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 bodies such as ACCA, ICAEW, or AAT. These qualifications demonstrate rigorous training, ethical standards, and ongoing professional development. Choosing a qualified accountant ensures your financial affairs are handled competently and in line with HMRC requirements.
How often should I meet with my accountant?
Most businesses meet their accountant quarterly to review performance and plan for tax payments. Individuals may only need annual meetings for Self Assessment returns. However, if your circumstances change or you face an HMRC enquiry, more frequent contact is advisable to stay compliant and informed.
Can an accountant help with VAT registration and returns?
Yes, accountants can manage the entire VAT process, including registration, calculating liabilities, and submitting returns to HMRC. They ensure you meet deadlines and claim input tax correctly. This is especially valuable for businesses approaching the VAT threshold or those with complex supply chains.
What is the difference between a tax return and Self Assessment?
Self Assessment is the system HMRC uses to collect Income Tax, and the tax return is the form you submit each year. An accountant prepares and files this return on your behalf, ensuring all income and reliefs are reported accurately to avoid penalties or unnecessary tax bills.
Do I need an accountant if I am a sole trader?
While sole traders can complete their own tax returns, an accountant saves time and helps identify deductions you might miss. They also provide advice on record-keeping, cash flow, and HMRC compliance. Many sole traders find the cost of an accountant is outweighed by the tax savings achieved.
How do accountants charge for their services?
Accountants typically charge fixed fees for standard services such as annual accounts and tax returns, or hourly rates for ad hoc advice. Some offer monthly subscriptions for ongoing bookkeeping and payroll. Always request a detailed quote before engaging a firm to ensure the fee structure suits your budget.
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