COMMITTED TO PROVIDING THE VERY HIGHEST STANDARD OF ACCOUNTANCY, TAXATION AND BUSINESS SUPPORT
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The main reasons why you will be required by law to have a statutory audit are…
- You are a PLC or a banking, insurance or finance company (or a subsidiary of one of these)
- You are required by your professional or trade organisation to have your accounts audited
- Your shareholders do not agree to opting out of the audit
For accounting periods starting on or after 1 January 2016 audit thresholds are aligned with the new qualification as a small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £10.2 million
- Balance sheet total below £5.1 million
- Less than 50 employees
For accounting periods starting before 1 January 2016 and ending on or after 1 October 2012 small company, meaning companies (including LLP’s) are exempt from having a statutory audit if they meet 2 of the 3 following conditions…
- Turnover below £6.5 million
- Balance sheet total below £3.26 million
- Less than 50 employees
Most subsidiary companies are also exempt from audit where their parent company guarantees their liabilities.
For accounting periods ending on or before 30 September 2012 an audit is required where your turnover exceeds £6.5 million or your gross assets exceed £3.26 million or the company is part of a group that exceeds those limits.
We can advise you if you need an audit and if not, you can save on accountancy fees!
However, we aim to deliver hassle-free audits and there are good reasons for having an audit even if you are not required by law to have one…
- An audit involves a detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster
OUR FEATURED ACCOUNTANCY SERVICES
These are our most requested services, for more information on these or our full range of accountancy advice, please select the links below or visit our services page.
Do you need accurate accounts provided on time?
Do you know why you need an audit or why you should have one?
Stressed out with the paperwork, not sure about expenses?
Vat returns getting you down, not sure how to complete?
Arrange your affairs to pay the minimum amount of tax
Let us maximise your chances of beating the Taxman!
Cheyettes were our first choice when we set up our company and over the years have guided us through all of our accounting issues. They deal with our tax returns and payroll and are always ready to explain or advise. David balances cutting edge schemes to reduce tax against practical and sensible advice and has avoided us making any unwise decisions. He has helped us grow our business and kept us on the right side of the taxman.
I have been a client of this company for more than ten years. During this time I have felt totally satisfied with the service I have received. Customer service is excellent, queries are dealt with promptly, and I have received excellent advice & support in running a small business.
We switched to Cheyettes following a recommendation and have been extremely happy with all aspects of their service since. They have proved to be providers of a much stronger, more efficient, service than the London firm we previously engaged. I would recommend their services in the highest possible terms.
The service I have received from David is exceptional, such is his personality and willingness to help that I am pleased to call him a friend as well as a very professional provider of accountancy services, advice and assistance.
I have entrusted Cheyettes for many years with my business & personal affairs, they have proved to be extremely reliable.
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