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 covers a pre-agreed set of services for a set price. This typically includes preparing and filing your tax return, providing year-end accounts, and offering basic tax advice. The specific services included depend on your agreement, but the key benefit is that you know the cost upfront with no surprise charges.
How do I know if an accountant is properly qualified?
You can check an accountant's qualifications by looking for membership with recognised professional bodies such as ACCA, ICAEW, or AAT. These organisations require their members to meet strict standards of training and ethical conduct. Many directories, including AccountingFirms, verify these credentials so you can trust the professionals you find.
Can a fixed fee accountant help with HMRC enquiries?
Yes, most fixed fee accountants include representation in the event of an HMRC enquiry as part of their service. They can handle all correspondence with HMRC on your behalf, prepare the necessary documentation, and advise you on the best course of action. It is important to confirm this is included in your fixed fee agreement before engaging their services.
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 expenses. Self Assessment is the system HMRC uses to collect tax from individuals who are not taxed automatically, such as the self-employed. Your accountant will prepare your tax return and submit it as part of the Self Assessment process to ensure you pay the correct amount of tax.
Do I need an accountant if I am self-employed?
While it is not a legal requirement to use an accountant, it is highly recommended for self-employed individuals. An accountant can help you maximise allowable expenses, ensure your tax return is accurate, and save you time. They can also advise on VAT registration and help you avoid penalties from HMRC for late or incorrect submissions.
How do I compare different fixed fee accountants?
You can compare fixed fee accountants by reviewing the specific services included in their fixed price, their qualifications, and client reviews. Look for transparency in what is covered and any potential extra charges. Using a directory like AccountingFirms allows you to view multiple local firms side by side, making it easier to choose the right professional for your needs.
About Accounting Firms
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