My business qualifies as a small company under UK law. Are there simplified accounting options available for small companies when preparing annual accounts?
Answer by: abdullah-al-naim
2 days ago
My business qualifies as a small company under UK law. Are there simplified accounting options available for small companies when preparing annual accounts?
Yes, small companies can benefit from certain exemptions:
Abridged Accounts: Present a simplified balance sheet and profit and loss account.
Micro-Entity Accounts: For very small companies, allowing minimal disclosure.
To qualify, your company must meet specific criteria related to turnover, balance sheet total, and number of employees. Utilizing these options can reduce the administrative burden while maintaining compliance.
Learn everything about Annual accounts from our comprehensive blog section.
For proper clarification, consult with an expert.
