The cost of complying with the controversial
nosedived by almost a quarter last year for large US companies.
A survey of 200 companies commissioned by
International showed that costs fell to $2.9m (£1.45m) in 2006 from just
under $3.77m. The results focussed on US companies with at least $75m in annual
Most of the savings came from a 10% cut in internal hours and the fees paid
to outside lawyers and consultants, the annual survey found. The first study in
2004 showed that companies had to weather average costs of $4.5m.
Hours put in by outside auditors also fell but their overall fees for
certifying compliance with the corporate responsibility law fell less than 1%.
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live