
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 for VAT and Income Tax. An accountant ensures your software is correctly set up, data is accurate, and submissions are timely, reducing the risk of penalties and saving you time on administrative tasks.
How do I find a qualified Making Tax Digital accountant in River Tyne?
You can use AccountingFirms.co.uk to search for verified accountants in River Tyne who specialise in Making Tax Digital. The directory allows you to filter by accreditations such as ACCA, ICAEW, or AAT, ensuring you connect with professionals who meet high standards of expertise and regulation.
What qualifications should I look for in a Making Tax Digital accountant?
Look for accountants who are members of recognised bodies like ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training and adheres to ethical standards, ensuring they are competent to handle HMRC requirements and complex tax matters.
Can a Making Tax Digital accountant help with VAT and Corporation Tax?
Yes, a Making Tax Digital accountant can manage your VAT returns digitally and assist with Corporation Tax compliance. They will ensure your records are compatible with HMRC systems, submit returns on time, and provide advice on tax planning to optimise your financial position.
How often will I need to submit updates under Making Tax Digital?
For VAT, you must submit quarterly updates to HMRC using compatible software. For Income Tax, businesses and landlords with income over £10,000 per year will need to provide quarterly updates and an annual declaration. An accountant can manage this schedule and ensure accuracy.
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 helps you avoid these issues by maintaining proper digital records, submitting returns on time, and keeping you informed of any changes to regulations.
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