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 you use compliant software, meet deadlines, and avoid penalties. They also advise on VAT and future income tax mandates, making the transition smooth and efficient.
How do I find a qualified Making Tax Digital accountant in East Midlands?
You can use AccountingFirms.co.uk to browse local professionals who specialise in MTD. Look for accreditations such as ACCA, ICAEW, or AAT, which indicate high standards of training and ethics. The directory allows you to compare firms based on their services and client feedback.
What qualifications should a Making Tax Digital accountant hold?
Look for accountants who are members of ACCA, ICAEW, or AAT. These bodies require rigorous training and ongoing professional development. Such qualifications ensure the accountant is up to date with HMRC regulations and can provide expert guidance on digital tax filing and compliance.
Can a Making Tax Digital accountant help with VAT returns?
Yes, MTD for VAT is mandatory for most VAT-registered businesses. A specialist accountant will set up compatible software, submit your quarterly returns to HMRC, and advise on partial exemption or flat rate schemes. They also help you manage deadlines and reconcile digital records.
Do I need an accountant if I use accounting software for MTD?
Software alone cannot replace professional advice. An accountant interprets your financial data, identifies tax savings, and ensures your submissions are accurate. They also handle complex issues like Corporation Tax and Self Assessment, reducing the risk of errors and HMRC investigations.
How often should I meet with my Making Tax Digital accountant?
Quarterly meetings are common to review MTD submissions and discuss cash flow. However, many accountants offer ongoing support via phone or email. Regular contact helps you stay compliant and allows the accountant to adjust strategies based on changes in your business or tax legislation.
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