As of 6 April 2025, the UK government has updated company size thresholds for statutory audits, increasing the limits for micro, small, and medium-sized businesses to reflect inflation and reduce reporting burdens. Companies now qualify based on meeting two of three criteria—turnover, balance sheet total, and average employees—with new thresholds set at £1 million turnover for micro, £15 million for small, and £54 million for medium-sized businesses. These changes mean some businesses may no longer require a statutory audit or certain reports, lowering compliance costs, while others that have grown may now be newly subject to audit requirements. Despite exemptions, many companies choose voluntary audits to enhance financial credibility, improve governance, and support strategic decision-making. Ward Williams’ Audit & Assurance team offers tailored audit services to help businesses understand and navigate these changes, ensuring compliance and turning financial reporting into a strategic advantage. For guidance on how the new thresholds affect your business or to explore audit options, Ward Williams invites you to contact their experts for trusted, independent advice.

Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Download Autumn Budget Report PDF Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally. Don’t forget, we can help to ensure that your accounts are accurate and fully compli ...

You will be aware that we are now approaching the end of the transition period on days away before we fully leave the EU. The main areas affected by this are imports and exports of goods within the EU.    The link below is a step by step guide, asking you a few questions so that it will provide you with the relevant information to your business from the 1st of January. Other ...