Audit exemption thresholds have been relaxed reducing the burden on many small businesses. An audit is an independent and unbiased assessment of the financial statements. Currently, companies have to be audited if they have a turnover of more than £6.5 million or a balance sheet total of more than £3.26 million. The main purpose of … Continue reading Changes in the Audit Exemption Limits to Reduce the Burden on Small Companies.
Liquidation is a type of insolvency proceeding that applies only to companies, according to the Insolvency Service. It is distinct from bankruptcy, which is limited to individuals. Liquidation requires a liquidator who will “wind up” a limited company’s legal affairs by performing a series of specific steps. The company will cease to exist once this … Continue reading Tips for Small Businesses to Avoid Liquidation