A Report and Template for Micro Entities
I propose a report and template for Micro Entities with all the relevant statements necessary (as optional tick boxes in options). Im talking about the directors report and the annual return for companies house. All thats required of Micro Entities is just the submission of a balance sheet and Profit and loss since for most micro entities can opt out of the directors report (one option needed - a statement must be made to this effect). Since Kashflow can generate these (balance sheet and profit and loss) anyway surely it makes sense to generate a nice template with all the relevant boxes and statments formatted nicely.
Where additional notes must be made (such as directors payments disclosure etc) an additional box for this information must be available for input.
Also, since this Micro Entity Annaul accounts - while must be submitted to Companies house (independently of HRMC company accounts) it CAN ALSO be used towards the HRMC annual accounts, note however that this currently can not be submitted online via the HRMC dual annual accounts and annual return system. In addition the computational information must be included for HRMC. SO what I propose is not only that Kashflow produces a Micro Entities Annual accounts report but also provides the computational details in a format suitable for HRMC submission.
This would kill two birds with one stone and create huge value to the 100,000's of newly declared micro entities out there.
It would make Kashflow the ultimate tool and im sure we would all happily share our affiliate links accordingly (easy sell).
I would also be interested in working for Kashflow so please contact me if interested.
Guest
Reference:
http://www.icaew.com/en/technical/financial-reporting/other-reporting-issues/companies-act/micro-entity-accounts-exemptions
Will HMRC accept micro-entity accounts as part of a company’s annual self assessment?
Yes, micro-entity accounts prepared in accordance with the micro-entities regime will represent accounts prepared under GAAP and therefore can be submitted, along with the directors’ report (where applicable), to HMRC as part of a company’s annual self- assessment.
There is no change in the requirement to keep and retain adequate business and accounting records.
I just spoke to the HRMC and amazingly, the people on the other end of the line have no idea about Micro Entity accounts - clueless. Im due a call back with a specialist. But it seems there is conflicting information out there. I was told I can not submit micro entity accounts ONLINE to HRMC.
However I found this
http://webarchive.nationalarchives.gov.uk/20140109143644/http://www.hmrc.gov.uk/news/ct-micro-entity.htm
So I am checking this information via various different sources.
The CT600 pdf is now defunct (for submission of anything later than December 2015) so submission has to be via the government gateway or via approved accounting software with a CT600 report. (Kashflow needs this!!!!)