
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, consider their qualifications, experience with freelancers, and familiarity with HMRC requirements. Look for professionals who are members of recognised bodies such as ACCA, ICAEW, or AAT, as this ensures they adhere to strict ethical and professional standards. Additionally, check their availability and communication style to ensure they can provide the support you need throughout the year.
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 you claim all allowable expenses and reliefs. They will calculate your tax liability correctly, helping you avoid overpaying or facing penalties. Moreover, they can advise on payments on account and guide you on how to keep records that make future filings simpler and more efficient.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and examinations, demonstrating a high level of expertise in tax and accounting matters. They are bound by professional codes of conduct and are required to maintain their knowledge through continuing professional development. This ensures you receive reliable, up-to-date advice that is compliant with current legislation and best practice.
Can an accountant help me with VAT registration and returns?
Yes, an accountant can assess whether you are required to register for VAT and assist with the application process. They can also manage your VAT returns, ensuring they are filed correctly and on time. Furthermore, they can advise on schemes like the Flat Rate Scheme or Annual Accounting Scheme, which may simplify your VAT obligations and potentially reduce your tax burden.
How does a freelance accountant help with tax planning throughout the year?
A freelance accountant provides proactive tax planning advice to help you minimise your tax liabilities legally. They can review your income and expenses regularly, suggest pension contributions or other tax-efficient investments, and help you structure your business finances effectively. By planning ahead, they ensure you are not caught off guard by large tax bills and can manage your cash flow more effectively.
What records should I keep for my accountant to prepare my accounts?
You should keep records of all your income and expenses, including invoices, receipts, bank statements, and records of any personal withdrawals. If you have business mileage, keep a log of your journeys. Your accountant will need this information to prepare accurate accounts and tax returns. Using accounting software can help you maintain organised records throughout the year, making the process smoother for both you and your accountant.
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