Our micro-entity accounts service takes care of the preparation and filing of your private limited company's micro accounts and Corporation Tax return. A copy of your company accounts should be sent to all shareholders, Companies House and HMRC. The accounts must include your company’s:
- Balance sheet;
- Profit and loss account;
- Notes about the accounts.
MICRO-ENTITY ACCOUNTS PREPARATION & FILING
When preparing statutory accounts, there are 3 size classifications of companies to consider: small, medium or large. Within the small company classification, there is a sub-set called a micro-entity. Your company will be classified as a micro-entity if it has any 2 of the following:
- A turnover of £632,000 or less;
- £316,000 or less on its balance sheet;
- 10 employees or less.
If your company is a micro-entity, it will benefit from the same exemptions available to small companies. This means we can prepare simpler accounts that meet statutory minimum requirements and send only your balance sheet with less information to Companies House.
Any companies that do not meet the criteria for micro-entities, small or medium are large companies and will have to prepare and submit full accounts.
Limited companies are subject to Corporation Tax on their profits. If your company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad. If your company is not based in the UK, but has an office or a branch here, then it only pays Corporation Tax on profits from its UK activities.
If your company receives a ‘notice to deliver a company tax return’ (CT603) from HMRC you must send a company tax return (CT600). This notice is sent to every company HMRC believes to be active and it defines requirements which include:
- A copy of the company accounts for the period covered by the company tax return;
- Details of how the specified information has been calculated from relevant figures in the accounts.
The deadline to file your company tax return is 12 months after the end of the accounting period. The main tax rate is 19% for all company profits (except ring fence profits).
ADVICE & GUIDANCE FOR YOUR SMALL BUSINESS
Xcountant® | Small business accountants are a London based accounting firm helping business owners save time and money while complying with rules and regulations. Our accountants prepare your micro-entity accounts and help you to understand your company's financial position, both on its own and within its industry. The profit and loss account and balance sheet are some of your most powerful tools for understanding your business's health and making informed decisions.
Any questions about the micro-entity accounts service? Our small business accountants offer a full range of accounting services with no hidden fees and charges. Xcountant's highly personalised services are designed to improve business efficiency and profitability.
DISCLAIMER The information and opinions provided on this website are for general information purposes only and are not intended to constitute professional advice. Xcountant Company Ltd T/A Xcountant® | Small business accountants - London is a company registered in England and Wales under the registration number 12966530.
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