Do I still need an audit?
Since 6 April 2025 a UK company is small, and exempt from statutory audit, if it meets two of three: turnover under £15m, balance sheet under £7.5m, 50 employees or fewer. Check in ten seconds.
Questions people ask
What are the UK audit exemption thresholds from April 2025?
Turnover not more than £15 million, balance sheet total not more than £7.5 million, and not more than 50 employees, for financial years beginning on or after 6 April 2025. A company qualifies as small by meeting any two of the three.
Does a small company ever still need an audit?
Yes: when it is part of a group that is not small, when its articles or a shareholder holding 10% or more require one, when a lender or investor asks for one, and for certain regulated activities.
What is the two-year rule?
A company generally keeps or loses small-company status only after meeting or failing the thresholds for two consecutive years, so a single year over the line does not by itself bring an audit back.
Thresholds per the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, in force for financial years beginning on or after 6 April 2025. This is a check, not advice; the exemptions and the two-year rule have detail your accountant should confirm.
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