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 maintain digital records and submit quarterly updates. An accountant ensures your software is compliant, your submissions are accurate, and you avoid penalties. They also help you interpret the data for better financial planning.
How do I choose a qualified accountant in East Lincolnshire for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies enforce high professional standards. Check their experience with MTD-compatible software and their familiarity with your business sector. Reading client reviews and comparing services on directories like AccountingFirms can also guide your decision.
Can an accountant help me with both VAT and Income Tax under MTD?
Yes, many accountants in East Lincolnshire are experienced with both VAT and Income Tax aspects of MTD. They can manage your quarterly VAT returns and ensure your income tax records are digital and ready for annual Self Assessment. This integrated approach saves time and reduces administrative burden.
What software do I need for Making Tax Digital?
HMRC requires MTD-compatible software that can store digital records and submit data directly. Your accountant can recommend options such as Xero, QuickBooks, or Sage, depending on your business size and complexity. They can also assist with setup and training to ensure smooth operation.
Are there penalties for not complying with Making Tax Digital?
Yes, HMRC imposes penalties for late submissions, late payments, and failure to keep digital records. A qualified accountant helps you stay on schedule and maintain accurate records, significantly reducing the risk of fines. They also advise on how to correct errors promptly if they occur.
How often will I need to submit updates under MTD?
For VAT, most businesses submit quarterly returns. For Income Tax, you will provide quarterly updates of your business income and expenses, followed by an annual final declaration. Your accountant can set up reminders and manage these submissions on your behalf, ensuring you never miss a deadline.
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