Small and medium-sized company thresholds |
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A small company is normally one that meets two or more of the following criteria for the current and previous year: |
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So client with assets £2,995,000 but bank loans £2,400,000 guaranteed by director
100k turnover
no employees
considering buying a property worth £1,000,000 this year
presumably an audit is still not required? Not sure if the budget/ EU changed anything??
Replies (1)
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Only one need be exceeded
Hi - the budget will never determine audit thresholds so best keep your eye on the Companies House guidance page.
A company need only exceed the balance sheet total (gross assets) OR turnover to require an audit and so if your client adds £1M to it's assets it will require an audit.