Accounting Advice for Small Companies

Small company accounts

Managing financial affairs effectively is the lifeblood of small companies. Keeping abreast of those finances is crucial, not only for making sure you meet your compliance obligations but also to guide decision-making and planning. It’s difficult, if not impossible, to make informed decisions about the future direction of your company if you don’t have all […]

Do I Qualify as a Micro-Entity?

Micro accounts threshold

A micro-entity is the name given to UK-based private limited companies that are very small. Directors of micro-entities can save time when it comes to preparing and filing their accounts by submitting micro-entity accounts with Companies House. These accounts are in a vastly simplified format but contain all the key information that can be found […]

What Does an Accountant Do for a Limited Company?

Limited company accountants

The overwhelming majority of limited companies use the services of an accountant to prepare their financial accounts. While there is no legal requirement for a limited company to use an accountant, there are considerable benefits in doing so. Taking care of the financial affairs of a limited company can be both complex and time-consuming. It’s […]

The Consequences of Missing Annual Reporting Deadlines

Late submission of company accounts

If you find yourself in receipt of a tax return, you have a legal obligation to complete and return it even if you don’t think it’s relevant. Failure to submit a return can have financial and, in some cases, legal consequences for individuals and businesses. Every limited company is required to deliver accounts to Companies […]

Is Making Tax Digital Compulsory?

Making Tax Digital VAT April 2022

Making Tax Digital (MTD) is a comprehensive plan by HMRC to ensure that the self-employed and small businesses take tangible steps towards going paperless with their tax records and returns. HMRC believes that MTD will ultimately make it easier for individuals and businesses to stay on top of their tax affairs and submit their returns […]

How to Pay Corporation Tax

How to pay corporation tax

All UK incorporated companies must pay corporation tax. To do this, they must prepare and file a tax return within time limits specified by HMRC. This is a detailed administrative process that you really cannot afford to get wrong.

What is Corporation Tax?

What is corporation tax

Corporation tax is a business tax. It applies to incorporated companies in the UK, and is based on self-assessment. That means the taxpayer is responsible for calculating their taxable profits and filing a return. Navigating your way through the corporate tax system in the UK can be complicated, with various allowances that you can claim. […]

FRS 102 vs FRS 105: Which Should I Use?

FRS 105 vs FRS 102

UK companies must meet specific financial reporting standards when preparing and filing their statutory accounts. If your company is a small business or micro entity, you don’t have to file your full accounts with Companies House. Instead, you can file a shortened or abridged version. There are two financial reporting standards for doing this; FRS […]

Seven Types of Tax Relief for Small Businesses

Small Business Tax Relief

All limited companies must pay corporation tax, and the main rate is currently 19 per cent. This applies to your net profits over your financial year. There are ways of reducing this tax burden with different forms of tax relief. Here are our top seven types of small business tax relief:

Do Companies Have To File Accounts?

Companies House File Accounts

Introduction All limited companies in the UK must file their accounts with Companies House every year. This applies whether your company is making a profit or a loss, breaking even or even not trading at all. These company year-end accounts are your statutory accounts. You’ll need to know: What these accounts must include When you […]