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 membership. Check their experience with freelancers and self-employed clients, and ask about their familiarity with HMRC requirements. It is also wise to consider their communication style and whether they offer proactive advice on tax planning. A good accountant will help you understand your obligations and identify allowable expenses to reduce your tax bill.
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, ensure you claim all legitimate deductions, and calculate the tax you owe. They can also advise on payments on account and help you deal with any correspondence from HMRC. This reduces the risk of errors and penalties, giving you peace of mind.
Do I need to be VAT-registered as a freelancer?
VAT registration is compulsory if your taxable turnover exceeds the current threshold. However, even if you are below the threshold, you may choose to register voluntarily, especially if you supply goods or services to VAT-registered businesses. An accountant can help you decide whether voluntary registration is beneficial, manage your VAT returns, and ensure you comply with HMRC regulations.
What is the difference between an ACCA and an AAT qualified accountant?
ACCA (Association of Chartered Certified Accountants) is a global professional body offering a full qualification in accountancy, covering areas like audit, taxation, and financial management. AAT (Association of Accounting Technicians) offers a more practical, skills-based qualification focused on day-to-day accounting tasks. Both are respected, but ACCA members often have broader strategic expertise, whilst AAT members excel in bookkeeping and routine accounting.
Can an accountant help me with Corporation Tax if I am a limited company freelancer?
Yes, an accountant with experience in limited company freelancing can prepare your annual accounts and compute your Corporation Tax liability. They will ensure you take advantage of all available reliefs and allowances, and file your Corporation Tax return with HMRC on time. They can also advise on salary versus dividends, expenses, and other strategic decisions to minimise your tax burden legally.
How often should I meet with my accountant to keep my finances in order?
The frequency of meetings depends on the complexity of your finances. Many freelancers benefit from quarterly reviews to discuss cash flow, tax planning, and upcoming obligations. Some accountants offer ongoing support with monthly bookkeeping or virtual check-ins. Regular communication helps you stay on top of your financial position and avoid any surprises at the end of the tax year.
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