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 records should I keep for my freelance accountant?
You should keep all records of income and expenses, including invoices, receipts, bank statements, and any records of personal money introduced into the business. If you work from home, keep details of household bills to support your claim for allowable expenses. Your accountant will use these records to prepare your Self Assessment tax return accurately.
How does an ACCA qualified accountant help with my tax return?
An ACCA qualified accountant has passed rigorous examinations and is bound by a professional code of conduct. They will ensure your tax return is completed correctly and submitted on time to HMRC. They can also advise on legitimate deductions, reducing your overall tax liability, and will represent you if HMRC enquires into your return.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold set by HMRC. Even if you are below this limit, voluntary registration can sometimes be beneficial. A professional accountant can analyse your specific situation and advise whether VAT registration is advantageous for your freelance business, considering your client base and expenses.
What is the difference between a bookkeeper and an AAT accountant?
A bookkeeper typically records daily financial transactions, whereas an AAT accountant has completed a recognised qualification that covers more advanced areas such as final accounts, tax, and ethics. An AAT member can prepare your year-end accounts and complete your tax return, offering a higher level of technical knowledge than standard bookkeeping services.
Can an ICAEW accountant help me structure my freelance business?
Yes, an ICAEW chartered accountant can provide expert advice on whether to operate as a sole trader, a limited company, or a partnership. They will consider factors such as your expected profit levels, how you take money from the business, and your long-term goals. This strategic guidance is valuable for ensuring your business structure is tax efficient from the start.
How often should I meet with my accountant in Anglesey?
Most freelancers meet with their accountant at least twice a year, once for a mid-year review and again before the Self Assessment deadline. However, you can arrange additional meetings if your circumstances change, such as taking on a large contract or making a significant purchase. Regular communication helps ensure your records remain accurate and your tax planning stays on track.
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