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 a chartered accountant hold?
A chartered accountant should hold a recognised qualification from a professional body such as ICAEW, ACCA, or AAT. These bodies ensure members adhere to strict ethical standards and complete continuous professional development. Choosing an accountant with these credentials guarantees a high level of expertise and regulatory oversight.
How can an accountant help with HMRC tax investigations?
If HMRC opens an investigation into your tax affairs, an experienced accountant can manage all correspondence, prepare necessary documentation, and represent you during enquiries. They ensure your rights are protected and work to minimise any penalties or additional tax liabilities arising from the investigation.
Do I need an accountant for my Self Assessment tax return?
While you can complete your Self Assessment tax return yourself, an accountant ensures accuracy, identifies allowable expenses, and helps you claim all available reliefs. This reduces the risk of errors and potential HMRC penalties, whilst often saving you more in tax than the cost of their fees.
What is the difference between a chartered accountant and a regular accountant?
A chartered accountant holds a higher level of qualification from bodies like ICAEW or ACCA, requiring rigorous exams and practical experience. They are bound by strict professional codes and must undertake ongoing training. This provides greater assurance of competence and ethical conduct compared to unqualified accountants.
Can an accountant help with VAT registration and returns?
Yes, an accountant can assist with VAT registration, advise on the correct scheme for your business, and prepare and submit your VAT returns to HMRC. They ensure compliance with VAT regulations, help you reclaim input tax, and keep your records organised to avoid penalties.
How often should I meet with my accountant?
The frequency of meetings depends on your business complexity and needs. Many clients meet quarterly to review financial performance and tax planning, whilst others prefer annual meetings for year-end accounts and tax returns. Regular contact helps identify issues early and keeps your finances on track.
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