Co-operatives could save up to £10K a year thanks to new government proposals requiring fewer of them to appoint an auditor. Co-operatives are mutually-owned businesses that are run by and for their members, and community benefit societies operated for the benefit of the community.
Currently, co-operatives with a turnover of less than £5.6 million and assets of less than £2.8 million can choose not to appoint an auditor. The government is proposing to increase the turnover and asset thresholds to £10.2 million and £5.1 million respectively.
This will mean that over 70% of co-operatives in the UK will no longer have to undertake a full audit, levelling the playing field between co-operatives and companies of the same size.
From the dairy farm that provides milk to the local community, to the brewery owned by 10 friends who all have a passion for ale, we want to see co-operatives and community benefit societies across the UK thrive and grow.
That’s why we’re reducing onerous administrative burdens on these societies, saving them money and freeing them up to concentrate on what matters the most – the needs of their members and communities.