For Micro Entities
A micro entity is a very small company but there are qualifying conditions that a company must meet under the Companies Act 2006 to be classed as a Micro Entity.
To qualify as a Micro Entity, at least two of the following conditions must be met in relation to the financial year in question:
- annual turnover must not be more than £632,000;
- balance sheet total must not be more than £316,000;
- average number of employees must not be more than 10.
Most micro-entities have all the information they need to understand their company’s financial performance and produce adequate management accounts using simple excel sheets or n accounting software.
However a little help from accounting experts maybe needed to convert these management accounts to statutory accounts for acceptance by HMRC. This generally involves adhering to a list of financial reporting standards like the recently adapted new UK GAAP specifically FRS 105 for micro entities. In addition, the statutory accounts need to be submitted in a specified format namely iXBRL and requires knowledge of ixbrl tagging.
The FinTags Advantage
For a micro entity accounts with reduced reporting effort, you would need the assurance that your HMRC filing obligation is complete with minimal cost incurred. At FinTags, we work to provide you that comfort
- Single-shop for iXBRL conversion of annual accounts and tax computations
- Assistance and guaranteed filing support for CT600 filing with HMRC and accounts with Companies House
- Guaranteed pricing
You can register online in our website to access our secure portal. You will be assigned your own account through which you can upload the financial documents in Word, Excel or pdf formats.In case you face any problem, the customer relations manager assigned to you will assist.
As soon as the iXBRL package is ready within your expected turnaround time, your will recive an email alert to inform that the files are available for download from your account. The iXBRL packgae includes the iXBRL instance document and rpeort highlighting any tagging decisiosn that are subjective and needs your review and approval
Payment can be made online processed vai secure payment gateway using credit card account or banking account.
We offer support through chat, phone or email during normal business hours. We work with you through any number of revisions until sucessful filing with HMRC at no additional cost.
Need more information?
Please fill the Request a call-back form below and we will respond within 60 minutes, if you would like to
- Request for a specific information
- Ask a query related to our iXBRL tagging and conversion services
- Request for a price quote