
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 specific records should I keep for my Self Assessment tax return as a freelancer?
You should maintain a detailed record of all your business income and expenses, including invoices issued and receipts for purchases. It is also wise to keep records of any personal income that affects your tax code, such as bank interest or dividends. Using a dedicated business bank account and accounting software can simplify this process, ensuring you have accurate figures ready for your accountant to prepare your tax return.
How can an ACCA or ICAEW qualified accountant assist with my HMRC correspondence?
An accountant with ACCA or ICAEW qualifications is experienced in dealing with HMRC enquiries and correspondence. They can act as your agent, communicating directly with HMRC on your behalf to resolve any questions about your tax return or payments. This professional representation helps to reduce your stress and ensures that all responses are accurate, timely, and presented in the correct manner to satisfy HMRC requirements.
When is it compulsory for a freelancer to register for VAT?
You must register for VAT if your total taxable turnover for the previous 12 months exceeds the current threshold, or if you expect it to exceed this figure in the next 30 days. Once registered, you are responsible for charging VAT on your services and completing regular VAT returns. An accountant can help you monitor your turnover and advise on the best scheme for your business, such as the Flat Rate Scheme.
What are the main advantages of using a certified accountant rather than doing my own tax return?
Using a certified accountant ensures that your tax return is accurate and that you claim all allowable expenses you are entitled to. They provide specialist advice on complex issues like IR35, capital allowances, and loss relief, which can save you significant money. Furthermore, they handle the technicalities of HMRC filing, reducing the risk of errors and the subsequent penalties that can arise from incorrect submissions.
Can an accountant help me if I have missed the deadline for filing my Self Assessment?
Yes, an accountant can assist you if you have missed the filing deadline. They can quickly prepare and submit your return, but you will still be liable for any late filing penalties that HMRC has already issued. Your accountant can also advise you on how to appeal against a penalty if you have a reasonable excuse, such as illness or a technical fault, which may result in the fine being reduced or cancelled.
What ongoing support does a freelance accountant typically provide throughout the year?
Beyond preparing your annual accounts, a freelance accountant offers ongoing support by answering your financial questions as they arise. They can help you with cash flow forecasting, setting aside the correct amount for your tax bill, and advising on the tax implications of new contracts. Regular contact ensures you are always prepared for your obligations and can make informed decisions about your business's financial future.
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