Statutory Tax Audit Services
Tax Auditing
Tax audits and statutory audit services
Tax Audit Services
We offer tax audit services to ensure that your accounts are compliant with statutory requirements, and can help if your business is subject to a statutory audit from HMRC, giving friendly, supportive advice to ensure your tax affairs are in order.
How we can help with statutory tax audits
A statutory audit is required by law and involves independently assessing business accounts, books, and related tax and financial records. It aims to identify that a business’s accounts accurately represents its financial standing. Statutory audits look at financial transactions, bank balances and bookkeeping records.
Although not all businesses need an audit, we recommend you consider it anyway, especially if you own a new and growing business.
We can identify areas of your business that are at risk and those that can be improved. Auditing your business will also appeal to investors, knowing that your financial records are organised and compliant.
Why are the benefits of conducting a tax audit with AKE Accountancy?
- Audits involve a comprehensive review of your business's accounts and books, enabling us to advise on any aspects that have the potential to be improved.
- Audit reports can improve the condition of your accounts, appealing to banks, lenders, the taxman and anyone seeking credit references.
- A history of clean audit reports is attractive if you ever wish to sell the business.
- The likelihood of fraud can be reduced with regular audits, deterring potential fraudsters and scammers.
Who needs a statutory tax audit?
- If you run a public company that isn't dormant.
- A business carrying out insurance activity or an insurance company.
- If you're involved in banking or issuing e-money.
- If you're a subsidiary company not exempt.
- Your professional or trade organisation requires you to have your accounts audited.
- If any shareholders of your business do not agree to opt-out of audits.
What is meant by a tax audit?
A tax audit involves reviewing your tax returns to confirm that the correct amounts have been paid. HMRC usually inspect a business every six years to ensure everything is running smoothly.
At AKE accountancy, we can audit your taxes to make sure you are fully compliant and not over or underpaying tax. A voluntary tax audit can help keep HMRC off your back. They’re likely to inspect your records if:
You file your taxes late or make errors.
There are inconsistencies and variations between tax returns.
You operate in a high-risk industry, such as taking cash payments.
Your business costs are unusually high.
We can ensure this doesn’t happen and that your accounts and taxes are checked thoroughly to avoid significant mistakes. From small business audits to personal tax, we can help you.
Statutory Tax Audit FAQs
Depending on the size and turnover of your small business, you may be exempt from statutory audits.
However, we recommend voluntary audits to maintain organised and clean accounts and pick up any inaccuracies and errors. Our team are happy to help advise you on your options.
Some businesses can be exempt from a financial audit. According to the government, for financial years beginning on or after 1 January 2016, your business may be exempt from an audit if it has at least two of the following:
- assets worth no more than £5.1 million.
- 50 or fewer employees on average.
- an annual turnover of no more than £10.2 million.
For financial years beginning between 1 October 2012 and 31 December 2015, your business may qualify for exemption if it has at least 2 of the following:
- 50 or fewer employees on average.
- an annual turnover of no more than £6.5 million.
- assets worth no more than £3.26 million.
For further advice, contact us for a free consultation, and we can let you know if you need an audit and how to prepare for one.
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