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Abridged Accounts

Abridged Accounts

I understand that with effect 1.1.2016 Abbreviated accounts will be no more and they are being replaced with "Abridged" accounts.  (or there is the option of Afilited accounts still) for small companies

With regards to the HMRC - do we still prepare a full set with necessary "Tagging"?  I read that the abridged accounts will replace the full accounts so on this basis what do we send to HMRC and supply to shareholders/directors.

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By maxaca
10th Mar 2016 14:53

You now have the choice of full, abridged or micro accounts

depending on your company's size and the shareholders annual consent (for abridged). These will be sent to shareholders and a tagged copy to HMRC (with a P&L if applicable). You then have the choice of "filleting" your accounts before they are sent to Companies House providing certain wording is contained on the Balance Sheet or sending in the whole lot.

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10th Mar 2016 16:57

Abridged

Given that HMRC get a detailed profit and loss and CoHo only get a Balance Sheet, I'm not seeing a great advantage in abridged accounts for my client companies.   They may affect a company's credit rating if credit score companies can't work out "quick" ratios because they don't know how much stock is in current assets.

At the moment, I'm waiting and seeing.   No need to make a decision just yet.

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