The financial thresholds for determining the size of a company under the off-payroll working rules are set to increase from 6 April 2025. The substantive changes to the turnover and balance sheet thresholds were made by SI 2024/1303 to Part 15 of the Companies Act 2006 with corresponding changes to the rules for LLPs – the aim being to provide lighter-touch reporting and audit requirements for more companies.
The ICAEW reports that HMRC have confirmed that the changes to the thresholds in the Companies Act will also apply for the purposes of the off-payroll working rules.
From 6 April 2025 (one of the two common commencement dates for legislation affecting businesses the other being 1 October) a private company or organisation will be considered small if it meets two out of the three following conditions:
turnover of not more than £15m (increased from £10.2m);
balance sheet...
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The financial thresholds for determining the size of a company under the off-payroll working rules are set to increase from 6 April 2025. The substantive changes to the turnover and balance sheet thresholds were made by SI 2024/1303 to Part 15 of the Companies Act 2006 with corresponding changes to the rules for LLPs – the aim being to provide lighter-touch reporting and audit requirements for more companies.
The ICAEW reports that HMRC have confirmed that the changes to the thresholds in the Companies Act will also apply for the purposes of the off-payroll working rules.
From 6 April 2025 (one of the two common commencement dates for legislation affecting businesses the other being 1 October) a private company or organisation will be considered small if it meets two out of the three following conditions:
turnover of not more than £15m (increased from £10.2m);
balance sheet...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
