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Goverment Publishes Factsheets on Proposed Amendments to Company Law

Further to the publication of the Economic Crime and Transparency Bill, HM Government have published a number of factsheets, covering areas such as identity verification, company accounts and limited partnerships.  Regarding company accounts, the proposals are summarised as:

  • “Making filing obligations for micro-entities and small companies clearer;
  • Requiring small companies to file a profit and loss account and a directors’ report;
  • Requiring micro-entities to file a profit and loss account;
  • Removing the option to file abridged accounts;
  • Requiring an eligibility statement for companies claiming an audit exemption; and
  • Requiring documents to be delivered together, in cases where more than one document is filed, including for the filing of accounts.”

In addition, it is clarified that a company is ‘small’ if, in a year, it satisfies any 2 of the following criteria:

  • A turnover of £10.2 million or less;
  • £5.1 million or less on its balance sheet; and
  • 50 employees or fewer.

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