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 and landlords to keep digital records and submit quarterly updates. It applies to VAT-registered businesses and is expanding to Income Tax. Using a qualified accountant ensures you comply with these rules, avoid penalties, and manage your tax obligations efficiently.
How do I choose a qualified accountant for MTD in East Lothian?
Look for accountants with recognised accreditations such as ACCA, ICAEW, or AAT. These professionals have undergone rigorous training and are regulated by their respective bodies. They can provide expert guidance on digital record-keeping, software selection, and quarterly submissions, ensuring your business meets HMRC's requirements.
What services do Making Tax Digital accountants typically offer?
They offer services including VAT returns, Corporation Tax, Self Assessment, payroll, and bookkeeping. They also help you set up compatible accounting software, submit quarterly updates to HMRC, and provide year-end adjustments. Their goal is to simplify your tax reporting and keep you compliant throughout the year.
Can a local accountant in East Lothian help with both VAT and Income Tax MTD?
Yes, many local accountants in East Lothian are experienced in both VAT and Income Tax MTD. They can assist with digital record-keeping for VAT-registered businesses and help landlords and sole traders prepare for the Income Tax requirements. Their local knowledge ensures advice is tailored to your specific circumstances.
How often do I need to submit updates under Making Tax Digital?
For VAT, you must submit quarterly digital updates to HMRC. For Income Tax, quarterly updates are also required, with an end-of-year final declaration. A qualified accountant can manage these submissions on your behalf, ensuring they are accurate and submitted on time to avoid penalties.
What happens if I do not comply with Making Tax Digital rules?
Non-compliance can result in penalties from HMRC, including fines for late or incorrect submissions. It may also lead to additional scrutiny of your tax affairs. Engaging a qualified accountant helps you avoid these risks by ensuring your digital records and submissions meet all legal requirements.
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