
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 specific services do accountants for freelancers provide?
Accountants for freelancers typically offer a range of services including preparation and submission of Self Assessment tax returns, bookkeeping, VAT registration and returns, and advice on allowable expenses. They also help with tax planning, setting aside funds for tax bills, and can assist if you decide to operate through a limited company, handling Corporation Tax and payroll. Their goal is to ensure full compliance with HMRC while minimising your tax liability.
How can an accountant help me with my Self Assessment tax return?
An accountant will accurately compile your Self Assessment tax return, ensuring all income and deductible expenses are correctly reported to HMRC. They will calculate your tax and National Insurance liability, identify allowable deductions you might have missed, and submit the return before the deadline. They can also advise on payments on account and help you respond to any HMRC correspondence, providing peace of mind and saving you time.
What is the difference between ACCA, ICAEW, and AAT qualified accountants?
ACCA and ICAEW are professional bodies that qualify chartered certified accountants and chartered accountants respectively, requiring significant practical experience and examinations. AAT (Association of Accounting Technicians) provides vocational qualifications focusing on practical accounting skills. All are recognised and regulated, but chartered accountants often have more experience with complex tax matters. Your choice depends on your needs, but all ensure a high standard of professionalism and ethical conduct.
When should I consider registering for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000 for the 2024/25 tax year. However, you may choose to voluntarily register even if below this threshold, especially if you supply other VAT-registered businesses. An accountant can advise on the best VAT scheme for your situation, such as the Flat Rate Scheme, and ensure you meet all HMRC filing and payment obligations.
How does an accountant help with Corporation Tax if I am a limited company?
If you operate as a limited company, an accountant will prepare and file your Corporation Tax return with HMRC, ensuring accurate calculation of your taxable profits. They will advise on allowable business expenses, director's remuneration strategies, and dividend payments to minimise your tax liability. They also ensure your company accounts meet statutory requirements and file them with Companies House, keeping you compliant and avoiding penalties.
What records do I need to keep for my accountant to manage my taxes?
You should keep records of all business income and expenses, including invoices, receipts, bank statements, and any records of personal income if relevant. For a limited company, you need to track dividends and salary. Using accounting software can simplify this, but your accountant can also help you set up an efficient system. Accurate records are essential for preparing your tax return and defending any HMRC enquiry.
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