Garside & Co LLP Chartered Accountants in London, Auditors, Tax Advisors, Business Advisors
  • Email
Call Now: 020 7439 1050
  • Home
  • About Us
    • Offers
  • Contact Us
    • New Client Application Forms
  • Services
    • Audit & Accounting
      • Accounting Services
      • Management Accounting
      • Forensic Accounting
      • VAT Returns
      • Audit & Assurance
      • Bookkeeping
      • Due Diligence
      • Cashflow & Profit Forecast
      • Online Accounting
    • Business Tax
      • Corporate Tax
      • Partnership Tax
      • Self Employed Tax
      • Subcontractors Returns
      • VAT
      • Tax Investigation Insurance
    • Business Consulting
      • Business Advisory
      • Business Support
      • Business Planning
    • Business Finance Advice
    • Company Formation
      • Company Secretarial
      • Company Incorporation
      • Business Start-Up
    • Corporate Finance
    • Payroll
    • Personal Financial Planning & Tax
    • QuickBooks Accounting
  • Resources
    • Useful Links
  • Bulletin Board
  • ShareFile Login
  • Quickbooks Login
    • ClearBooks Overview
Search the site...
Home» Accounts » UK Government reducing SME reporting requirements

UK Government reducing SME reporting requirements

Posted by admin - October 10, 2011 - Accounts

AuditThe Department of Business, Innovation and Skills (BIS) have today published proposals which could help 100 thousand UK businesses save in excess of £600 million in accountancy and administration costs every year.

The consultation on Audit Exemptions and Change of Accounting Framework sets out plans to allow more small companies and subsidiaries to decide whether or not to have an audit.

Current EU rules mean that to classify as ‘small’ for accounting purposes, a company must comply with two out of three criteria relating to their turnover, balance sheet total and number of employees. However, to obtain an audit exemption in the UK, small companies must fulfil both the balance sheet and turnover criteria. Under the new proposals, UK SMEs would be eligible for audit exemption by meeting any two of the three criteria, saving them an estimated £206m per year.

The Government is also proposing to introduce legislation in 2012 to exempt most subsidiary companies from mandatory audit, provided their parent is prepared to guarantee their debts. Savings are estimated at £406m per year.

Furthermore, following the consultation by the UK Accounting Standards Board on changes to UK Generally Accepted Accounting Principles (UK GAAP), the Government is also seeking views on whether to allow companies which currently prepare accounts under International Financial Reporting Standards (IFRS) more flexibility to change their accounting framework to UK GAAP.

The consultation is open for comments and responses until the 29 December 2011.

For fresh ideas, new possibilities and a value driven service go to Garside & Co LLP Chartered Accountants in London.

No related posts.

Categories

  • Accounts
  • Business
  • Economy
  • Tax

Recent Posts

  • Press Release Parliamentary Review

    December 10, 2018
  • Reporting Modern Slavery Act 2015

    December 10, 2018
  • CGT non dom rebasing

    December 10, 2018
  • Entrepreneurs Relief changes Budget 2018

    December 10, 2018

    Download Resources

    Access your free cashflow, forecasting, business planning and personal budgeting tools.

    Selling Your Business?

    Discover how saleable your business could be and find how quickly it might sell.

    Auditing & Accounting
    Business Tax
    Tax Investigations
    Business Advisory
    Company Secretarial

    Business Start-Up
    Corporate Finance
    Payroll & BACS
    Personal Financial Planning
    Personal Tax Planning

    • 020 7439 1050
    • Contact Us
      • Email
      • Twitter
      • Linkedin
    (c) 2013-2018 Garside & Co LLP | Terms of use | Privacy policy | Sitemap |