January 31st, 2016

New audit thresholds revealed

The Government has confirmed that “companies will not be required to have an audit for the financial years commencing on or after 1 January 2016 if at their balance sheet date they satisfy at least two of the three following criteria, in general for two consecutive financial years:

Turnover ≤ £10.2m
Balance sheet total ≤ £ 5.1m
Number of employees ≤ 50

and they are not otherwise excluded from accessing the audit exemption, for example due to the nature of their business.”

Filed under

Limited Companies

by John Mansley FCA
Director

John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.