With the SAO certification deadline looming for many companies, Ed Dwan explains how best to qualify or caveat the certificate where a particular area falls short of the requirements.
The SAO rules broadly impact UK groups of companies whose combined turnover is in excess of £200m per annum or whose relevant balance sheet totals more than £2bn gross.
The SAO is the director or officer with overall responsibility for the company’s financial accounting arrangements as decided by the company.
That person’s main duty is to take reasonable steps to ensure that the company establishes and monitors appropriate tax accounting arrangements.
On an annual basis he or she has to certify to HMRC that either:
