Ongoing accounting and tax compliance services
Our complement of specialist services also includes our audit, accounting and tax compliance teams.
Our experienced staff will meet with you and ensure that your year-end financials and tax returns are prepared efficiently and to a high standard.
As a matter of course, we would make sure the end of year reports are completely consistent with your ongoing tax planning and strategies. We will make practical suggestions and identify potential opportunities (where relevant) to help you run your business as smoothly as possible.
Changes to the audit threshold (particularly affecting property companies/LLPs)
Changes in the audit requirement thresholds mean that a number of property investment companies will be exempted from the requirement to have an audit.
Previously, to be eligible for an audit exemption in the UK, small companies had to be less than a certain size in terms of balance sheet and turnover. Regulations have aligned the mandatory audit thresholds with accounting thresholds. This means SMEs are exempted from audit if they meet two out of three criteria relating to balance sheet total (£3.26m), turnover (£6.5m) and number of employees (50).
This change is particularly relevant to property companies and LLPs that previously only needed an audit by virtue of their significant balance sheet.
For more information or help from one of our property and real estate specialists, please contact us using our enquiry form.