PracticeConsultingThreshold rise on the cards for March.

Threshold rise on the cards for March.

Changes to the audit threshold could be implemented as early as next March, the DTI said this week. With consultation now closed on whether the statutory threshold should rise from its current £350,000 level, officials said this week that ministers hope to announce their decision in the New Year. The DTI has received more than 100 responses to its consultation paper. Ministers have been widely expected to set a new level of £1m. However, that could rise after the British Chambers of Commerce, CIMA, the English ICA and the Small Practitioners Association backed a new level of £4.2m. The SPA said this level would save small companies £100m a year. The institute’s audit faculty and the Scots ICA backed a £1m threshold. ACCA said exemption criteria should be widened beyond just turnover.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer