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 does it affect my business?
Making Tax Digital is an HMRC initiative requiring VAT-registered businesses to keep digital records and submit returns using compatible software. It aims to reduce errors and improve tax compliance. Failing to comply can result in penalties, so working with a qualified accountant ensures your systems meet HMRC standards.
How can an ACCA or ICAEW accountant help with MTD compliance?
ACCA and ICAEW accountants are trained to implement digital accounting systems, set up compatible software, and manage VAT submissions under MTD rules. They also provide ongoing support to ensure your records remain accurate and compliant with HMRC requirements, reducing the risk of fines.
Do I need a Making Tax Digital accountant if I am not VAT-registered?
Currently, MTD applies to VAT-registered businesses, but HMRC plans to extend it to income tax and Corporation Tax in the future. Engaging an accountant now prepares you for upcoming changes, helps you digitise your records, and improves the efficiency of your tax reporting.
What software do MTD accountants typically recommend?
Accountants often recommend HMRC-recognised software such as Xero, QuickBooks, or Sage. These platforms integrate with digital tax systems and allow seamless submission of VAT returns. Your accountant can advise on the best solution based on your business size, industry, and budget.
Can an accountant help with Self Assessment and Corporation Tax under MTD?
Yes, many accountants in Cwmbran Torfaen offer comprehensive services covering Self Assessment and Corporation Tax alongside MTD compliance. They can prepare and file your annual tax returns, ensure accurate record-keeping, and provide strategic advice to minimise your tax liability while staying compliant.
How do I verify that an accountant is properly regulated?
You can check an accountant’s credentials by looking for membership with recognised bodies such as ACCA, ICAEW, or AAT. These organisations maintain strict professional standards and require ongoing training. AccountingFirms.co.uk lists only verified accountants, making it easy to find regulated professionals in your area.
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