
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 returns electronically. An accountant ensures you use compliant software, submit accurate data on time, and avoid penalties. They also help you understand the rules for VAT, Corporation Tax, and Self Assessment, making the transition smoother for your business.
How do I find a qualified accountant in Shetland Islands for Making Tax Digital?
You can use AccountingFirms.co.uk to browse a directory of verified accountants in Shetland Islands. The platform lets you filter by qualifications such as ACCA, ICAEW, or AAT, and by services like VAT returns or Self Assessment. Each listing includes client reviews and contact details, helping you choose a professional who meets your needs.
What qualifications should I look for in a Making Tax Digital accountant?
Look for accountants who are members of recognised bodies such as ACCA, ICAEW, or AAT. These qualifications ensure the professional has undergone rigorous training and adheres to ethical standards. Such accountants are also regulated, meaning they carry professional indemnity insurance and must keep their knowledge up to date with HMRC requirements.
Can a Making Tax Digital accountant help with VAT returns and Corporation Tax?
Yes, a qualified accountant can assist with all aspects of Making Tax Digital, including VAT returns, Corporation Tax filings, and Self Assessment. They will set up compatible software, submit quarterly updates to HMRC, and ensure your annual accounts are accurate. This comprehensive support helps you stay compliant and reduces administrative burdens.
How often will I need to submit digital tax updates under Making Tax Digital?
For VAT, you must submit quarterly digital updates to HMRC using compatible software. For Corporation Tax and Self Assessment, annual submissions are required, though digital record-keeping is mandatory throughout the year. An accountant can manage these deadlines and ensure your records are always ready for submission, preventing late filing penalties.
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. You may also face additional scrutiny on your tax affairs. Engaging a qualified accountant helps you avoid these issues by ensuring your digital records are correct and submitted on time, protecting your business from financial and legal consequences.
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