
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, whilst helping you understand the digital requirements specific to your business.
How do I know if an accountant is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee that the accountant has undergone rigorous training, adheres to ethical standards, and maintains professional indemnity insurance, giving you confidence in their expertise.
Can a local accountant help with both VAT and Corporation Tax?
Yes, most local accountants specialise in a range of tax areas, including VAT, Corporation Tax, and Self Assessment. They can advise on registration thresholds, filing requirements, and planning opportunities, ensuring your business remains compliant and tax-efficient.
What should I look for when choosing an accountant for my small business?
Consider their experience with your industry, their qualifications, and their familiarity with digital accounting software. It is also important to check client reviews and ensure they offer the specific services you need, such as payroll or bookkeeping.
How often will I need to submit returns under Making Tax Digital?
For VAT, you must submit quarterly returns to HMRC using compatible software. For income tax, the timeline is still evolving, but quarterly updates are expected. An accountant will help you set up a schedule and manage the submissions on your behalf.
What happens if I miss a Making Tax Digital deadline?
HMRC may issue penalties for late submissions or late payments. An accountant helps you stay organised, sets reminders, and ensures your records are accurate and submitted on time, reducing the risk of fines and keeping your business in good standing.
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