
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, submit accurate returns, and meet deadlines, reducing the risk of penalties.
How do I verify an accountant is qualified for MTD work?
Look for accountants with ACCA, ICAEW, or AAT accreditation. These bodies require ongoing training and ethical standards. You can also check their registration with HMRC as an agent to confirm they are authorised to handle MTD submissions.
Can an accountant help with both VAT and Income Tax under MTD?
Yes. Many accountants specialise in MTD for VAT, which is already mandatory, and are preparing for MTD for Income Tax, due to roll out soon. They can manage both quarterly VAT returns and annual Self Assessment filings digitally.
What software do MTD accountants typically use?
Most use HMRC-recognised software such as Xero, QuickBooks, or Sage. These tools integrate with accounting systems to automate record-keeping and submissions. Your accountant will recommend the best option for your business size and sector.
How often will I need to submit returns with an MTD accountant?
Under MTD for VAT, you submit quarterly returns. For Income Tax, you will provide quarterly updates plus an end-of-year statement. Your accountant handles these submissions on your behalf, ensuring they are accurate and on time.
What are the penalties for non-compliance with MTD?
HMRC applies late submission and late payment penalties. For MTD, you may face a penalty if you miss quarterly deadlines or fail to keep digital records. An accountant helps you avoid these by managing your schedule and records proactively.
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