─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Isle of Wight: Clear, Practical Financial Reporting

FRS 105 Micro Entity Accounts are prepared under the UK micro-entities regime, which is a financial reporting framework available to companies that qualify as micro-entities and choose to apply it. If your company is considering FRS 105 Micro Entity Accounts in Isle of Wight, professional preparation can help you organise your financial records, understand the disclosure requirements and produce accounts that reflect your company’s circumstances. It is important to check eligibility for each accounting period, because qualifying for the micro-entities regime depends on the relevant size conditions and other rules, and not every small company will qualify. We can help you assess whether the regime is suitable and prepare FRS 105 financial statements in a clear, straightforward way.

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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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   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.
  
 
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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 and Your Financial Statements

FRS 105 is the financial reporting standard used for UK micro-entity accounts when a qualifying company chooses to apply the micro-entities regime. In simple terms, it gives smaller companies a simpler set of rules for preparing annual financial statements, with reduced disclosure compared with larger reporting frameworks. A company cannot simply opt into FRS 105 because it considers itself small: it must qualify for the micro-entities regime and then choose to use it for the relevant accounting period. Once that choice is made, FRS 105 Micro Entity Accounts provide the framework for the balance sheet, notes and related information. For directors in Isle of Wight, understanding FRS 105 helps clarify what the accounts include, how they differ from other frameworks and why accurate record-keeping matters.

Who Can Use FRS 105 in the UK? Guidance for Isle of Wight Companies

FRS 105 is available to companies that qualify for the UK micro-entities regime and choose to apply it, rather than to every small company automatically. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 applicable size 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. There are also other eligibility rules and exclusions, which means that meeting these size conditions does not, by itself, guarantee that FRS 105 can be used. Directors in Isle of Wight should consider the company’s specific circumstances for each accounting period and confirm whether the micro-entities regime is available and appropriate before preparing FRS 105 Micro Entity Accounts.

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 for Isle of Wight Companies

Professionally prepared FRS 105 Micro Entity Accounts start with accurate financial records and a clear understanding of the company’s reporting requirements. We can help prepare financial statements under FRS 105 based on the information you provide, making sure the accounts are structured appropriately for the micro-entities regime and the company’s circumstances. The preparation of FRS 105 financial statements is separate from Corporation Tax: a CT600 is submitted to HMRC, while the accounts may also need to be filed with Companies House. We can support you with the accounts preparation process and explain the separate filing obligations, but we do not suggest that any filing will automatically be accepted or that a particular outcome is guaranteed. Our aim is to make the process clear, organised and suited to a qualifying micro-entity in Isle of Wight.

ICAEW

ACCA

AAT

Get Help With Your FRS 105 Micro Entity Accounts in Isle of Wight

If you need FRS 105 Micro Entity Accounts in Isle of Wight, the next step is to talk through your company’s circumstances. We can discuss your accounting period, the records available, whether the micro-entities regime may be relevant and the information needed to prepare your accounts. Whether you are already using FRS 105 or reviewing your options, we can provide clear, transparent pricing and practical support with preparation and filing. Get in touch to ask questions and find out what is required for your FRS 105 Micro Entity Accounts.

─── 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 for companies that qualify for the micro-entities regime and choose to apply it. It sets out how their annual financial statements should be prepared, including the balance sheet, notes and related disclosures. It is not a tax return and does not replace other filing obligations; it is the accounting framework used for micro-entity accounts when that regime is selected.

Who can use FRS 105?

FRS 105 is intended for companies that qualify as micro-entities under the UK rules and choose to apply the micro-entities regime. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of 3 size conditions: turnover of no more than £1 million, balance sheet total of no more than £500,000, and an average of no more than 10 employees. Other eligibility rules and exclusions can apply, so meeting the size conditions alone does not always guarantee that the regime is available.

Is FRS 105 compulsory for every micro-entity?

No. FRS 105 applies when a qualifying company chooses to use the micro-entities regime. A company that qualifies may have other reporting options available to it, depending on its circumstances and the applicable rules. The decision should be considered for each relevant accounting period rather than assumed to be automatic.

What are the current micro-entity eligibility criteria?

For accounting periods beginning on or after 6 April 2025, the micro-entity size conditions are generally based on turnover, balance sheet total and average number of employees. A company usually needs to meet at least 2 of the 3 applicable conditions: turnover of no more than £1 million, balance sheet total of no more than £500,000, and an average of no more than 10 employees. The rules also include exclusions and other considerations, so eligibility should be checked against the company's specific circumstances.

What is the difference between FRS 105 and FRS 102?

FRS 105 is the simpler framework for qualifying micro-entities that choose the micro-entities regime, while FRS 102 is a broader financial reporting standard used by many other companies. FRS 105 generally allows reduced disclosures and a more streamlined approach, but it may not be suitable or available for every company. The right framework depends on eligibility, company circumstances and the reporting choices available.

Do FRS 105 accounts need to be filed with Companies House, and is a CT600 separate?

FRS 105 Micro Entity Accounts may need to be filed with Companies House as part of the company's annual accounts filing obligations, depending on the company's circumstances and the applicable rules. A Corporation Tax Return (CT600) is separate: it is submitted to HMRC to report the company's corporation tax position. Preparing FRS 105 accounts and dealing with a CT600 are related but distinct tasks, and each has its own requirements.

Can a new limited company use FRS 105?

A new limited company may be able to use FRS 105 if it qualifies for the micro-entities regime and chooses to apply it. Eligibility depends on the size conditions and any applicable exclusions for the relevant period, and a first accounting period can raise practical points about how those conditions are assessed. It is best to review the position with professional advice before assuming FRS 105 will apply.

What information is needed to prepare FRS 105 Micro Entity Accounts?

To prepare FRS 105 Micro Entity Accounts, we typically need the company's financial records for the accounting period, including bank statements, sales and purchase records, expense details, payroll information if relevant, and any asset or liability information. We also need to understand the company's activities and any changes during the period. Providing complete and accurate information helps the accounts preparation process run smoothly and supports the financial statements produced under FRS 105.