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 you use compliant software, meet deadlines, and avoid penalties, making the transition smooth and efficient.
How do I choose a qualified accountant in Shetland for MTD?
Look for accountants with ACCA, ICAEW, or AAT accreditation who have experience with Making Tax Digital. Check their familiarity with your business type and ask about their software recommendations to ensure they meet your needs.
What services do Making Tax Digital accountants typically offer?
They offer digital record-keeping setup, quarterly VAT submissions, Self Assessment filing, Corporation Tax planning, and HMRC correspondence management. Many also provide software training and ongoing compliance support for your business.
Can an accountant help me with VAT registration and returns?
Yes, accountants handle VAT registration, calculate your liability, and submit returns digitally under MTD. They ensure you claim all input tax correctly and stay compliant with HMRC's digital requirements for VAT.
Do I need an accountant if I use accounting software already?
Software helps, but an accountant provides expert oversight, identifies tax-saving opportunities, and ensures your records meet HMRC standards. They also handle complex areas like Corporation Tax and Self Assessment that software alone cannot manage.
How often will I need to submit information to my accountant?
Typically, you provide digital records quarterly for MTD submissions, with additional details at year-end for annual accounts. Your accountant will agree a schedule that keeps you compliant without overwhelming your daily operations.
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