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Micro businesses can file simplified accounts online

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31st Oct 2014
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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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By ireallyshouldknowthisbut
31st Oct 2014 09:50

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!

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Teignmouth
By Paul Scholes
31st Oct 2014 09:52

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.

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By Gone Sailing
31st Oct 2014 15:09

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.

 

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