The limits for small and medium-sized companies and audit exemption have increased. The change is introduced by Statutory Instrument 2008 number 393 Statutory Instrument 2008 number 39, which came into force on 6 April 2008 in relation to financial years beginning on or after 6 April 2008.

The small company figures for turnover increase from £5.6m to £6.5m and the 'balance sheet total' increase from £2.8m to £3.26m. These changes also apply to the audit exemption conditions.

The small group figures for turnover increase from £5.6m net (or £6.72m gross) to £6.5m net (or £7.8m gross) and the 'balance sheet total' increase from £2.8m net (or £3.36m gross) to £3.26m net (or £3.9m gross). These changes also apply to the audit exemption conditions.

The medium-sized company figures for turnover increase from £22.8m to £25.9m and the 'balance sheet total' increase from £11.4m to £12.9m.

The medium-sized group figures for turnover increase from £22.8m net (or £27.36m gross) to £25.9m net (or £31.1m gross) and the 'balance sheet total' increase from £11.4m net (or £13.68m gross) to £12.9m net (or £15.5m gross).

[03/04/08]