Will I need to be audited?

In general, you do not require a statutory audit if your turnover and an abbreviated balance sheet fall below certain limits. This exemption does not apply in certain instances including:

  • The company is a public company unless it is dormant
  • The company is a subsidiary of an overseas undertaking
  • Members holding 10% of the share capital request an audit

Limits
Turnover <£5,600,000 (£10,200,000 from 01 Jan 2016)
Balance total <£3,2600,000  (£5,100,000 from 01 Jan 2016)
Employess <50 (unchanged from 01 Jan 2016)

The figures in brackets are the new exemptions expected for accounting periods commencing on or after 1/1/16

The same exemptions apply to the small company filing rules

For more information please visit https://www.gov.uk/audit-accounting-and-reporting-guidance-for-uk-companies 

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