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Audit Threshold Chnages

Written by Tony Shackleford on .

As a general rule, Small Companies are not required ot have their annual statutory accounts audited.

From 6 April 2025 the definition of Small Companies is changing. In order for a company to be a Small Company, it needs to meet 2 of the following 3 thresholds

  • Turnover being less than £15m (currently £10.2m).
  • Gross assets on balance sheet  being less than £7.5m (currently £5.1m).
  • Average number of employees 50 or below (unchanged).