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changing to micro entity accounts

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Hi

I have been submitting the full accounts, for 5 years for my company, it has always qualified for a micro company. Now if I want to reduce my filing requirements inline with micro company, do I need to contact the companies house first?

what will be the process of simply changing it to micro submission?

 

thanks

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By Tim Vane
08th Dec 2019 01:06

If the company qualifies as a micro entity then it can file micro entity accounts. I suspect that you are the only person in the world who will ever see these accounts or care what’s in them (Companies House certainly won’t) so go fill your boots.

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By carnmores
08th Dec 2019 10:03

That was a resounding YES from Tim

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RLI
By lionofludesch
08th Dec 2019 10:31

Just do it.

You may need to make some amendments to the comparatives - for example, deleting your deferred tax provision.

I disagree with Tim. If you're applying for credit, folk will look at your accounts. That includes credit reference agencies which your suppliers may use.

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Replying to lionofludesch:
By Tim Vane
08th Dec 2019 15:59

Oh pish. Credit reference agencies take no notice of DIY accounts. They usually insist on accounts with an accountants report and usually want an accountants declaration in addition. I get enough of the damn things sent to me.

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Replying to Tim Vane:
ALISK
By atleastisoundknowledgable...
09th Dec 2019 17:54

I get asked every month by one client or another for a signed set of accounts for funder/customer/supplier. It’s the only time I sign a set of accounts.

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Replying to Tim Vane:
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By Mr_awol
10th Dec 2019 11:27

Tim Vane wrote:

Oh pish. Credit reference agencies take no notice of DIY accounts. They usually insist on accounts with an accountants report and usually want an accountants declaration in addition. I get enough of the damn things sent to me.

Surely credit reference agencies just screen scrape whatever financials are there, and have no idea whether they are DIY or not.

atleastisoundknowledgable... wrote:

I get asked every month by one client or another for a signed set of accounts for funder/customer/supplier. It’s the only time I sign a set of accounts.

I get a few mortgage and/or letting requests etc but very rarely (if ever) get anything from suppliers or credit agencies.

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Replying to Mr_awol:
RLI
By lionofludesch
10th Dec 2019 11:25

Mr_awol wrote:

I get a few mortgage and/or letting requests etc but very rarely (if ever) get anything from suppliers or credit agencies.

I can't remember the last time I was asked for some signed company accounts.

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Replying to Mr_awol:
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By carnmores
10th Dec 2019 16:05

Ah yes our corrupt friends the credit reference agencies

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RLI
By lionofludesch
10th Dec 2019 16:11

Bit harsh.

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By carnmores
10th Dec 2019 17:19

I thought i was being soft. Must be because ive arrived in Newcastle, howa the lads

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Replying to carnmores:
RLI
By lionofludesch
10th Dec 2019 17:24

carnmores wrote:

I thought i was being soft. Must be because ive arrived in Newcastle, howa the lads

Ah - County Down's lovely !!

"Where the mountains of Mourne sweep down to the sea."

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Replying to lionofludesch:
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By carnmores
10th Dec 2019 17:41

Thats in the new year today upon Tyne

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RLI
By lionofludesch
10th Dec 2019 17:58

Eh dear.

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