Frequently Asked Questions > Audit > What are the audit exempt thresholds?
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Although all companies and limited liability partnerships (LLPs) have to submit some form of accounts to Companies House, these accounts don't have to be audited for financial years starting before 6 April 2008 or prior to 1 October 2008 for LLPs if you:
- qualify as a small company or LLP for the purposes of filing abbreviated accounts.
- have a turnover of no more than £5.6 million
- have a balance sheet total of no more than £2.8 million
For financial years starting on or after 6 April 2008, to qualify for total audit exemption, a company must:
- qualify as a small company
- have a turnover of no more than £6.5 million
- have a balance sheet total of no more than £3.26 million
Small and medium-sized LLPs can take advantage of the higher thresholds for accounting periods starting on or after 1 October 2008.
Last updated on May 7, 2011 by Robert Harris