─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

First Year Accounts for Limited Company in Wells: Professional Preparation and Filing Support

A company’s first set of statutory accounts is a milestone, and getting it right from the outset makes everything that follows easier to manage. Micro Entity Accounts supports newly incorporated and newly trading limited companies in Wells with their First Year Accounts for Limited Company, from reviewing the accounting records you hold and building the statutory accounts from those figures, through to filing with Companies House where required. Because a first accounting period rarely runs to a tidy twelve months, we check the company’s accounting reference date and the reporting requirements that apply before anything is finalised. Where Corporation Tax is relevant, we can also explain how the accounts feed into the company’s tax position, bearing in mind that a Corporation Tax Return such as a CT600 is submitted to HMRC separately from the Companies House filing.

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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 300 reviews 
    
 
 
 
   
 
 
       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 .
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   3rd Hub 
 
 
 
 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.
  
 
      Posted on Google  
   
   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.
  
 
      Posted on Google  
   
   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.

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? A Guide for New Limited Companies in Wells

First year accounts are the first set of statutory accounts a limited company prepares for its initial accounting period. They are not optional simply because the company is new. Once incorporated, a company generally has an accounting reference date, and statutory accounts will usually need to be prepared and delivered to Companies House where required. The first accounting period typically begins on the date of incorporation and ends on the first accounting reference date, but the length of that period can vary, so the specific dates should be confirmed rather than assumed. The accounts themselves normally include a balance sheet and, where applicable, a profit and loss account, along with the notes required by the chosen reporting framework and the directors’ responsibilities that accompany them. Directors remain responsible for ensuring the company meets its filing obligations even when an accountant is engaged to prepare or submit the accounts. Some newly incorporated companies may be able to use the micro-entity accounting framework and FRS 105, the financial reporting standard for qualifying micro-entities, but this depends on meeting the applicable eligibility requirements for the relevant period, so it should not be taken for granted. It also helps to be clear about what first year accounts are not: they are separate from a Corporation Tax Return such as a CT600, which is submitted to HMRC where applicable, and separate from the confirmation statement, which keeps the company’s details at Companies House up to date. Filing accounts does not complete those other obligations.

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.

Get Your First Year Accounts for Limited Company Right, With Professional Preparation and Filing Support in Wells

If your company has recently been incorporated and you are unsure what the first set of statutory accounts should include, which records you need to keep, or how the Companies House filing fits together with everything else, you are in a very common position. Micro Entity Accounts can review your accounting records, prepare your first year statutory accounts and assist with the Companies House submission where required, while checking that the reporting framework used suits your company’s circumstances. Whether you have a new venture in Wells with a handful of transactions or a first accounting period that has grown faster than expected, having someone who deals with first-year accounts regularly takes the guesswork out of the process. Talk to us about what your company needs, and we will explain the next steps.

─── 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?

First year accounts are the first set of annual statutory accounts a limited company prepares for its initial accounting period. They normally cover the period from incorporation to the company's first accounting reference date, although the exact first period depends on the company's circumstances. They are prepared under the reporting framework that applies to that company and filed with Companies House where required. They are a statutory obligation, not an optional extra for a new company.

When are a company's first accounts due?

The deadline depends on the company's incorporation date, its accounting reference date and the applicable Companies House requirements, so it is not identical for every company. The first accounts filing period is set in relation to the first accounting reference date, and it can differ from the deadlines that apply in later years. Rather than assuming a date, it is worth confirming exactly which deadlines apply to your company's first accounting period.

What information is needed to prepare first year accounts?

Usually the accounting records for the period: bank statements and transactions, sales and income records, purchase invoices and business expenses, details of assets bought or sold, share capital information, director's loan transactions, and any loans or finance arrangements. If the company has employees or is VAT registered, payroll and VAT records may also be relevant. Not every company will have all of these, and a newly incorporated company with limited activity may have very little to hand over, which is perfectly normal.

Do new limited companies in Wells have to file first year accounts with Companies House?

Where required, yes. A company incorporated in the UK generally has to prepare statutory accounts and deliver them to Companies House for its accounting period, including its first year. That filing is separate from other compliance tasks: a Corporation Tax Return such as a CT600 goes to HMRC where the company has Corporation Tax obligations, and a confirmation statement, which confirms the company's registered details, is a separate submission altogether. Filing the accounts does not complete those other requirements.

Are first year accounts the same as a CT600?

No. First year statutory accounts are prepared for the company and delivered to Companies House where required, while a Corporation Tax Return such as a CT600 is submitted to HMRC where applicable. Accounting information from the accounts is often used as a starting point when working out the company's tax position, and the first Corporation Tax accounting period may not always match the statutory accounts period exactly. The two have different purposes, different destinations and their own requirements, so completing one does not automatically satisfy the other.

Does a company need to file first accounts if it has not traded?

Limited activity does not automatically remove a company's statutory filing obligations. Following incorporation, a company will usually still need to deal with its accounts and its Companies House position, although what is filed and in what form depends on the individual circumstances. A company with no significant accounting transactions is not automatically dormant, and the reporting position should be considered properly rather than assumed. Directors in Wells working through a quiet first period can ask for guidance on the most appropriate route.

Can a newly incorporated company qualify for micro-entity accounts under FRS 105?

Some companies do qualify, but it depends on meeting the eligibility requirements for the relevant accounting period. Being newly incorporated, or having modest turnover, does not automatically make a company a micro-entity. Where a company qualifies, micro-entity accounts are prepared under FRS 105, the financial reporting standard applicable to qualifying micro-entities. If it does not qualify, small-company or full reporting requirements may apply instead, and the accounts need to be prepared on that basis.

What happens if first year accounts are filed late?

Failing to deliver accounts by the applicable deadline can lead to Companies House consequences, which may include late filing penalties, and paying a penalty does not remove the requirement to file the outstanding accounts. The outcome is not the same in every case, as it depends on the circumstances and how overdue the filing is. If accounts are already late, professional help with preparing and submitting them is usually the practical way forward, and whether a penalty can be appealed depends on the applicable rules and the reasons involved.