ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Cruse+Burke
As one of the leading accountants in Croydon, we are forward thinking in the way we approach your business requirements and the way we give you except...See More
Frequently asked questions
What is a micro entity accountant and why do I need one?
A micro entity accountant specialises in the FRS 105 reporting standard designed for the smallest companies. They ensure your annual accounts meet Companies House requirements and that your tax returns are accurate. Using a specialist helps you avoid common filing errors and ensures compliance with HMRC regulations.
How do I know if an accountant is properly qualified?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to strict ethical and professional standards. You can verify their status directly on the relevant institute's website.
Can a micro entity accountant help with VAT returns?
Yes, most micro entity accountants are fully equipped to handle VAT returns, including Flat Rate Scheme and Annual Accounting Scheme filings. They will ensure your submissions are accurate and submitted on time to HMRC, helping you avoid late-filing penalties and manage your cash flow effectively.
What documents do I need to provide for my Corporation Tax return?
You will typically need your company's profit and loss account, balance sheet, details of any director's loans, and records of all business expenses and income. Your accountant will also require information about any capital allowances or R&D claims. Providing organised records speeds up the process and reduces costs.
How often should I meet with my micro entity accountant?
Most micro entities benefit from quarterly or bi-annual check-ins to review financial performance and plan for tax payments. However, many accountants offer ongoing support via email or phone as needed. Regular contact helps you stay on top of deadlines and avoid last-minute rushes at year-end.
What is the difference between a micro entity and a small company for accounting purposes?
A micro entity meets at least two of three criteria: turnover under £632,000, balance sheet total under £316,000, and fewer than 10 employees. Micro entities can file simpler accounts under FRS 105, whereas small companies use FRS 102. Your accountant will advise which framework applies to your business.
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