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 VAT-registered businesses to keep digital records and submit returns using compatible software. An accountant ensures your systems are set up correctly, your data is accurate, and you meet all filing deadlines, reducing the risk of penalties and helping you stay compliant.
How do I know if an accountant in Cheadle Cheshire is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to professional standards. You can also check their registration with HMRC to confirm they are authorised to act as an agent for tax matters.
Can a Making Tax Digital accountant help with my Self Assessment tax return?
Yes, many accountants who specialise in Making Tax Digital also prepare Self Assessment tax returns for sole traders and partners. They can help you organise your income and expenses digitally, ensure your return is accurate, and advise on allowable deductions to minimise your tax bill.
What software do Making Tax Digital accountants typically recommend?
Most accountants recommend HMRC-recognised software such as Xero, QuickBooks, or Sage. These platforms integrate with MTD for VAT and allow for real-time record keeping. Your accountant can help you choose the best option for your business size and complexity, and assist with setup and training.
How often will I need to submit returns under Making Tax Digital?
For VAT, you must submit a digital return to HMRC quarterly, usually within one month of the end of each VAT period. Your accountant can manage these submissions on your behalf, ensuring they are filed on time and that your digital records are always up to date.
What happens if I miss a Making Tax Digital deadline?
Missing a deadline can result in late filing penalties from HMRC, which increase with each subsequent default. A qualified accountant helps you avoid these penalties by setting up reminders, preparing your returns in advance, and submitting them promptly through approved digital channels.
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