─── SPECIALIST MICRO-ENTITY ACCOUNTANTS IN LONDON

FRS 105 Micro Entity Accounts in Witney — Specialist Preparation for the Micro-Entities Regime

FRS 105 provides the financial reporting framework for qualifying micro-entities that choose to apply the micro-entities regime, and it is the most streamlined set of statutory accounts available under UK GAAP. For a company in Witney, choosing FRS 105 Micro Entity Accounts means reporting under a framework designed around the needs of very small businesses — typically a straightforward balance sheet, a small number of notes and simpler measurement requirements. Professional preparation helps ensure those financial statements genuinely reflect your company’s circumstances, that the figures agree with your underlying records, and that the framework is applied consistently from one accounting period to the next. Eligibility is not automatic: a company must satisfy the applicable size conditions and the relevant rules and exclusions before the micro-entities regime can be used. We look at your turnover, balance sheet total, employee numbers and company structure, then prepare FRS 105 Micro Entity Accounts that are consistent with the framework and with the information you provide.

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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: What the Micro-Entities Regime Means for Witney Companies

FRS 105 is the UK financial reporting standard that applies when a qualifying company chooses to use the micro-entities regime. In plain terms, it is the simplest way for a very small company to prepare statutory financial statements: the accounts focus on the information that matters most to a micro-entity, with simpler measurement and far fewer disclosures than larger frameworks require. The micro-entities regime is the set of rules that allows eligible companies to report in this simplified way, and FRS 105 is the standard that governs how those accounts are actually put together. It is a choice rather than an obligation — a company that qualifies can apply the regime, but it can also opt for a different framework such as FRS 102. For businesses in Witney, the practical benefit is that FRS 105 Micro Entity Accounts keep reporting proportionate to the size and complexity of the company while still producing financial statements that can be filed at Companies House. If you are unsure whether the regime suits your circumstances, a short conversation is often enough to clarify where you stand.

Who Can Use FRS 105 in the UK? Eligibility for the Micro-Entities Regime

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 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. Meeting two of those three size conditions does not, on its own, guarantee that the regime is available. Other eligibility rules and exclusions apply, and certain types of company cannot use the micro-entities regime at all, regardless of their size. For a Witney business, the sensible approach is to check the position against your actual figures, your company structure and any group relationships before deciding. If you qualify and choose the regime, FRS 105 Micro Entity Accounts are prepared on that basis; if the regime is unavailable or unsuitable, a different framework will be needed instead.

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 Witney Businesses

FRS 105 Micro Entity Accounts should be built from accurate, up-to-date financial records and prepared in line with the reporting requirements that apply to your company. Our approach starts with your bookkeeping — bank and credit card transactions, sales and purchase records, payroll information, fixed asset details, loans and director balances — and turns that information into a coherent set of financial statements. We prepare the balance sheet and the limited notes a micro-entity typically requires, then handle the Companies House filing as a step that is separate from your Corporation Tax responsibilities. A CT600 is not the same thing as FRS 105 Micro Entity Accounts: the accounts are the financial statements prepared under the micro-entities regime, while the CT600 is the Corporation Tax Return submitted to HMRC. Keeping those two processes clearly distinguished avoids confusion and means the figures used in each are understood in the right context. We work from the information you provide, raise queries where records are unclear, and keep you informed about what is needed at each stage so the accounts can be completed on a sound footing.

ICAEW

ACCA

AAT

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

Every company’s circumstances are different, and your FRS 105 Micro Entity Accounts should reflect yours rather than a one-size-fits-all template. If you would like to discuss whether the micro-entities regime is right for your company, get in touch and tell us a little about your business — your accounting period dates, the nature of your income and costs, how your records are kept, and whether you have prepared micro-entity accounts before. That information lets us assess your position properly and explain what is involved in preparing FRS 105 Micro Entity Accounts, what we would need from you, and how the accounts sit alongside your other filing obligations. Whether you are setting up a new Witney company, considering a move from a different framework, or simply want your existing accounts prepared with more care, we are happy to talk it through with no obligation.

─── 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, and choose to apply, the micro-entities regime. It sets out how a micro-entity's financial statements should be prepared, including the form of the balance sheet and the limited notes that are required. It is the simplest framework available under UK GAAP, designed to keep reporting proportionate for very small companies. FRS 105 governs the accounting basis of the accounts — it is not a tax return and it does not replace any other filing obligation.

Who can use FRS 105?

FRS 105 is available to companies that qualify for the micro-entities regime and decide to apply it. 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. Meeting those size conditions is not the whole picture, because other eligibility rules and exclusions can apply — some types of company cannot use the regime regardless of their size. We look at your specific circumstances rather than assuming you qualify.

Is FRS 105 compulsory for every micro-entity?

No. The micro-entities regime is a choice. A company that qualifies can apply it and prepare FRS 105 Micro Entity Accounts, but it is equally entitled to use a different framework, such as FRS 102. Some businesses prefer a fuller framework because of the way they are structured, because of a lender's or investor's expectations, or simply because they want more detailed disclosure. Eligibility opens the door to the regime — it does not force you through it.

What is the difference between FRS 105 and FRS 102?

Both are UK financial reporting standards, but they are aimed at different sizes of company and produce different levels of detail. FRS 105 is the most simplified option and is only available to qualifying micro-entities that choose the micro-entities regime; it involves simpler measurement requirements and far fewer disclosures. FRS 102 is a broader framework used by a much wider range of companies and generally requires more detailed accounting and more extensive notes. Moving between the two can affect how figures are presented, so it is worth reviewing before deciding.

Do FRS 105 Micro Entity Accounts need to be filed with Companies House?

Yes — for a limited company, the statutory accounts are filed at Companies House, and where those accounts have been prepared under FRS 105, that is the framework reflected in the filing. The filing obligation comes from company law rather than from the accounting standard itself, and the accounts are separate from your Corporation Tax Return (CT600), which goes to HMRC. Filing the accounts and filing the CT600 are two distinct processes, even though they draw on the same underlying records.

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

Yes, they are separate. FRS 105 Micro Entity Accounts are the financial statements prepared under the micro-entities regime, while the CT600 is the Corporation Tax Return submitted to HMRC. The accounts show your financial position and performance for the period; the CT600 deals with the tax due. Because they serve different purposes and go to different bodies, they need to be prepared and submitted separately, even though both rely on the same bookkeeping.

Can a new limited company use FRS 105?

It can, provided it qualifies for the micro-entities regime and chooses to apply it. A newly incorporated company has no trading history, so eligibility is assessed against the size conditions that apply to its circumstances, along with the relevant rules and exclusions. In practice, many new companies are small enough to be in scope, but this should be confirmed rather than assumed — particularly if the company is part of a group, has unusual transactions, or is a type of entity that cannot use the regime.

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

Most of what is needed comes from your day-to-day records: bank and credit card statements, sales invoices and receipts, purchase records, payroll details if you employ people, details of assets bought or sold, loans, and director's loan account movements. It also helps to know your accounting period dates, whether anything significant changed in the business during the year, and whether any balances carried forward need attention. Accurate, complete records make preparation smoother and reduce the number of queries raised along the way.