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 is compliant, helps you manage submissions accurately, and reduces the risk of penalties, making the transition smoother and less time-consuming.
How do I choose a qualified accountant in Newtownards for Making Tax Digital?
Look for professionals with accreditations from ACCA, ICAEW, or AAT, as these bodies ensure high standards of training and ethics. Check their experience with digital tax software and client reviews. AccountingFirms allows you to compare local providers based on these criteria to find the right fit.
What services do Making Tax Digital accountants typically offer?
They provide assistance with digital record-keeping, quarterly VAT submissions, Corporation Tax, Self Assessment, and payroll. They also advise on software selection, ensure HMRC compliance, and help you optimise your tax position through accurate reporting and planning.
Can a Making Tax Digital accountant help with VAT returns?
Yes, they specialise in VAT compliance under Making Tax Digital, ensuring your returns are submitted correctly and on time. They set up compatible software, reconcile transactions, and advise on partial exemption or flat-rate schemes, reducing the risk of HMRC queries.
Do I need an accountant if I use accounting software myself?
While software can simplify record-keeping, an accountant provides expert oversight to ensure accuracy and compliance with HMRC rules. They can identify tax-saving opportunities, correct errors, and handle complex areas like Corporation Tax, giving you peace of mind and potentially saving money.
How often will I need to submit reports under Making Tax Digital?
For VAT, you submit quarterly returns, with an annual finalisation. For income tax, quarterly updates are required, followed by an end-of-period statement. An accountant manages these deadlines, ensuring timely submissions and helping you avoid late-filing penalties.
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