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 for it?
Making Tax Digital (MTD) is an HMRC initiative requiring businesses to maintain digital records and submit quarterly updates. An accountant specialising in MTD ensures your software is compliant, your records are accurate, and your submissions are on time, reducing the risk of penalties and helping you manage tax efficiently.
How do I choose a qualified accountant in Bicester Oxon for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high professional standards. Check their experience with MTD software and VAT compliance. Reading client reviews and comparing services on directories like AccountingFirms can help you find a trusted professional in Bicester Oxon.
Can an accountant help me with VAT and Corporation Tax under MTD?
Yes, qualified accountants assist with VAT returns, Corporation Tax planning, and Self Assessment. They integrate MTD-compliant software to submit data to HMRC, identify tax-saving opportunities, and ensure your business meets all filing deadlines, reducing administrative burden.
What are the penalties for not complying with Making Tax Digital?
HMRC can issue penalties for late or inaccurate submissions under MTD. Penalties are based on the number of defaults and the size of your business. An accountant helps you avoid these by ensuring your digital records are correct and submissions are made on time, protecting your business from unnecessary costs.
Do I need an accountant if I use accounting software for MTD?
While software helps with digital records, an accountant provides expert guidance on tax rules, allowances, and compliance. They review your data for errors, advise on tax efficiency, and represent you in HMRC enquiries. For complex businesses, professional advice is essential to avoid costly mistakes.
How often do I need to submit updates under Making Tax Digital?
For VAT, most businesses submit quarterly returns digitally. For Income Tax Self Assessment under MTD, quarterly updates are also required, with an end-of-year finalisation. An accountant ensures these submissions are accurate and timely, coordinating with your software to streamline the process.
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