If you are a Micro Entity company, then YES we can! Now read on to find out more about whether your company can qualify as a micro entity and what that means to you and your business.
So which companies can qualify as a Micro entity?
Micro-entities are very small companies. Your company will be a micro-entity if it has any 2 of the following:
- a turnover of £632,000 or less
- £316,000 or less on its balance sheet
- 10 employees or less
What are the benefits of being a Micro Entity company?
This is information supplied by the HMRC Government website.
If your company is a micro-entity, this means you can:
- prepare simpler accounts that meet statutory minimum requirements
- send only your balance sheet with less information to Companies House
- benefit from the same exemptions available to small companies
So why would you choose to employ the services of a bookkeeper rather than an accountant?
If you qualify as a micro entity, why would you choose to employ the services of a bookkeeper rather than an accountant to complete your accounts? Well probably the main reason would be price. A bookkeeper will more than likely be less expensive than a Chartered Accountants to basically do the same job.
At Tandem Business Solutions we recognise the necessity of having a great accountant, and that is why we work closely with quite a few!
We consider we fit into the accounting industry perfectly. For those smaller businesses, with simpler accounts, we know we offer a great package and support. We are there for the business owner in their journey and nothing gives us more pleasure when one of our clients exceeds the thresholds of being a Micro Entity company and we can then pass them on to one of the firm of accountants to complete their accounts as their clients.
Bookkeepers and Accountants each have their own unique specialities, and because we both work towards the same goal, the synergy between us provides compliance and support to business owners.
We never feel we offer an inferior service as bookkeepers versus accountants. Yes, we are cheaper, but we are only qualified to deal with the small companies, whereas accountants have a much lengthy and detailed qualifying process.
Tandem is the Mico-Entity Specialist
I like to think of Tandem Business Solutions as the Micro Entity specialist. If you would like more information on how Tandem can manage your end of year accounts, have a look at our Services page here. (https://www.tandem-solutions.co.uk/end-of-year-accounts/) If you believe you qualify as a Micro Entity and would like to discuss your requirements, please click on the BOOK A CALL button.