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 does a fixed fee accountant cover?
A fixed fee accountant typically covers a defined scope of services such as preparing annual accounts, filing tax returns, and handling VAT submissions. The exact inclusions vary by firm, so it is important to review the agreement carefully. This model ensures predictable costs and no surprise bills for standard compliance work.
How do I know if an accountant is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These organisations require members to meet strict training and ethical standards. Firms listed on AccountingFirms are verified to hold relevant qualifications, giving you confidence in their expertise and professionalism.
Can a fixed fee accountant help with HMRC enquiries?
Yes, most fixed fee accountants offer support during HMRC enquiries as part of their service. They can handle correspondence, prepare necessary documentation, and represent you in discussions with tax authorities. Always confirm the extent of this cover before engaging a firm to ensure it meets your needs.
What is the difference between Self Assessment and Corporation Tax?
Self Assessment is the system used by individuals, sole traders, and partnerships to report income and pay tax to HMRC. Corporation Tax applies to limited companies on their profits. Both require accurate filing and payment by specific deadlines, and an accountant can manage both efficiently.
How often should I meet with my accountant?
The frequency depends on your business complexity and personal preference. Many clients meet quarterly to review performance and plan ahead, whilst others prefer annual meetings around tax return time. Regular contact helps identify issues early and ensures you remain compliant with changing regulations.
Are fixed fee accountants suitable for small businesses?
Absolutely. Fixed fee accountants are particularly beneficial for small businesses as they provide cost certainty and allow owners to budget accurately. Services can be tailored to include VAT returns, payroll, and year-end accounts, giving you professional support without the worry of escalating hourly charges.
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