
ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More

ACCOTAX - Accountants & Tax Consultants
Welcome to ACCOTAX, a firm of Chartered Accountants in London. The firm was established in 2009 and has helped thousands of businesses and individuals...See More
Frequently asked questions
Why do restaurants need a specialist accountant rather than a general practitioner?
Restaurants face unique financial rules, including tronc systems, VAT on food, and staff tips. A specialist accountant understands these nuances and can ensure compliance whilst identifying allowable expenses. General practitioners may lack this sector knowledge, potentially leading to missed savings or errors in tax returns submitted to HMRC.
What qualifications should I look for in a restaurant accountant?
Look for ACCA, ICAEW, or AAT credentials. These bodies regulate members and require ongoing professional development. A qualified accountant can handle Corporation Tax, VAT, and Self Assessment accurately. Membership also provides recourse if standards slip, giving restaurant owners confidence in the advice received.
How can an accountant help with HMRC investigations?
A qualified accountant can represent a restaurant during HMRC enquiries, prepare documentation, and negotiate on the client's behalf. They ensure all records are accurate and submitted correctly, reducing the risk of penalties. Early involvement often resolves issues faster and protects the business from unnecessary stress.
Do I need an accountant if I use cloud accounting software?
Yes. Cloud software helps with bookkeeping, but an accountant interprets the data, prepares statutory accounts, and files tax returns. They also advise on tax planning and compliance. For restaurants, professional oversight ensures VAT and payroll are handled correctly, which software alone cannot guarantee.
What is the difference between ACCA and ICAEW accountants?
Both ACCA and ICAEW are recognised professional bodies. ACCA focuses on accountancy, whilst ICAEW specialises in chartered accountancy. Members of either can prepare accounts and tax returns. The key is ensuring the accountant holds a current practising certificate and relevant hospitality experience.
How often should a restaurant review its accounting arrangements?
An annual review is advisable, or whenever the business changes significantly, such as opening a new site or altering its menu. Regular reviews ensure the accountant still meets the restaurant's needs and that tax strategies remain effective. Switching providers is straightforward if requirements evolve.
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