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For Small Companies

For periods commencing on or after 1 January 2016 small companies won’t be permitted to prepare their accounts in accordance with the FRSSE. Instead such companies will need to transition to one of the New UK GAAP alternatives. It’s expected that for many entities currently applying FRSSE they will transition to Section 1A of FRS 102.

Section 1A provides for certain modifications to the full requirements for small companies, and in particular provides reduced disclosure and presentation requirements. Those entities preparing their accounts using Section 1A of FRS 102 will only have to present a balance sheet, profit and loss account and limited notes. They won’t be required to present any other primary statements but HMRC encourages to present a statement of comprehensive income (sometimes referred to as the statement of total recognised gains and losses) and a statement showing changes in equity.

Where a company meets the eligibility criteria of FRS102 section 1A and prepares abridged accounts for members (with their consent), then these will be acceptable to HMRC. However, abridged accounts which have been “filleted” won’t be acceptable to HMRC, even if acceptable to Companies House.The company may of course voluntarily choose to send HMRC a detailed profit and loss account, or other such information, prepared for internal management purposes.

The FinTags Advantage

As a small and growing company 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 point of contact for all queries
  • 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
  • Extended support outside business hours
  • Guaranteed pricing

FAQs

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

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Popular Blogs

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25 Sept, 2016

Top 10 iXBRL issues faced during CT600 filing

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