small company

small company
The definition of a small company is found in Section 247 Companies Act 1985 (as amended). The reference is used in relation to exemptions from accounting requirements and for several corporation tax measures. To qualify two or more of the following conditions must be met:- 1. Turnover not more than ₤2.8m 2. Assets not more than ₤1.4m 3. No more than 50 employees. This test applies in the financial year in qustion or the previous year. Group companies also qualify using aggregate figures. To qualify two or more of the following conditions must be met:- 1. Aggregate turnover not more than ₤2.8m net (or ₤3.36m gross) 2. Aggregate assets not more than ₤1.4m net (or ₤1.68m gross) 3. No more than 50 employees in total.

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