Most small companies have benefited for many years from a scheme that allows them to produce less detailed accounts and directors’ reports each year, and that removes the requirement for them to have their accounts audited.
Changes to the rules, which took effect on November 8, have widened the pool of companies eligible for this less-stringent system. Previously, a wide range of businesses in the financial services sector were excluded, but this exclusion has now been lifted for certain categories of business.
The specific categories of financial services companies that can now take advantage of the small-business requirements include: investment management companies; personal investment companies; securities and futures companies; and mortgage lenders and intermediaries.
For a full list of business categories covered by the new regulations, and for more information about reporting and accounting rules that apply to small companies, visit the Small Business Accounting and Audit page of the DTI website.
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