Sme Definition Uk 2018

The eu also defines an sme as a business with fewer than 250 employees a turnover of less than 50 million or a balance sheet total of less than 43 million.

Sme definition uk 2018. Micro business less than ten employees and turnover under 2 million. According to this a small company is one that has a turnover of not more than 6 5 million a balance sheet total of not more than 3 26 million and not more than 50 employees. However the rest of the uk government does not use this definition. Small and medium sized enterprises smes represent 99 of all businesses in the eu.

For the purpose of research and development tax relief hmrc define an sme as a business with not more than 500 employees and an annual turnover not exceeding 100 million. Smes make up the majority of the uk s workforce and need to meet two of the following three criteria to be defined as an sme. Smes industry sectors 2018 published by d. Small business less than 50 employees and turnover.

Clark aug 1 2019 this statistic shows the results of s urvey regardiing the main industries of the small and medium enterprises smes in the united. 1 the uk government adheres to the eu definition of an sme which is. Small business less than 50 employees and turnover under 10 million. For example the bank of england and the british bankers association bba define smes as those with less than a 25 million annual turnover on their main business account.

Small and medium sized enterprises smes are defined in the eu recommendation 2003 361. Bba goes further and narrows this definition to define small businesses as those having less than 1 million or 2 million annual turnover. Medium sized business less than 250 employees and turnover under 50 million. Micro business less than 10 employees and turnover under 2 million.

In the uk sections 382 and 465 of the companies act 2006 define a sme for the purpose of accounting requirements. The uk government adheres to the eu definition of an sme which is. What is an sme.