REMINDER – Small and Medium sized company limits increased
A reminder that the limits for small and medium sized companies and audit exemption increased on 6 April 2008 in relation to financial years beginning on or after 6 April 2008.
The small company figures for turnover are now £6.5m and the 'balance sheet total' increased to £3.26m. These changes also apply to the audit exemption conditions.
The small group figures for turnover increased to £6.5m net (or £7.8m gross) and the 'balance sheet total' increased to £3.26m net (or £3.9m gross). These changes also apply to the audit exemption conditions.
The medium-sized company figures for turnover increased to £25.9m and the 'balance sheet total' increased to £12.9m.
The medium-sized group figures for turnover increased to £25.9m net (or £31.1m gross) and the 'balance sheet total' increased to £12.9m net (or £15.5m gross).
