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 is Making Tax Digital and why do I need an accountant?
Making Tax Digital (MTD) is an HMRC initiative requiring businesses to keep digital records and submit VAT returns using compatible software. An accountant helps you implement the right systems, avoid penalties, and ensure accurate submissions. They also provide ongoing support for compliance and tax planning.
How do I know if an accountant is qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate the accountant has met rigorous training and ethical standards. You can also check client reviews and their experience with Making Tax Digital to ensure they are a good fit for your business.
Can an accountant help with both VAT and Corporation Tax?
Yes, most accountants offer comprehensive services including VAT compliance, Corporation Tax planning, and Self Assessment submissions. They analyse your financial records to identify tax-saving opportunities and ensure you meet all HMRC deadlines. This integrated approach simplifies your financial management.
What software do MTD accountants typically use?
Accountants often use HMRC-recognised software such as Xero, QuickBooks, or Sage to manage digital records and submit VAT returns. They can advise on the best solution for your business size and sector, and help you set up and integrate the software with your existing systems.
How often will I need to submit returns under MTD?
Under MTD for VAT, you must submit quarterly digital returns to HMRC, summarising your VAT data. Your accountant can manage these submissions on your behalf, ensuring they are accurate and filed on time. This regular reporting helps you maintain a clear view of your tax position.
What should I look for when comparing accountants in Belfas?
Consider their experience with Making Tax Digital, professional accreditations, client reviews, and range of services. It is also important to discuss fees, communication methods, and whether they offer ongoing support. A local accountant familiar with Belfas can provide more personalised advice.
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