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 and landlords to keep digital records and submit quarterly updates. An accountant ensures you use compatible software, submit accurate returns, and meet deadlines, reducing the risk of penalties and helping you manage your tax obligations efficiently.
How do I choose a qualified accountant in St Peters Road?
Look for accountants with accreditation from ACCA, ICAEW, or AAT, as these bodies ensure high professional standards. Check their experience with Making Tax Digital, VAT, and Self Assessment. Reading client reviews and comparing services on a directory like AccountingFirms helps you find a trusted local expert.
Can a Making Tax Digital accountant help with VAT returns?
Yes, Making Tax Digital for VAT is mandatory for most VAT-registered businesses. A qualified accountant can set up compatible software, submit your quarterly VAT returns to HMRC, and advise on partial exemption or VAT schemes. This ensures compliance and helps you avoid late filing penalties.
What is the difference between ACCA, ICAEW, and AAT accreditation?
ACCA and ICAEW are chartered accountancy bodies offering full qualification for complex financial work, including audits and tax planning. AAT is a vocational qualification focusing on practical bookkeeping and basic tax tasks. All three indicate a recognised standard of competence and ethical conduct.
Do I need an accountant if I am a landlord under Making Tax Digital?
If your rental income exceeds the VAT threshold or you are mandated for Income Tax Self Assessment under Making Tax Digital, an accountant is highly advisable. They can manage digital record-keeping, calculate allowable expenses, and submit quarterly updates, saving you time and ensuring accuracy.
How often will I need to submit returns with Making Tax Digital?
For VAT, you submit a return quarterly. For Income Tax Self Assessment under Making Tax Digital, you will provide quarterly updates of your business or property income, plus an end-of-year finalisation. An accountant can schedule these submissions and ensure all data is correctly reported to HMRC.
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