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 agreed services rather than billing by the hour. This arrangement provides cost certainty, allowing you to budget accurately for accountancy support. It is particularly beneficial for small businesses and individuals who want transparent pricing without worrying about escalating costs for routine work.
How do I know if an accountant is properly regulated?
Regulated accountants hold membership with recognised bodies such as ACCA, ICAEW, or AAT. You can verify their status by checking the relevant institute's online register. These organisations enforce strict professional standards, including ethical codes and mandatory continuing education, ensuring your accountant maintains current knowledge of tax law and financial regulations.
What services are typically included in a fixed fee package?
Fixed fee packages commonly include preparation of annual accounts, tax return filing, Self Assessment submissions, and basic bookkeeping. Some accountants also offer VAT returns, payroll processing, and Corporation Tax computations within the fixed price. Always confirm the exact scope of services before engaging, as additional work may incur separate charges.
Can a fixed fee accountant help with HMRC enquiries?
Yes, most fixed fee accountants provide support during HMRC enquiries, though this may be covered under a separate agreement. They can represent you before HMRC, prepare necessary documentation, and advise on the best course of action. It is important to clarify whether enquiry assistance is included in your fixed fee or charged additionally.
How often should I meet with my accountant?
The frequency of meetings depends on your business complexity and personal preference. Many clients meet quarterly to review financial performance and plan for upcoming tax deadlines. Others prefer annual meetings alongside regular email or phone contact. Your accountant should be accessible throughout the year for urgent queries or unexpected financial events.
What qualifications should I look for in an accountant?
Look for accountants who are chartered or certified members of ACCA, ICAEW, or AAT. These qualifications demonstrate rigorous training and adherence to professional standards. Additionally, consider whether the accountant has experience in your industry or with your specific tax situation, such as property letting, construction, or limited company ownership.
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