The Government has publishedThe Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations, which amend the criteria for determining if a company is classified as a micro‐entity, small, medium or large business for reporting and audit requirements under the Companies Act.
From 6 April 2025, the turnover and balance sheet thresholds for micro‐entities, small and medium businesses will increase by approximately 50%, and companies that move down a size category will be entitled to the accompanying reduction in reporting and audit requirements as part of efforts to reduce the regulatory burden. The regulations also remove the requirement for companies of all sizes to include specific information on the employment of disabled persons within their directors’ report.
Last updated 14 January 25