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
YBSM PARTNERS
YBSM Partners is a Certified Accounting Firm with a difference. Providing Accounting, T...
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 is compliant, helps you meet deadlines, and reduces the risk of penalties. They also provide advice on tax planning and digital record-keeping, making the transition smoother for your business.
How do I find a qualified Making Tax Digital accountant in East London?
You can use AccountingFirms.co.uk to browse verified accountants in East London. Look for professionals with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high standards. The directory allows you to compare providers based on their experience with digital tax reporting, helping you select the right expert for your needs.
What qualifications should a Making Tax Digital accountant have?
Look for accountants who are members of ACCA, ICAEW, or AAT. These qualifications demonstrate rigorous training and adherence to professional standards. Such accountants are well-versed in HMRC requirements, including VAT, Corporation Tax, and Self Assessment, ensuring your digital tax submissions are accurate and compliant.
Can a Making Tax Digital accountant help with VAT returns?
Yes, Making Tax Digital for VAT is already mandatory for most VAT-registered businesses. An experienced accountant can set up compatible software, submit your VAT returns digitally, and ensure you comply with quarterly reporting. They also help you claim input tax and manage cash flow effectively.
How often will I need to submit updates under Making Tax Digital?
Under Making Tax Digital, you must submit quarterly updates to HMRC summarising your income and expenses. An accountant can manage these submissions on your behalf, ensuring they are accurate and on time. They also help with the end-of-year final declaration, simplifying your overall tax compliance.
What happens if I don't comply with Making Tax Digital requirements?
Non-compliance can result in penalties from HMRC, including fines for late or incorrect submissions. An accountant helps you avoid these issues by ensuring your digital records are maintained properly and deadlines are met. They also provide guidance if you need to correct errors or appeal penalties.
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