─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

First Year Accounts for Limited Company in Portsmouth, Handled Properly From the Start

A company’s first set of statutory accounts shapes how everything else is recorded, reported and filed. Whether you incorporated recently in Portsmouth and have already begun trading, or you are approaching your first accounting reference date with limited activity so far, Micro Entity Accounts can prepare your first-year statutory accounts, review the accounting records behind them and deal with the Companies House filing where required. We will also set out plainly how the first accounting period works and where Corporation Tax fits in — a separate HMRC requirement, usually reported through a CT600, and not the same thing as delivering accounts to Companies House.

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First Year Accounts Preparation

(Turnover up to £100K)

£499.00

£399.00

+vat

Micro-Entity Accounts Preparation
Companies House Filing
Corporation Tax Return
Qualified Accountant Support
FRS 105 Accounts
Experienced Accountants

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Trusted by Micro-Entity Businesses Across the UK

From newly incorporated companies to established owner-managed businesses, our clients trust us to prepare their accounts accurately and handle their annual filing requirements.

      EXCELLENT  
   Based on 302 reviews 
    
 
 
 
   
 
 
       Posted on Google  
   
   Ayotunde Rufai 
 
 
 
 Trustindex verifies that the original source of the review is Google. Best accountants we've ever had. Umer is ace, and makes everything easy and transparent.
  
 
      Posted on Google  
   
   Sofia 
 
 
 
 Trustindex verifies that the original source of the review is Google. I had a really positive experience with Muhammad. He was incredibly quick to action everything and made the whole process straightforward and stress-free. He took care of everything promptly and kept me informed throughout, which was greatly appreciated.

Muhammad was professional, responsive and genuinely helpful from start to finish. It was clear that he cared about providing a great service and making sure everything was handled properly. I would definitely recommend him to anyone looking for someone reliable, efficient and professional.
  
 
      Posted on Google  
   
   Zest For Life 
 
 
 
 Trustindex verifies that the original source of the review is Google. I worked with Accotx on a HMRC reclaim and overall, they did ultimately deliver on their promise, which I appreciate. The process did take longer than any of us expected, partly due to external delays with the tax authorities, and partly because there were some hiccups in communication and follow-up. However, despite those challenges, they stayed professional and stuck to the original agreed terms. If you’re considering using them, be prepared to stay in regular contact to keep things moving along. They are absolutely capable, have the expertise and willing to work with you, and overall  improving their services over time. I would certainly return for any future needs.
  
 
      Posted on Google  
   
   Pete Wrist 
 
 
 
 Trustindex verifies that the original source of the review is Google. Sterling work. Many thanks to Muhammad and the team for all their help and expertise
  
 
      Posted on Google  
   
   Hansen Personal Training 
 
 
 
 Trustindex verifies that the original source of the review is Google. We have been a client for years - very quick responsive and personalised service
  
 
      Posted on Google  
   
   Jamie Fletcher 
 
 
 
 Trustindex verifies that the original source of the review is Google. It was a pleasure working with Anum on our accounts. The whole process was swift and effortless, and it was one less thing to worry about. I'd highly recommend them.
  
 
      Posted on Google  
   
   Mansur Liman 
 
 
 
 Trustindex verifies that the original source of the review is Google. Accotax have been our accountants for many years now. We maintained them, because of their professionalism. In the last coiple of years, i have working with Imran, who has been very professional and helpful in guiding us through the whole process explaining and clarifying every aspect of it. Very prompt in responding to questions and patient with us even when we seem to be slow. I really enjoy working with him. Thank you
  
 
      Posted on Google  
   
   Muna Mohamoud 
 
 
 
 Trustindex verifies that the original source of the review is Google. I highly recommend Imran to anyone looking for a reliable and knowledgeable accountant. He helped me sort out a very complicated backlog of accounts and prepared my overdue tax returns with professionalism and attention to detail.

Throughout the process, he was incredibly patient, took the time to answer all of my questions, and explained everything clearly. He guided me through each step and helped rectify issues that had built up over time, making what felt like an overwhelming situation much more manageable.

I'm very pleased with the service I've received and truly appreciate his support. If you need help with your accounts or taxes, I would highly recommend Imran.
  
 
      Posted on Google  
   
   Sergey M 
 
 
 
 Trustindex verifies that the original source of the review is Google. I had a positive experience with Accotax. The work was completed promptly, my tax return was successfully filed, and I received a refund of overpaid tax. I found the cooperation efficient and helpful. Special thanks to Muhammad Saifullah for his assistance.
  
 
      Posted on Google  
   
   Ebba Qureshi 
 
 
 
 Trustindex verifies that the original source of the review is Google. Fabulous team at ACCOTAX - very efficient and good response time . Honest and professional with their work. I would highly recommend them even if you’re a young start up - or a large business they have it covered .

Your first filing timeline

Incorporation

Your first filing timeline depends on your company's incorporation date and accounting reference date.

Accounting reference date

Set by default to the last day of the month of incorporation, one year on.

First accounts due

Normally 21 months after incorporation at Companies House.

First CT600 due

12 months after the end of the accounting period, with tax due earlier.

What Are First Year Accounts for a Micro Company, and Who Decides the Framework?

First-year accounts are the first set of statutory annual accounts a limited company prepares for its initial accounting period. That period normally starts on the date of incorporation and runs to the company’s first accounting reference date, although the exact start, end and length depend on how the accounting reference date has been set and whether it has since been changed. Because there is no earlier period to compare against, first-year accounts typically do not include comparative figures, and the balance sheet shows the company’s position at the first accounting reference date along with a profit and loss account where the framework and circumstances require one. These accounts are not optional simply because the company is new or small. From incorporation, the directors are responsible for keeping adequate accounting records and for ensuring the company prepares and files accounts in line with the applicable rules, even where trading has been limited. If a company satisfies the eligibility conditions for the micro-entity framework for the accounting period concerned, its accounts may be prepared on that basis, and FRS 105 — the financial reporting standard applicable to qualifying entities using the micro-entity accounting framework — would normally be the relevant standard. Eligibility is assessed separately and depends on the company’s individual position, including its size for the period. A newly incorporated company is not automatically a micro-entity, and a quiet first few months do not by themselves determine which framework applies. Some companies instead fall within the small-company regime, and others need full accounts. It is equally important to keep first-year statutory accounts separate from other filings. Accounts are delivered to Companies House where required, whereas a Corporation Tax Return such as a CT600 is submitted to HMRC where the company has Corporation Tax obligations, and the company’s first Corporation Tax accounting period does not always match its statutory accounts period. A confirmation statement is a further, distinct filing that keeps the public register current and does not take the place of the accounts. Directors in Portsmouth often find that several of these obligations land in the same first year, so knowing which one goes where makes the process far less confusing.

Does Your New Company Qualify as a Micro Entity?

Even in your first period, your company must meet the Companies House size criteria to file micro-entity accounts. A company generally needs to meet at least two of these three conditions.

Business Turnover

Annual Turnover of £1 Million or less. (£632,000 previously)

Balance Sheet

Balance sheet total of £500,000 or less.(£316,000 previously)

Company Size

On an average 10 or less employees (10 or less previously)

─── OUR FIRST YEAR SERVICES

What's Included in Our First Year Accounts Service?

Our first-year accounts package can include statutory accounts preparation, Companies House filing and Corporation Tax Return preparation where included in the selected package.

First Year Accounts Preparation

Preparation of your first set of statutory accounts under the micro-entity reporting framework, from incorporation to your first year end.

First Accounting Period Review

Review of extended first accounting periods and any separate Corporation Tax return periods where applicable.

Companies House Filing

We prepare and submit your first statutory accounts to Companies House within the filing window.

First Corporation Tax Return (CT600)

Preparation of your first Company Tax Return and supporting computations for HMRC.

Opening Balances & Set-Up Costs

We record pre-trading expenses, director loans and share capital correctly in your opening balance sheet.

─── WHY CHOOSE US

Why Choose Us

Micro Entity Accountants keep micro-entity accounts straightforward, transparent and easy to manage for busy company directors.

FRS 105 Specialists

The micro-entities regime is all we do, so your accounts are prepared to the right standard first time.

Paperless Onboarding

Get set up in minutes with a fully digital, secure process — no printing, posting or office visits.

Deadline Management

We track your Companies House and HMRC deadlines and prompt you early so late filing penalties are avoided.

Fixed Fee, No Surprises

One transparent fixed fee covers preparation, the tax return and both filings. No hourly billing.

Included in every first year file

Confirmation of your accounting reference date

Split Corporation Tax Returns where the period exceeds 12 months

Pre-trading and formation costs reviewed

Share capital and director loan account set up

Companies House and HMRC submission receipts

─── How It Works

How Our First Year Accounts Filing Service Works

Share Your Company Details

Send us your incorporation date, accounting reference date, bank statements and any pre-trading costs through our secure portal.

First Accounts & Tax Return Prep

We build your opening balances, prepare your micro-entity accounts and your first CT600 Corporation Tax Return.

Review & Approval of Drafts

You receive draft accounts with plain-English explanations of what has been included and why, ready for director approval.

Submit to HMRC & Companies House

We file your first accounts with Companies House and your CT600 with HMRC, then confirm both submissions.

─── Why Choose Us

Why Choose Us for Your First Year Accounts?

We keep a first filing simple, transparent and easy to manage for directors doing it for the first time.

Paperless Onboarding

Get your new company set up on a fully digital, secure accounting process in minutes.

First-Year Compliance Support

We help you understand the accounting period, records and filing requirements that apply to your company's first accounts.

Fully Qualified Accountants

All work is handled by UK-qualified accountants who specialise in micro companies.

Fixed Fee, No Hidden Costs

One simple fee covering your first accounts preparation and both filings.

─── WHO WE HELP

First Year Accounts Support for Micro Companies Across the UK

Newly Incorporated Companies

Companies formed in the last 12 to 18 months filing their very first set of accounts.

First-Time Directors

Directors who have never filed statutory accounts and want the process explained clearly.

Newly Incorporated Limited Companies

Small companies with limited first-year trading, including those that stayed dormant part of the period.

First Year Accounts for Limited Company in Portsmouth — Get the Opening Set Right

The first year tends to raise more questions than any other: which accounting period applies, what records need to be retained, whether the micro-entity framework is available for your company, and what actually has to be sent to Companies House. Micro Entity Accounts supports directors of newly incorporated and newly trading companies with preparing first-year statutory accounts, reviewing the records you hold, and filing the accounts where required — while explaining how Corporation Tax sits alongside as a separate HMRC matter, usually through a CT600. Support is provided on a fixed-fee basis with clear pricing and no hidden costs, and the detail is explained in straightforward terms rather than jargon. If your first accounting reference date is drawing closer, or the records are already piling up, it is worth speaking to someone who deals with first-year limited company accounts routinely.

─── FAQs

First Year Accounts FAQs

Still unsure where you stand? Reach out to our UK team at info@microentityaccounts.co.uk and we will review your filing history with you.

What are first year accounts for a limited company?

They are the first set of statutory annual accounts a company prepares for its initial accounting period, generally running from the date of incorporation to the first accounting reference date. They usually include a balance sheet, and a profit and loss account where the applicable framework and the company's circumstances require one. Unlike later years, they normally do not carry comparative figures for a previous period, because there is no earlier period to compare against.

When are a company's first accounts due?

The deadline is calculated from the company's incorporation date and accounting reference date, and Companies House applies different filing rules to a company's first accounts than it does to subsequent years. Two companies incorporated in the same month will not necessarily share the same first filing date, particularly if one has changed its accounting reference date. It is worth confirming the dates that apply to your company early rather than working on the assumption of a standard twelve-month cycle. We can review your company's particulars and confirm the position.

What information is needed to prepare first-year accounts?

It depends on what the company has done, but common items include bank statements and transaction listings, sales and income records, purchase invoices and expense receipts, details of any assets bought, share capital information, director loan movements, and records of any loans or finance arrangements. Where the company runs payroll or is VAT registered, the relevant payroll or VAT records are also useful. You do not need to have every category listed here — only those that reflect your company's actual activity.

Do newly incorporated companies have to file accounts with Companies House?

In general, a limited company must prepare and deliver accounts to Companies House for each financial year, and a company does not escape that requirement simply because it is newly incorporated or has had little activity. Where a company has had no significant accounting transactions, a different reporting position may apply, but that depends on its specific circumstances and the applicable rules rather than being assumed. Directors in Portsmouth should check their position rather than treating a quiet first period as automatically exempt.

Do first-year accounts still need to be filed if the company has not traded?

A company that has not yet started trading may still have statutory accounts obligations, especially if it has had transactions such as share capital introduced, a bank account opened or expenses paid on its behalf. Some companies with no significant accounting transactions may be able to file on a different basis, but whether that applies is a question of fact. Corporation Tax notification to HMRC is a separate matter again, and it is worth taking advice on both points together rather than dealing with one and assuming the other is settled.

Are first-year accounts the same as a CT600?

No. Statutory accounts are delivered to Companies House where required, while a Corporation Tax Return such as a CT600 is submitted to HMRC where the company has Corporation Tax obligations. The figures in the accounts often help when preparing the tax return, but the two filings serve different purposes, go to different authorities and follow different rules. The company's first Corporation Tax accounting period may also differ from its statutory accounts period, so the two should not be treated as interchangeable.

Can a new limited company qualify for micro-entity accounts?

It can if it meets the eligibility conditions for the micro-entity framework for the relevant accounting period — but qualification is not automatic, and neither a recent incorporation date nor limited activity in the first few months decides it. Where a company does qualify, FRS 105, the financial reporting standard applicable to qualifying entities using the micro-entity framework, would normally apply. Some companies instead fall within the small-company regime, and others need full accounts. The appropriate framework should be confirmed once the company's position is understood.

What happens if first-year accounts are filed late?

Failing to file required accounts by the applicable deadline can lead to Companies House consequences, and the outcome can differ from one case to another rather than being identical for every company. Paying any penalty does not remove the obligation to file the outstanding accounts, so the filing still has to be completed. Where an appeal against a penalty is being considered, eligibility depends on the circumstances and the applicable rules. Directors remain responsible for making sure the company meets its filing obligations, even where an accountant is engaged to help.