
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 VAT-registered 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 your quarterly submissions are made on time, helping you avoid penalties and stay compliant with current regulations.
How do I know if an accountant in Yard London is properly qualified?
Look for accreditations from recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications indicate that the accountant has undergone rigorous training and adheres to strict ethical and professional standards. The firms listed on AccountingFirms have been verified for their regulatory status, giving you confidence in their expertise.
Can a Making Tax Digital accountant help with Corporation Tax and Self Assessment?
Yes, most Making Tax Digital accountants are experienced in handling Corporation Tax returns for limited companies and Self Assessment for sole traders and partnerships. They will use your digital records to prepare accurate tax computations and ensure all filings are submitted to HMRC within the required deadlines, reducing the risk of errors or late filing penalties.
What software do Making Tax Digital accountants typically use?
Accountants use HMRC-recognised software such as Xero, QuickBooks, Sage, and FreeAgent. These platforms allow for real-time record keeping, automatic VAT calculations, and direct submission to HMRC. Your accountant will help you choose the best software for your business size and industry, and provide training on how to use it effectively.
How often will I need to submit returns under Making Tax Digital?
Under Making Tax Digital for VAT, most businesses must submit a VAT return every quarter. Some businesses may be required to submit more frequently if they use the annual accounting scheme. Your accountant will set up a schedule for these submissions and manage the process on your behalf, ensuring you never miss a deadline.
What happens if I do not comply with Making Tax Digital rules?
Non-compliance can result in penalties from HMRC, including fines for late submission of VAT returns or for failing to keep digital records. An accountant helps you avoid these penalties by ensuring your software is correctly configured, your records are maintained digitally, and all submissions are made on time. They also provide ongoing support if HMRC raises any queries.
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