How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask RodneyA814 Your Own Question
RodneyA814
RodneyA814,
Category: Finance
Satisfied Customers: 30
Experience:  Expert
109850674
Type Your Finance Question Here...
RodneyA814 is online now

You may have submitted micro entity accounts with CH is it

This answer was rated:

You may have submitted micro entity accounts with CH is it true that For micro entity accounts 'Prepayment and accrued income' & 'Accruals and deferred income' are only required for tax or asset value adjustment or staff costs?
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!

Hello there,

Tax and asset value adjustment or staff cost are a couple of examples why you would need to post 'prepayments and accrued income' & 'accruals and deferred income' in your accounts. They are not the only examples.

Customer: replied 5 days ago.
Yeah I understand but for micro entity accounts they are required for only that other accounts that may add to them are not required for micro entity accounts according to CH?

Hi,

The accounts filing detail for micro entities are less so if it's not required by CH you don't have to disclose it. If you use commercial software to file the accounts, it should be able to send a filleted version to CH to comply with detail expected.

I will be able to help you with that if required.

Please don't hesitate to get back to me with any further questions you may have.

Customer: replied 4 days ago.
Thank you have you submitted micro entity accounts or you mainly worked with larger companies?

Most of my clients are micro entities so I file micro entity accounts all the time.

RodneyA814,
Category: Finance
Satisfied Customers: 30
Experience: Expert
RodneyA814 and other Finance Specialists are ready to help you