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 annual accounts, filing tax returns, managing VAT, and providing basic tax advice. The exact scope is defined in your engagement letter, ensuring no surprise costs arise during the year.
How do I know if an accountant is qualified?
Qualified accountants hold recognised professional qualifications from bodies such as ACCA, ICAEW, or AAT. You can verify their status by checking the relevant institute's online register. Firms listed on AccountingFirms are verified, giving you confidence in their credentials and regulatory compliance.
Can a fixed fee accountant help with HMRC enquiries?
Yes, a fixed fee accountant can represent you during HMRC enquiries, including tax investigations and compliance checks. Many fixed fee packages include basic enquiry support, though complex cases may incur additional charges. Always confirm the level of cover before engaging an accountant.
What is the difference between a fixed fee and an hourly rate?
A fixed fee charges a single, agreed amount for a defined set of services, providing cost certainty. An hourly rate charges for the actual time spent, which can lead to unpredictable bills. Fixed fees are popular for routine compliance work such as tax returns and bookkeeping.
Do I need a fixed fee accountant for Self Assessment?
Using a fixed fee accountant for Self Assessment can save you time and reduce errors. They will prepare and file your tax return, calculate your liability, and advise on allowable expenses. The fixed price means you know the cost upfront, making budgeting straightforward.
Are fixed fee accountants suitable for limited companies?
Yes, fixed fee accountants are well suited to limited companies. They typically handle Corporation Tax returns, annual accounts, VAT returns, and payroll. This arrangement gives directors predictable costs and ensures statutory deadlines are met without last-minute stress.
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