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 as a freelancer?
When selecting an accountant, look for recognised qualifications such as ACCA, ICAEW, or AAT, as these demonstrate a high level of expertise and adherence to professional standards. It is also important to find someone who has experience working with freelancers and understands the specific tax rules that apply to you. Check that they are registered with a professional body and consider their communication style and availability. A good accountant will be proactive in helping you plan for tax deadlines and will offer advice on allowable expenses and tax efficiency.
How can an accountant help me with my Self Assessment tax return?
An accountant can take the stress out of your Self Assessment tax return by ensuring all your income and expenses are accurately recorded and that you claim every allowable deduction. They will calculate your tax and National Insurance liability, submit the return to HMRC before the deadline, and advise you on payments on account. If HMRC enquires into your return, your accountant will handle the correspondence and represent you, giving you peace of mind and saving you valuable time.
What is the difference between a chartered accountant and a certified accountant?
Chartered accountants are typically members of ICAEW or ICAS, while certified accountants are usually members of ACCA. Both qualifications are highly respected and require rigorous exams and practical experience. The main difference lies in the awarding body and the focus of the training. For most freelancers, either type of accountant will be fully capable of managing your tax affairs. The most important factor is that the accountant is regulated and has relevant experience with freelance clients.
Do I need to register for VAT as a freelancer?
You must register for VAT if your taxable turnover exceeds the current VAT threshold, which is £90,000. Even if your turnover is below this, you may choose to register voluntarily, which can be beneficial if you incur VAT on your business purchases. An accountant can help you decide whether voluntary registration is right for you and can manage your VAT returns, ensuring you comply with HMRC regulations and claim back any VAT you are entitled to.
What records must I keep for HMRC as a freelancer?
As a freelancer, you are required to keep records of all your income and expenses for at least five years after the 31 January submission deadline. This includes invoices, receipts, bank statements, and records of any personal money taken from the business. If you are VAT-registered, you must also keep a digital record of all sales and purchases. A qualified accountant can help you set up an efficient record-keeping system that satisfies HMRC requirements and makes tax preparation easier.
Can an accountant help me if I am operating through a limited company?
Yes, an accountant with experience in freelance limited companies can provide invaluable assistance. They will help you with company formation, filing annual accounts with Companies House, preparing your Corporation Tax return, and managing your payroll if you take a salary. They can also advise on dividend payments, IR35 status, and tax-efficient ways to extract profits. This ensures you remain compliant with all legal obligations and minimise your overall tax liability.
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