
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, it is important to consider their qualifications, such as ACCA, ICAEW, or AAT membership, and their experience with freelance clients. You should also assess their familiarity with your specific industry and their ability to advise on tax planning, record keeping, and HMRC correspondence. A good accountant will be proactive and communicative, helping you understand your tax obligations and identifying savings opportunities.
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, ensuring that you claim all allowable expenses and reliefs. They will review your income and outgoings, calculate your tax liability, and advise on payments on account. This reduces the risk of errors and penalties, and gives you peace of mind knowing that your tax affairs are in order.
Do I need to register for VAT as a freelancer, and can an accountant assist?
VAT registration is mandatory if your taxable turnover exceeds the current threshold, but you may also choose to register voluntarily. An accountant can assess your situation and advise on the best course of action. They can handle your VAT registration, complete quarterly returns, and ensure compliance with HMRC regulations, helping you manage cash flow effectively.
What is the benefit of using an accountant who is a member of a professional body like ACCA or ICAEW?
Accountants who are members of professional bodies such as ACCA or ICAEW are bound by strict codes of conduct and are required to maintain their technical knowledge through continuing professional development. This ensures that they provide high-quality, up-to-date advice. Using such a professional gives you confidence in their competence and ethical standards, and offers a level of protection through their regulatory bodies.
Can an accountant help me with Corporation Tax if I operate as a limited company?
Yes, an accountant can assist with all aspects of Corporation Tax, including preparing your company accounts, calculating your tax liability, and submitting your Corporation Tax return to HMRC. They can also advise on tax-efficient remuneration strategies, such as salary versus dividends, and help you meet your filing deadlines to avoid penalties.
How often should I meet with my accountant to keep my finances on track?
The frequency of meetings depends on the complexity of your financial situation, but it is generally advisable to have a review at least once a year, ideally before your tax return deadline. Many freelancers benefit from quarterly or bi-annual check-ins to discuss cash flow, tax planning, and any changes in their business. Your accountant can suggest a schedule that works for you.
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