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 tax updates quarterly. An accountant ensures your software is compliant, your records are accurate, and your submissions are made on time, reducing the risk of penalties.
How do I know if an accountant in Randalstown is properly qualified?
Look for accreditations from recognised bodies such as ACCA, ICAEW, or AAT. These qualifications guarantee the accountant has undergone rigorous training and adheres to strict professional standards, ensuring they are competent to handle your tax affairs.
Can a Making Tax Digital accountant help with my VAT returns?
Yes, MTD for VAT is mandatory for most VAT-registered businesses. A qualified accountant will set up compatible software, submit your VAT returns digitally to HMRC, and help you manage your VAT liabilities efficiently throughout the year.
What services do accountants offer beyond MTD compliance?
Beyond MTD, accountants provide services including Corporation Tax planning, Self Assessment tax return preparation, payroll management, and financial forecasting. They act as strategic advisors to help your business grow whilst staying compliant.
How often will I need to submit updates under Making Tax Digital?
For VAT, you submit a return quarterly. For Income Tax under MTD, you provide a quarterly summary of your business income and expenses, followed by an end-of-period statement and a final declaration. An accountant manages this schedule for you.
What happens if I do not comply with Making Tax Digital rules?
Non-compliance can result in penalties from HMRC, including fines for late submissions or inaccurate records. An accountant ensures your digital records meet HMRC standards and that all deadlines are met, helping you avoid unnecessary charges.
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