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 VAT returns using compatible software. An accountant ensures your systems are correctly set up, your data is accurate, and your submissions are timely, helping you avoid penalties and stay compliant with the new regulations.
How do I choose a qualified accountant in County Down for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies require ongoing training and ethical standards. Check their experience with digital accounting software and MTD submissions. Reading client reviews and arranging an initial consultation can help you assess whether they are a good fit for your business.
Can an accountant help me with VAT, Corporation Tax, and Self Assessment?
Yes, a qualified accountant can manage all your tax obligations, including VAT returns under MTD, Corporation Tax for limited companies, and Self Assessment for sole traders and partnerships. They will ensure your records are digital, your returns are filed correctly, and you take advantage of any available reliefs or allowances.
What software do Making Tax Digital accountants typically use?
Most accountants use HMRC-recognised software such as Xero, QuickBooks, Sage, or FreeAgent. These platforms integrate with MTD for VAT and are being expanded for Income Tax. Your accountant will recommend and set up the best solution for your business size and industry, ensuring seamless data transfer and compliance.
How often should I meet with my accountant in County Down?
The frequency depends on your business complexity. Many businesses meet quarterly to review VAT returns and financial performance, with annual meetings for year-end accounts and tax planning. Some accountants offer monthly check-ins for cashflow management. Regular contact helps you stay on top of MTD obligations and make informed decisions.
What happens if I miss an MTD submission deadline?
HMRC can issue late filing penalties, which start at a fixed rate and increase over time. Interest may also be charged on unpaid tax. A good accountant will set up reminders and automate submissions where possible to prevent missed deadlines. If you do miss a deadline, they can help you communicate with HMRC and minimise penalties.
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