Under changes introduced by the Government in January, companies can now legally opt out of auditing their accounts if they fall below the £10.2 million statutory threshold, but they may risk their credit ratings by doing so.

The rules on using Personal Service Companies (PSCs) in the public sector are set to undergo a radical overhaul in 2017.

Significant changes to Employment Allowance that were first announced by the Chancellor in his 2015 Budget came into effect at the start of the new financial year on 6 April.

The Chancellor announced new rules on Entrepreneurs’ Relief in this year’s Budget, lessening some of the challenging restrictions he introduced last year. However, this year’s changes look set to lead to problems of their own.

A new report has found that UK freelancers, sole traders and micro-businesses could potentially be failing to claim millions of pounds worth of tax relief from unclaimed expenses they deem too small or time-consuming.