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 is an HMRC initiative requiring businesses to maintain digital records and submit quarterly updates. An accountant helps you select compatible software, set up your digital records correctly, and ensure your submissions meet HMRC standards, reducing the risk of penalties and saving you time.
How do I choose a qualified accountant in Cattedown Plymouth for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation who specifically advertise Making Tax Digital services. Check their experience with your business type and software preferences. The directory allows you to compare local firms based on qualifications and client feedback to find the right professional.
Will my accountant handle both VAT and Income Tax under Making Tax Digital?
Yes, many accountants in Cattedown Plymouth manage both VAT and Income Tax under the MTD framework. They can handle quarterly VAT submissions and annual Self Assessment returns digitally, ensuring all your tax obligations are fulfilled through compliant software and processes.
What software do MTD accountants typically recommend for small businesses?
Accountants often recommend cloud-based software such as Xero, QuickBooks, or FreeAgent, which integrate directly with HMRC systems. Your accountant in Cattedown Plymouth will assess your business needs and recommend the most suitable option, providing training and support for implementation.
Can an accountant help me if I am already behind on my MTD submissions?
Absolutely. A qualified accountant can review your records, catch up on missed submissions, and liaise with HMRC to resolve any penalties or issues. They will also set up a system to ensure future deadlines are met, giving you peace of mind and regulatory compliance.
Are there any penalties for not complying with Making Tax Digital rules?
Yes, HMRC can issue penalties for late submissions, incorrect returns, or failure to keep digital records. An accountant ensures your records are accurate and submitted on time, helping you avoid fines. They also provide ongoing advice to maintain compliance as MTD rules evolve.
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