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 using compatible software. An accountant ensures your systems comply, deadlines are met, and errors are avoided, saving you time and potential penalties.
How do I choose a qualified accountant in Newnham On Severn?
Look for professionals with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high standards. Check their experience with Making Tax Digital, VAT, and your business type. AccountingFirms.co.uk lists verified local accountants with client reviews to help you decide.
What services do Making Tax Digital accountants typically offer?
They offer VAT return preparation, digital record-keeping setup, quarterly MTD submissions, Corporation Tax and Self Assessment filing, payroll management, and software advice. Many also provide tax planning and cash flow analysis tailored to your business.
Do I need an accountant if I use accounting software for MTD?
While software handles digital records, an accountant ensures correct categorisation, identifies tax reliefs, and manages complex areas like partial exemption or group VAT. They also handle HMRC correspondence and can adjust submissions if errors occur.
How often will I need to submit updates under Making Tax Digital?
For VAT, you submit quarterly digital updates to HMRC, with a final annual declaration. For Income Tax (from 2026), similar quarterly updates apply. An accountant schedules these submissions and reconciles your records to avoid discrepancies.
What happens if I miss a Making Tax Digital deadline?
HMRC imposes late submission penalties, which increase with repeated delays. Your accountant can set reminders, automate filings, and manage penalty appeals if necessary. Engaging a professional reduces the risk of missing deadlines and incurring fines.
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