Online Filing for Small Businesses
From mid- November 2014 HMRC have simplified the processes for online filing of corporation tax returns and simple financial accounts for small businesses which they describe as micro-entities.
They have simplified the process by making free software available for unrepresented micro entities.
A micro entity meets 2 or more of the following criteria:
- Turnover < or equal to £632,000;
- Balance Sheet asset value of < or equal to £316,00;
- Average Number of Employees in the year of < or equal to 10.
Unrepresented presumably means for those businesses without a tax agent although it is unclear if your tax agent would be stopped from also using the free software.
To file online the HMRC link is: https://www.gov.uk/file-your-company-accounts-and-tax-return
If you are a small business Umbrella Accountants LLP can help you prepare and submit your financial accounts and corporation tax returns. For further information please call 0800 121 6513.