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 work?
When selecting an accountant for your freelance business, look for someone who holds a recognised qualification such as ACCA, ICAEW, or AAT. They should have experience with Self Assessment tax returns and understand the specific expenses you can claim. It is also beneficial to find an accountant who offers proactive advice on tax planning and who communicates clearly and regularly.
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 to ensure you claim all allowable deductions, potentially reducing your tax bill. They can also help you calculate your payments on account and advise on how to structure your finances to minimise future tax liabilities.
Do I need to be VAT-registered as a freelancer?
You must register for VAT if your taxable turnover exceeds the current threshold, which is £90,000. However, even if you are below this limit, you may choose to register voluntarily, especially if you supply services to VAT-registered clients. An accountant can help you decide whether voluntary registration is beneficial and manage your VAT returns.
What is the difference between an ACCA and an AAT qualified accountant?
ACCA is a chartered accountancy qualification that covers a broad range of advanced financial topics, including audit, taxation, and business strategy. AAT is a vocational qualification that focuses on practical bookkeeping and accounting skills. Both are recognised and respected, but ACCA accountants often have more experience with complex tax issues and business advice.
Can an accountant help me if I operate as a limited company?
Yes, an accountant with experience in freelance limited companies can assist with Corporation Tax returns, payroll if you take a salary, and dividend administration. They can also help you with company accounts filings at Companies House and ensure you comply with all statutory obligations. Their advice can help you optimise your income and reduce your tax burden legally.
How often should I meet with my accountant?
The frequency of meetings depends on your business needs. Many freelancers meet their accountant quarterly to review cash flow and tax planning, whilst others only meet annually for their tax return. A good accountant will be available throughout the year for ad-hoc queries and will proactively contact you when deadlines approach or when tax rules change.
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