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 agrees a set price for a defined scope of work, such as preparing annual accounts, completing tax returns, or managing VAT submissions. This arrangement provides cost certainty and typically includes advice on tax planning and compliance. Always confirm the exact services included in your fixed fee agreement before engaging an accountant.
How do I know if an accountant is qualified?
Look for accreditations from recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate the accountant has undergone rigorous training and adheres to strict ethical standards. You can verify their status through the relevant institute's online register to ensure they are regulated and authorised to practise.
Can a fixed fee accountant help with HMRC enquiries?
Yes, many fixed fee accountants offer support during HMRC enquiries as part of their service. They can represent you, prepare necessary documentation, and advise on the best course of action. It is important to clarify whether this support is included in your fixed fee or charged separately before you agree the terms.
What is the difference between a tax return and Self Assessment?
A tax return is the form you submit to HMRC detailing your income and allowable expenses. Self Assessment is the system HMRC uses to collect tax from individuals who do not have tax deducted automatically. Completing a Self Assessment tax return each year is a legal requirement for many self-employed people and landlords.
Do I need an accountant if I am a sole trader?
While not legally required, using an accountant can save you time and reduce errors on your tax return. A qualified accountant ensures you claim all allowable expenses, meet HMRC deadlines, and pay the correct amount of tax. Fixed fee arrangements make professional advice affordable even for sole traders with straightforward affairs.
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 for tax payments, whilst others prefer an annual meeting before their tax return deadline. A good accountant will suggest a schedule that keeps you compliant and informed without unnecessary meetings.
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