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Closing times over Christmas

We will be CLOSED from 12.00 on the 24th December, and reopening Wednesday the 2nd January 2025!

We wish all of our friends and clients a Merry Christmas and Happy New Year!

New Company Thresholds for Reporting:

The government has increased turnover and balance sheet thresholds in annual accounts for the first time since 2013 to reduce reporting burden for companies

The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024 have now been passed into legislation, reducing reporting burdens on companies and addressing stakeholder concerns. The effective date is 6 April 2025 with transition measures to allow companies to compare prior years on the same basis.

New thresholds

Micro entities and micro-entity LLPs: not more than £1m turnover; not more than £500,000 balance sheet total

Small companies and LLPs: not more than £15m turnover; not more than £7.5m balance sheet total

Small company groups and LLP groups: not more than £15m net (or £18m gross) turnover; not more than £7.5m net (or £9m gross) balance sheet total

Medium-sized companies and LLPs: not more than £50m turnover; not more than £25m balance sheet total

Medium-sized company groups and LLP groups: not more than £50m net (or £64m gross) turnover; not more than £25m net (or £32m gross) balance sheet total

Large companies and LLPs: any company that exceeds at least two of the medium-sized company criteria.

Large company groups and LLP groups: any group that exceeds at least two of the medium-sized group criteria.

In order to bring in these changes swiftly, the transitional provision allows reporters to decide a particular company size by reference to a previous financial year, so that the amendments made by these regulations are treated as having applied in those previous years.

This is so companies and LLPs can benefit from the new thresholds as soon as possible after the legislation comes into force.

It is worth noting that the threshold changes will also benefit around 10,000 companies which are currently required to operate off-payroll working rules as they will fall out of the current minimum threshold for compliance. Instead, the responsibility will revert to the individual’s intermediary.

Autumn Budget Report 2024

Download the Autumn 2024 Budget Report

Autumn Budget 2024

Chancellor chooses a Budget to rebuild Britain

Today, Chancellor of the Exchequer Rachel Reeves delivered a Budget to fix the foundations of our economy.

Companies House Fees

From 01 May 2024 Companies House have increased their prices – new filing fee for Confirmation Statements is now £34 – full details may be found on the attached pdf

Changes to Companies House fees – Changes to UK company law

Spring Budget Report 2024

Spring Budget Report 2024 released:

Spring Budget Report 2024