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
What qualifications should I look for in a chartered accountant?
Look for professionals who are members of recognised bodies such as ICAEW, ACCA, or AAT. These qualifications indicate rigorous training, adherence to ethical standards, and ongoing professional development. A chartered accountant will have passed demanding exams and gained practical experience, ensuring they can provide reliable advice on tax, accounts, and business strategy.
How can a chartered accountant help with my Self Assessment tax return?
A chartered accountant can prepare and submit your Self Assessment tax return to HMRC accurately and on time. They will identify allowable expenses and reliefs to minimise your tax liability, ensure all income is correctly declared, and advise on payments on account. This reduces the risk of errors, penalties, and HMRC enquiries.
Do I need a chartered accountant for my limited company?
Yes, a chartered accountant is highly recommended for limited companies. They can manage Corporation Tax returns, VAT compliance, payroll, and annual accounts. They also provide strategic advice on profit extraction, dividend planning, and business growth, helping you comply with Companies House and HMRC requirements while maximising tax efficiency.
What is the difference between a chartered accountant and a regular accountant?
A chartered accountant holds a professional qualification from a body like ICAEW or ACCA, which requires extensive study, exams, and practical experience. They must adhere to strict ethical guidelines and continuing professional development. This ensures a higher level of expertise and accountability compared to an accountant without such accreditation.
How often should I meet with my chartered accountant?
The frequency depends on your business complexity and needs. Many businesses meet quarterly to review performance, plan tax strategies, and discuss cash flow. Annual meetings are common for personal tax planning. Your accountant can advise on a schedule that keeps you compliant and informed without unnecessary disruption.
Can a chartered accountant help with VAT registration and returns?
Absolutely. A chartered accountant can advise whether you need to register for VAT, help you choose the best scheme (such as flat rate or standard), and prepare accurate VAT returns. They ensure compliance with HMRC deadlines, help you reclaim input tax, and advise on the impact of VAT on your pricing and cash flow.
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