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 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 strategic advice to optimise your tax position.
How do I find a qualified accountant in Eastleigh Hampshire for MTD?
You can use AccountingFirms.co.uk to browse local accountants who specialise in Making Tax Digital. The directory allows you to filter by accreditations such as ACCA or ICAEW, read client reviews, and compare services. This ensures you select a regulated professional with relevant experience.
What qualifications should a Making Tax Digital accountant hold?
Look for accountants with accreditations from recognised bodies like ACCA, ICAEW, or AAT. These qualifications demonstrate a high level of professional competence and adherence to ethical standards. Such professionals are well-versed in HMRC requirements and digital accounting systems.
Can an accountant help with both VAT and Self Assessment under MTD?
Yes, most accountants specialising in MTD can manage both VAT returns and Self Assessment submissions. They ensure your digital records meet HMRC standards for each tax type and help you file accurate quarterly updates. This integrated approach simplifies your overall tax compliance.
How often will I need to submit reports under Making Tax Digital?
Under MTD for VAT, most businesses submit quarterly returns. For Income Tax, the requirement is also quarterly updates, followed by an end-of-period statement and final declaration. An accountant can schedule these submissions and ensure your records are always up to date.
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 inaccurate submissions. A qualified accountant helps you avoid these issues by maintaining proper digital records and meeting all deadlines. They also provide guidance on any changes to MTD regulations.
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