EIS and SEIS) and Enterprise Management Scheme (EMI).

Overseas operations

Particular tax and finance issues arise in respect of non-UK resident businesses and individuals. We are familiar with all of these, including non-resident members of UK operations, and planning opportunities available to those planning a move overseas now or in the future. Depending on your circumstances, it may be possible to legitimately exploit the differing tax rates in different jurisdictions, should this be an issue.

Audit, CASS assurance and accountancy

A tax efficient structure will usually require a level of compliance work. Our experienced audit and accounts team will prepare financial statements in line with the relevant rules and regulations.

We can also advise on the effect of a particular transaction on the financial statements. Our team is geared up to prepare these necessary documents with the minimum of interference with your business, drawing on our many years of experience in this area.

We can also provide Client Asset Sourcebook (CASS) assurance work for the Financial Conduct Agency (FCA). Our experienced financial services team has expert knowledge of all forms of CASS engagements, especially where client money is held but also where only a limited assurance report is required. We are continually learning and training as the FCA increases regulations.

Tax compliance

The complex structures that can be involved in a financial services business make serious demands on the knowledge of their owners and their tax advisers. Our tax compliance team is familiar with the issues in both corporate and LLP/partnership tax compliance matters. Indeed, our tax advisers are used by many other accountancy firms to advise on these matters.

Outsourced services

Our dedicated outsourcing team provides the full breadth of outsourced services. As well as taking care of day-to-day bookkeeping, we can register your business for VAT or PAYE and ensure that all periodic returns are completed thereafter. Our team is optimised to efficiently complete all outsourced tasks to provide a full-service offsite accounts department.

In addition to this, our dedicated VAT service line can ensure that your registration for VAT is suitable for your particular trade. We are familiar with niche VAT rules relating to all areas of the financial services market.

You can choose the areas relevant to your business and we will provide you with a tailored service. Outsourcing your accounts to BKL will afford you more time to concentrate on growing and nurturing your business.

For more information or help from one of our financial services specialists, please contact us using our enquiry form.