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 an average of no more than 10 employees. Micro entities can prepare simplified accounts and file an abridged balance sheet with Companies House, reducing the administrative burden.
Do micro entities need to file a full tax return with HMRC?
Yes, even though micro entities can file simplified accounts with Companies House, they must still submit a full Company Tax Return to HMRC. This return includes detailed computations of Corporation Tax due. A qualified accountant can ensure both sets of filings are completed accurately and on time.
How can an ACCA or ICAEW accountant help my micro entity?
An ACCA or ICAEW qualified accountant brings rigorous training and ongoing professional development to your business. They can advise on the most tax-efficient ways to extract profits, ensure your micro-entity accounts meet legal standards, and represent you in the event of an HMRC enquiry, giving you peace of mind.
Is it compulsory for micro entities to have an audit?
No, micro entities are generally exempt from statutory audit if they meet the size criteria and are not a member of a group that requires an audit. However, some companies may still choose to have a voluntary audit for reassurance. An accountant can clarify whether your business qualifies for the exemption.
What VAT schemes are available for micro entities?
Micro entities can benefit from simplified VAT schemes such as the Flat Rate Scheme or the Annual Accounting Scheme. These reduce the administrative burden of quarterly returns and can improve cash flow. A local accountant in Leicestershire can help you decide which scheme best suits your turnover and business model.
Can I switch accountants if I am not satisfied with my current one?
Yes, you can switch accountants at any time. A new accountant will request a professional clearance letter from your previous firm to ensure a smooth handover of records. AccountingFirms.co.uk makes it easy to compare and connect with alternative professionals in Leicestershire who specialise in micro entity work.
About Accounting Firms
AccountingFirms.co.uk is the UK's dedicated accountant comparison website, helping individuals, sole traders, landlords, startups, and SMEs instantly compare accountancy and tax fees from trusted UK accounting firms.
Find and connect with qualified accountants, tax advisers, bookkeepers, and business advisers using advanced search filters, verified profiles, and genuine reviews aggregated from Google, Trustpilot, Yelp, and other trusted platforms.
Over 26,000+ UK Accountants in One Place
Explore the UK's largest independent directory of accountants regulated by professional bodies including ICAEW, ACCA, AAT, CIMA, CIPFA, AIA, IFA, and other recognised UK accountancy bodies.
Affordable Online Accounting Services
Buy fixed-fee accounting packages online with confidence. Services are delivered by experienced UK-qualified accountants and tax advisers, covering:
A Marketplace for Accountants
For accounting firms, AccountingFirms.co.uk is more than a directory. It's a powerful lead generation platform, accountant marketplace, and business growth hub, helping practices attract new clients, increase online visibility, generate qualified leads, and win more accounting and taxation work across the UK.