─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Olney

If you run a small company in Olney and you are looking for a simpler, more proportionate way to report your finances, FRS 105 Micro Entity Accounts may be exactly what you need. FRS 105 is the financial reporting framework that applies when a qualifying company chooses to use the UK micro-entities regime, allowing the accounts to be prepared on a basis designed for genuinely small businesses rather than larger, more complex entities. Professional preparation of your FRS 105 Micro Entity Accounts involves working from your bookkeeping and financial records, applying the requirements of the framework to your figures, and producing financial statements that reflect your company’s circumstances — its trade, its assets and liabilities, and the way it is structured. Just as importantly, the work should begin with a proper look at whether the micro-entities regime is available and appropriate for your company, because eligibility is not automatic and depends on meeting the relevant size conditions and any applicable exclusions. Used properly, FRS 105 Micro Entity Accounts can keep your reporting focused, clear and consistent from one year to the next, while still giving you and any other readers of the accounts a meaningful picture of how the business is performing.

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FRS 105 Micro-Entity Accounts

(Turnover up to £100K)

£499.00

£399.00

+vat

FRS 105 accounts preparation
Accounting records review
Micro-entity eligibility review
Companies House filing where applicable
Corporation Tax support where included
Director review
FRS 105 accounting support

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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 300 reviews 
    
 
 
 
   
 
 
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   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.
  
 
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   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
  
 
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   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.
  
 
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   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.
  
 
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   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 .
  
 
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   Mael Leboucher 
 
 
 
 Trustindex verifies that the original source of the review is Google. We worked with a few different accountants before finally settling with Accotax, and we’re really glad we did. Their team is great. Abdul is responsive and easy to reach whenever I have a question, which makes a big difference. They take the time to understand how our business works and what our needs are. They are very knowledgeable, and when they don’t have the answer straight away, they take the time to look into it and get back to us quickly. Anum, who looks after our account on a day-to-day basis, including reconciling invoices and preparing the annual accounts, is amazing. She is professional, efficient, and follows the processes we have put in place together. She's also very quickin getting back to us whenever needed. We’re very happy to work with her and hope to continue doing so for as long as possible. Overall, Accotax has made our accounting experience much smoother and easier. We see them as a long-term partner as our business continues to grow. I would 100% recommend them.
  
 
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 Trustindex verifies that the original source of the review is Google. Imran provides a very dependable and straightforward accounting service. He is always responsive and professional when managing our accounts. Excellent support.
  
 
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   Martin Tyrrell 
 
 
 
 Trustindex verifies that the original source of the review is Google. I have really impressed to date with all dealings with Accotax highly enough. From day one, they've made what can often be a complicated and stressful part of running a business feel straightforward and hassle-free. A special mention has to go to Anum, who has been friendly, incredibly responsive, and genuinely cares about providing the best possible service. No question is ever too much trouble, and she consistently goes above and beyond to make sure everything is dealt with efficiently. I wouldn't hesitate to recommend you to anyone looking for an accountant they can genuinely trust.
  
 
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   Matthew Lyon 
 
 
 
 Trustindex verifies that the original source of the review is Google. Great speedy service and very personable. Anum dealt with my income certificate and did everything quickly and helped me out massively. Very happy with the service provided.

─── FRS 105 EXPLAINED

FRS 105 Explained: The Micro-Entities Regime in Plain English

FRS 105 stands for Financial Reporting Standard 105, and it is the accounting standard written specifically for micro-entities in the UK. In practice, it sits alongside the micro-entities regime — a set of rules that allows qualifying companies to prepare and file simpler financial statements than those required under larger frameworks. The key point is that a company does not have to use the micro-entities regime; it is a choice available to companies that qualify. Where that regime is chosen, FRS 105 applies, and the accounts are prepared on that basis. What does that mean day to day? FRS 105 financial statements are typically built around a smaller set of primary statements, with less disclosure than you would see under FRS 102, and the measurements are kept straightforward. For a small owner-managed business in Olney, that can mean reporting that is easier to follow, quicker to put together and less costly to maintain, without losing the core information that makes the accounts useful. It is important to be clear that choosing FRS 105 is not a way of avoiding accounting obligations altogether — the accounts still need to be properly prepared from accurate records, and they still need to be filed where filing is required. But for a company that genuinely fits the micro-entity mould, it is often the most sensible route, and it is worth understanding before you decide how your next set of accounts should be prepared.

Who Can Use FRS 105 in the UK?

FRS 105 is intended for companies that qualify for the UK micro-entities regime and that decide to apply it. Two things therefore have to line up: the company must be eligible, and it must positively choose to use the regime — qualifying does not oblige anyone to adopt it, and choosing it is not possible if the eligibility conditions are not met. On size, for accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the following 3 conditions: turnover of no more than £1 million, a balance sheet total of no more than £500,000, and an average of no more than 10 employees during the period. As with most things in company reporting, that is not the complete picture. Other eligibility rules and exclusions can apply, and certain types of entity are not able to use the micro-entities regime regardless of how small they are. A company that meets the size conditions could still find itself outside the regime, and there are additional considerations for businesses that operate as part of a group or that have subsidiary relationships. For a company based in Olney, the practical answer is to have your position reviewed against the current rules rather than assuming that small turnover and a handful of employees settles the question. If FRS 105 is available and appropriate, the accounts can then be prepared on that basis.

A company generally needs to meet at least 2 of these 3 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)

─── What We Review

Everything Your Micro-Entity Company Is Required to Get Right

Most compliance problems are not deliberate. They come from a missed deadline, an accounts template that no longer matches FRS 105, or dividends taken without the paperwork to support them. Our review covers each area in turn and reports back in plain English.

FRS 105 Balance Sheet

A statutory balance sheet prepared to the FRS 105 format, using the reduced disclosure the micro-entities regime allows.

Profit & Loss Account

A profit and loss account prepared for your own records and for your Corporation Tax computation, without public filing.

Required Notes & Disclosures

Preparation of the notes and disclosures required for the company's accounts under the applicable reporting requirements.

Corporation Tax Support

Separate Corporation Tax support can be provided where included in the agreed service. The Corporation Tax calculation is governed by tax rules rather than FRS 105.

Companies House Filing

Your FRS 105 accounts filed with Companies House in the correct format, before your accounts filing deadline.

Director Copy Pack

A full signed copy of your accounts and tax return, ready for your bank, mortgage lender or accountant records.

─── How It Works

How Our FRS 105 Preparation Process Works

Share Your Records

Send your bank statements, sales and purchase records, expenses and payroll details through our secure digital platform.

We Prepare Your FRS 105 Accounts

Our accountants confirm you qualify for the micro-entities regime, then prepare your accounts and CT600 from your records.

Review & Approve

We send draft accounts with clear explanations of the figures, and adjust anything before anything is submitted.

We File Where Required

Once approved, we can assist with the relevant Companies House filing and any separately agreed tax submission.

─── WHY CHOOSE US

Why Choose Our FRS 105 Accountants?

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

FRS 105 Accounts Support

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.

Clear, Transparent Pricing

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

─── WHO WE HELP

FRS 105 Support for Micro-Entities Across the UK

From one-director businesses and freelancers to startups, consultants and online businesses that qualify for the micro-entities regime.

One-Director Companies

Straightforward FRS 105 accounts and Corporation Tax filing for owner-managed limited companies.

Freelancers & Contractors

Accounts and compliance support for contractors trading through a qualifying limited company.

Startups & Small Companies

Practical support for newly incorporated companies filing their first set of micro-entity accounts.

Dormant & Low-Activity Companies

Dormant company accounts and FRS 105 accounts for LLPs that meet the micro-entity thresholds.

Professionally Prepared FRS 105 Micro Entity Accounts in Olney

Accurate financial reporting starts with accurate records, and FRS 105 Micro Entity Accounts are no exception. When we prepare accounts for a company in Olney, the process begins with your bookkeeping, bank records, sales and purchase information, and any other supporting detail that explains your income, costs, assets and liabilities. From there, the figures are reviewed, adjusted where appropriate, and presented in the format required by FRS 105 for a qualifying micro-entity. The result is a set of financial statements that reflects your company’s position and performance for the period, prepared in line with the framework that applies to it. It is worth separating the pieces of your annual obligations clearly. Your FRS 105 Micro Entity Accounts are the financial statements themselves. Filing those accounts at Companies House is a distinct step with its own rules and deadlines, and it is separate again from your Corporation Tax obligations, which are dealt with through a Company Tax Return (CT600) submitted to HMRC. A CT600 is not the same as your statutory accounts, even though the figures in the two documents need to be consistent and reconcilable. Getting that distinction right matters, because a company can be up to date with one filing and behind on another. Our role is to prepare your accounts carefully and to help you understand what needs to be filed, where, and on what basis — so that you are not left guessing about which document goes to which body.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Olney

Whether you are preparing your first set of accounts, moving across from a different framework, or simply want your FRS 105 Micro Entity Accounts handled by someone who works with them regularly, the best next step is a straightforward conversation. Tell us about your company — how it is structured, what it does, how long it has been trading, and roughly how your figures look for the period — and we can talk through whether the micro-entities regime appears to suit your circumstances. If you can share your bookkeeping records, bank statements, details of any assets or liabilities, and information about any previous accounts, that gives us a solid basis to work from and helps us give you a meaningful answer rather than a general one. There is no need to have everything perfectly organised before you get in touch; part of the value of professional preparation is sorting out the gaps early. We will explain what we need from you, what the process involves, and what your options are, so you can make an informed decision about how your FRS 105 Micro Entity Accounts should be prepared.

─── FAQs

FRS 105 Accounts Preparation 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 is FRS 105?

FRS 105 is the UK financial reporting standard designed for micro-entities. It sets out how the financial statements of a qualifying company should be prepared when that company chooses to apply the micro-entities regime. Compared with larger frameworks, FRS 105 keeps measurement simpler and requires less disclosure, which makes it well suited to very small companies that want proportionate reporting based on their actual trading activity.

Who can use FRS 105?

FRS 105 is available to companies that qualify as micro-entities and that choose to apply the micro-entities regime. Qualifying is not simply a matter of being small — the company needs to meet the relevant size conditions and must not fall within any of the applicable exclusions. Some entity types are not eligible for the regime at all, and there can be extra considerations for companies that form part of a group. This is why it is worth checking your specific position rather than assuming you qualify.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an option, not an obligation. A company that qualifies can still choose to prepare its accounts under FRS 102 or another applicable framework if that better suits its circumstances — for example, if it needs to provide more detailed information to a lender, an investor or another interested party. FRS 105 applies when the micro-entities regime is the route you have decided to take.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 applicable size conditions. Those conditions are turnover of no more than £1 million, a balance sheet total of no more than £500,000, and an average of no more than 10 employees during the period. Meeting those size conditions is not the whole story, however, because other rules and exclusions can affect whether the micro-entities regime is available, and there are additional points to consider for companies with subsidiaries or group relationships.

What is the difference between FRS 105 and FRS 102?

Both are UK accounting standards, but they are aimed at different sizes and types of entity. FRS 105 is written for micro-entities who choose the micro-entities regime and is deliberately simpler, with fewer disclosures and more straightforward measurement. FRS 102 is the broader standard used by a much wider range of companies and includes far more recognition, measurement and disclosure requirements. Choosing between them affects how the accounts are presented, so the decision should reflect your company's size and what the accounts need to achieve.

Do FRS 105 accounts need to be filed with Companies House?

Where a company is required to file annual accounts, the accounts prepared under FRS 105 are the statutory accounts that would normally be filed at Companies House. Filing is a separate step from preparing the accounts, and the deadline depends on factors such as your accounting reference date and whether it is your first set of accounts, so it is worth confirming your own dates rather than relying on a general rule of thumb. Filing the accounts is also distinct from your Corporation Tax filing obligations.

Is a Corporation Tax Return (CT600) separate from FRS 105 accounts?

Yes, they are two different things. Your FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime. A CT600 is the Company Tax Return submitted to HMRC to report your company's taxable profits and calculate the corporation tax due. The two documents need to be consistent with each other, but they serve different purposes, go to different bodies, and follow their own rules and deadlines.

Can a new limited company use FRS 105?

A newly incorporated company can potentially use FRS 105 for its first set of accounts if it qualifies as a micro-entity and chooses the regime. New companies often do fit the size conditions, but eligibility also depends on the nature of the company and any exclusions that may apply, and the first accounting period can raise its own questions — for instance around pre-trading costs or the length of the period. It is worth discussing the position early so that your records are set up in a way that supports the accounts you intend to prepare.

What changes are coming to micro-entity accounts filing?

The way small and micro-entity accounts are filed at Companies House has been changing, with a shift towards filing through compatible software rather than manual or simplified alternatives. The direction of travel is towards more structured, digital filing of accounts data. Because the details and timing of these changes can affect how you submit your accounts, it is sensible to check the current position before your next filing date and to make sure your accounts are prepared in a format that can be filed under the rules in force at the time.