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25-09-2012

On 6 September 2012, the Department for Business Innovation and Skills (BIS) published its paper, Audit exemptions and change of accounting framework. This explained the Government’s intentions concerning:

  • the audit exemption threshold, and
  • proposals to allow companies more flexibility to change their accounting framework.

The changes take effect for accounting periods ending on 1st October 2012 or later.


23-04-2009

The Chancellor of the Exchequer has confirmed that the business rates increase originally scheduled for this year will be staggered.

The annual increase, which had been set at 5 per cent for the 2009/10 financial year, has been reduced to 2 per cent, with the remaining 3 per cent to be paid over the following two years.

The move is intended to ‘smooth the effects of the spike in inflation of 5 percent in September’, which would have had an impact on cash flow this year. It reckons that the delay will help business ratepayers will be able to defer around £600 million across 1.6 million properties.


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