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 cover?
A fixed fee accountant covers a pre-agreed scope of services for a set price, such as preparing annual accounts, completing Self Assessment tax returns, and handling VAT submissions. The arrangement provides cost certainty and often includes regular consultations, bookkeeping support, and advice on Corporation Tax liabilities. Always confirm the exact inclusions with your accountant before engaging.
How do I know if an accountant is properly qualified?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to strict ethical and technical standards. You can verify their membership status directly on the relevant body's website to ensure they are in good standing.
Can a fixed fee accountant help with HMRC enquiries?
Yes, a fixed fee accountant can represent you during HMRC enquiries, including compliance checks and investigations. They will prepare the necessary documentation, communicate with HMRC on your behalf, and advise on the best course of action. Ensure that this service is included in your fixed fee agreement or discussed as an add-on.
What is the difference between a fixed fee and an hourly rate?
A fixed fee provides a single, agreed price for a defined set of services, offering budget certainty and no surprise bills. An hourly rate charges for the actual time spent, which can vary depending on complexity and unforeseen issues. Fixed fee arrangements are popular for routine compliance work, whilst hourly rates may suit ad hoc advisory projects.
Do I need an accountant if I am a sole trader?
Yes, even as a sole trader, an accountant can help you maximise allowable expenses, complete your Self Assessment tax return accurately, and plan for tax liabilities. They can also advise on VAT registration thresholds and record-keeping requirements, saving you time and reducing the risk of errors that could trigger HMRC penalties.
How do I switch to a fixed fee accountant?
Switching is straightforward. Contact your chosen accountant to discuss your needs and agree on the fixed fee scope. They will handle the transfer of your financial records from your previous accountant, including contacting HMRC to update your agent details. Ensure you have no outstanding fees with your old provider to avoid delays.
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