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 specialist accountants rather than general practitioners?
Restaurants face unique issues such as VAT on mixed supplies, tronc schemes, tips, and stock wastage. A specialist accountant understands these nuances and ensures compliance whilst identifying legitimate savings. General practitioners may lack this sector knowledge, leading to missed reliefs or incorrect VAT treatment. Specialist firms also benchmark performance against industry norms.
What qualifications should I look for in a restaurant accountant?
Look for ACCA, ICAEW or AAT membership. These bodies enforce strict ethical and technical standards. ACCA and ICAEW chartered accountants handle complex tax and audit work, whilst AAT professionals often manage bookkeeping and VAT. All regulated members must undertake continuing professional development, ensuring advice reflects current HMRC rules and legislation.
How can an accountant help with HMRC investigations or compliance checks?
A qualified accountant can act as your representative during HMRC enquiries, prepare documentation, and negotiate on your behalf. They ensure tax returns and VAT filings are accurate, reducing the risk of triggering an investigation. If a check occurs, professional support minimises disruption and helps resolve matters efficiently.
Do I need a local accountant in Shetland or can I work remotely?
Both options work. A local Shetland accountant offers face-to-face meetings and knowledge of island-specific issues like ferry costs and seasonal trade. Remote accountants may offer lower fees and cloud-based services. What matters is that the professional is regulated, experienced in hospitality, and responsive to your needs.
What ongoing tax obligations do restaurant owners have?
Restaurant owners must file Self Assessment tax returns, submit VAT returns (if VAT-registered), operate PAYE for staff, and pay Corporation Tax if trading through a limited company. Deadlines are strict, and penalties apply for late filing. An accountant ensures all obligations are met on time and that allowable expenses are claimed.
How does AccountingFirms help me compare accountants?
AccountingFirms lists verified, regulated practices with details on specialisms, fees and client feedback. Users can filter by location, such as Shetland, and by service type. The directory was built by ICAEW and ACCA accountants in 2019, so listings meet professional standards. You can shortlist firms and contact them directly.
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