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 who does it affect?
Making Tax Digital is an HMRC initiative requiring businesses to maintain digital records and submit quarterly updates for VAT and other taxes. It currently affects most VAT-registered businesses, with plans to extend to income tax and Corporation Tax. Working with a qualified accountant ensures smooth compliance with these digital reporting requirements.
How do I choose a qualified accountant for MTD compliance?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high professional standards. Check their experience with MTD-compatible software and their familiarity with your industry. Reading client reviews and comparing services through a directory like AccountingFirms helps you find a professional suited to your needs.
What benefits does a local accountant offer for my business?
A local accountant understands regional business conditions and can provide face-to-face meetings when needed. They offer personalised advice on VAT, Corporation Tax, and Self Assessment, helping you optimise tax efficiency. Their proximity also means quicker responses to urgent queries and a deeper understanding of local regulatory nuances.
Can an accountant help me with HMRC queries and inspections?
Yes, a qualified accountant can represent you during HMRC inspections and handle correspondence on your behalf. They prepare all necessary documentation, ensure records are accurate, and advise on your rights and obligations. This reduces stress and helps resolve any issues efficiently, protecting your business from penalties.
How often do I need to submit digital updates under MTD?
For VAT, most businesses submit quarterly digital updates to HMRC, with a final annual return. For income tax and Corporation Tax, the frequency may vary as MTD expands. Your accountant will set up the appropriate schedule and software reminders to ensure all submissions are made on time.
What software do MTD accountants typically use?
MTD-compatible software includes products like Xero, QuickBooks, Sage, and FreeAgent, which integrate directly with HMRC systems. Your accountant will recommend and set up software suited to your business size and complexity. They also provide training on digital record-keeping to ensure your team can manage daily entries correctly.
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