Latest UK Subsidiaries

With upcoming changes to company size thresholds taking effect from 1 October 2024, many companies may now qualify as “small” and potentially become eligible for audit exemption.   However, if a subsidiary is part of a medium or large group, it will usually require an audit, even if the subsidiary itself qualifies as small.  …

In the world of small and medium-sized enterprises (SMEs), maintaining robust internal controls is crucial. One of the most effective internal control processes is the Segregation of Duties (SOD). This principle involves dividing responsibilities among different individuals to reduce the risk of errors, fraud, and conflicts of interest.   What is Segregation of Duties? Segregation…

When it comes to running a subsidiary company in the UK, understanding the audit requirements is crucial. While some companies may qualify for audit exemption, many UK subsidiaries still find themselves needing an audit. Here’s why:-   Legal Requirements Under the Companies Act 2006, most UK companies are required to have their annual accounts audited…

Following my post back in October 2024 which reported on the government’s commitment to follow through on plans to increase company size thresholds, we now have the legislation confirming the audit threshold changes and when they will be implemented.   What are the changes? For financial years beginning on or after 6 April 2025, thresholds…

With interest rates still relatively high, but now falling, those individuals and companies with surplus cash should consider a new tool for obtaining the best interest rate, whilst also minimising the admin involved in continually searching for and opening new deposit accounts.  Active Saver Platforms are a new price comparison style website, that allows savers…

From autumn 2025, Companies House will implement mandatory ID checks for directors and persons with significant control (PSCs) of UK companies. This initiative aims to enhance corporate transparency and combat fraud, addressing concerns over the misuse of corporate structures for criminal activities like money laundering. Key Features of the ID Check System Who Will Be…

The Autumn 2024 Budget has been a tough Budget for businesses, but it perhaps hasn’t provided too many surprises given the recent press announcements. Below we share our key takeaways for businesses…   Corporation Tax For those Limited Companies, there is confirmation of the main rate of Corporation Tax remaining at 25% for the duration…

The new Labour government has confirmed that it will proceed with significant changes to UK company size thresholds, a proposal made by the previous Conservative government that aimed to reduce the regulatory burden on businesses.   This decision, announced by Jonathan Reynolds MP, Secretary of State for Business and Trade, will see the monetary size…

Why do businesses get de-banked?   MP’s on the Treasury Committee have recently looked at an issue that has been creeping up on some SME’s recently and causing real problems – where your bank shuts your account without your instruction and without warning.   The committee have discovered that this has occurred 130,000 times over…

Is it the end of the non-UK domiciled tax regime?   In the Spring Budget, the Chancellor proposed to replace the taxation of non-UK domiciled (non-doms) regime with a modernised ‘UK residence-based’ regime that is simpler, fairer and more competitive, with effect from 6 April 2025.   The current tax regime The current tax regime…