{"id":1338,"date":"2020-02-19T16:46:05","date_gmt":"2020-02-19T16:46:05","guid":{"rendered":"https:\/\/www.aysgarthaccountants.co.uk\/?p=1338"},"modified":"2022-03-24T16:19:22","modified_gmt":"2022-03-24T16:19:22","slug":"micro-entities","status":"publish","type":"post","link":"https:\/\/www.aysgarthaccountants.co.uk\/micro-entities\/","title":{"rendered":"Micro-entities"},"content":{"rendered":"\n<p><br>WHAT IS A MICRO-ENTITY?<\/p>\n\n\n\n<p>To qualify as a micro-entity a company needs to meet two out of three of the following thresholds:<\/p>\n\n\n\n<ul><li>Turnover not more than \u00a3632,000<\/li><li>Balance sheet total not more than \u00a3316,000<\/li><li>Average number of employees not more than 10.<\/li><\/ul>\n\n\n\n<p>After the first financial year of the micro-entity, the criteria must be met in two consecutive years for a company to qualify and if exceeded in two consecutive years it will cease to\u00a0qualify as a micro-entity.<\/p>\n\n\n\n<p>Accounting standard FRS105 is available to entities that are eligible for, and choose to apply, the micro-entities regime. For many technical reasons as a firm Aysgarth Chartered Accountants does not really like FRS105. We do use it for some micro-entity firms, for example contractors and\u00a0personal service companies, but for companies that are seeking to grow we encourage the directors to use the accounting standard FRS102 Section 1A. We can discuss our reasons when we meet-up.<\/p>\n\n\n\n<p>Any entity that is excluded from the\u00a0small companies regime\u00a0(or small LLPs regime) may not apply FRS 105. Additionally the following types of entity are excluded from being treated as a micro-entity:<\/p>\n\n\n\n<ul><li>charitable companies<\/li><li>investment undertakings<\/li><li>financial institutions<\/li><li>subsidiaries that are fully consolidated in group accounts<\/li><li>parent companies that prepare group accounts.<\/li><\/ul>\n\n\n\n<p>If you would like to understand how this may affect your company then please<a href=\"https:\/\/www.aysgarthaccountants.co.uk\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u00a0contact us<\/a>\u00a0and we can arrange a meeting with you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>WHAT IS A MICRO-ENTITY? To qualify as a micro-entity a company needs to meet two out of three of the following thresholds: Turnover not more than \u00a3632,000 Balance sheet total not more than \u00a3316,000 Average number of employees not more than 10. After the first financial year of the micro-entity, the criteria must be met [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[45,63,67,68],"tags":[47,48,55,54,50],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Micro-entities - Aysgarth Chartered Accountants Leeds<\/title>\n<meta name=\"description\" content=\"Aysgarth Chartered Accountants Leeds Micro-entities Accountancy Advice -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.aysgarthaccountants.co.uk\/micro-entities\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Micro-entities - 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