|This was originally published by Co-ops UK:
Draft legislation for growing co-ops
The government has today published draft legislation that removes a key financial burden for some growing co-ops, helping to put them on a level playing field with other business forms.
The reform, which we have been lobbying for over the last year, raises the threshold at which co-operative and community benefit societies are forced to conduct a full professional audit to a level equivalent to companies. The threshold moves from £5.6 million in turnover and £2.8 million in assets, to £10.2 million in turnover and £5.1 million in assets.
We estimate the measure will save societies affected between £5,000 and £10,000 a year in extra audit fees.
The draft legislation is now open for consultation. We have developed a template response which you, as a member of Co-operatives UK, are welcome to use to give your views on the proposed legislation.
Responses must be sent to firstname.lastname@example.org by 22 September 2017. Please don’t forget to copy us in at email@example.com.
Read the full article here:
You can download the template from here:
“We are pleased government has heeded calls to remove this unnecessary extra burden on co-operative and community businesses. This is a great example of the practical steps government can take to support the UK’s co-operative sector, which plays a key role in fostering a more inclusive economy.”
Ed Mayo, Secretary General of Co-operatives UK