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 your software is correctly configured, VAT returns are accurate, and deadlines are met, reducing the risk of penalties and saving you time.
How do I know if an accountant in South Cumbria is qualified?
Look for accreditations such as ACCA, ICAEW, or AAT, which indicate rigorous training and ethical standards. Qualified accountants are regulated by professional bodies and must adhere to continuing professional development requirements, ensuring they stay current with tax laws.
Can a Making Tax Digital accountant help with my Self Assessment tax return?
Yes, many accountants who specialise in Making Tax Digital also prepare Self Assessment tax returns. They can integrate your digital records with HMRC systems, ensuring accurate income and expense reporting, and advise on allowable deductions to minimise your tax liability.
What software do Making Tax Digital accountants typically use?
Most accountants use HMRC-recognised software such as Xero, QuickBooks, or Sage. They will help you select a package that suits your business size and complexity, set up the digital links, and train you on maintaining compliant records throughout the year.
How often will I need to submit updates to HMRC under Making Tax Digital?
For VAT, you must submit quarterly returns digitally. For income tax, the timeline is being phased in, but quarterly updates are expected. Your accountant will manage these submissions on your behalf, ensuring they are filed on time and reconcile with your annual accounts.
What are the penalties for not complying with Making Tax Digital?
HMRC can issue penalties for late or incorrect submissions, as well as for failing to keep digital records. An accountant helps you avoid these by maintaining accurate data, meeting deadlines, and providing audit support if HMRC queries your returns.
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