Corporation Tax

Online Filing for Small Businesses

17 November 2014

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.