
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. Such companies can file simplified accounts with HMRC and Companies House.
Do micro entities need to file a full tax return with HMRC?
Micro entities still need to file a Company Tax Return with HMRC, but they can use abbreviated accounts for Companies House. A qualified accountant in North East Lincolnshire can ensure both filings are completed correctly and on time.
What qualifications should a micro entity accountant hold?
Look for accountants who are members of ACCA, ICAEW, or AAT. These professionals are regulated and must follow strict ethical and technical standards, ensuring your micro entity accounts are prepared accurately and in compliance with UK GAAP.
Can a micro entity claim VAT exemptions?
Micro entities with taxable turnover below £90,000 are not required to register for VAT, but they can voluntarily register. An accountant in North East Lincolnshire can advise whether voluntary registration is beneficial based on your business expenses and sales.
How does a micro entity accountant help with Corporation Tax?
A micro entity accountant calculates your Corporation Tax liability, identifies allowable deductions, and ensures the return is filed within 12 months of the year end. They also advise on timing of dividends and director salaries to minimise tax.
What happens if a micro entity misses its filing deadline?
Missing the filing deadline for accounts or Corporation Tax returns results in automatic penalties from HMRC and Companies House. An accountant in North East Lincolnshire can set reminders and prepare documents well in advance to avoid these fines.
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