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, your records are accurate, and your submissions are on time, helping you avoid penalties and manage your tax efficiently.
How do I choose a qualified accountant for Making Tax Digital in Omagh?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high professional standards. Check their experience with MTD software and VAT or Corporation Tax. Using a directory like AccountingFirms.co.uk lets you compare local providers based on qualifications and client feedback.
Can an accountant help me with both VAT and Self Assessment under MTD?
Yes, many accountants specialise in both VAT and Self Assessment under Making Tax Digital. They can set up your digital records, submit quarterly updates to HMRC, and handle your annual tax return. This integrated approach ensures all your tax obligations are met seamlessly.
What are the penalties for not complying with Making Tax Digital?
HMRC applies penalties for late submission of quarterly updates and for failing to keep digital records. Penalties start with a fixed amount and increase over time. A qualified accountant helps you stay on schedule and maintain compliant records, reducing the risk of fines.
Do I need to use specific software for Making Tax Digital?
Yes, HMRC requires compatible software that can send and receive MTD data. Your accountant can recommend and help you set up approved software, such as QuickBooks, Xero, or Sage. They will also ensure your software is correctly linked to HMRC for smooth submissions.
How often will my accountant need to submit updates to HMRC?
Under Making Tax Digital, you must submit quarterly updates summarising your income and expenses. Your accountant will manage these submissions on your behalf, typically every three months. At the end of the year, they will also file your final tax return to confirm your total liability.
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