
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 your software complies with MTD standards, helps you meet deadlines, and advises on tax planning. This reduces the risk of penalties and simplifies your overall tax management.
How do I know if an accountant in Liverpool Merseyside is qualified for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies require ongoing professional development. Many firms also display MTD-specific certifications on their profiles. You can verify their status through professional registers or by asking directly about their experience with HMRC's digital systems.
Can a Making Tax Digital accountant help with VAT and Corporation Tax together?
Yes, most accountants who specialise in MTD also handle VAT returns, Corporation Tax, and Self Assessment. They integrate these obligations into a single digital system, ensuring consistency and accuracy. This holistic approach saves time and helps you avoid duplicate data entry or missed deadlines.
What software do MTD accountants typically use for digital record-keeping?
Accountants often use HMRC-recognised software such as Xero, QuickBooks, Sage, or FreeAgent. These platforms enable automatic data syncing and direct submission of quarterly updates. Your accountant can recommend the best option based on your business size, industry, and budget, and provide training on its use.
How often will I need to submit updates under Making Tax Digital?
For VAT, you submit quarterly returns digitally. For income tax, MTD for Self Assessment requires quarterly updates plus an end-of-year declaration. Your accountant schedules these submissions and reminds you of deadlines, ensuring you remain compliant without having to manage the process alone.
What happens if I miss a Making Tax Digital deadline?
HMRC may issue late filing penalties, which increase with repeated failures. Your accountant monitors deadlines and submits updates on your behalf, significantly reducing this risk. If a deadline is missed, they can help you file late and potentially negotiate a penalty reduction with HMRC.
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