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 you use compliant software, meet deadlines, and avoid penalties. They also help you interpret your digital data to improve tax efficiency and cash flow management.
How do I choose a qualified accountant in Netley Abbey for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high professional standards. Check their experience with Making Tax Digital software and VAT submissions. Reading client reviews and comparing services on directories like AccountingFirms helps you find a regulated expert who suits your business needs.
Can an accountant help with both VAT and Income Tax under MTD?
Yes, qualified accountants in Netley Abbey can assist with both VAT and Income Tax aspects of Making Tax Digital. They manage digital record-keeping, quarterly updates, and final declarations. Their expertise ensures you comply with HMRC requirements for each tax type, reducing administrative burden and risk of errors.
What are the penalties for not complying with Making Tax Digital?
HMRC applies penalties for late submissions and failure to keep digital records. Initial penalties are based on a points system, with fines accumulating for repeated non-compliance. An accountant helps you avoid these penalties by ensuring timely, accurate submissions and maintaining proper digital records throughout the year.
Do I need an accountant if I use accounting software for MTD?
While software handles digital records, an accountant provides strategic advice on tax planning, reliefs, and compliance. They review your data for errors, advise on Corporation Tax and Self Assessment, and represent you if HMRC queries your returns. Their expertise adds value beyond what software alone can offer.
How often will my accountant need to submit returns under MTD?
Under Making Tax Digital, most businesses submit quarterly updates to HMRC, plus an end-of-period statement and final declaration. Your accountant manages this schedule, ensuring each submission is accurate and on time. They also help you prepare for any changes in reporting frequency as MTD expands to more taxes.
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