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 quarterly updates. An accountant ensures your software complies with MTD rules, handles submissions accurately, and helps you avoid penalties. They also provide tax planning advice tailored to your business.
How do I find a qualified Making Tax Digital accountant in Shropshire?
You can use AccountingFirms.co.uk to browse regulated accountants in Shropshire. The directory lists ACCA, ICAEW, and AAT-accredited professionals who specialise in MTD. You can compare services, read reviews, and select a firm that meets your specific compliance needs.
What qualifications should a Making Tax Digital accountant hold?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies ensure high professional standards. Such qualifications demonstrate expertise in tax legislation, digital record-keeping, and HMRC compliance. This guarantees your MTD submissions are handled by a regulated expert.
Can a Making Tax Digital accountant help with VAT and Corporation Tax?
Yes, qualified accountants assist with all aspects of MTD, including VAT returns and Corporation Tax. They ensure digital links between your software and HMRC systems, manage quarterly updates, and advise on tax efficiency. This comprehensive support keeps your business fully compliant.
How often will my accountant submit returns under Making Tax Digital?
Under MTD, most businesses submit quarterly updates to HMRC, plus an annual final declaration. Your accountant will manage these submissions, ensuring accuracy and timeliness. They also reconcile your records and provide advice on any adjustments needed throughout the year.
What happens if I don't comply with Making Tax Digital requirements?
Non-compliance can result in penalties from HMRC, including fines for late or incorrect submissions. An accountant helps you avoid these by ensuring your digital records meet MTD standards. They also keep you informed of any changes to legislation, reducing your risk of non-compliance.
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