Choosing between micro-entity and full accounts

When preparing your annual accounts, the level of financial detail you must publicly disclose depends on the size of your company. WeFile intelligent assesses your inputs to determine the most appropriate account type.

Micro-Entity Thresholds

To qualify as a micro-entity, your company must meet at least two of the following conditions: turnover of £632,000 or less, a balance sheet total of £316,000 or less, and 10 employees or fewer. Micro-entity accounts are highly simplified, requiring minimal disclosures and no directors' report.

Small Company Thresholds

If you exceed the micro-entity limits, you may still qualify as a 'Small Company' if you meet two of these criteria: turnover of £10.2 million or less, £5.1 million or less on your balance sheet, and 50 employees or fewer. Small company accounts require slightly more detail but still benefit from exemptions.

Automatic Detection

As you input your Profit & Loss and Balance Sheet figures into WeFile, our engine automatically categorises your company based on the regulatory thresholds. By default, WeFile will prepare the most simplified set of accounts you are legally entitled to file, minimizing your public footprint.

Overriding the Account Type

If your investors, bank, or stakeholders require a more detailed financial presentation, you can manually override the automatic selection in the wizard settings and opt to file Small or Full statutory accounts instead. Keep in mind this will require you to provide more comprehensive note disclosures.