Starting off as a small company
A “small company”
You will (most likely!) be starting off as a small company, which means:
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Your turnover is not more than £10.2m
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Your balance sheet is less than £5.1m
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You employ not more than 50 people
Being a small company has its benefits! These include: less paperwork, fewer filings, fewer external disclosures, exemptions from external audits, and in some cases, government subsidies and incentives.
Important: If you don’t qualify as a small company, you will most likely have to make additional disclosures, filings, returns, and submissions. Reporting overall will be more onerous. The scope of this guide is for small companies only.
More information
ICAEW
You can find the full and formal definition of a small company, from the ICAEW website. (The ICAEW is the name of one of the Professional Accountancy Bodies in the UK):
» ICAEW Small Company Criteria
UK Government
More information about small companies can also be found on the UK Government website, here:
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