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 file simplified accounts with Companies House and benefit from reduced disclosure requirements.
Do micro entity accountants handle HMRC tax investigations?
Yes, micro entity accountants are experienced in dealing with HMRC enquiries and tax investigations. They can represent your business, prepare necessary documentation, and provide advice throughout the process. Having a qualified accountant on your side ensures that your rights are protected and that you respond appropriately to HMRC requests.
What accreditations 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 accreditations indicate that the accountant has undergone rigorous training, adheres to ethical standards, and keeps up to date with changes in tax law and accounting regulations. This ensures a high level of competence and reliability.
Can a micro entity accountant help with VAT registration and returns?
Absolutely. Micro entity accountants can assist with VAT registration, completing VAT returns, and ensuring compliance with HMRC's Making Tax Digital requirements. They will help you determine the best VAT scheme for your business, such as the flat rate scheme or annual accounting scheme, to simplify your reporting and manage cash flow.
How often should I meet with my micro entity accountant?
The frequency of meetings depends on your business needs. Many micro entities benefit from quarterly or bi-annual reviews to discuss tax planning, cash flow, and compliance. Your accountant can also provide ad hoc support for specific issues such as filing deadlines, HMRC correspondence, or changes in your business structure.
What is the difference between micro entity accounts and full statutory accounts?
Micro entity accounts are a simplified version of full statutory accounts. They require only a balance sheet and limited notes, with no profit and loss account or directors' report needed. This reduces the administrative burden for small businesses while still meeting Companies House and HMRC requirements. A micro entity accountant can prepare these efficiently.
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