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DO ALL COMPANIES HAVE TO SUBMIT AUDITED ACCONTS AND RECORDS?

April 26, 2017acconts audited companies records submit

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DO ALL COMPANIES HAVE TO SUBMIT AUDITED ACCONTS AND RECORDS?

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No, all companies do not need to submit audited accounts. Auditing is mandatory only when a turnover threshold is reached i.e. when your company has a turnover of over £1 million per annum and a balance sheet value of over £1.4 million. Companies falling below this threshold are considered small companies. They may submit abbreviated financial statements which do not require to be audited.