Which type of company accounts to choose for LTD tax return?

Question

I'm trying to file a File company's annual accounts on Companies House WebFilling website, however I've the following type of accounts:

• Abbreviated Accounts

  These audit exempt accounts are suitable for companies to input abbreviated figures from their full accounts that have already been prepared and approved.

• Dormant Company Accounts

  These accounts are suitable for companies limited by shares or by guarantee that have never traded.

• Micro-entity Accounts

  These audit exempt accounts are suitable for companies that fall within the micro-entity definition.

• Full Accounts (with abbreviated option)

  These accounts are suitable for full accounts figures, from which the abbreviated figures are extracted for Companies House.

• Full Accounts with Companies House and HMRC

  These joint accounts are suitable for small audit exempt full accounts to both Companies House and HMRC.

How do I determine which is the most suitable for me?

I am an IT contractor with single-member non-VAT Limited company.

I am hesitating between first three, but by gut says it's Micro-entity Accounts.

Is the selected option important?

Answer 1

The Micro-entity Accounts can be used to avoid headache with Full Accounts (if you want to submit just Accounts). The form is quite simple.

This is suitable for small companies where:

• turnover in the period being reported £632,000 or less (Net turnover)
• total of the balance sheet in the period being reported £316,000 or less (Balance sheet total)
• company have 10 or less employees during the period
• company is not in Companies House Accounts Exceptions list

If your company fails within the micro-entity definition, then you can go with Full Accounts (with abbreviated option) which allow you to file with Companies House ONLY. You will be guided through interactive Company Tax and Accounts Return Service (PDF).

If you would like to file accounts with both Companies House and HMRC use the Joint Filing option (Companies House Accounts and Company Tax Return to HM Revenue & Customs for Corporate Tax) (both are required to send each year), then use Full Accounts (with abbreviated option).