
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 business?
When selecting an accountant, look for recognised qualifications such as ACCA, ICAEW, or AAT. Check their experience with freelancers specifically, as they will understand your unique tax situation. Ensure they are registered with HMRC for agent services and can handle Self Assessment, VAT, and Corporation Tax if needed. A good accountant will also offer proactive advice on tax planning and be responsive to your queries throughout the year.
How can an accountant help me with my Self Assessment tax return?
An accountant will prepare and submit your Self Assessment tax return to HMRC on your behalf, ensuring it is accurate and filed before the deadline. They will identify all allowable business expenses and personal allowances to minimise your tax liability legally. They can also help you set aside the correct amount for tax and advise on payments on account, reducing the risk of unexpected bills or penalties.
Do I need to be VAT-registered as a freelancer?
VAT registration is mandatory if your taxable turnover exceeds the current VAT threshold, which is reviewed periodically. Even if you are below the threshold, you may choose to register voluntarily, especially if you supply services to VAT-registered clients. An accountant can advise on whether voluntary registration is beneficial for your specific circumstances and help you manage VAT returns and records correctly.
What is the difference between an ACCA and an ICAEW accountant?
Both ACCA and ICAEW are prestigious professional bodies in the accountancy field. ACCA (Association of Chartered Certified Accountants) has a strong international focus, while ICAEW (Institute of Chartered Accountants in England and Wales) is highly regarded for its rigorous training and business acumen. Both qualifications require extensive study and practical experience, ensuring high standards of competence and ethics. Your choice may depend on the accountant's specialism and your business needs.
Can an accountant help me with Corporation Tax if I trade as a limited company?
Yes, if you operate as a limited company, your accountant will prepare your annual accounts and calculate your Corporation Tax liability. They will ensure that your company claims all available reliefs and allowances, and they will file the Corporation Tax return with HMRC on time. They can also advise on salary versus dividend strategies to optimise your personal tax position and ensure compliance with Companies House requirements.
How often should I meet with my accountant to review my finances?
It is advisable to have a formal review at least once a quarter, but many freelancers benefit from more frequent contact, especially during the first year of trading. Your accountant should be available for ad hoc queries via email or phone. Regular meetings help you stay on top of cash flow, tax planning, and changing regulations. This proactive approach can prevent issues before they arise and keep your business financially healthy.
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