─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Wishaw

FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime for companies that qualify for it and choose to apply it. In Wishaw, many small limited companies find that this framework offers a simpler, more proportionate way to report their financial position, because it is built around the needs of genuinely small businesses rather than larger trading entities. Whether you are filing your first set of accounts or looking for a more straightforward approach, professional preparation helps ensure your FRS 105 Micro Entity Accounts reflect your actual records and are put together in line with the applicable reporting requirements. It also gives you a clear picture of your company’s results, which is useful when you are planning ahead, speaking to lenders, or simply trying to understand 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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   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 in Simple Terms

FRS 105 is the UK financial reporting standard written specifically for micro-entities. It sits alongside the micro-entities regime, an accounting option available to companies that meet the relevant size conditions, and it applies when a qualifying company chooses to use that regime. Under FRS 105, financial statements are prepared on a simplified basis, with a reduced set of disclosure requirements compared with larger reporting frameworks, and the accounts are generally prepared on the assumption that the company is a going concern. In practice, this means your balance sheet, profit and loss account and any supporting notes can be shorter and more straightforward, which suits the way many small companies in Wishaw actually operate. It is worth remembering that the micro-entities regime is a choice rather than an automatic outcome, and that other rules and exclusions can affect whether a company is able to use it. Where it is available and selected, FRS 105 provides the framework for preparing those accounts.

Who Can Use FRS 105 in the UK? Eligibility for Companies in Wishaw

FRS 105 is intended for companies that qualify for the UK micro-entities regime and choose to apply it. For accounting periods beginning on or after 6 April 2025, a company generally needs to meet at least 2 of the 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. It is important to treat those conditions as a starting point rather than the whole picture. Other eligibility rules and exclusions can apply, and certain companies may be unable to use the regime regardless of their size. Meeting the thresholds does not automatically guarantee eligibility, and choosing the micro-entities regime is a decision in itself — one that should be made with an understanding of how it affects the presentation of your accounts. If your company is based in Wishaw and you are unsure where it stands, a short review of your figures and circumstances is usually the quickest way to get clarity.

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 and Accurate Financial Reporting

Preparing FRS 105 Micro Entity Accounts starts with your company’s financial records — bookkeeping, bank transactions, sales and purchase information, payroll details and any asset or liability balances. From there, the figures are reviewed, adjustments are considered where appropriate, and the financial statements are drafted in line with the FRS 105 framework and the reporting requirements that apply to your company’s circumstances. It is helpful to separate this from your other obligations: the preparation of the accounts and their filing at Companies House is a distinct process from your Corporation Tax responsibilities, and a Corporation Tax Return (CT600) is submitted to HMRC separately from the accounts themselves. Keeping those strands clear helps you avoid confusion about what is due, what has been filed, and what still needs attention. Working with an accountant means your FRS 105 accounts are prepared from accurate records, presented clearly, and accompanied by practical explanations of what the numbers mean for your business.

ICAEW

ACCA

AAT

Talk to Us About Your FRS 105 Micro Entity Accounts in Wishaw

If your company may be able to use the micro-entities regime, or you simply want to understand whether FRS 105 Micro Entity Accounts are the right fit, get in touch to discuss your circumstances. It helps to have your latest financial records, details of your company’s trading activity, and an outline of your turnover, balance sheet position and employee numbers to hand, as these are the sorts of factors that shape how your accounts are prepared. We can talk through how the regime works, what information is needed, and how the accounts sit alongside your other filing responsibilities. There is no obligation to proceed — the first step is simply a conversation about where your company stands and what you would like to achieve.

─── 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 that applies to companies using the micro-entities regime. It allows qualifying companies to prepare simplified financial statements with fewer disclosures than larger reporting frameworks, which keeps the accounts proportionate to the size of the business. It is an accounting and reporting framework, and it is separate from tax filings such as the Corporation Tax Return.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and choose to apply it. Qualification depends on meeting the applicable size conditions and on the company not being excluded by other rules. Meeting the size thresholds on its own does not guarantee that the regime is available, so it is always worth checking your company's specific position before assuming FRS 105 applies.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is an available accounting regime rather than a mandatory one. A qualifying company can choose to apply it, and FRS 105 applies when that choice is made. If a company does not use the micro-entities regime, it would generally report under a different framework, such as FRS 102.

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: 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. Other rules and exclusions can also affect eligibility, so the size conditions should be considered alongside the wider requirements rather than in isolation.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are designed for different sizes of company. FRS 105 is the micro-entities standard and offers a simplified approach with fewer disclosure requirements. FRS 102 is used by a much wider range of companies and generally involves more detailed recognition, measurement and disclosure. Which one applies depends on whether the company qualifies for and chooses the micro-entities regime.

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

Where a company prepares accounts under FRS 105, those accounts form the basis of the company's annual accounts filing. Filing the accounts at Companies House is a separate process from submitting a Corporation Tax Return to HMRC, even though both draw on much of the same financial information. The right approach depends on your company's circumstances and the filing requirements that apply to it.

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

Yes. FRS 105 relates to how the company's financial statements are prepared and reported. A CT600 is a Corporation Tax Return submitted to HMRC, and it is a distinct filing with its own requirements. The figures in your FRS 105 Micro Entity Accounts often inform the tax return, but preparing the accounts and completing the tax return are separate pieces of work.

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

Typically you would provide your bookkeeping or accounting records, bank statements, sales and purchase information, payroll details, and any balances relating to assets, liabilities, loans or directors' transactions. Details of your company's turnover, balance sheet position and average employee numbers also help confirm how the accounts should be prepared. Clear, complete records make the process smoother and reduce the number of queries that arise along the way.