
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 an average of no more than 10 employees. Micro entities can prepare simplified accounts with reduced disclosure requirements under UK company law.
Do micro entity accountants in Maida Vale London handle HMRC filings?
Yes, micro entity accountants in Maida Vale London typically manage all HMRC filings including Corporation Tax returns, VAT returns, and Self-assessment tax returns for directors. They ensure your business meets statutory deadlines and complies with HMRC regulations while taking advantage of available reliefs.
What qualifications should I look for in a micro entity accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate rigorous training, adherence to ethical standards, and up-to-date knowledge of UK accounting and tax regulations. Such professionals are well-equipped to handle micro entity requirements.
Can a micro entity accountant help with VAT registration?
Absolutely. A micro entity accountant can advise on whether your business needs to register for VAT based on your turnover, assist with the registration process, and prepare quarterly or annual VAT returns. They can also help you choose the most suitable VAT scheme, such as the flat rate scheme.
How often should I meet with my micro entity accountant?
It is advisable to meet at least quarterly to review financial performance, discuss tax planning, and ensure compliance. Many accountants also offer annual meetings for year-end accounts preparation. Regular contact helps identify issues early and keeps your business on track with HMRC obligations.
What documents do I need to provide to my micro entity accountant?
You will typically need to provide bank statements, invoices, receipts, payroll records, and details of any loans or director transactions. Your accountant may also require previous year accounts and any correspondence from HMRC. Keeping organised records simplifies the process and reduces costs.
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