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How to Check Company Turnover?

by | Aug 26, 2020 | Company Formations | 0 comments

A company’s turnover is the number of sales in its accounting period. Undertaking a company turnover check depends on the revenue accounts that the business has. In accounting, revenue is also referred to as turnover or sales. It means the total income a business makes from its service or product offerings or sales of goods to customers. To check a UK company’s turnover, you need to have access to their Profit and Loss Account data.

How to check company turnover online?

This is simple. If a company is filing Full Accounts, you can easily see a company’s turnover. The size of your company will determine whether you must submit full or filleted accounts. For example:

  1. Micro-entity accounts – To file accounts, it is a must to meet at least 2 of the following criteria:
  • The average number of employees is not more than 10
  • The total of the balance sheet is not more than £316,000
  • The company’s turnover is not more than £632,000
  1. Abridged accounts – To file accounts, it is a must to meet at least 2 of the following criteria:
  • The average number of employees is not more than 50
  • The total of the balance sheet is not more than £5.1 million
  • The company’s turnover is not more than £10.2 million
  1. Full accounts with HMRC and Companies House – Joint accounts are ideal for small-sized companies who must file full accounts with HMRC and Companies House and are audit exempt. It is possible to file the tax returns at the same time with HMRC.
  2. Dormant company accounts – These accounts are limited by shares for companies or by an assurance that they have never traded or filed using the Web Filing service.

Filleted accounts do not reveal turnover, margins, or profits. Therefore businesses often choose this option. However, companies must still prepare full accounts for their shareholders and HMRC to support their company tax returns.

Deadline for filing accounts

Each business will have an accounting reference date. The deadline for filing your accounts is calculated based on this date. It will be the anniversary of the day after the previous financial year ended for existing businesses. The time limit for delivering accounts is nine months from the accounting reference date.

Companies House may impose penalties if you fail to file your company accounts on time. These penalties can range from £150 for filing less than a month late to £1,500 for filing more than six months past the deadline. Failure to file confirmation statements, annual returns, or accounts is a criminal offence, and directors or LLP appointed members may face criminal charges. Failing to pay your late filing penalty can result in enforcement and criminal proceedings.

Companies House Turnover Check:

Companies House is the UK government department where it is mandatory to register all limited companies and LLPs. However, because most firms are only required to submit an abbreviated balance sheet of their company accounts with Companies House, checking this source will not reveal anything about the company turnover, as shown on the Profit and Loss Account. The balance sheet provides data related to the company’s assets and liabilities.

Unfortunately, Companies House does not provide a function that allows you to search for companies using turnover as a criterion. The DataGardener platform enables you to search by turnover well as use our unique filter option that allows you to see an ‘estimated turnover’ figure where full accounts are not filed and other countless parameters to generate lists of companies that meet your specific requirements.

This article is a guide to help you understand the process of running a Company Turnover Check and its meaning. If you have any questions or wish to learn more about how we can help you, please connect with us at +44 333 444 0685 or get in touch with one of our experts.

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