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, look for recognised qualifications from bodies such as ACCA, ICAEW, or AAT, as these indicate a high level of training and adherence to professional standards. Experience with freelance clients is also crucial, as they will understand the specific tax rules and deductions relevant to your trade. Check that they are registered with HMRC for money laundering supervision and consider their communication style and fee structure before making a decision.
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 that you claim all allowable expenses and reliefs. They will review your income records, calculate your Class 2 and Class 4 National Insurance contributions, and advise on any payments on account you may need to make. This reduces the risk of errors and penalties, and saves you significant time and effort.
Do I need to register for VAT as a freelancer?
If your taxable turnover exceeds the current VAT registration threshold, you must register for VAT with HMRC. However, even if your turnover is below this limit, you may choose to register voluntarily, especially if you sell to VAT-registered businesses. An accountant can help you decide whether voluntary registration is beneficial, guide you through the process, and advise on which VAT scheme suits your business best.
What are the benefits of using an ACCA or ICAEW qualified accountant?
ACCA and ICAEW qualified accountants have undergone rigorous training and examinations, and they are bound by strict ethical codes and continuing professional development requirements. This ensures they stay up to date with the latest tax legislation and accounting practices. Using such a professional gives you confidence that your finances are in capable hands, and they can offer strategic advice that goes beyond basic compliance.
Can an accountant help me with Corporation Tax if I operate as a limited company?
Yes, if you operate your freelance business through a limited company, an accountant can prepare your annual accounts and Corporation Tax return, ensuring that you take advantage of all available reliefs and allowances. They will also advise on salary versus dividend extraction, which can be tax efficient, and help you meet your filing deadlines with Companies House and HMRC. This specialist support is invaluable for company directors.
How often should I meet with my accountant to keep my finances in order?
The frequency of meetings depends on the complexity of your financial situation and your personal preferences. Many freelancers benefit from quarterly reviews to discuss cash flow, tax planning, and any changes in their business activities. An annual meeting before the tax return deadline is essential, but more regular contact can help you avoid surprises and make proactive decisions throughout the year. Your accountant can suggest a schedule that works for you.
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