The company’s turnover is the number of sales that they have made in their 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. In simple terms, it means the total income a business made from its service or product offerings or, sales of goods to customers. To check a UK company turnover, you need to have the Profit and Loss Account.
How to check company turnover online?
This is simple. If a company is filing Full Accounts, then you can easily see a company’s turnover. There are three different reasons that a company should file Full Account:
- Micro-entity accounts – To fill the 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
- Abridged accounts – To fill the 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
- Full accounts with HMRC and Companies House – The joint accounts are ideal for small-sized companies who require to file full accounts with HMRC and Companies House and audit exempt. It is possible to file the tax returns at the same time with HMRC.
- 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.
Companies House Turnover Check:
Companies House is the UK government department, where it is mandatory to register all limited companies and LLPs. Most of the firms are only needed to submit an abbreviated balance sheet of their company accounts with Companies House. It is not going to reveal anything about the company turnover as this is shown on the Profit and Loss Account. The balance sheet provides data about the company’s assets and liabilities.
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