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 services do accountants offer to freelancers?
Accountants for freelancers typically provide a range of services including preparing and filing annual Self Assessment tax returns, managing VAT returns, and offering advice on allowable expenses. They can also help with bookkeeping, setting up a limited company structure, and calculating payments on account. Many professionals offer year-round support to answer financial queries, ensuring you remain compliant with HMRC regulations and understand your tax liabilities fully.
How can an accountant help me with my Self Assessment tax return?
An accountant will ensure your Self Assessment tax return is accurate and submitted before the HMRC deadline. They will review your income and expenses to claim all relevant tax reliefs, potentially reducing your overall tax bill. They can also advise on the correct amount of tax to set aside and help you understand your payments on account, preventing any unexpected demands from HMRC throughout the year.
What is the difference between ACCA, ICAEW, and AAT qualifications?
ACCA and ICAEW are chartered accountancy bodies whose members have completed rigorous training and exams, often specialising in tax and audit. AAT qualifications focus on the technical aspects of accounting, such as bookkeeping and final accounts. All three are recognised marks of professionalism. When choosing an accountant, looking for one with these credentials ensures you are working with a competent and ethical professional.
Do I need to register for VAT as a freelancer?
You must register for VAT with HMRC if your taxable turnover exceeds the current threshold over a rolling 12-month period. Even if you are below this limit, you might choose to voluntarily register. An accountant can advise on the best approach for your specific situation, handle the registration process, and manage your VAT returns to ensure you are reclaiming the correct amount of input tax.
What records do I need to keep for my accountant?
You should keep records of all your income, including invoices issued and money received. You also need to track your business expenses, so retain receipts for items like software, travel, and office costs. Bank statements and records of any personal money introduced into the business are also helpful. Providing your accountant with organised digital records makes the process more efficient and helps them maximise your tax position.
Can an accountant help if I am investigated by HMRC?
Yes, having an accountant is extremely beneficial if HMRC opens an enquiry into your tax affairs. Your accountant can handle all correspondence with HMRC on your behalf, prepare the necessary information, and present your case professionally. They will ensure that your records are accurate and that you only pay the tax you owe, providing expert representation and reducing the stress of an investigation.
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