Section 15(4)

Where the supplier is not in its first financial year at the relevant time, the supplier is a small entity at the relevant time if at least two of the following conditions were met in relation to its most recent financial year— Condition 1: the supplier's turnover was not more than £10.2 million; Condition 2: the supplier's balance sheet total was not more than £5.1 million; Condition 3: the number of the supplier's employees was not more than 50.

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Source: legislation.gov.uk · retrieved 2026-09-04