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Running a small business can feel like you’re juggling a dozen things at once. One of those is figuring out if your business needs an audit, and that’s where audit exemptions come in. 

Why It Matters to Your Business

Now, why should you care about this exemption? Well, audits can be expensive and time-consuming. According to the Federation of Small Businesses (FSB), the average audit can cost around £5,000 for a small company. That’s a big chunk of change that could be used elsewhere, like growing your business or upgrading equipment. If your business qualifies for a financial statement exemption, you could save not just money, but also time and stress. A financial tax advisor or corporate tax accountant can guide you on whether your business is eligible for these exemptions.