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 VAT returns using compatible software. An accountant ensures your software is correctly set up, your records are accurate, and submissions meet deadlines, reducing the risk of penalties.
How do I know if an accountant is qualified to handle Making Tax Digital?
Look for accountants with ACCA, ICAEW, or AAT accreditation, as these bodies require ongoing training in digital tax systems. Many firms also list specific MTD experience on their profiles, and you can verify their regulated status through professional registers.
Can a Making Tax Digital accountant help with Corporation Tax and Self Assessment?
Yes, many accountants who specialise in MTD also handle Corporation Tax and Self Assessment returns. They use integrated software to manage all your tax obligations digitally, ensuring consistency across submissions and helping you plan for tax payments effectively.
What software do Making Tax Digital accountants typically use?
Most accountants use HMRC-recognised software such as Xero, QuickBooks, Sage, or FreeAgent. These platforms allow for real-time data syncing, automatic calculations, and direct submission to HMRC, which streamlines the entire tax reporting process for your business.
How often do I need to submit VAT returns under Making Tax Digital?
VAT-registered businesses must submit returns quarterly using MTD-compatible software. Your accountant can manage these submissions on your behalf, ensuring each return is filed on time and that your digital records are maintained correctly throughout the year.
What happens if I do not comply with Making Tax Digital requirements?
Failure to comply can result in penalties from HMRC, including fines for late submissions or incorrect records. An accountant helps you avoid these issues by setting up compliant systems, training your staff, and monitoring deadlines to keep your business in good standing.
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