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 should a restaurant use a specialist accountant rather than a general bookkeeper?
Restaurants face unique issues such as VAT on mixed food and drink supplies, tronc systems, and high staff turnover. A specialist accountant understands these complexities and can ensure compliance whilst identifying savings. General bookkeepers may lack the technical knowledge to handle partial exemption or tip allocation correctly, which can lead to costly errors or HMRC penalties.
What qualifications should I look for in an accountant for my restaurant?
Look for professionals regulated by ACCA, ICAEW or AAT. These bodies ensure members meet strict ethical and technical standards. A qualified accountant can prepare your tax return, advise on Corporation Tax and represent you during an HMRC enquiry. Always verify the firm is registered with a recognised supervisory body before appointing them.
How can an accountant help with VAT and Making Tax Digital?
An experienced accountant can register your restaurant for VAT, choose the correct scheme and file returns digitally under Making Tax Digital rules. They will also handle partial exemption calculations if you sell both zero-rated and standard-rated items. This reduces the risk of penalties and ensures your VAT position is accurate and compliant with HMRC requirements.
Do I need an accountant for Self Assessment if I am a sole trader running a restaurant?
Yes. As a sole trader, you must file a Self Assessment tax return each year. An accountant can prepare this accurately, claim allowable expenses such as ingredients, rent and utilities, and ensure you pay the right amount of income tax and National Insurance. They can also advise on payments on account to avoid cash flow surprises.
What should I expect from an accountant during the year-end process?
Your accountant will prepare statutory accounts, calculate Corporation Tax or income tax, and file with HMRC and Companies House if applicable. They should also review your financial performance, highlight areas for improvement and discuss tax planning opportunities. Expect clear communication, deadlines met and advice tailored to your restaurant business.
How does AccountingFirms help me find the right accountant in Oxfordshire?
AccountingFirms allows you to browse and compare qualified professionals in Oxfordshire. You can filter by specialism, read client reviews and check accreditation with ACCA, ICAEW or AAT. Established in 2019 and built by ICAEW and ACCA accountants, the directory connects you directly with firms suited to your restaurant needs.
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