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Changes for the Companies Act, National
Insurance and Changes for Charities Act 2006
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Please
contact
us to
discuss any of the matters raised in this newsletter
The
changes
Auditors
and accounts
January
2004 saw the definition criteria for small and medium-sized
companies and the audit exemption limit rise significantly,
meaning that many more companies could benefit from the exemptions
available. More recent changes mean that many small financial
services companies that were previously prevented from doing
so can also benefit from these exemptions.
One exemption that will be removed under the new Act will
be the specific exemption for medium-sized groups from preparing
group accounts.
In addition, the 2006 Act:
- will
introduce a comprehensive 'code' of accounting
and reporting requirements for small companies
The Act makes distinctions between companies that are small
and those that are not and those that are quoted companies
and those that are not.
- reduces
the time allowed to file accounts at Companies House
| Filing
deadline: |
Current
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Proposed
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months from the end of the accounting period
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| Private
limited company (Ltd) |
10
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9
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| Public
limited company (Plc) |
7
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6
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Comment
The potential impact of this change has been somewhat
lessened, as initial proposals intended to decrease
the filing deadline for private limited companies
to seven months. It is worth remembering that there
are automatic penalties if your company's accounts
are filed late. These range from £100 to £1,000
for private companies and from £500 to £5,000
for public companies, dependent upon how late the
accounts are filed. |
- continues
to help improve audit quality
The Act introduces a new criminal offence for an auditor
to knowingly or recklessly include anything that is materially
misleading, false or deceptive in an audit report.
Companies will be able to agree a limit on their auditors'
liability arising from an audit for a specified year, subject
to shareholders approving the main terms of the agreement.
The amount of the limit must be "fair and reasonable"
in order to be effective.
Audit reports will be signed by the "senior statutory
auditor" in their own name, for and on behalf of the
firm.
- retains
the option to file abbreviated accounts at Companies House
Small and medium-sized companies will continue to be able
to file abbreviated accounts.
Comment
Earlier proposals intended to abolish the option for
small and medium-sized companies to file abbreviated
accounts at Companies House. However, it is expected
that turnover will have to be disclosed. |
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At
Goldwyns,
we have the policy of providing excellence in Service and Assistance
to our clients, from partner level, down to the most junior
of our staff, and we regard our team as our most important asset.
More
>> |
We
offer a comprehensive service to all types of businesses and
individuals, and have the benefit of membership of the UK200
Group of Practising Accountants, enabling direct access to
expertise in areas outside our normal work.
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 Regulated
to carry on audit work for a range of investment business
activities by the Institute of Chartered Accountants in England
and Wales
Goldwyns
| Rutland House | 90/92 Baxter Avenue | Southend on Sea |
Essex | SS2 6HZ |
Tel: 01702 351412 | Tel: 01702 353071 | Fax 01702 431453 | Web
www.Goldwyns.co.uk|
Email|
info@goldwyns.co.uk
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