Hello,
I need to file the first set of accounts of a micro entity. I want to use the online service which submits to CH and HMRC together, as well as the corp tax return.
https://www.gov.uk/file-your-company-accounts-and-tax-return
My question is, do I need to prepare a pdf of an actual set of accounts- complete with all the relevant notes and disclosures required of micro entities- or does the site do this all for me? Do I simply put in what the balance sheet is etc, and it does the rest automatically?
Basically- do I need to read all 128 pages of FRS 105 or can I let the .gov service do it for me!?
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Replies (4)
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You need to prepare the figures for the accounts in accordance with FRS 105 or FRS 102, so yes, if you are going to put numbers in the boxes, you must know how to calculate the numbers.
You ask "do I simply put in what the balance sheet is etc" but since you will have to correctly classify the items on the balance sheet and P&L in the first place, such as determining what is and isn't an asset, a liability, what is revenue etc in accordance with the definitions in FRS 105, you are going to have to know what it says.
The software will no doubt format it for you and tag it etc, but it is not going to check your figures.
How could it be otherwise?
On the plus side, there are only 2 disclosures required by FRS 105, so that part is not onerous.
Thanks for your reply.
I assume the two disclosures you mention are the same two here
http://www.mercia-group.co.uk/Downloads/Micro-entities%20Q%20and%20A%20a...
The reason I didn't think it necessary to check FRS 105 for how to classify certain things is due to how simple the accounts are. There is £1 of share capital, zero share premium, and a bunch of admin expenses which all go to the Directors Loan Account (they didn't even have a bank account at the period end date).
But no doubt I should scan though the full standard anyway. I'm sure I can skim past most of the 128 pages...
The entry process is simple. I have done this, as a test, because it used to be simply horrible. As Tim says though you need your accounts data to input the correct figures.
Let us know how you get on. If you find it easy I have no doubt that will have an impact on this sites more regular users.