
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 businesses to keep digital records and submit quarterly updates using compatible software. It applies to most VAT-registered businesses and will eventually extend to income tax. Working with a qualified accountant ensures you meet these obligations without errors or penalties.
How do I know if an accountant is properly qualified for MTD?
Look for accountants who hold ACCA, ICAEW, or AAT accreditation, as these bodies require ongoing professional development. Verified firms on AccountingFirms display their credentials and practising certificates. A qualified professional will have specific experience with MTD-compatible software and HMRC digital submissions.
Can an accountant help me with both VAT and Self Assessment under MTD?
Yes, many accountants offer comprehensive support for VAT returns and Self Assessment filings under MTD. They ensure your digital records are accurate, submit quarterly updates to HMRC, and prepare your annual tax return. This integrated approach saves time and reduces the risk of compliance issues.
What software do MTD accountants typically use?
Most MTD accountants use HMRC-recognised software such as Xero, QuickBooks, or Sage. These platforms integrate with HMRC systems to submit VAT and income data automatically. Your accountant can recommend the best software for your business size and sector, and help you set it up correctly.
How often will I need to submit information to HMRC under MTD?
For VAT, most businesses submit quarterly returns. For income tax, quarterly updates are required, followed by an end-of-period statement and final declaration. Your accountant will manage these deadlines and ensure all submissions are accurate and on time, helping you avoid late-filing penalties.
What happens if I do not comply with Making Tax Digital rules?
Non-compliance can result in financial penalties from HMRC, including fixed fines and interest on late payments. You may also face additional scrutiny on your tax affairs. Engaging a qualified accountant early helps you stay compliant and avoid these consequences, whilst keeping your records organised.
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