Audit threshold to increase_2
7 September 2012
The UK Secretary of State for Trade & Industry Patricia Hewitt has announced that the audit threshold will increase next year from £1 million to £5.6 million, meaning thousands more firms will be exempt from having to audit their accounts.
The threshold increase will save a further 69,000 companies having to submit their accounts for audit, which it is estimated will save companies in cost terms £94 million a year.
According to Hewitt, raising the turnover limit which defines the line between small and medium-sized companies will mean that more companies can take advantage of tax incentives.
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