Mayor of London, Boris Johnson states: “We want to let Londoners make the most of their innate talent and flair so that they make London’s economy even more productive and successful and we want all Londoners to have the opportunity to find fulfilling jobs. That also means ensuring the conditions are right for the businesses that employ them to flourish.”
London has always been a commercial city and today enjoys the status of having one of the largest city economies in the world. The city thrives in trade and commerce and has a vibrant culture seeped in commerce. It has a GDP of over £565 billion, whichis about 17 percent of the UK’s total GDP. The size of its economy is larger than that of several European nations. The Port of London handles 48 million tonnes of cargo every year.
Manufacturing industries held the dominant position during the nineteenth century and the early parts of the twentieth century, service industries, especially financial and business services are now the dominant sector. Of the total £37 billion annual export of goods and services, financial and business services account for about £15.5 billion.
London is the home to many banks and financial institutions and has the maximum number of foreign banks in any city. The city is also a major center for forex trade. London trades more US dollars than New York does, and more Euros than all other cities in Europe combined.
Every single day London offer new vacancies and is looking for professionals, According to a latest Hiring Intentions Survey, 62% of employers are looking to recruit accounting and finance professionals on a permanent basis in the second half of the year, WHAT DOES THIS MEAN? New business is happening, and hence demands FOR accountants and tax consultants are rising. Along with this one of the reasons behind the increasing demands of Accountants and Tax Consultants is the competition in the market. In such a competitive market of London, businesses require to focus on their operational activities while leaving the accounts, tax, VAT, PAYE and other financial matters in the hands of accountants and tax consultants who have the reliable expertise for investors to rely on.
In a recent research performed by our IT experts, there are more than 20K accountants and tax consultants registered in all over the UK; you can realise how much business is in UK that all of these accountants are surviving in such a broad competitive business market.
While choosing an accountant could be very difficult, especially in such a big market, you may come across accountants who may not be able to provide you all the services, in that case you need to establish your needs and match these with the services an accountant can provide. Looking only for cheap accountants may not seem to be a long term decision and you may find yourself needing someone to add value into your business.