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Accountancy

Harnett Accountants Kensington – Government Lowers Audit Exemption Threshold

Harnett Accountants Kensington brings you this report from Accountancy Age, revealing that the government has lowered the audit exemption threshold.

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Reviewed for 2026/27: All tax figures and HMRC rules in this article reflect current guidance for the 2026/27 tax year.

Key Considerations

“THE GOVERNMENT has announced changes to reporting and auditing requirements that will allow more small companies and subsidiaries to decide whether or not to have an audit.

The changes, announced by business secretary Vince Cable in response to the consultation on Audit Exemptions and Change of Accounting Framework, also make it easier for companies to move from IFRS to UK GAAP.

“Tackling these problems will help save UK companies millions every year and free them up to expand and grow their business, which ultimately benefits the entire British economy,” Cable said.”

If you need advice about auditing, or if your company is being audited, Harnett Accountants Kensington are registered auditors and we can guide you through the process. We offer a free one hour, on obligation consultation, and you can contact us through our website or on 020 8977 3883. Also you can . Additionally, you can keep reading our daily blogs.

📌 Important: Tax rules change regularly. Always verify current figures at gov.uk/hmrc or speak to a qualified accountant.
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