
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 is a fixed fee accountant?
A fixed fee accountant charges a set price for a defined range of services, rather than billing by the hour. This arrangement provides cost certainty for clients, covering tasks such as tax return preparation, bookkeeping, and financial reporting. It is a popular choice for small businesses and individuals who want predictable accountancy costs.
How do I know if an accountant is properly qualified?
Qualified accountants typically hold membership with a recognised professional body such as ACCA, ICAEW, or AAT. You can verify their credentials by checking the register on the relevant body's website. These professionals must adhere to strict ethical guidelines and complete continuing professional development to maintain their status.
What services are typically included in a fixed fee package?
Common services include preparation of annual accounts, Self Assessment tax returns, Corporation Tax computations, VAT returns, and payroll processing. Some packages also offer bookkeeping, management accounts, and tax planning advice. The exact scope should be confirmed in your engagement letter with the accountant.
Can a fixed fee accountant help with HMRC enquiries?
Yes, a regulated accountant can represent you during HMRC enquiries or tax investigations. Their fixed fee may or may not cover this work, so it is important to clarify the terms in advance. Many accountants offer separate protection plans or charge a supplementary fee for handling complex HMRC correspondence.
How often should I meet with my fixed fee accountant?
The frequency of meetings depends on your business needs and the agreed service level. Many accountants schedule quarterly reviews to discuss financial performance and tax planning. Some clients only require annual contact for tax return preparation. Your engagement letter should outline the expected communication schedule.
What happens if my financial situation changes during the fixed fee period?
If your circumstances change significantly, such as starting a new business or becoming VAT-registered, your accountant may need to adjust the fee to reflect the additional work. It is advisable to discuss potential changes at the outset and include a clause in your agreement that outlines how fee adjustments will be handled.
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