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 who does it affect?
Making Tax Digital is an HMRC initiative requiring businesses and landlords to maintain digital records and submit quarterly updates. It currently applies to VAT-registered businesses and will expand to Income Tax for sole traders and landlords from April 2026. It affects most businesses with turnover above the VAT threshold.
How do I find a qualified accountant for MTD in Ripley Surrey?
You can use AccountingFirms.co.uk to browse local accountants in Ripley Surrey who are verified and regulated. Filter by accreditations such as ACCA, ICAEW, or AAT to ensure they have the expertise to handle Making Tax Digital requirements. Read reviews and compare services to find the right professional.
What qualifications should an MTD accountant have?
An MTD accountant should hold a recognised qualification from ACCA, ICAEW, or AAT. These bodies ensure accountants meet professional standards and stay updated on HMRC regulations. Look for accountants who specialise in VAT, Corporation Tax, and digital accounting software.
Can an accountant help me choose MTD-compatible software?
Yes, a qualified accountant can recommend and help you set up MTD-compatible software such as Xero, QuickBooks, or Sage. They will ensure the software integrates with HMRC systems and train you or your staff on digital record-keeping. This reduces errors and simplifies quarterly submissions.
What are the penalties for not complying with MTD?
HMRC applies penalties for late submission of quarterly updates and late payment of VAT. Penalties are based on a points system, where each late submission accrues a point. Once you reach a threshold, a financial penalty is issued. An accountant can help you avoid these penalties by ensuring timely and accurate submissions.
How often will I need to submit updates under MTD?
For VAT, you must submit quarterly updates to HMRC using compatible software. For Income Tax, from April 2026, sole traders and landlords will also need to submit quarterly updates. Your accountant can manage these submissions on your behalf, ensuring they are accurate and on time.
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