Can a micro entity choose not to submit P&L to HMRC (so only balance sheets and notes)?
My understanding is that HMRC require microentity companies must still submit Statutory accounts that includes
- a ‘balance sheet’,
- a ‘profit and loss account’
- notes about the accounts
but I was told by an accountant that the P&L is not requiried to send to HMRC as 'Despite what their website says HMRC are committed to accept the same set of accounts for tax returns as for companies house. In other words as you can submit FRS105 to co house you can submit FRS105 to HMRC (provided the company is small).'
Does this sounds right?