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New Company Reporting Thresholds now in place

Young woman with checklist over shoulder shot

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

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