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 for accounting purposes?
A micro entity is a small company that meets at least two of the following criteria: turnover of no more than £632,000, a balance sheet total of no more than £316,000, and no more than ten employees. Micro entities can file abbreviated accounts with Companies House and benefit from reduced disclosure requirements under UK company law.
Do micro entities need to file tax returns with HMRC?
Yes, all micro entities must file a Company Tax Return with HMRC each year, even if they make no profit. The return includes a computation of Corporation Tax and must be submitted within twelve months of the end of the accounting period. Late filing can result in penalties, so professional help is recommended.
What qualifications should I look for in a micro entity accountant?
Look for accountants who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant has undergone rigorous training and adheres to professional standards. A qualified accountant will be up to date with HMRC regulations and able to handle VAT, Corporation Tax, and Self-assessment returns accurately.
Can a micro entity accountant help with VAT registration?
Yes, a micro entity accountant can advise on whether you need to register for VAT based on your turnover. If your taxable turnover exceeds £90,000, registration is mandatory. The accountant can also handle VAT returns, help you choose the right scheme (such as the Flat Rate Scheme), and ensure compliance with HMRC deadlines.
How do I find a micro entity accountant in Covent Garden?
You can use AccountingFirms.co.uk to search for accountants in Covent Garden who specialise in micro entities. The directory allows you to filter by location, qualification, and services offered. You can read client reviews and compare multiple firms to find the right professional for your business needs.
What are the benefits of using a local accountant in Covent Garden?
A local accountant in Covent Garden offers the advantage of face-to-face meetings and a deeper understanding of the local business environment. They can provide personalised service and quick responses to urgent queries. Being nearby also makes it easier to share documents and discuss complex tax issues in person.
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