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 who needs to comply?
Making Tax Digital is an HMRC initiative requiring businesses to keep digital records and file VAT returns using compatible software. Most VAT-registered businesses must comply, with further mandates for Income Tax expected soon. Engaging a qualified accountant ensures you meet these requirements smoothly.
How can an ACCA or ICAEW accountant help with MTD?
ACCA and ICAEW accountants are trained to manage digital record-keeping and HMRC submissions. They can set up MTD-compatible software, ensure your VAT returns are accurate, and advise on tax planning. Their professional standards guarantee reliable compliance support for your business.
What are the penalties for not complying with Making Tax Digital?
Failure to comply with MTD can result in penalties from HMRC, including fines for late submission or inaccurate returns. Penalties are calculated based on your VAT turnover and the severity of non-compliance. Working with a qualified accountant helps you avoid these costs.
Do I need an accountant if I use accounting software for MTD?
While software can handle digital records, an accountant provides expert oversight for tax planning, error correction, and HMRC correspondence. They ensure your software is correctly configured and that you claim all allowable deductions. This reduces risk and saves time.
How do I choose the right accountant for my business in Vale Of Glamorgan?
Look for accountants with ACCA, ICAEW, or AAT accreditation and experience in Making Tax Digital. Check client reviews and verify their specialisms in VAT, Corporation Tax, or Self Assessment. Using a directory like AccountingFirms lets you compare local professionals easily.
What is the difference between a tax return and a VAT return under MTD?
A tax return reports your annual income and expenses to HMRC for Self Assessment or Corporation Tax. A VAT return is submitted quarterly or monthly under MTD, detailing your sales and purchases. Both require digital records, but an accountant can manage both processes for you.
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