Question 1

What services does VMK Accountants provide?

Accepted Answer

VMK Accountants provides accounting, tax and business support including annual accounts, Corporation Tax, Self Assessment tax returns, VAT returns, payroll, CIS, bookkeeping, Making Tax Digital support, landlord tax, company formation, business startup advice and HMRC enquiry support.

Question 2

Where is VMK Accountants based?

Accepted Answer

VMK Accountants supports clients across Harrow, Kenton, Wembley, Kingsbury, Stanmore, Edgware, North West London, London and the wider UK through local and online accounting support.

Question 3

Do I need to be based in Harrow or London to use VMK?

Accepted Answer

No. VMK works with local clients and clients across the UK using email, phone, online meetings, secure document sharing and cloud accounting software.

Question 4

Does VMK work with small businesses?

Accepted Answer

Yes. VMK supports small businesses including limited companies, sole traders, partnerships, startups, contractors, landlords, family businesses and growing SMEs.

Question 5

Can VMK help if I am changing accountant?

Accepted Answer

Yes. VMK can guide you through the switching process, request professional clearance from your previous accountant and review your current tax and accounting position.

Question 6

Can VMK deal with HMRC on my behalf?

Accepted Answer

Yes. Once HMRC authorisation is in place, VMK can communicate with HMRC on your behalf for relevant tax matters.

Question 7

Can VMK help if I do not understand a HMRC letter?

Accepted Answer

Yes. VMK can review the letter, explain what HMRC is asking for and advise on the next steps.

Question 8

How do I book a consultation with VMK?

Accepted Answer

You can contact VMK through the website, phone, email or enquiry form. You can also complete the online fit-check or onboarding form to help VMK understand what support you need.

Question 9

Can everything be handled online?

Accepted Answer

Many services can be handled online using email, cloud accounting software, secure document sharing, phone calls and online meetings.

Question 10

Do you only work with businesses?

Accepted Answer

No. VMK also helps individuals, landlords, directors and people with Self Assessment, property income, capital gains and HMRC tax matters.

Question 11

How much does an accountant cost?

Accepted Answer

Fees depend on the services required, business size, turnover, VAT status, payroll, bookkeeping complexity, deadlines and the quality of records. VMK can provide a clear quote after reviewing your needs.

Question 12

Do you offer monthly packages?

Accepted Answer

Yes. VMK can offer monthly or fixed-fee packages depending on the agreed work, such as accounts, bookkeeping, VAT, payroll, tax returns and MTD support.

Question 13

Can I get a quote before committing?

Accepted Answer

Yes. VMK can explain the expected scope and fees before you agree to proceed.

Question 14

What affects my accounting fee?

Accepted Answer

Common factors include the number of transactions, whether bookkeeping is up to date, VAT registration, payroll size, number of properties, company structure, deadlines and whether HMRC issues need to be resolved.

Question 15

What happens after I contact VMK?

Accepted Answer

VMK will review your enquiry, understand what support you need, explain the documents required, confirm the scope and provide the next steps.

Question 16

What documents do I need to provide?

Accepted Answer

Documents may include bank statements, invoices, receipts, payroll details, VAT records, rental income records, HMRC letters, Companies House information and previous accounts or tax returns.

Question 17

Can VMK help if my records are messy?

Accepted Answer

Yes. VMK can help review the records, identify what is missing and explain what needs to be cleaned up before accounts or returns can be prepared.

Question 18

Can VMK speak to my previous accountant?

Accepted Answer

Yes. With your permission, VMK can request professional clearance and relevant records from your previous accountant.

Question 19

Do I need to visit the office?

Accepted Answer

Not always. Many matters can be dealt with remotely, although some clients prefer face-to-face meetings where needed.

Question 20

Who needs to complete a Self Assessment tax return?

Accepted Answer

You may need to complete a Self Assessment tax return if you are self-employed, a landlord, a company director with taxable income, have untaxed income, receive dividends, have capital gains, earn high income, need to claim certain reliefs or HMRC asks you to file.

Question 21

When is the Self Assessment deadline?

Accepted Answer

Online Self Assessment tax returns are usually due by 31 January after the end of the tax year. Paper returns usually have an earlier deadline.

Question 22

When do I need to register for Self Assessment?

Accepted Answer

If you need to complete a tax return and have not registered, you usually need to tell HMRC by 5 October after the end of the tax year.

Question 23

Can VMK prepare my Self Assessment tax return?

Accepted Answer

Yes. VMK can prepare and submit Self Assessment tax returns for sole traders, landlords, company directors and individuals with other taxable income.

Question 24

What information do I need for my tax return?

Accepted Answer

You may need income records, bank statements, expense details, rental income records, dividend vouchers, employment income, pension details, student loan information, capital gains details and HMRC correspondence.

Question 25

Can VMK help if my tax return is late?

Accepted Answer

Yes. VMK can help review what is outstanding, prepare the return and explain the position regarding penalties, interest and next steps.

Question 26

Can you help reduce my tax legally?

Accepted Answer

VMK can review allowable expenses, reliefs, allowances and tax planning opportunities based on your circumstances. Any tax planning must be legal, accurate and supported by proper records.

Question 27

What happens if I miss the 31 January deadline?

Accepted Answer

You may receive penalties and interest from HMRC. You should file as soon as possible and pay any tax due. VMK can help bring the return up to date.

Question 28

Do I need a tax return if I made no profit?

Accepted Answer

Possibly. If you are registered for Self Assessment or HMRC has issued a notice to file, you may still need to submit a return even if there is no profit.

Question 29

Can I amend a submitted tax return?

Accepted Answer

In many cases a Self Assessment return can be amended within the allowed amendment window. VMK can review whether an amendment is possible.

Question 30

What is Making Tax Digital?

Accepted Answer

Making Tax Digital, often called MTD, is HMRC's system for keeping digital tax records and sending tax information using compatible software.

Question 31

What is MTD for Income Tax?

Accepted Answer

MTD for Income Tax is a new way for some sole traders and landlords to keep digital records and report income and expenses to HMRC through software.

Question 32

Who needs to use MTD for Income Tax?

Accepted Answer

MTD for Income Tax applies to individuals registered for Self Assessment who receive income from self-employment, property, or both, and whose qualifying income is above the relevant threshold.

Question 33

When does MTD for Income Tax start?

Accepted Answer

MTD for Income Tax is being introduced in phases. Sole traders and landlords with qualifying income over Â£50,000 need to use it from 6 April 2026. Those over Â£30,000 need to use it from 6 April 2027. Those over Â£20,000 need to use it from 6 April 2028.

Question 34

Is the MTD threshold based on profit or income?

Accepted Answer

The threshold is based on qualifying gross income, generally before expenses, not taxable profit.

Question 35

What income counts for MTD?

Accepted Answer

Income from self-employment and property is considered for MTD for Income Tax. If you have both sole trader income and rental income, they may be combined when checking the threshold.

Question 36

Does employment income count towards the MTD threshold?

Accepted Answer

MTD for Income Tax is aimed at self-employment and property income. Employment income is separate, but a full review should be carried out if you have multiple income sources.

Question 37

Do limited companies need MTD for Income Tax?

Accepted Answer

MTD for Income Tax applies to individuals such as sole traders and landlords. Limited companies have separate Corporation Tax and VAT obligations.

Question 38

Do landlords need Making Tax Digital?

Accepted Answer

Landlords may need MTD for Income Tax if their qualifying property income, or combined self-employment and property income, exceeds the relevant threshold.

Question 39

Do sole traders need Making Tax Digital?

Accepted Answer

Sole traders may need MTD for Income Tax if their qualifying self-employment income, or combined self-employment and property income, exceeds the relevant threshold.

Question 40

What are quarterly updates?

Accepted Answer

Quarterly updates are summaries of income and expenses sent to HMRC every three months through compatible software. They are not the same as a full final tax return.

Question 41

Do quarterly updates replace my tax return?

Accepted Answer

MTD changes the way information is reported, but taxpayers still need to finalise their tax position after the tax year. The end-of-year process confirms taxable profit, claims and adjustments.

Question 42

Will I still need to pay tax by 31 January?

Accepted Answer

Yes. MTD changes record keeping and reporting, but it does not remove tax payment deadlines.

Question 43

What software do I need for MTD?

Accepted Answer

You need software that is compatible with HMRC's MTD rules. VMK can help you choose and set up suitable software.

Question 44

Does HMRC provide free MTD software?

Accepted Answer

HMRC does not provide its own MTD software for Income Tax. Taxpayers need to use compatible third-party software or suitable bridging software where allowed.

Question 45

Can I still use spreadsheets for MTD?

Accepted Answer

Spreadsheets may be possible in some cases if used with compatible bridging software, but the setup must meet MTD digital record keeping and submission requirements.

Question 46

What digital records do I need to keep?

Accepted Answer

You need to keep digital records of income and expenses, including the date, amount and category of each transaction.

Question 47

Can VMK submit MTD updates for me?

Accepted Answer

VMK can help with MTD preparation and may support quarterly update submissions where authorised and where the required records are available.

Question 48

What happens if I ignore MTD?

Accepted Answer

If MTD applies to you and you do not prepare, you may face filing issues, compliance problems and possible penalties. It is best to check your position early.

Question 49

Can VMK check if MTD applies to me?

Accepted Answer

Yes. VMK can review your self-employment and property income and help you understand when MTD may apply.

Question 50

When should I start preparing for MTD?

Accepted Answer

You should start preparing before the tax year in which MTD applies. Choosing software, setting up records and learning the process can take time.

Question 51

What does a limited company accountant do?

Accepted Answer

A limited company accountant helps with annual accounts, Corporation Tax, bookkeeping, payroll, VAT, dividends, Companies House filing and HMRC compliance.

Question 52

Do I need an accountant for my limited company?

Accepted Answer

It is not legally compulsory to have an accountant, but many directors use one because company accounts, tax and filing rules can be complex.

Question 53

What does my limited company need to file each year?

Accepted Answer

A company usually needs to file annual accounts with Companies House, a Corporation Tax return with HMRC and a confirmation statement. Other filings may be needed depending on payroll, VAT and other matters.

Question 54

Can VMK help with Corporation Tax?

Accepted Answer

Yes. VMK can prepare company accounts, calculate Corporation Tax and submit the CT600 Corporation Tax return.

Question 55

Can VMK advise on salary and dividends?

Accepted Answer

VMK can explain common director salary and dividend considerations and help you understand tax-efficient extraction based on your circumstances.

Question 56

Can VMK help with Companies House filing?

Accepted Answer

Yes. VMK can assist with accounts filing and confirmation statements where agreed as part of the service.

Question 57

What is a confirmation statement?

Accepted Answer

A confirmation statement is a Companies House filing that confirms company information such as directors, shareholders, registered office and share structure.

Question 58

When is Corporation Tax due?

Accepted Answer

Corporation Tax is usually due 9 months and 1 day after the end of the company accounting period, although special rules may apply in some cases.

Question 59

Can I take money out of my company whenever I want?

Accepted Answer

Money taken from a company must be treated correctly, for example as salary, dividend, expense reimbursement, loan or another valid payment. VMK can help review the correct treatment.

Question 60

What is a directorâ€™s loan account?

Accepted Answer

A directorâ€™s loan account records money owed between the director and the company. Overdrawn loan accounts can create tax issues if not managed properly.

Question 61

When do I need to register for VAT?

Accepted Answer

You must register for VAT if your taxable turnover goes over the VAT registration threshold, which is currently over Â£90,000 in a rolling 12-month period.

Question 62

Can I register for VAT voluntarily?

Accepted Answer

Yes. Some businesses register voluntarily even below the threshold, depending on their clients, costs and business plans.

Question 63

Can VMK help with VAT registration?

Accepted Answer

Yes. VMK can help check whether you need to register and assist with VAT registration.

Question 64

Can VMK prepare VAT returns?

Accepted Answer

Yes. VMK can help prepare and submit VAT returns, review VAT records and support MTD-compatible VAT filing.

Accounting, tax and HMRC questions answered clearly.

Find the answer faster.

What do you need help with?

When does MTD for Income Tax start?

When do I need to register for VAT?

Who needs to complete a Self Assessment tax return?

What does my limited company need to file each year?

Will landlords be affected by MTD?

How much does an accountant cost?

VMK Accountants: General Questions

Fees, Packages and Process

Self Assessment Tax Returns

Making Tax Digital

Limited Company Accounting

VAT Questions

Payroll, PAYE and Pensions

CIS and Construction

Landlord and Property Tax

Business Startup

Bookkeeping and Software

HMRC Support and Penalties

Deadlines and Records

Canâ€™t find the exact answer?

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Accounting, tax and HMRC questions answered clearly.

Find the answer faster.

What do you need help with?

When does MTD for Income Tax start?

When do I need to register for VAT?

Who needs to complete a Self Assessment tax return?

What does my limited company need to file each year?

Will landlords be affected by MTD?

How much does an accountant cost?

VMK Accountants: General Questions

01What services does VMK Accountants provide?

02Where is VMK Accountants based?

03Do I need to be based in Harrow or London to use VMK?

04Does VMK work with small businesses?

05Can VMK help if I am changing accountant?

06Can VMK deal with HMRC on my behalf?

07Can VMK help if I do not understand a HMRC letter?

08How do I book a consultation with VMK?

09Can everything be handled online?

10Do you only work with businesses?

Fees, Packages and Process

01How much does an accountant cost?

02Do you offer monthly packages?

03Can I get a quote before committing?

04What affects my accounting fee?

05What happens after I contact VMK?

06What documents do I need to provide?

07Can VMK help if my records are messy?

08Can VMK speak to my previous accountant?

09Do I need to visit the office?

Self Assessment Tax Returns

01Who needs to complete a Self Assessment tax return?

02When is the Self Assessment deadline?

03When do I need to register for Self Assessment?

04Can VMK prepare my Self Assessment tax return?

05What information do I need for my tax return?

06Can VMK help if my tax return is late?

07Can you help reduce my tax legally?

08What happens if I miss the 31 January deadline?

09Do I need a tax return if I made no profit?

10Can I amend a submitted tax return?

Making Tax Digital

01What is Making Tax Digital?

02What is MTD for Income Tax?

03Who needs to use MTD for Income Tax?

04When does MTD for Income Tax start?

05Is the MTD threshold based on profit or income?

06What income counts for MTD?

07Does employment income count towards the MTD threshold?

08Do limited companies need MTD for Income Tax?

09Do landlords need Making Tax Digital?

10Do sole traders need Making Tax Digital?

11What are quarterly updates?

12Do quarterly updates replace my tax return?

13Will I still need to pay tax by 31 January?

14What software do I need for MTD?

15Does HMRC provide free MTD software?

16Can I still use spreadsheets for MTD?

17What digital records do I need to keep?

18Can VMK submit MTD updates for me?

19What happens if I ignore MTD?

20Can VMK check if MTD applies to me?

21When should I start preparing for MTD?

Limited Company Accounting

01What does a limited company accountant do?

02Do I need an accountant for my limited company?

03What does my limited company need to file each year?

04Can VMK help with Corporation Tax?

05Can VMK advise on salary and dividends?

06Can VMK help with Companies House filing?

07What is a confirmation statement?

08When is Corporation Tax due?

09Can I take money out of my company whenever I want?

10What is a directorâ€™s loan account?

VAT Questions

01When do I need to register for VAT?

02Can I register for VAT voluntarily?

03Can VMK help with VAT registration?

04Can VMK prepare VAT returns?

05What is MTD for VAT?