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
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
Frequently asked questions
What is a micro entity for accounting purposes?
A micro entity is a very 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 10 employees. Such companies can prepare abbreviated accounts under FRS 105.
Do micro entity accountants in Bicester Oxon handle HMRC filings?
Yes, micro entity accountants in Bicester Oxon are experienced in preparing and submitting all necessary HMRC filings, including Corporation Tax returns, Self-assessment tax returns for directors, and VAT returns if your business is VAT-registered.
What qualifications should I look for in a micro entity accountant?
Look for accountants who hold recognised professional qualifications such as ACCA, ICAEW, or AAT. These accreditations ensure the accountant has undergone rigorous training and adheres to ethical standards, providing reliable and compliant services.
Can a micro entity accountant help with VAT registration and returns?
Absolutely. A micro entity accountant can advise on whether you need to register for VAT, help you choose the right VAT scheme, and prepare and submit your VAT returns to HMRC on time, ensuring full compliance.
How often should I meet with my micro entity accountant in Bicester Oxon?
The frequency depends on your business needs. Many micro entities meet their accountant quarterly to review financial performance and tax planning, while others prefer annual meetings for year-end accounts and tax return preparation.
What is the difference between FRS 102 and FRS 105 for micro entities?
FRS 105 is the Financial Reporting Standard applicable to micro entities and is simpler than FRS 102. It requires fewer disclosures and less detailed notes, making it quicker and cheaper to prepare accounts for very small companies.
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