The UK’s smallest businesses can choose to file simplified accounts online after a European Union directive, HMRC said.
The Revenue already has filing software that is designed for unrepresented corporation tax customers with straightforward affairs.
Now micro-entities can choose to file simplified accounts online with HMRC.
A business is defined as “micro” if it meets two of three criteria: turnover of £632,000 or less; a balance sheet where assets total £316,000 or less; has 10 employees or less.
From mid-November companies will also be able to send basic micro-entity accounts to Companies House.
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Eh
"From mid-November companies will also be able to send basic micro-entity accounts to Companies House"
Do you mean HMRC? We have been doing this for some time to CH!
Bit of a surprise
Thanks Nick - seeing as we've been using 3rd party software to do this for a few months now I am surprised it's only now being enabled for others. Out of interest I know that many accountants don't bother with 3rd party software and use the client's online registration to submit accounts already so this should help them out.
Yesterday
Used HMRC CT600 pdf and CH online and selected 'micro-entity' for both.
HMRC CT600 didn't seem that much different - however, prior to using it I called HMRC helpdesks for CT and CT online to ask what I should expect would be different. They appeared not to have been briefed.