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, balance sheet total of no more than £316,000, and no more than 10 employees. Micro entities can prepare simplified accounts under FRS 105, which reduces disclosure requirements and filing obligations with Companies House and HMRC.
Do micro entities need to file a Corporation Tax return?
Yes, even micro entities must file a Corporation Tax return with HMRC each year, along with full statutory accounts. However, micro entities can file abridged accounts at Companies House, which contain less detail than full accounts. A qualified accountant can ensure both filings are accurate and submitted on time to avoid penalties.
What qualifications should a micro entity accountant hold?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the accountant adheres to strict ethical standards, keeps up to date with tax law changes, and has the technical expertise to handle micro entity reporting requirements under FRS 105 and HMRC regulations.
How can a micro entity accountant help with VAT?
A micro entity accountant can advise on whether your business needs to register for VAT, help you choose the best VAT scheme (such as the Flat Rate Scheme), and prepare and submit VAT returns to HMRC. They can also assist with VAT inspections and ensure you claim all allowable input tax, saving your business money.
What is the difference between abridged and full accounts?
Abridged accounts are a simplified version of full statutory accounts, available only to micro and small entities. They include a reduced balance sheet and fewer notes, making them quicker to prepare and file. Full accounts require more detailed disclosures, including a profit and loss account and director's report. Micro entities typically benefit from using abridged accounts.
How do I find a reliable micro entity accountant in Epsom Surrey?
You can use AccountingFirms.co.uk to search for verified accountants in Epsom Surrey who specialise in micro entity accounting. The directory allows you to compare firms based on their services, qualifications, and client reviews. You can then contact them directly to discuss your needs and request a quote, ensuring you find a professional who understands local requirements.
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