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
Startup Accountants
Our startup accountants London operate with a specific approach to keep your business afloat. Gradually positioning it where you have dreamt it to be....See More
KAAB
BUSINESS ADVISORY-Would you like to see how i can help to improve your profit, your cashflow and the value of your business value?
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Clear House Accountants
Clear House Accountants are Performance-driven Business Accountants in London. We are Chartered Accountants focused on helping startups and small bus...See More
Naail & Co Chartered Certified Accountants
We are a London based accounting firm, offering all round accountancy, taxation and support services to a wide range of businesses.<...
ION Chartered Accountant
ION Chartered Accountants are a boutique accountancy and consulting practice that supports small and medium enterprises in a wide range of business se...See More
Not Just Bookkeeping Ltd
Friendly Consulting offers a wide range of consulting services for several indu...
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" Accountify – Chartered Certified Accountants"
A firm of Chartered Certified Accountants based in London and Portsmouth. Accountify is an established brand in Accounting and Tax, serving its client...See More
1ST FORMATIONS LIMITED
1st Formations is a leading online company formation agent in the UK. We offer a comprehensive selection of company registration packages and address ...See More
Fitzgeralds Accountants Limited
We are a well established firm of accountants and tax advisors based in South West London, dealing with small businesses and high net worth individual...See More
Persona Finance
Persona Finance is a London accounting company with an office at 63/66 Hatton Garden in London. Due to the lock-down, we are happy to provide ou...See More
TIDE PLATFORM LTD
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GOFORMA LIMITED
GoForma is a trusted team of accountants in UK, helping contractors, freelancers, sole&...
Earne
Ernst & Young Global Limited, commonly known as Ernst & Young or simply EY, is a multinational professional services firm headquartered in London, Eng...See More
@UKPLC
More than 40 years ago Stanley Davis started in the company formations business, offering clients cost-effective prices and quick turn-around UK and o...See More
THEFORMATIONSCOMPANY.COM LIMITED
Forming your company is the first step. Together, we’ll make it an easy one. We’ve helped form more than 750,000 companies. Whether you’re taking a ho...See More
Abu Umar & Co.
Welcome to Abu Umar & Co. We are a small Accounting firm, based in London, We specialize in dealing with all accounting problems. As we have been o...See More
YOUR COMPANY FORMATIONS LTD
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Frequently asked questions
What services do accountants for freelancers typically provide?
Accountants for freelancers usually offer a full range of services including Self Assessment tax return preparation, bookkeeping, VAT returns, and tax planning. They can also assist with registering for HMRC, calculating payments on account, and advising on allowable expenses. Many provide ongoing support throughout the year, helping you understand your tax obligations and manage your cash flow effectively. Some also offer payroll services if you employ staff.
How can an ACCA or ICAEW qualified accountant help with HMRC compliance?
An ACCA or ICAEW qualified accountant has rigorous training and must adhere to strict ethical guidelines. They stay up to date with HMRC regulations and can ensure your tax returns are accurate and submitted on time. They can also represent you in the event of an HMRC enquiry, prepare necessary documentation, and advise on complex matters such as IR35 or VAT schemes. Their expertise reduces the risk of penalties.
What is the difference between a sole trader and a limited company for freelancers?
As a sole trader, you are personally responsible for business debts and pay Income Tax on profits via Self Assessment. A limited company is a separate legal entity, meaning you pay Corporation Tax on profits and may extract income through dividends. Accountants can help you decide which structure suits your circumstances, considering factors like liability, tax efficiency, and administrative burden.
How often should I meet with my accountant as a freelancer?
It is advisable to have regular contact with your accountant, at least quarterly, to review your financial position and plan for upcoming tax payments. Many freelancers benefit from more frequent meetings during the first year to establish good practices. Your accountant can also provide ad hoc advice via email or phone whenever you have questions about expenses, invoicing, or changes to your income.
What records do I need to keep for my Self Assessment tax return?
You should keep records of all income received and expenses incurred for your freelance work. This includes invoices, receipts, bank statements, and records of any business-related purchases. If you operate a limited company, you must also maintain statutory records. Your accountant will require these documents to prepare your tax return accurately and to support any claims for deductions.
Can an accountant help me with VAT registration and returns?
Yes, accountants can advise whether you are required to register for VAT based on your turnover. They can handle your VAT registration, prepare and submit VAT returns, and advise on the most suitable VAT scheme, such as Flat Rate or Cash Accounting. They will also help you understand what records to keep and how to account for VAT on your sales and purchases.
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