
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 typically include in the price?
A fixed fee accountant usually includes services such as preparing and filing your Self Assessment tax return, bookkeeping, and basic tax planning. Some packages also cover VAT returns and year-end accounts. It is important to confirm exactly what is included before engaging a professional, as additional services like HMRC enquiry support may incur extra charges.
How do I know if an accountant is properly qualified?
Qualified accountants hold recognised accreditations such as ACCA, ICAEW, or AAT. These bodies require members to pass rigorous exams and adhere to strict ethical and professional standards. You can verify an accountant's credentials by checking the register on the relevant institute's website. Firms listed on AccountingFirms have been vetted to ensure they hold valid qualifications.
Can a fixed fee accountant help with HMRC correspondence?
Yes, most fixed fee accountants offer assistance with HMRC correspondence as part of their service. This includes responding to queries, providing necessary documentation, and representing you in the event of a tax investigation. Some firms include this in their standard fixed fee, whilst others offer it as an optional add-on. Always check the scope of cover before signing an engagement letter.
What is the difference between a fixed fee and an hourly rate accountant?
A fixed fee accountant charges a set price for a defined scope of work, giving you cost certainty from the start. An hourly rate accountant bills based on the time spent on your affairs, which can lead to unpredictable costs. Fixed fee arrangements are particularly beneficial for routine compliance work such as Self Assessment and Corporation Tax filings.
Do I need an accountant if I am self-employed?
Yes, engaging an accountant is highly recommended if you are self-employed. They can help you register for Self Assessment, ensure accurate record-keeping, and identify allowable expenses to reduce your tax bill. An accountant also helps you meet HMRC deadlines, avoiding late filing penalties. A fixed fee arrangement is often cost-effective for sole traders with straightforward finances.
How often should I meet with my fixed fee accountant?
The frequency of meetings depends on your business needs and the agreed service package. Many accountants offer quarterly or bi-annual reviews to discuss tax planning, cash flow, and business performance. For basic compliance, annual meetings may suffice. Your accountant should be available for ad hoc queries by phone or email as part of the fixed fee arrangement.
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