Posted by Stuart Christy on 12 Oct 2012

Government promises to cut red tape for business are being honoured in the audit area which will lift a significant number of companies out of statutory audit regulation.

The audit thresholds are being widened so they are in line with the limits determining company size – a simplification a long time in the waiting from which up to 36,000 UK companies may benefit.

Companies that in the past were required to have their annual accounts audited due to exceeding just one measure based on turnover or the balance sheet should be free of this burden for accounts periods ending on or after 1 October 2012.

Small subsidiary companies of larger groups will also be able to take advantage of audit exemption providing there is a guarantee in place from the parent company.  This may impact on a further 83,000 UK companies.

If you believe this may affect your company then contact us so we can explore the opportunities. Even if your company’s year end has passed in the last six months, we may be able to help you take advantage.

At Tax Innovations we see annual accounts as one of a number of tools to provide our clients with input on how their business is performing and to identify prospects for the future, not just as an annual box ticking requirement to ensure compliance.

We are also uniquely placed to link our accounting services with expert tax planning from our team of Chartered tax advisors so that our clients’ business and personal tax affairs can be efficiently structured.

Please get in touch for us to examine what we can do to change the way you view your company’s annual accounts.

If you would like any advice regarding the above article or would simply like to discuss other ways in which we could help you or your business, please contact us on 01962 856 990 or customerservice@taxinnovations.com