New Company Reporting Thresholds now in place Reply

Business Diagram

The new regulations came into force on 6th April 2015 setting the following thresholds for small companies

Turnover  £10,200,000
Total assets  £5,100,000
Average no. of employees 50

Medium Company thresholds will now be

Turnover  £36,000,000
Total assets  £18,000,000
Average no. of employees 250

Micro Entities thresholds are unchanged

Turnover  £316,000
Total assets  £632,000
Average no. of employees 10

As before its a  2 out of 3 test. The Audit thresholds are unchanged.

Micro entities are no longer required to produce a directors report.

The new thresholds will apply to financial years beginning on or after 1 January 2016. However, early adoption is permitted.

Further details in SI2015/980

steve@bicknells.net