Master Micro-Entity Accounts Filing with Confidence

What are Micro-Entity Accounts?

Micro-entity accounts are a simplified set of financial statements for the smallest companies in the UK. They are designed to reduce the administrative burden for businesses that meet specific size criteria. Companies that qualify as micro-entities can file a shorter, less detailed version of their accounts with Companies House, saving time and resources.

Eligibility Criteria for Micro-Entities

To be classified as a micro-entity, a company must meet at least two of the following three conditions in the financial year:

Turnover: Not more than £10.2 million

Balance sheet total: Not more than £5.1 million

Number of employees: Not more than 10

What Information is Included?

Micro-entity accounts typically include a balance sheet and a directors' report. However, they do not need to include a profit and loss account (or income statement) if the company meets the criteria for small companies as well. If a company qualifies as a micro-entity but not a small company, it must still prepare a profit and loss account. The balance sheet must contain specific information, including details of called-up capital, assets, liabilities, and reserves.

Filing Requirements with Companies House

Micro-entities must file their accounts with Companies House within nine months of their financial year-end. The accounts filed can be the simplified version. If the company is also a small company, it can choose to file abbreviated accounts, which are even shorter. All micro-entities must also file a confirmation statement annually. Taxvie helps manage these filing workflows efficiently.

Preparing Your Micro-Entity Accounts

Preparing micro-entity accounts involves gathering financial data, ensuring it meets the eligibility criteria, and formatting it according to Companies House regulations. This includes detailing assets, liabilities, and any share capital. For companies that also qualify as small companies, the filing can be further simplified. Using dedicated accounts software can streamline this process, ensuring accuracy and compliance.

Simplify Your Filing Process

Manage your company accounts and filings with ease. Taxvie provides the tools you need for accurate and timely submissions.

Frequently asked questions

Can a dormant company file as a micro-entity?

Yes, a dormant company can file as a micro-entity if it meets the size criteria. Dormant companies have simplified filing requirements, and if they also qualify as micro-entities, they can file the even shorter micro-entity accounts.

What happens if my company no longer meets the micro-entity criteria?

If your company exceeds two of the three thresholds (turnover, balance sheet total, or employee numbers) in a financial year, it will no longer qualify as a micro-entity for that year and will need to prepare and file full accounts.

Do I need to file a tax return as well as micro-entity accounts?

Yes, filing micro-entity accounts with Companies House is separate from filing a Company Tax Return (CT600) with HMRC. You will still need to prepare and submit a CT600 if your company has been trading and has a tax liability.

Can I file my micro-entity accounts online?

Yes, you can file micro-entity accounts online directly with Companies House. Using accounting software like Taxvie can help you prepare and submit these accounts efficiently and accurately.

Explore Taxvie