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 qualifications should I look for in an accountant?
Look for accountants who are members of recognised professional bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate that the accountant has undergone rigorous training, adheres to ethical standards, and stays updated with tax legislation. Using a qualified professional ensures your accounts are prepared correctly and your tax affairs are managed compliantly.
How often should I submit a Self Assessment tax return?
You must submit a Self Assessment tax return each year if you are self-employed, a company director, or have untaxed income above certain thresholds. The deadline for online filing is 31 January following the end of the tax year. An accountant can help you prepare and file your return accurately and on time to avoid penalties.
Can an accountant help with VAT registration and returns?
Yes, accountants can assist with VAT registration, advise on the best VAT scheme for your business, and prepare quarterly or annual VAT returns. They ensure compliance with HMRC rules, help you reclaim input tax, and keep accurate records. This is especially valuable if your turnover exceeds the VAT threshold or if you trade internationally.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of ICAEW or ICAS, whilst certified accountants are members of ACCA. Both qualifications are highly respected and require extensive training and examinations. The main difference lies in the awarding body and historical focus, but both are fully qualified to handle tax returns, audits, and business advice.
How do I choose the right accountant for my small business?
Consider the accountant's experience with businesses of your size and sector, their fee structure, and the services they offer. Look for a professional who communicates clearly and understands your goals. Using a directory like AccountingFirms allows you to compare local accountants, read client reviews, and check their regulatory status before making a decision.
What records do I need to keep for my accountant?
You should keep all receipts, invoices, bank statements, and records of business expenses and income. For payroll, maintain employee records and PAYE documents. If you are self-employed, keep a log of mileage and other allowable expenses. Your accountant will advise on specific records needed for your tax return or company accounts.
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