Hacked by Loard Mahdi

Read more...

Breaking news from the BBC Paper tax returns to be replaced by digital by 2020

Read more...

HMRC tax tribunal victory saves £190m

Read more...

The Percentage Threshold Scheme for SSP

Read more...

What is a Tax Code? 13/04/12

Read more...

Contact Us

News Items

Tax Tips

Brilliant with numbers
Great with people
Clear and precise with advice
Timely and cost effective
In touch with issues that face our clients
Mindful of our client’s long term strategic goals


Helping Your Business is Our Business


Call us now on 023 8083 6900 ABDS Home

News - 25 February 2015

Increase in audit income thresholds for Charities.

The Cabinet Office has announced that the audit income threshold for charities will double from £500,000 to £1 million in April 2015.

The asset threshold, however, will remain unchanged.

This will effectively mean that almost 4,000 charities will be exempt from auditing requirements.

Liz Kennett, Audit and Accounts Manager of ABDS, and a Schools and Charities specialist comments:
“This announcement was in response to a consultation that the Government ran which concluded in January, which was supported by sector bodies such as the Charity Finance Group, the National Council for Voluntary Organisations and Navca; however, some of these 4,00o charities now exempt, may still have to be audited if it is a requirement of their funders.”

But the proposal that charities with assets of more than £3.26m would have to have their accounts audited only if their annual income exceeded £500,000 – up from the existing level of £250,000 – will not be carried forward. It means the annual income threshold for audits for charities in this bracket will remain at £250,000.

Liz continues:
“The government response says that since consultation began it has realised that this cannot be changed through secondary legislation without also inadvertently changing the threshold below which charities can choose to prepare either receipts or payments or accruals, which it does not want to do.”

The changes are due to come into force on 31 March, with the government response saying a statutory instrument to this effect will be laid before parliament before its dissolution on 30 March.

If you need any help and advice on internal and external audits and the benefits they can offer contact Lavinia Newman or Peter Ham to discuss how Audit for Business Development and Solutions Ltd can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

« Back to News