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
MJF ACCOUNTANCY LIMITED
Oakes Accounting
Oakes Accounting specializes in providing tailor made accounting services, including bookkeeping, VAT and self assessment to small businesses.
C & B Accounting Solutions Ltd
All aspects of bookkeeping, payroll & accounting undertaken
Holden Associates
Holden Associates are a family run business founded in 2002, we are located at V12, Merlin Park, a modern purpose-built office in Burscough, Lancashir...See More
BROOKSON LIMITED
Why Brookson? There are plenty of reasons. We’re specialists at dealing with self-employed finances, and have been doing this for over 20 years, so we...See More
GE ACCOUNTANCY LTD
Specialist Motor Trade Accountant with over 20 years. Accountancy & Book Keeping Services offered including VAT Preparation & Submission, Self Assessm...See More
ACCOUNTS 2U LIMITED
Our director, Howard Turner MAAT ATT, qualified as an accounting and taxation technician in 1995 after training with chartered accountants in Cheshire...See More
NIXON WILLIAMS LIMITED
Nixon Williams has been providing specialist accountancy services to contractors, freelancers, consultants and interim professionals throughout the UK...See More
PAYLESS ACCOUNTING & OUTSOURCING LIMITED
We provide businesses with greater flexi...See More
Athena Bookkeeping Services
Athena Accounting and Bookkeeping Services. ?Let us take good care of your finances giving you more time to focus on the day to day running of your bu...See More
LLOYDS ACCOUNTANTS LTD
We offer accounts, taxation and business advisory and support services to a wide range of businesses and individuals, nationwide. We continue to build...See More
THE FINANCIAL MANAGEMENT CENTRE UK LTD
Online firm
J. Jervis Accounting Services LTD
Harris Rosenberg Chartered Accountants
We help small-scale and early-stage businesses get to where ...
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GORILLA ACCOUNTING LIMITED
orilla Accounting was born after a group of specialist accountants with decades of experience amongst them, decided that accounting shouldn’t be a lab...See More
Sambhav Management Limited
Since 2012, we’ve offered clients the tools, resources and guidance necessary for all their accounting needs. Clients receive the personalized attenti...See More
Cheaper Accountant
We're the UK's leading low cost accountants. Simple & affordable fees with Company Accounts & Co. Tax Retu...See More
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Norbury Bookkeeping Services
We offer a complete bookkeeping and computerized payroll service throughout Cheshire and South Manchester and are able to offer support for all financ...See More
Frequently asked questions
What specific records do I need to keep for my Self Assessment tax return as a freelancer?
You need to keep records of all your income and expenses for your Self Assessment tax return. This includes invoices you have issued, receipts for business purchases, bank statements, and records of any personal income. It is sensible to keep these records organised and safe for at least five years after the 31 January submission deadline. A professional accountant can help you set up an efficient system to track everything.
How can an ACCA or ICAEW qualified accountant help me with an HMRC enquiry?
If HMRC opens an enquiry into your tax affairs, an ACCA or ICAEW qualified accountant can act as your agent. They will handle all communication with HMRC, prepare the necessary paperwork, and ensure your rights are protected. Their professional expertise is crucial in presenting your case accurately and negotiating with HMRC to achieve a fair outcome, reducing your stress significantly.
When is it necessary for me to register for VAT as a freelancer?
You must register for VAT if your total taxable turnover for the previous 12 months exceeds the current threshold, which is £90,000. You can also register voluntarily if your turnover is below this amount, which may be beneficial if you mostly deal with VAT-registered clients. An accountant can advise you on whether voluntary registration is the right choice for your specific business circumstances.
What is the difference between using a limited company and being a sole trader for my freelance work?
As a sole trader, you are personally responsible for your business debts and pay Income Tax on your profits. Operating through a limited company makes your business a separate legal entity, meaning you pay Corporation Tax on profits and often have more tax planning opportunities. The choice depends on your income level and personal circumstances, and an accountant can provide a detailed comparison to help you decide.
How can I reduce the amount of tax I pay on my freelance income?
You can reduce your tax bill by claiming all legitimate business expenses, such as travel costs, equipment, and a portion of your home utility bills if you work from home. Making pension contributions is another effective way to lower your taxable income. An accountant will analyse your spending to ensure you are claiming every deduction you are entitled to receive.
What are the penalties for submitting my Self Assessment tax return late?
If you submit your Self Assessment tax return up to three months late, you will face an automatic £100 penalty. Additional fines are applied if your return is later than three months, with further charges accruing over time. Interest is also charged on any unpaid tax. Hiring an accountant ensures your return is filed accurately and on time, avoiding these unnecessary costs.
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