Publishing P&L

[eteb3]

Dan Neidle has an interesting reflection on PPE Medpro and it's "small" company accounts (despite £200M turnover, no P&L or directors' report required, natch).

PPE Medpro made £200m but never filed full accounts. The law should change.

PPE Medpro is the company which provided £200m of PPE to the Government in dubious circumstances, of which £122m was faulty. Reports suggest it made £65m profit – but we can’t know for sure.

taxpolicy.org.uk

The take-away is his sane proposal define a "small" company as one that meets all the qualifying criteria (turnover, balance sheet and head-count), instead of "any two" as at present.

He proposes that even a "small" company (a coffee shop, in his example) would have to declare its turnover - but no other details that would normally appear in the P&L.

I like, I like.

 

[MikeJ]

You have to publish a full P&L from April 2027 anyway.

 

[eteb3]

Apparently there is talk of pulling those regs

 

[Southerna]

Apparently there is talk of pulling those regs

I'm reading conflicting reports on this - plenty accountants saying the HMRC are going ahead with P&L reporting for micro entities - but then plenty more stating its to be reversed and not going ahead.

Anyone know for sure? Or is it still to be decided?

 

[Bobbo]

I'm reading conflicting reports on this - plenty accountants saying the HMRC are going ahead with P&L reporting for micro entities - but then plenty more stating its to be reversed and not going ahead.

Anyone know for sure? Or is it still to be decided?

To be clear its Companies House, not HMRC, that would be doing this.

And no, still no news on whether it is going ahead.