From the end of September, companies with fewer than 10 employees turning over less than £632,000 will be able to submit an abridged balance sheet and profit and loss account to Companies House for their annual accounts.
The announcement from the Department of Business, Innovation and Science follows a consultation exercise on proposals to reduce reporting requirements for "micro entities" that were first raised in European accounting directive revisions proposed more than two years ago.
Companies will, however, have to continue preparing traditional profit and loss accounts to comply with HMRC's requirement to submit GAAP-compliant accounts with their corporation tax returns.
In its response to the consultation document on UK implementation, the BIS indicated that it plans to...
About John Stokdyk
AccountingWEB’s Head of Insight has been with the site since 1999 and likes to spend his time studying accountants’ technology habits. When not nerding out, you can find him exploring obscure indie music and searching for the perfect organic sourdough loaf from his base in Brighton, UK.