Decision Makers Guide - DMG37002
Using accounts: Summary accounts
The Inland Revenue permits businesses with a turnover of less
than £10,000 a year to submit 3-line accounts known as Summary
Accounts. The accounts are submitted on Form 1K and show only
amounts for
1) turnover
2) business expenses
and
3) net profit.
Such accounts are not financial statements and are inadequate
for WFTC/DPTC purposes. If they are submitted in support of an
application the applicant should be asked to provide a proper set
of accounts (DMG37003) or a completed WFTC 501.
