Are you a micro-entity?
Your company is a micro-entity if it meets at least two of these three conditions: turnover of £1 million or less, total assets on the balance sheet of £500,000 or less, and 10 or fewer employees on average. (These are the limits for financial years starting on or after 6 April 2025.)
Two caveats: the company must be a UK company, and certain types — such as financial firms and charities — cannot use the micro-entity rules regardless of size.
Why they are so much simpler
Micro-entity accounts (prepared under a standard called FRS 105) are significantly reduced in scope: a short balance sheet and a small set of standard notes.
You are exempt from most of the detailed disclosures larger companies must include — which is precisely why preparing them yourself is realistic, even without an accounting background.
How OneFiler does the work
You enter your year-end figures — or import them directly from QuickBooks or Xero — and OneFiler prepares your accounts and handles all the technical formatting HMRC and Companies House require.
The same figures flow into your tax return as well, so you only enter them once.