Isle of Man: Accountancy Profession

The Accountancy Profession In The Isle of Man

Isle of Man Introduction

The business community in the Isle of Man is strongly supported by approximately 70 chartered accountancy practices ranging from the sole practitioner to representatives of the 'Big Five' accountancy firms. The Isle of Man Society of Chartered Accountants represents the interests of approximately 350 members and acts as a voice for the profession in liaison with government.

The Isle of Man Society is a branch of the Liverpool Society of Chartered Accountants with whom it maintains close links. All matters in relation to training, regulation and discipline are handled by the Insitute of Chartered Accountants in England and Wales.

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Isle of Man Generally Accepted Accounting Principles

As a self-governing Crown dependency the Isle of Man has its own legislation (ie the Companies Acts 1931-2004 and 2006,), and UK Companies Acts are not applicable. However, notwithstanding Manx company law, UK accounting and auditing standards are followed and best practice tends to dictate that many UK Companies Acts disclosures are adhered to. The Isle of Man Society of Chartered Accountants has issued a Statement of Recommended Accounting Practices.

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Isle of Man Fees

Auditing and consultancy fees on average range from GBP200-GBP300 per hour for partners and GBP150-GBP200 per hour for associates.

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Back to Isle of Man Information: Business, Taxation and Offshore