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Accounting

What accounting requirements are there in UK?

Accounting standards apply to all companies, and other entities that prepare accounts that are intended to provide a true and fair view. The Foreword to Accounting Standards explains the authority, scope and application of accounting standards. The UK law requires limited company accounts to be presented in a prescribed format and according to relevant set of accounting rules and it can be highly complex. You are required to keep the accounting records. Failure of doing so can result in fines of £3,000 by HMRC or disqualification as a company director.

For more about company accounting (for limited companies), you can visit here

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