Can a small property company use micro-entity accounts?
Last checked against the sources on
GOV.UK says a company can prepare micro-entity accounts if it meets at least two of three limits: turnover of £1 million or less, £500,000 or less on its balance sheet, and 10 employees or fewer. Whether a company is within them depends on its own figures.
The three tests
- Turnover of £1 million or less
- £500,000 or less on the balance sheet
- 10 employees or fewer
Meeting any two of the three is enough, so a company with no employees and turnover of £1 million or less is within the limits on those two tests alone. Check the figures for the company’s own financial year.
Check before relying on it
The limits are set by law and can change, and the rules have conditions beyond size. GOV.UK sets out the current figures and who can use them, so check it for the year in question.
How SPV Accounts helps
SPV Accounts prepares micro-entity accounts. It asks the questions that decide whether a company is one it is built for, and it says so plainly when a company is outside them.
Sources
General information checked against GOV.UK, not personal advice.