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 keep digital records and submit quarterly updates. An accountant ensures your software meets HMRC standards, helps you organise records correctly, and submits accurate returns to avoid penalties.
How do I find a qualified Making Tax Digital accountant in Co. Durham?
You can use AccountingFirms to browse local professionals who hold ACCA, ICAEW, or AAT accreditation. The directory allows you to compare credentials and specialisms, ensuring you select an accountant with proven MTD expertise.
What qualifications should a Making Tax Digital accountant hold?
Look for accountants with ACCA, ICAEW, or AAT accreditation. These qualifications demonstrate rigorous training and adherence to professional standards, ensuring your accountant is competent to handle MTD compliance and HMRC submissions.
Can a Making Tax Digital accountant help with VAT and Corporation Tax?
Yes, qualified accountants can manage all aspects of MTD for VAT and Corporation Tax. They ensure your digital records link correctly to HMRC systems, submit quarterly updates, and advise on tax planning to minimise liabilities.
How often will I need to submit returns under Making Tax Digital?
Under MTD, most businesses submit quarterly updates to HMRC, followed by an annual final declaration. Your accountant will manage these submissions, ensuring deadlines are met and your records remain accurate throughout the year.
What happens if I do not comply with Making Tax Digital rules?
Non-compliance can result in penalties from HMRC, including fines for late submissions or incorrect records. A qualified accountant helps you avoid these issues by maintaining proper digital records and submitting timely, accurate returns.
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