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 agrees a set price for specific services such as tax return preparation, bookkeeping, or year-end accounts. This arrangement provides cost certainty, meaning you pay the agreed amount regardless of the time taken. It is important to confirm exactly which services are included in the fee before engaging the professional.
How do I verify an accountant's qualifications?
You can check an accountant’s credentials by looking for membership with recognised bodies such as ACCA, ICAEW, or AAT. These organisations maintain public registers of their members. The directory only lists regulated professionals, so you can trust that the firms featured have been vetted for their qualifications and adherence to professional standards.
Can a fixed fee accountant help with HMRC enquiries?
Yes, many fixed fee accountants offer support if HMRC opens an enquiry into your tax affairs. This service may be included in your fixed fee or offered as an additional cost. It is advisable to discuss this upfront and confirm the terms in writing. Having professional representation can reduce stress and ensure your response is accurate.
What is the difference between a tax return and Self Assessment?
A tax return is the formal document submitted to HMRC, whilst Self Assessment is the system used by individuals to report their income and gains. Completing a Self Assessment tax return requires you to declare earnings, claim allowable expenses, and calculate tax due. An accountant can prepare and file this on your behalf.
Are fixed fee accountants suitable for small businesses?
Fixed fee accountants are particularly beneficial for small businesses as they provide predictable costs, which aids cash flow management. Services often include VAT returns, payroll, and Corporation Tax filings. This arrangement allows business owners to access professional advice without worrying about escalating hourly charges, making it easier to budget for accountancy support.
How often should I meet with my accountant?
The frequency of meetings depends on your business complexity and needs. Many clients meet quarterly to review VAT and management accounts, whilst others prefer annual meetings for year-end planning. Regular communication helps identify issues early and ensures you remain compliant. Your accountant can recommend a schedule that suits your circumstances.
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