Public Record Disclosures

13th July 2016

Abbreviated Accounts RIP: So what next ?
For accounting periods commencing on or after 1-Jan-16 SME companies will no longer be able to file abbreviated accounts on the public record at Companies House. Instead, they will have to choose from:

  1. Full accounts,
  2. Filleted accounts (full accounts minus the Directors Report and Profit & Loss Account pages),
  3. Abridged accounts (reduced Profit & Loss Account disclosures, starting at Gross Profit))
  4. Micro-entity accounts (a slightly simplified version of full accounts).

In introducing this change, legislators seem to have fixed something that was not broken. The long established principle of SME companies keeping details of turnover, gross margin, directors remuneration, profit and dividends off of the public record, was understood by most to be consistent with what a private company is meant to be all about. SME business owners will now have to revisit what message they want the outside world to receive about their finances, and actively manage the format, volume and timing of disclosures accordingly.
Blog entry by: Ian Piper.



 
Other items in Blogs
 
Peter Brown
13th January 2019 5 things you need to know about Making Tax Digital

  Making Tax Digital (MTD) is the hot topic this year. It’s one of the most fundamental changes to the UK tax system since the introduction of self-assessment. From April 2019, VAT registered businesses with a turnover of over £85,000 will be required to keep records using software approved by HMRC.  We have condensed the…

Read More »

Stephen Malkin
11th January 2019 Financing your self-build project

  Borrowing to build Self-builders require more money up front than conventional homebuyers. This is because they have to buy their building plots and fund their planning applications before they can apply for any loans. Self-build mortgages tend to be interest-only as fixed-rate loans have substantial exit fees for those who change loans when the…

Read More »

Stuart Kierman
9th January 2019 Running A Business From Home

  If you are looking to start up a business, it is likely to be home based, at least in the early days.  Figures suggest that over 60% of businesses start in this way and that there are 2.9m businesses in the UK operating from home. This blog looks at some of the common questions…

Read More »

Richard Alecock
21st December 2018 Making Tax Digital …… Only 100 days to go!

It’s time to decide how you will digitalise your records in order to meet HMRC requirements ahead of April 2019 HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance. Their plans signal the end of paper accounting for millions across…

Read More »

Ian Piper
19th December 2018 A Taxing Christmas?

Business owners, like the rest of us, will be all too aware that Christmas is a ‘challenging’ time. A short working month usually means less production, less sales and less payments from customers. Add to this cost of staff Christmas bonuses, various festive jollies and large tax bills just around the corner in January, and…

Read More »

Adrian Mackenzie
18th December 2018 Financial Services Apprenticeship Scheme

We are pleased to announce that our wealth management department are looking to introduce a Financial Services Apprenticeship scheme.   The aim of this scheme is to identify local talented individuals and help them to develop into the next generation of financial advisers/ planners and be part of our successful wealth management team.   Once…

Read More »