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small business audit

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tapmadi | 11:30 Fri 31st Mar 2006 | Business & Finance
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i have a business ltd compnay - when will i have to be audited? does an independent auditor come in - what are my legal obligations with regards t oaccounts etc..


we are a small business less than 3 staff - trading for 5 months - turnover so far 100k,


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Your legal obligations are to submit a set of accounts in a prescribed form and with prescribed statements to Companies House within 10 (I think) months of the end of your financial year.


If your turnover is less than �1M you do not have to be auditted. However any shareholder can insist on an audit if they wish.

Everything you need to know about filing your accounts is on the Companies House website, here:
http://www.companieshouse.gov.uk/about/gbhtml/gba3.shtml

Chris

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