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 qualifications from recognised bodies such as ACCA, ICAEW, or AAT. These ensure the professional has the necessary expertise and adheres to ethical standards. You should also consider their experience with freelancers, their familiarity with your industry, and their approach to communication. A good accountant will help you with tax returns, VAT, and tax planning, and they should be proactive in advising you on financial matters.
How can an accountant help me with my Self Assessment tax return?
An accountant can prepare and submit your Self Assessment tax return accurately and on time. They will review your income and expenses to ensure you claim all allowable deductions, reducing your tax bill. They can also advise you on payments on account and help you plan for future tax liabilities. If HMRC queries your return, your accountant can handle the correspondence and represent you, giving you peace of mind.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £85,000. However, you can also choose to register voluntarily if it benefits your business, for example to reclaim VAT on purchases. An accountant can assess your situation and advise whether voluntary registration is worthwhile. They can also manage your VAT returns and ensure you comply with HMRC regulations.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered accountancy bodies that require rigorous exams and practical experience. They qualify professionals to work in all areas of accountancy, including audit, tax, and business advice. AAT is a vocational qualification that focuses on practical bookkeeping and accounting skills. All three are recognised and respected, but chartered accountants have a higher level of training and can offer more comprehensive services.
Can an accountant help me if I operate as a limited company?
Yes, an accountant can be invaluable if you run your freelance business through a limited company. They can help with Corporation Tax returns, payroll, and dividend planning. They will ensure your company accounts are prepared correctly and filed with Companies House. They can also advise on tax-efficient ways to extract profits and help you stay compliant with your statutory obligations.
How often should I meet with my accountant?
The frequency of meetings depends on your needs and the complexity of your finances. Many freelancers meet their accountant quarterly to review cash flow and tax planning. Others may only meet annually for their tax return. A good accountant will be available throughout the year for advice and can schedule meetings as needed. Regular communication helps you stay on top of your tax obligations and make informed decisions.
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