The Companies Act: The changes affecting Limited Companies
On the 6th April 2008, we will see a further stage of the implementation of the Companies Act 2006. Limited Companies and their Directors should take note of the following changes:
- Accounts filing deadline reduction and statement changes
- Audit threshold increase
- Company Secretary changes
Accounts changes
| These changes will only affect Limited Companies with accounting periods starting on or after 6th April 2008. The delivery time for accounts has been reduced by one month. Full calendar months for filing periods have also been introduced. Where the accounting period ends on a month end, the accounts filing period will end on a month end (except for the first accounting period). The accounts balance sheet and director’s report will be required to refer to the Companies Act 2006 statements. |
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What are the changes to the statements?
Statements must be included on accounts prepared in accordance with the Companies Act 2006 and related regulation.
Audit exempt small companies with accounting periods starting on or after 6th April 2008 must include certain statements on the balance sheet in accordance with the Companies Act 2006. We recommend you speak with a professional to ensure this is covered on your next set of accounts.
Will there be any changes to the accounts exemption thresholds?
To qualify for total audit exemption, a company must:
• Qualify as small
• Have a turnover of not more than £6.5 million
• Have a balance sheet total of not more than £3.26 million
Director's responsibilities
The Directors of all Limited Companies must acknowledge their responsibilities with respect to accounting records and the preparation of accounts. These accounts should have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Company Secretary changes
As of April, the provision for enabling private companies to choose whether they wish to have a company secretary will come into force. If the company decide they no longer need a company secretary they will need to inform Companies House.
If you would like to discuss these changes with a TaxAssist Accountant then please call us today on 0800 0523 555 or complete our enquiry form by clicking here.
For more information about Limited Companies then please click here.
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