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 should I look for when choosing an accountant for my freelance work?
When selecting an accountant for your freelance activities, it is important to verify their professional qualifications and regulatory status. Look for members of recognised bodies such as ACCA, ICAEW, or AAT, as this ensures they adhere to strict standards. Additionally, consider their experience with freelancers specifically, as they will be familiar with common issues such as IR35, allowable expenses, and quarterly reporting. A good accountant should also communicate clearly and be accessible when you need advice.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and file your Self Assessment tax return on your behalf, ensuring that all income and expenses are reported accurately. They will help you identify allowable deductions that you might have missed, which can reduce your overall tax liability. Furthermore, they will ensure that your return is submitted before the deadline, avoiding late filing penalties. They can also advise on payments on account and help you plan for future tax bills.
Do I need to be VAT-registered as a freelancer?
VAT registration is compulsory if your taxable turnover exceeds the current threshold, which is £85,000. However, you may choose to register voluntarily if you work with VAT-registered clients who can reclaim the VAT you charge. An accountant can help you decide whether voluntary registration is beneficial for your particular circumstances. They can also manage your VAT returns and ensure you claim back any input tax on business purchases correctly.
What are the benefits of using an ACCA or ICAEW qualified accountant?
Accountants who are qualified with ACCA or ICAEW have undergone rigorous training and examinations, demonstrating a high level of technical competence. They are also bound by professional codes of conduct, which require them to act in your best interest and maintain confidentiality. Furthermore, they must complete continuous professional development to stay current with tax law changes. This ensures that the advice you receive is accurate, reliable, and compliant with HMRC regulations.
Can an accountant help me if I am a freelancer operating through a limited company?
Yes, an accountant can provide invaluable support if you operate through a limited company. They can assist with Corporation Tax returns, Company Tax returns, and ensure that you meet all filing obligations with Companies House. They will also advise on salary and dividend strategies to minimise your tax burden while remaining compliant. Additionally, they can help with bookkeeping, payroll, and preparing annual accounts, allowing you to focus on your freelance projects.
How often should I meet with my accountant to review my finances?
The frequency of meetings with your accountant depends on the complexity of your financial situation. Many freelancers benefit from a quarterly review to discuss cash flow, upcoming tax payments, and any changes in legislation that may affect them. However, you should also feel free to contact your accountant whenever you have a specific question or a significant financial event occurs. Regular communication helps to ensure that you are always prepared and that no opportunities for savings are missed.
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