Audit
Exemption
April
2008 |
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| Although
all companies and limited liability partnerships (LLPs) have
to submit some form of accounts to Companies House, these
accounts don't have to be audited for financial years starting
before 6 April 2008 if you:
- qualify as a small company or LLP for the
purposes of filing abbreviated accounts.
- have a turnover of not more that £5.6million.
- have a balance sheet total of not more
than £2.8 million. The balance sheet total is
the gross amount of assets shown in the accounts.
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 |
For
financial years starting on or after 6 April
2008, to qualify for total audit exemption, a company must:
- qualify as small.
- have a turnover of not
more than £6.5 million.
- have a balance sheet total
of not more than £3.26 million.
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| Small
and medium-sized LLPs will be able to take advantage of the
higher thresholds for accounting periods starting on or after
1 October 2008. |
| |
| In
these cases you can submit audited accounts if you wish, but
it's not compulsory. Bear in mind there can be drawbacks.
Banks, credit managers and your customers and suppliers rely
on information from Companies House to assess creditworthiness
and will be reassured by an independant audit. If you
decide to submit audited accounts, you must appoint an auditor. |
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Please
see also the new changes to Financial
Thresholds April 2008
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