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 a freelancer look for when choosing an accountant in Cambs?
When selecting an accountant in Cambs, look for recognised qualifications such as ACCA, ICAEW, or AAT membership. Ensure they have experience with freelance clients and understand Self Assessment, VAT, and allowable expenses. It is also wise to check their familiarity with HMRC digital services and their approach to communication and proactive advice.
How can an accountant help with HMRC tax investigations?
An experienced accountant can represent you during an HMRC tax investigation, helping to gather necessary records and respond to queries. They will review your tax returns for accuracy and ensure you have adequate evidence for claimed expenses. Their expertise reduces stress and helps achieve a favourable outcome whilst protecting your rights.
Do freelancers need to register for VAT?
Freelancers must register for VAT if their taxable turnover exceeds the current threshold, which is £90,000. Even if below this limit, voluntary registration may be beneficial if you incur significant VAT on business purchases. An accountant can advise on whether VAT registration is right for your specific circumstances and help manage returns.
What records must a freelancer keep for HMRC?
Freelancers must keep records of all income and expenses, including invoices, receipts, and bank statements. You should also retain records of any personal income that affects your tax position. For VAT, separate records are required. Keeping accurate and organised records throughout the year simplifies your Self Assessment and ensures compliance with HMRC requirements.
How often should I meet with my accountant in Cambs?
It is advisable to have an initial meeting to set up your accounting system and discuss your tax obligations. Thereafter, regular quarterly or bi-annual meetings help review your financial position and plan for tax payments. Many accountants offer ongoing support via email or phone, so you can contact them whenever you have questions or significant changes occur.
Can an accountant help with Corporation Tax if I operate through a limited company?
Yes, an accountant who specialises in freelancers can assist with Corporation Tax compliance if you trade through a limited company. They will prepare your company accounts, calculate Corporation Tax due, and submit the necessary returns to HMRC. They can also advise on salary and dividend strategies to minimise your overall tax liability whilst staying within legal guidelines.
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