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
TITUS ACCOUNTS LTD
I know that telling you the truth won’t make me very popular with other accountants. If I'm honest I never liked them much anyway. Chances are (if yo...See More
Frequently asked questions
What is Making Tax Digital and why do I need an accountant for it?
Making Tax Digital is a government initiative requiring businesses to maintain digital records and submit quarterly updates to HMRC. An accountant ensures you use compliant software, meet deadlines, and avoid penalties. They also help interpret your digital data to improve tax planning and cash flow management.
How do I know if an accountant in Herts is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications confirm the accountant has undergone rigorous training and adheres to professional standards. You can verify their status on the respective institute's register or through the AccountingFirms directory.
Can a Making Tax Digital accountant help with VAT returns?
Yes, MTD for VAT is already mandatory for most VAT-registered businesses. A qualified accountant can set up compatible software, submit your VAT returns digitally to HMRC, and ensure you comply with the latest regulations. They also advise on partial exemption and VAT schemes.
What should I expect during my first meeting with an accountant in Herts?
Your accountant will review your current record-keeping methods, discuss your business structure, and explain how MTD affects you. They will recommend suitable software, outline deadlines, and provide a clear plan for quarterly submissions. You will also agree on fees and service scope.
How often will my accountant need to submit information to HMRC under MTD?
Under MTD, you must submit quarterly updates of your business income and expenses to HMRC, followed by an end-of-period statement and final declaration. Your accountant will manage these submissions on your behalf, ensuring accuracy and timeliness throughout the year.
What happens if I miss a Making Tax Digital deadline in Herts?
Missing a deadline can result in late submission penalties from HMRC, which increase over time. Your accountant will set reminders and automate submissions to prevent this. If a deadline is missed, they can help you file immediately and negotiate a penalty reduction where possible.
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