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 for a set price. This may include preparing annual accounts, completing Self Assessment tax returns, and advising on Corporation Tax. The arrangement ensures no surprise bills, making financial planning simpler for businesses and individuals in East Lincolnshire.
How do I verify an accountant's qualifications?
You can verify an accountant's qualifications by checking their membership with recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations maintain public registers of members. Firms listed on AccountingFirms display their accreditations, allowing you to confirm their regulatory status before engaging their services.
Why choose a fixed fee accountant over an hourly rate?
Choosing a fixed fee accountant provides cost certainty, which is particularly beneficial for budgeting. Unlike hourly billing, you know the total cost upfront. This model encourages efficiency and focuses on delivering agreed services without the pressure of accumulating time charges, making it a popular choice for small businesses in East Lincolnshire.
What services are included in a fixed fee package?
Fixed fee packages often include preparation of annual accounts, Corporation Tax computations, and Self Assessment filings. Some also cover VAT returns, bookkeeping, and basic tax planning. The exact services depend on the firm, so it is important to review the scope of work outlined in your engagement letter before signing.
Can a fixed fee accountant help with HMRC enquiries?
Yes, many fixed fee accountants offer support during HMRC enquiries as part of their service. This may involve reviewing correspondence, preparing responses, and representing you before the tax authority. It is advisable to confirm whether this is included in your fixed fee or offered as an additional service.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many accountants recommend quarterly reviews to discuss tax planning, cash flow, and compliance. Annual meetings are standard for preparing year-end accounts. Regular communication helps ensure you remain compliant and take advantage of any tax-saving opportunities throughout the year.
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