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 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 no more than 10 employees. Micro entities can file simplified accounts with Companies House and benefit from reduced disclosure requirements under the Companies Act 2006.
Do micro entities need to file a full set of accounts?
No, micro entities can file abridged accounts that include a simplified balance sheet and profit and loss account. They are exempt from the strategic report and director’s report requirements. However, they must still submit a Corporation Tax return to HMRC and maintain proper records for tax purposes.
How can an ACCA or ICAEW accountant help my micro entity with HMRC compliance?
An ACCA or ICAEW qualified accountant ensures your micro entity meets all HMRC deadlines, including Corporation Tax payments and VAT returns. They prepare accurate tax computations, advise on allowable expenses, and handle any HMRC correspondence. This reduces the risk of penalties and helps you take advantage of reliefs such as the Annual Investment Allowance.
What services do micro entity accountants in Wanstead London typically offer?
Micro entity accountants in Wanstead London usually provide annual accounts preparation, Corporation Tax filing, Self-assessment tax returns for directors, VAT registration and returns, payroll processing, and bookkeeping. They also offer advice on tax planning and business structure to help your micro entity operate efficiently and compliantly.
Why should I use AccountingFirms to find a micro entity accountant?
AccountingFirms.co.uk is a directory built by ICAEW and ACCA accountants, listing over 22,000 UK firms. You can filter by location and specialism to find verified accountants in Wanstead London who understand micro entity requirements. The platform allows you to compare fees, read client reviews, and connect directly with professionals suited to your business needs.
Can a micro entity accountant help with VAT registration and returns?
Yes, a micro entity accountant can assist with VAT registration if your turnover exceeds the £90,000 threshold or if you wish to register voluntarily. They prepare and submit VAT returns, advise on schemes like the Flat Rate Scheme, and ensure you reclaim input tax correctly. This helps your micro entity stay compliant and manage cash flow effectively.
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